Floating fees in Bitcoin Core 0.10

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The latest release of the Bitcoin reference implementation has 2 new RPC commands related to fees: They work by statistically observing the blockchain.

Estimates the approximate priority a zero-fee transaction needs to begin confirmation within nblocks blocks. That is, the sum of the number of satoshis in each input multiplied by their age in blocks, divided my the total size of the transaction. The maximum size for a regular transaction can be determined from the number of inputs and outputs:.

The simplest transaction is defined as having 1 input and 2 outputs bytes. In theory you could have just 1 output, but then you have no means to control how much of the input you are spending because there is no change address. Previously the reference implementation would allow transactions into a block for free if they have a priority greater blockchain fee per kilobyte 57, Other implementations and miners have different settings, so it is hard to know what priority is really required.

Now with the estimatepriority command it is possible blockchain fee per kilobyte determine what priority is required on average to get a transaction into a block for blockchain fee per kilobyte within nblocks. This is times greater than the previous reference implementation and perhaps a more realistic representation of the current behaviour of miners.

For it to confirm within 25 blocks it would need to be 12 days old. In fact, by default in 0. Estimates the approximate fee per kilobyte needed for a transaction to begin confirmation within nblocks blocks. I have added a transaction fees report page to my Coin Tools Drupal module. For all blockchain fee per kilobyte of nblocks supported, it displays the average time for a transaction to confirm, the fee per kB, and the fee for the simplest transaction. Many thanks for this informative post, the table with the estimated fee is quite interesting and useful!

What is the data basis for this average calculation? The entire Blockchain history? I'm Jonathan Brown, a blockchain entrepreneur.

Text publishing technologies for Ethereum dapps. Indexing the blockchain with Elastic Ethereum. Storing compressed text in Ethereum transaction logs. Using Dapple to test Solidity with Solidity. Skip to main content. You are here Home. Floating fees in Bitcoin Core 0. The priority of a transaction can be calculated using the following formula: The maximum size for a regular transaction can be determined from the number blockchain fee per kilobyte inputs and outputs: Blocks Average time Fee per kB bits Smallest fee bits 1 8 min 23 sec Sorry if you actually answered the question and I actually missed: Do you happen to know how it works?

E-mail The content of this field is kept private and will not be shown publicly. More information about text formats. By submitting this form, you accept the Mollom privacy policy. About me I'm Jonathan Brown, a blockchain entrepreneur. Blog posts Federated Ethereum Blockchains.

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You can get realtime transaction fees calculated for you on the Bitcoin Fees website. If you are interested in how those numbers are calculated, read below. First, when we quote a "Bitcoin transaction fee", we will usually quote one of two numbers:. It's important to note that the total bitcoin amount of your transaction doesn't matter for the purposes of fee calculation! For example, if your transaction is bytes, you'll have to pay the same fee whether you're transferring 0.

For a transaction that you've already sent, you'll find either one of the numbers above or both numbers above on a block explorer. For transactions you haven't sent yet, you probably want to find the best fee-per-byte to ensure your transaction confirms quickly.

To find the ideal fee-per-byte, you need to know the size of your transaction in bytes. Unfortunately, many wallets don't tell you how many bytes will be in your transaction before you send it, so bitcoinfees. The median is the most commonly seen byte size of transactions in the last several blocks. Also provided in the same part of the page is a recommended fee for fast confirmation.

If you multiply these two values together, you'll get the total fee to pay. The number displayed on bitcoinfees. To convert between the two, you can divided the satoshi value by million ,, or 1e8 on a scientific calculator.

If you enter the fixed fee described above into a per-byte field, you'll probably pay more than times more fee than necessary. Instead enter the bitcoinfees.

Bitcoin Transactions and Fees. How do I calculate my transaction fee? If you are interested in how those numbers are Written by Zach Updated over a week ago. Did this answer your question?