As a newbie how to estimate bitcoin fees before buying

[Mr Reporter]

My country people i greet una specially oh, i just say make i carry this one come our door step, we all no that as an investor it very important to be familiar with your "Bitcoin transactions fees" most newbies out there here today no really get much idea's on how to estimate bitcoin fees before buying them in an exchange which is properly not okay, well from my own side of view we all have been advising newbies on how to keep buying bitcoin and hold for long term, well  this threads is most for newbies to learn and understand the some current networking conditions and also to be aware of some tools used when calculating an optimal fees for your transactions if any needs arises.



What is Bitcoin transactions fees?and what are it important

  Well the Bitcoin transactions fees from my own little research i made its know to be an "large fascinating components of the game networks now let me break down to lay man language it an small part payments made to miners for verifying and processing your transactions on a bitcoin network, so this fees are been incentivize to Miner's to secure a well fast network to prioritize the transactions.  

And why is it important to investors to be familiar with your fees cost transactions?As an investor been familiar with transactions fees cost should also be noted down, as an bitcoin investor having the idea on how  bitcoin fees are been estimated matter to, the bitcoin fess can influence quickly transactions and also quick confirmation on the blockchain. Understanding the concept of fees help investors to make informed decisions about when to buy, sell, plus hold bitcoin, which have allowed bitcoin investors to budget accordingly and unexpected costs.

- How to estimate Bitcoin networks fees before buying in an exchange:




- Making use of online fees estimators
 From what could understand making use of online fees estimators tools help to estimate your bitcoin transactions fees before trading or buying, also give an headups of understanding it potential  cost beforehand

Here are some Bitcoin transactions fees estimators you can make use of.

- BitcoinFees: A simple and accurate estimator that helps determine the optimal fee for your transaction based on the current network state and previous states. It provides real-time mempool congestion and confirmation trends.

- Blockchain Academy's Fee Estimator: Calculates transaction size and fees based on address types, inputs, and outputs. It considers Segwit and legacy addresses.

- Privacy Pros Fee Estimator: Offers estimated fees based on desired confirmation time. It provides historic daily average fees in satoshis per byte and USD per transaction.
- *Coinremitter Fee Calculator*: Allows you to calculate fees for various cryptocurrencies, including Bitcoin. It provides transparent fee structures and no hidden charges.

- YCharts Bitcoin Average Transaction Fee: Tracks the average fee in USD when a Bitcoin transaction is processed by a miner and confirmed. It offers historical data and charts.

- Mempool.space Fee Estimator: Provides real-time fee estimates based on mempool congestion. It also offers a graphical representation of the Bitcoin network's demand for block space and fees.

- Johoe's Bitcoin Mempool Statistics: Offers a collection of graphs to help understand Bitcoin fees and unconfirmed transactions. It's more technical and suited for advanced users.

- Bitcoin Core Fee Estimator: Some wallets, like Bitcoin Core, offer built-in fee estimators that consider real-time network activity.

  How Transactions fees are been determined As an investor having a  better understanding on how transactions fees are been determined, it help you to navigate your transactions fees.

Here are some factors to consider in the transactions fees

- Always learn and have a proper understanding when the network is busy, the fees are tend to rise which depends on the amount this also prioritize transactions which is been called the "Network congestion"

- Take note of this Larger transactions in (bytes) need more space in a block which means it fees will increase.

- Most times miner are likely to prioritize transactions with higher fees to maximize thier revenue.

How fees are been calculated

- Fees has it own rates which they are been calculated and are been measured in satoshi per byte, (byte/sats) or satoshi per virtual byte (sats/vbyte).

- Note that the size of your transactions in bytes determines the totals fees.

Fees are calculated based on:


The formula is:

Transaction Fee = Transaction Size (bytes) x Fee Rate (sats/byte)

For example, if your transaction is 250 bytes and the fee rate is 50 sats/byte, the fee would be:

Transaction Fee = 250 bytes x 50 sats/byte = 12,500 sats

This calculation helps determine the total fee for your transaction.

By understanding these basics you'll be better equipped to manage transactions fees and navigate the Bitcoin network.

Source and links

- https://learn.bybit.com/trading/crypto-trading-fees-comparison

- https://river.com/learn/how-bitcoin-fees-work/

[Mia Chloe]

it an small part payments made to miners for verifying and processing your transactions on a bitcoin network, so this fees are been incentivize to Miner's to secure a well fast network to prioritize the transactions.

For the sake of clarity I think it's best you use Confirming in a case like this. This is simply because verification and confirmation in the context of Bitcoin transaction actually mean two different things. What verification actually refers to is the process where individual Bitcoin nodes (which are computers running the Bitcoin software) check a newly broadcast transaction to ensure it adheres to all the rules of the Bitcoin protocol.

So the process of verification is part of confirmation but confirmation cannot be done alone until verification has been done. Any node can verify a transaction but for confirmation it mainly entails adding a transaction to the next block.

Also take note that the fees exchanges charge you are for their own profit and not all is used to pay for fees on the actual bitcoin network. Most times exchanges don't even rely on the fees based on the mempool condition instead they charge their own general fees.

[Charles-Tim]

If you want to discuss about bitcoin transaction fee, no need to discuss about exchanges fee.

fees works:

• Trading fees
• Deposit fees
• withdrawal fees
• network feed

Which exchange is requesting for deposit fee? I have heard about this before but I have not seen a single exchange that is demanding for deposit fee. I do not think such exchanges are existing anymore because people will not use them or the exchanges have canceled it.

I will advice you to remove everything about exchanges and focus only on bitcoin network fee.

[Mr Reporter]

it an small part payments made to miners for verifying and processing your transactions on a bitcoin network, so this fees are been incentivize to Miner's to secure a well fast network to prioritize the transactions.

For the sake of clarity I think it's best you use Confirming in a case like this. This is simply because verification and confirmation in the context of Bitcoin transaction actually mean two different things. What verification actually refers to is the process where individual Bitcoin nodes (which are computers running the Bitcoin software) check a newly broadcast transaction to ensure it adheres to all the rules of the Bitcoin protocol.

Noted!!! I think I dey wrong for the part wey I talk confirming instead of verification, just like you talk e go help clarify the process. But I think if I reason am again, confirmation dey refer to how transaction dey enter blockchain or subsequent blocks wey go make am valid and permanent for the blockchain.

[CryptopreneurBrainboss]

My country people i greet una specially oh, i just say make i carry this one come our door step, we all no that as an investor it very important to be familiar with your "Bitcoin transactions fees" most newbies out there here today no really get much idea's on how to estimate bitcoin fees before buying them in an exchange which is properly not okay, well from my own side of view we all have been advising newbies on how to keep buying bitcoin and hold for long term, well  this threads is most for newbies to learn and understand the some current networking conditions and also to be aware of some tools used when calculating an optimal fees for your transactions if any needs arises.

Kudos to the effort here but is it that necessary to be calculating the fees when they aren't that high to cause such a buzz. I get it that there are times when the fees get outrageously high but they aren't constant. If you're using a good non custodial wallet, you should be able to set your fees right from some recommended sites likes https://mempool.space to know the fees to set for the priority that you need. Apart from buying and withdrawing from exchange that makes them deduct more sats because of their service fees, you don't need to bother about that when making use of a wallet. All non custodial wallets to my best of knowledge gives you a fair fee and a chance to change it to your priority so you don't need to stress your brain about this.