![]() In these cases, you can get away with starting with a lower fee to see if it gets through. it's not important, or you have a way of fee bumping), so you can get away with much lower fees.įor instance, if you perform a Child-Pays-For-Parent transaction or your transaction is capable of Replace-By-Fee. Sometimes you don't need such high confidence (e.g. If a block was found now maybe you'd only need 20 satoshi/byte, but it might be an hour before the next block and in the subsequent time a large amount of new transactions come in. The reason for that is because they use 95% confidence. Why are the fee estimations so high?Įye-balling it, sometimes it looks like the fee estimates are super high. You can use the calculator above to determine the cost of any transaction for any amount. Bitcoin Transaction Fee for $100 Dollarsīitcoin fees are determined by the amount of data the transaction uses, and not the value being sent. So miners don't consider the absolute fee a transaction has, but rather, the fee per byte. So what they do is pick the 1,000,000 bytes of transactions that results them getting paid the most money.įrom a bitcoin miner perspective, they don't care of the value of a transaction, but just the size (amount of bytes), because they are only allowed to create blocks of 1,000,000 bytes or less. So as such, it is in their interest to maximize the amount of money they make when they create a block. These miners can pick which ever transactions they want in the block they create.īitcoin miners get paid all the transaction fees in the block they mine. The groups that create blocks are known as bitcoin miners. Blocks are a set of transactions, and currently restricted to be less than or equal to 1,000,000 bytes and designed so that on average only 1 block per ~10 minutes can be created. For an easy-to-understand Bitcoin fees guide, go to this page.īitcoin is made up of blocks. The explanation below is an advanced overview of Bitcoin fees. ![]()
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