How bitcoin transaction fees work if I have a wallet?
I've been reading a post where a guy has complained about fees being really high and I started to think about it . I've recently bought small amounts of bitcoin, that are currently being in the exchange (probably will transfer them to wallet soon). So I've started reading about how transaction fees are calculated and I'm a little confused. I thought that the higher the bitcoin you send and the higher the speed you want you will pay bigger fees. How do "inputs" fit into this scheme and who determines the "inputs" my transaction will contains? I'm a dummy, so the simpler the answer, the better. Thank you!
"As the block reward runs out, either transaction fees subsidize miners, or the chain dies. That is how bitcoin is *supposed* to work. But we learned this week that anything goes to protect a chain. Expect 21 million coins to be thrown out the window in the name of security."
How Artificial Intelligence Market Forecasts works??? selling bitcoins Question about transaction fees on this transaction for me to do next? manipulative and volatility What are the benefits of Bitcoin Will bitcoin no longer be mined Help my usless ass Best places to buy a hardware wallet?
What are your views, are there any sites I can use it in everyday life. - are coins transferred immediately to my wallet but I have BitcoinCash, how do I turn the address into the QR code? I presume there's some way in which one can go full time crypto once I pass out of college.
There are about 150k unconfirmed bitcoin transactions at the time of writing. High congestion means very high transfer costs. JAXX IS NOT RIPPING YOU OFF so stop moaning, they just use the standard recommended transfer fee. If you don't understand why, do some research on how the blockchain works
Moving small amount of bitcoins between wallets - transaction fee question.
I guess I still don't fully understand how bitcoin transaction fees work... Let's say I have a wallet on my computer with 2 bitcoins. I want to go buy a beer at a local pub that accepts bitcoin, so I need to transfer a small amount from my Bitcoin qt wallet to my BlockChain wallet on my iPhone. I read somewhere that you can safely send without a fee if all total outputs are more than .01 btc. Will there be a big delay if I don't include a fee? It seems odd that I would need to pay a fee to move my own money around between my own wallets... What am I missing? edit: I guess I was imagining that Bitcoin qt could essentially split a wallet by creating a new private key and assigning a specified amount of btc to that new wallet. Then you could either import or sweep the newly created private key into another wallet.
Bitcoin Explained 002: How are transactions related to blocks? How do fees work?
As explained in my previous post about bitcoin mining, bitcoin originally comes from the mining process. If you're reading this and have some bitcoin but don't recall mining, you probably acquired it through a transaction. Transactions are, to put it lightly, the main point of Bitcoin as a system. They allow users to push your bitcoin from one wallet to another. The way that transactions work is quite complex, but I'm here to make it simple for you so I'll go over the basic details. When someone wants to send bitcoin, before approving the transaction the system of nodes determines whether they are able to. That is, whether they have the bitcoin amount specified (or more) in the wallet they control. The transaction then goes into a list of unprocessed transactions called the mempool. WHAT IS THE MEMPOOL? You may have seen a chart that looks like this in the past when people were talking about something called the ""mempool". Unprocessed transactions have to sit somewhere until a block is found, because the block, when processed, processes transactions as well. Those transactions that are approved are put into a block (as many as will fit) and then the block is transferred out to all nodes to add to their "blockchain", which is a record of all transactions that have ever occurred on the main Bitcoin chain. WHY DO TRANSACTIONS BUILD UP IN THE POOL? There are only a certain number of transactions that can fit into a block, because each block has a maximum size. For this explanation, we're going to assume the size is 1 Megabyte, but in the next post I'll explain more about the nuances of the blocksize and the debate surrounding it. Each transaction is a string that contains information proving the person sending it controls a wallet with the bitcoin inside, an address to send it to, and the amount to send, along with a bunch of other useful information I won't cover here. The size of this string can vary, but generally you can assume it will be between 200 and 300 Bytes of data. If we assume an average of 250 Bytes per transaction, a 1 Megabyte block can hold 4000 of them. Since a block is mined (on average) every ten minutes, that means that we process 4000 transactions every ten minutes, which means just under 7 transactions are processed per second. If more than 4000 transactions are put onto the network, the ones that are not processed remain on the mempool and ideally they would just go into the next block... but what if we keep filling the mempool with more than 4000 transactions every ten minutes? Well, then the mempool begins to fill up. At this point, you might be asking what determines which transactions get processed? You might assume the miners would process the transactions in the order they were made, but you would be wrong. In actuality, they prioritize transactions to be processed by the fee set on the transaction, judging the value of a transaction by the amount of satoshis per byte they offer. There is a minimum for all transactions of 1 satoshi per byte, to ensure there is always a fee going to the miners. Note that this is on top of the block reward... it is an additional reward the miners get for processing the transactions and stuffing them into a block. So if you want your transaction to be processed in the next block, it has to be in the top 4000 transactions in terms of it's satoshis-per-byte value. If there are 3999 transactions at 72 satoshis per byte and the next one is at 70 satoshis per byte, you would get into the block (just barely!) if you set your transaction to 71 satoshis per byte. The key thing to remember here is that if the mempool is empty, there is no reason to compete, so almost every transaction will just do the default minimum of 1 satoshi per byte, and fees will be negligible.
