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Author Topic: Bitcoin transaction speedup  (Read 2115 times)
malaimult
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May 24, 2012, 04:59:51 PM
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i read on satoshi btc client that the transaction to send btc can be done faster in blockchain for a small fee but i don't understand well the exact fee to pay for every transaction

is it 0.010000 btc?

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malaimult
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May 24, 2012, 05:24:24 PM
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psy you seams a smart guy, i want to ask you about the satoshi btc client. i want to have my transaction process faster and i need to pay a small fee but i can't understand how much
there is a 0.01 btc but on left box there is a 0.0000000 btc so i'm guessing its 0.0100000?

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May 24, 2012, 05:24:33 PM
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i read on satoshi btc client that the transaction to send btc can be done faster in blockchain for a small fee but i don't understand well the exact fee to pay for every transaction

is it 0.010000 btc?

If you are referring how long it takes for a transaction to confirm, what that means is that the transaction gets included in a block and once that happens then it will confirm after a total of 6 confirmations (for most services, such as exchanges).

So you are likely concerned with how long before a payment makes it into that first block.  Inclusion in a block, regardless of fee, can be something that takes any where from under a minute to over an hour even if no miners have solved a block.  When the fee is insufficient, that can take even longer -- up to a day at current levels when there was no fee paid at all, though even those are unlikely to take that long.

A transaction with a fee (e..g, 0.0005 BTC) may be included in a block faster than a transaction with no fee paid, in some instances.

A larger fee doesn't necessarily guarantee any faster inclusion.  

So a 0.0005 BTC fee will generally be sufficient to get your payment included promptly in the next block in most instances.

Now if you are sending low priority transactions (e.g., small amounts, like 0.02 BTC) or the client chooses many tiny amounts that you've received to make up your transaction (which would occur if you receive tiny payouts from a mining pool or SatoshiDICE payouts) then a larger fee may be necessary.

The client will tell you the amount you would need to pay if it is more than 0.0005 BTC.

If instant confirmations are useful, there are several options.  Funds for redeemable codes are settled immediately once the code is claimed.  These codes are available in either USD or BTC currency denominations.   If the recipient accepts green transactions for immediate credit, some services (e.g., Mt. Gox) allow withdrawals using the Green Transaction option.

If the recipient trusts the sender or if the purchase is a trivial amount, the recipient might offer to treat the transaction as payment received on 0/unconfirmed.  This is recognized just a few seconds after payment is sent.

tl;dr: The fee is 0.0005 is sufficient unless you are sending spam-like transactions or have received spam-like transactions.  When that happens, the client knows how to handle it.

Raoul Duke
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May 24, 2012, 05:27:21 PM
 #4

psy you seams a smart guy, i want to ask you about the satoshi btc client. i want to have my transaction process faster and i need to pay a small fee but i can't understand how much
there is a 0.01 btc but on left box there is a 0.0000000 btc so i'm guessing its 0.0100000?

Usually the client tells you which fee needs to be paid. You can set it to zero, no rpoblem. Whenever there is a need to pay a fee the client will tell you how much you'll need to pay. You just have to confirm that you'll to pay it by pressing OK and the transaction gets sent.

BTW, the fee is 0.0005 for each KB of size.

malaimult
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May 24, 2012, 05:27:57 PM
 #5

thanks Stephen well on satoshi btc client there is an example there 0.01 but on the box near the example i have 0.000000 btc so my guess is 0.0100000
i also put this fee to have the transaction done faster.

my normal processing time its around 1.30 to 2h

malaimult
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May 24, 2012, 05:29:45 PM
 #6

psy you seams a smart guy, i want to ask you about the satoshi btc client. i want to have my transaction process faster and i need to pay a small fee but i can't understand how much
there is a 0.01 btc but on left box there is a 0.0000000 btc so i'm guessing its 0.0100000?

Usually the client tells you which fee needs to be paid. You can set it to zero, no rpoblem. Whenever there is a need to pay a fee the client will tell you how much you'll need to pay. You just have to confirm that you'll to pay it by pressing OK and the transaction gets sent.

BTW, the fee is 0.0005 for each KB of size.

thanks bro. well i didn't have any client asking me to pay for a fee but i will put all my transaction fora  0.010000 fee as the example says

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May 24, 2012, 05:32:28 PM
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Right now, transactions may be a little slower than usual due to the very high difficulty and comparatively low hash rate. See http://bitcoin.sipa.be/ for some charts. Next retarget is in just a few blocks, and that will help with the speed of confirmations.

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
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May 24, 2012, 05:33:09 PM
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on satoshi btc client there is an example there 0.01

Are you using the most recent client?   If not, you might wish to as it handles fee calculation better than some previous releases.

my normal processing time its around 1.30 to 2h

Yup, the system is targeted to 1 hour (6 confirmations, and 10 minutes per block target), so right now blocks are confirming on average a little longer than 10 minutes.   The fee paid will have no effect on speeding up the process once the transaction is included in a block.

malaimult
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May 24, 2012, 05:34:38 PM
 #9

thanks rjk didn't know that. i was surprise to see that the transfer took 2h

Raoul Duke
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May 24, 2012, 05:35:28 PM
 #10

thanks bro. well i didn't have any client asking me to pay for a fee but i will put all my transaction fora  0.010000 fee as the example says

There is no need. You might end up paying 0.05 in transaction fee if you do that.
Like I said that's the fee per kB, and if you receive lot's of micro payments, like from FeedZeBirds or similar services, you'll get to send some multi kB transactions.
You can safely leave it at 0.00000000. When a fee is needed, it'll tell you to pay it, and calculate it for you based on the minimum price of 0.0005 per kB.

Of course if you leave it at 0.01, the miners will thank you lol

malaimult
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May 24, 2012, 05:35:40 PM
 #11

on satoshi btc client there is an example there 0.01

Are you using the most recent client?   If not, you might wish to as it handles fee calculation better than some previous releases.


yes i have the latest version 0.6.2 beta

malaimult
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May 24, 2012, 05:39:25 PM
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thanks bro. well i didn't have any client asking me to pay for a fee but i will put all my transaction fora  0.010000 fee as the example says

There is no need. You might end up paying 0.05 in transaction fee if you do that.
Like I said that's the fee per kB, and if you receive lot's of micro payments, like from FeedZeBirds or similar services, you'll get to send some multi kB transactions.
You can safely leave it at 0.00000000. When a fee is needed, it'll tell you to pay it, and calculate it for you based on the minimum price of 0.0005 per kB.

Of course if you leave it at 0.01, the miners will thank you lol


 Roll Eyes well let me be loved by my miners

so i will have this 0.0005000 fee to pay?

Raoul Duke
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May 24, 2012, 05:40:49 PM
 #13

so i will have this 0.0005000 fee to pay?

If your transaction needs a fee, yes, it won't let you send it without the fee.

malaimult
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May 24, 2012, 05:45:07 PM
 #14

quote: "optional transaction fee per Kb that helps make sure your transactions are processed quickly. Most transactions are 1kb. Fee 0.01 recommended."

that means if i pay 0.010000 btc my transactions will be done much faster 

Raoul Duke
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May 24, 2012, 05:46:06 PM
 #15

quote: "optional transaction fee per Kb that helps make sure your transactions are processed quickly. Most transactions are 1kb. Fee 0.01 recommended."

that means if i pay 0.010000 btc my transactions will be done much faster 


Not really lol
Maybe, if there are really a lot of pending transactions.

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May 24, 2012, 11:28:50 PM
 #16

i will give it a try and will pm you with the result

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