How Much Fee is Too Low for Bitcoin Now?

[ContentWriter]

How do I calculate it? I had a btc tx that confirmed after more than a week. I intend to send another from Atomic wallet to Electrum but want to lower the fee. How much sats is too low?

[OmegaStarScream]

You should probably stop using Atomic wallet. They're simply not to be trusted anymore.

As for your question, then you should use mempool.space as a reference next time (assuming the wallet you're using does not estimate the fees accurately. Electrum does a good job at that).

[ContentWriter]

You should probably stop using Atomic wallet. They're simply not to be trusted anymore.

As for your question, then you should use mempool.space as a reference next time (assuming the wallet you're using does not estimate the fees accurately. Electrum does a good job at that).

Is sat/vb the same as sat/b? Atomic wallet uses sat/bite but what I see at Mempool is sat/vB.

[Zaguru12]

You can check mempool.space as the estimator, there are priorities there you can choose which one to use. Or you use jochen-hoenicke.de as another estimator.

You can also use coinb.in and input your details to get a fee

If you want to learn how to calculate the fees manually you can use follow this guide by Charles-Tim

Legacy addresses starts from 1
Nested segwit starts from 3 (although not only nested segwit starts from 3)
Segwit version 0 starts from bc1q
Segwit version 1 starts from bc1p (pay-to-taproot)

This is the formula necessary for the calculation:

Formula:
For legacy address: vbyte= Input*148 + output*34 + 10 plus or minus input
For nested segwit: vbyte= Input*93 + output*32 + 10 plus or minus input
For segwit version 0: vbyte= Input*68 + output*31 + 10 plus or minus input
For pay-to-taproot: vbyte= Input*57.5 + output*43 + 10 plus or minus input


To know more about the input and output virtual size: https://bitcoinops.org/en/tools/calc-size/
To know more about the transaction virtual size: https://jlopp.github.io/bitcoin-transaction-size-calculator/
For mempool (beginners): https://mempool.space/
Mempool for advanced users: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

For example:
If you use the vbyte calculator or that formula above for 1 input and 2 outputs for native segwit addresses, you will get 110 vbyte as the virtual size of 1 input 2 outputs transaction.

To check the fee rate, click on the above second to the last, or last link.

Assuming the fee rate is 5 sat/vbyte.

Fee rate = fee ÷ vbyte

Fee = fee rate * vbyte

Fee = 5 * 110

Fee = 550 sat (0.0000055 BTC). I mean for 1 input and 2 outputs for segwit version 0.


Which means the higher the fee rate, the higher the fee. As mempool is becoming more congested, the fee rate will increase and the fee will increase.

Also if you understand ehat I explained above, you will noticed that as the input count is increasing, the fee will also increase.

Also as the output count is increasing, the fee is also increasing. But if you send to two different addresses separately, the fee would be more. So we can still say increase in the output will make the fee to decrease, despite that the fee is increasing, but lower than sending to each addresses separately.

From the virtual sizes, you can also know that you can save more in fee if you use segwit version 0 and pay-to-taproot addresses while legacy addresses have the highest fee.

Also you will know that pay-to-taproot will be good for consolidation, while segwit version 0 for paying to many addresses.

Is sat/vb the same as sat/b? Atomic wallet uses sat/bite but what I see at Mempool is sat/vB.

Vbyte is the virtual byte while byte is the actual byte. The vbyte was introduced with the SegWit addresses and it is lower than the actual byte because it is equal to 4 unit weight. Transactions with vbytes are lower when calculated. The sat/vbyte is what actually matters when considering the transaction priority.

[Mia Chloe]

Fees are calculated in sat/byte which is actually a measurement of how much block space your transaction would occupy. And practically, the more fees you pay, the faster your  transaction gets confirmed. To know the right feet to make use of, you can either make use of the mempool observer thread  via the fee updates by fee buddy.

Also I recommend you check the mempool to understand the congestions first before choosing a fee to broadcast your transaction. I think it's one of the most efficient methods since you literally will be working with raw mempool data status.