08-26 05:22 - 'Because / [link] / Edit: and it's not a "promise" of zero fees. There simply are zero fees. That's how the system works. Each new transaction verifies two previous transactions. No need for fees anywhere in this proces...' by /u/hallucinoglyph removed from /r/Bitcoin within 247-257min
Epicenter Bitcoin Ep. 80 – Q&A w/ Poon & Dryja about their Bitcoin Lightning Network (Why LN still requires a block size increase; How transaction fees work in LN; Why Bitcoin has a scalability problem; How payment channels work; How Bitcoin ensures honest LN behavior; Risks and downsides to LN)
How much to pay as a fee for a transaction to move Bitcoin? Does this reference site work?
Trying to get the greenaddress wallet to work. Seeing an error saying the fee is to low for a transfer. It was set to 'normal' transaction in the config. This site: np//bitcoinfees.earn.com/#fees would suggest that the fee per kb should be about btc 0.0000033/kb for a quick throughput. So... why does GreenAddress say it is too low? What are the average BTC/kBvalues for GreenAddress normal transactions?
The root cause in both cases is lack of understanding around fees. Basis. Bitcoin transaction fees work differently from fees charged by banks. A bank levies fees based on the amount of currency being transacted. The Bitcoin network, in contrast, levies fees based on the amount of data being published. A transaction fee depends on two factors: the size (length in bytes) of the transaction; and ... Bitcoin transaction fees are calculated using a variety of factors. Many wallets allow users to manually set transaction fees. Any portion of a transaction that isn’t owed to the recipient or returned as 'change' is included as a fee. Fees go to miners and can be used to increase speed on confirmation by incentivizing miners to prioritize your transaction(s). Understanding Fees on the Bitcoin Network. When a user creates a Bitcoin transaction, they have to include a transaction fee to be paid to miners to incentivize miners to add their transaction to the blockchain. When a miner finds a block, they get a block reward plus the transaction fees associated with transactions in the block. Bitcoin transaction fees will often vary depending on the wallet you’re using. Fees go to miners, and the higher the fees you pay, the more your transaction will be prioritized. Internal fees will depend on the platform you’re using—different platforms will charge different fees. If you’re just starting, it’s best to look at the fees charged on various platforms before you land on ... Network fees depend on the total size of your transaction as every block in Bitcoin blockchain is limited to 1 MB. The more KBs it weights, the more you will have to pay for the transaction to be added into a new block. The amount of fees doesn’t depend on a service you use, they are calculated according to transaction size in bytes and network load. To understand this ratio, you need to ...
As Bitcoin's price rises, people want to get more of it. This makes the Bitcoin network congested, and the price of transaction fees rise. Watch this video to see how to modify the transaction fee ... What is a Bitcoin transaction fee? Who does it go to? How is it calculated? Why have fees been going up lately? This week I answer all these questions and mo... BITCOIN TRANSACTION FEES EXPLAINED FULLY & SIMPLE SOFT TECH FAROOQ AHMED This video explains what Bitocin fees are and when will you be required to pay them. An explanation of how bitcoin transactions work. 01:27 - Transaction Basics ↳ 08:45 - Change ↳ 12:49 - Graph ↳ 15:10 - Coinbase Transaction ↳ 17:24 - Fees 20:00 - Transaction Data ↳ 35 ... 👇🏻Support the channel by using my affiliate links below👇🏻 Exchanges I'm using: Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 Bin...