Making Sense of Bitcoin Transaction Fees - Bitzuma

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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!
submitted by Warm-Ninja to BitcoinBeginners [link] [comments]

How do Bitcoin transaction fees actually work?

How do Bitcoin transaction fees actually work? submitted by bitrefill to Bitcoin [link] [comments]

How do Bitcoin transaction fees actually work?

How do Bitcoin transaction fees actually work? submitted by bitrefill to CryptoCurrency [link] [comments]

How do Bitcoin transaction fees actually work?

How do Bitcoin transaction fees actually work? submitted by bitrefill to Bitrefill [link] [comments]

How do Bitcoin transaction fees actually work?

How do Bitcoin transaction fees actually work? submitted by bitrefill to BitcoinIndia [link] [comments]

"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."

submitted by satoshi_vision to bitcoincashSV [link] [comments]

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.
submitted by This_Blackberry to ProjectOblio [link] [comments]

We need minimum transaction fee calculations in Bitcoin as well. How Cardano's transaction fees work...

We need minimum transaction fee calculations in Bitcoin as well. How Cardano's transaction fees work... submitted by kishvier to btc [link] [comments]

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

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 submitted by wilk007 to jaxx [link] [comments]

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.
submitted by zaphod42 to Bitcoin [link] [comments]

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.
submitted by Korberos to BitcoinExplained [link] [comments]

How do blockchain work out their fees? I have around 10 transactions of bitcoin in the wallet through coinify. Want to send to other wallet, are they charging per transaction?

submitted by ParanoidPete to BitcoinUK [link] [comments]

Making Sense of Bitcoin Transaction Fees - A Bitzuma tutorial from 2 years ago . This is how Bitcoin worked . This is how it should work!! Reject blockstream silliness !

Making Sense of Bitcoin Transaction Fees - A Bitzuma tutorial from 2 years ago . This is how Bitcoin worked . This is how it should work!! Reject blockstream silliness ! submitted by realistbtc to btc [link] [comments]

How do transaction fees work? Flat price or same for all transactions? /r/Bitcoin

How do transaction fees work? Flat price or same for all transactions? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

We need minimum transaction fee calculations in Bitcoin as well. How Cardano's transaction fees work...

We need minimum transaction fee calculations in Bitcoin as well. How Cardano's transaction fees work... submitted by BitcoinAllBot to BitcoinAll [link] [comments]

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

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Because
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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 process to keep it chugging along, thus allowing for actual micro payments.
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Author: hallucinoglyph
1: https://media.giphy.com/media/Ca0khnEbdng2c/source.gif
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Can someone ELI5 how Transaction Fees work and why they are currently high? Also, which Transaction Fee settings do I use if sending BTC from a Bitcoin Core wallet (screenshot attached) /r/Bitcoin

Can someone ELI5 how Transaction Fees work and why they are currently high? Also, which Transaction Fee settings do I use if sending BTC from a Bitcoin Core wallet (screenshot attached) /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

How do transaction fees work? I have bought and transferred bitcoins 3 times and wasn't charged a fee. /r/Bitcoin

How do transaction fees work? I have bought and transferred bitcoins 3 times and wasn't charged a fee. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

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)

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) submitted by eragmus to Bitcoin [link] [comments]

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?
submitted by FutureTravel to Bitcoin [link] [comments]

Making Sense of Bitcoin Transaction Fees - A Bitzuma tutorial from 2 years ago . This is how Bitcoin worked . This is how it should work!! Reject blockstream silliness !

Making Sense of Bitcoin Transaction Fees - A Bitzuma tutorial from 2 years ago . This is how Bitcoin worked . This is how it should work!! Reject blockstream silliness ! submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Eli5: What exactly causes BTC transactions to take so long time(causing high fee) and how does lightning(quick...resulting low fee) work to solve that? /r/Bitcoin

Eli5: What exactly causes BTC transactions to take so long time(causing high fee) and how does lightning(quick...resulting low fee) work to solve that? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

What are Bitcoin transaction fees? Can I change them? Bitcoin Lesson  Transactions BITCOIN TRANSACTION FEES EXPLAINED  FULLY & SIMPLE  SOFT TECH  FAROOQ AHMED How to Save Money on Bitcoin Transaction Fees Bitcoin Transaction Fees Explained - YouTube

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. Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction. On the other hand, nobody mining new bitcoins necessarily needs to accept the transactions and include them in the new block being created. How Transaction Fees Work. A transaction (tx) fee is a small amount of bitcoin included in a transaction that rewards miners for validating a payment, which results in confirmation on the ... 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). How do Bitcoin transaction fees work? To start with, the fee rate has directly tied to the speed of your transaction. Since each block in the chain can include a limited number of transactions, your fee has to outbid other users for your transaction to make it in the block. So, fees incentivize miners (actually, their computing power) to complete this task in the fastest way possible ...

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What are Bitcoin transaction fees? Can I change them?

👇🏻Support the channel by using my affiliate links below👇🏻 Exchanges I'm using: Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 Bin... Do you have a bitcoin transaction that seems to be stuck for hours in the mempool? Have you ever wondered if you are paying too much money for your transaction fees? This video takes the guessing ... 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 ... How to determine the best bitcoin transaction fees. Often, transaction get delayed or don't get confirmed at all. Most of the times, the reason is a too low transaction fee. 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.

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