[khaled0111]

The wallet app you use to send or to receive coins doesn't really matter. What matters if the wallet you use to send your coins supports fee customisation.
Not sure about Atomic wallet (I don't remember i've ever used it) but if it supports it and you want your transaction to get confirmed ASAP then just use what mempool.space suggests under high priority.
Currently, 10 sat/vb is more than enough for a east confirmation.

Atomic wallet creates only legacy addresses and that's why it uses sat/b as the measurement unit for fee rates.

[_act_]

Fees are calculated in sat/byte which is actually a measurement of how much block space your transaction would occupy.

After the introduction of segwit and P2SH, sat/byte is no more used for estimations.  What that is used now is sat/vbyte. Virtual byte will make the transaction smaller and have lower fee than sat/byte unless you are sending and receiving with bitcoin address that begins with 1.

Atomic wallet creates only legacy addresses and that's why it uses sat/b as the measurement unit for fee rates.

The wallet is close source. It has the history of hack that over millions of dollars were lost. The wallet is still using bitcoin address that begins with 1. Why are people still using this wallet outdated wallet.

[BitMaxz]

Is sat/vb the same as sat/b? Atomic Wallet uses sat/bite but what I see at Mempool is sat/vB.

This thing makes you confused but better check your wallet if you are using legacy wallet or segwit because vbyte is for segwit wallets.

About the fee in legacy using the mempool.space recommended fee uses vbyte so you might need to double your fee because segwit(vbyte) size is smaller than in the legacy wallet.

For better fee estimation you can try to calculate them manually you can use this tool https://jlopp.github.io/bitcoin-transaction-size-calculator/ you can find the result at the bottom of the calculate button.
or use the tool mentions above from coinb.in

A much better option is if you have a backup seed of the Atomic wallet that can be used to import your wallet into the Electrum wallet because it has a better estimation fee than the Atomic wallet.
If you decide to move to Electrum don't forget to put the right derivation path while importing your Atomic wallet to Electrum the right derivation path is listed from this link below.

- https://support.atomicwallet.io/article/146-list-of-derivation-paths

[EL MOHA]

Fees are calculated in sat/byte which is actually a measurement of how much block space your transaction would occupy. And practically, the more fees you pay, the faster your  transaction gets confirmed. To know the right feet to make use of, you can either make use of the mempool observer thread  via the fee updates by fee buddy.

Since the soft fork that lead to SegWit address where witness data are separated/segregated from the transaction the bytes are called or calculated as vbytes where the sized in weight Units for a sat/byte transaction is divided by 4 for sat/vbytes. There for non witness data like those of legacy addresses takes up 4 weight unit/ byte and the segregated witness like Segwit addresses takes up just 1 weight unit/byte making the latter to be somewhat smaller in size because the block size of 1MB will look more like 4M weight units if vbyte is used.

The best thing is to use sat/vbyte to avoid any confusion, so atomic wallet still using the sat/byte is already a red flag to me to stop using them

[nc50lc]

Is sat/vb the same as sat/b? Atomic wallet uses sat/bite but what I see at Mempool is sat/vB.

Atomic still use legacy address so it doesn't matter if it shows sat/B since the value would be the same if you compute it to sat/vB.
There's no 'Witness data' in transactions it create so the "Weight Unit" (WU) would be x4 of the entire transaction's size in "Bytes",
Then "vBytes" is WU/4 which will obviously result with the same value as the raw size.

Given that, go to the most recommended fee estimation site and use its recommended sat/vB fee rate even though Atomic shows sat/B.

[_act_]

About the fee in legacy using the mempool.space recommended fee uses vbyte so you might need to double your fee because segwit(vbyte) size is smaller than in the legacy wallet.

For better fee estimation you can try to calculate them manually you can use this tool https://jlopp.github.io/bitcoin-transaction-size-calculator/ you can find the result at the bottom of the calculate button.
or use the tool mentions above from coinb.in

Assuming the fee rate for high priority on the mempool is 10 sat/vbyte and you used 10 sat/byte on Atomic wallet, the transaction will be confirmed fast if the mempool do not increase in high fee estimation. Sat/byte is equals to sat/vbyte if it is legacy address to legacy address. Also sending from legacy address to segwit will still make 10 sat/byte to confirm fast as well.

But he should stop using Atonic wallet.

A much better option is if you have a backup seed of the Atomic wallet that can be used to import your wallet into the Electrum wallet because it has a better estimation fee than the Atomic wallet.
If you decide to move to Electrum don't forget to put the right derivation path while importing your Atomic wallet to Electrum the right derivation path is listed from this link below.

- https://support.atomicwallet.io/article/146-list-of-derivation-paths

No need to import the seed phrase to make a transaction just as I explained above. He should just assume the sat/byte is the same as sat/vbyte for legacy addresses. If he wants to finally move to a better wallet, Atomic wallet is a close source wallet, he should just send all his coins to an address generated on an open source wallet that is recommended like Bluewallet or Electrum.

[Mia Chloe]

The best thing is to use sat/vbyte to avoid any confusion, so atomic wallet still using the sat/byte is already a red flag to me to stop using them

I really don't think that it's a red flag. Although I haven't made use of atomic wallet before I'm certain that picking a suitable fee for your transaction depends on the users understanding of the mempool and congestions , as well as if the wallet allows full customization of fees.

After this correction you and _act_ made I decided to look it up on the forum and here is what I found;

sat/byte

This means that for every byte your transaction is, you'll pay the analogous satoshis.

sat/WU

“WU” stands for “weight units”. After the SegWit activation in 2017, it has replaced bytesize as a measure of how much space transactions take when put into blocks. While a block can be up to 1MB, its weight is 4 million WU. Using SegWit reduces your transaction's WU size.

sat/vByte

For legacy transactions: Byte = vByte. One virtual byte is equal with 4 WU. Essentially, sat/vByte tells you how many satoshis you'll pay for every 4 weight units of your transaction. Obviously, it'll be reduced if you're using SegWit.


You should read this: Weight units

It turns out that the calculations you make use of really doesn't matter as long as you use the right values for the transaction. Most wallets make use of sat/byte for their calculations as a default unit.

[dkbit98]

How do I calculate it? I had a btc tx that confirmed after more than a week. I intend to send another from Atomic wallet to Electrum but want to lower the fee. How much sats is too low?

Using 1-5 sat/vB is way to low and I would not risk using that fee right now, but it is best to check out mempool.space for current fee estimations.
There are several good tools you can use for calculating fees based on your address type and number of inputs you have in specific transaction, but I think that best one is made by Jameson Lopp.

Bitcoin Transaction Size Calculator:
https://jlopp.github.io/bitcoin-transaction-size-calculator/

Transaction size calculator:
https://bitcoinops.org/en/tools/calc-size/

Bitcoin Fee Calculator:
https://coinb.in/#fees

[Cricktor]

Despite the fact that Atomic Wallet is mostly closed-source and their "so-called" internal investigations of their most recent hack didn't yield anything but merely where likely only fog candles to distract victims and others of what's going on, I would never use Atomic Wallet again (I did very briefly in the past for some fork coins of Bitcoin).

There are scam accusations but it seems publishing of further details is currently suspended.

Rumours have long circulated about the questionable practices of Changelly, and their alleged connections to hitbtc.com Minergate, Bytecoin, Changenow, Atomic wallet, and Freewallet. ...

Stay away and don't use Atomic Wallet, the way the people behind this product behave is extremely shady and to me a very bright and big red flag.

[noormcs5]

How do I calculate it? I had a btc tx that confirmed after more than a week. I intend to send another from Atomic wallet to Electrum but want to lower the fee. How much sats is too low?

I think you should move all your funds from the Atomic wallet to the Electrum wallet as the Atomic wallet is not trustworthy.

And as far as the tx fee is concerned, you need to monitor https://mempool.space/ and check the current fees.
At the moment, even if send with 11-12 Sat/vbyte, it will get confirmed in a responsible time. Mempool fee at the moment are good enough to move your funds.

[NotATether]

Anything less than 8 sats/vbyte I guess.

I am quite surprised that we have managed to get fees that are this low, even with all of the torrent of Ordinals and Runes. In fact I think most of the transactions at this level are still Runes but they are using reasonable fees.

Maybe it's because the not-so-recent FUD by the governments all over the place made a depression in Bitcoin holdings/transaction activity.