Bitcoin Transaction Fees – Avoid Delay in Confirmations

Transaction fees are paid by the sender in Bitcoin. It is an incentive for the Bitcoin miner from the Bitcoin user to include that transaction hash in the newly created block. Transactions with higher fee/byte will be accepted faster as compared to transactions with lower fee/byte

Each transaction hash size is calculated in bytes
To give an approximate value, the formula is

input x 180 + output x 34 + 10 (+ or -) Input

Example – https://www.blocktrail.com/BTC/tx/09f7a99180fb77bb3eb653007a185de989e1d61396d99022a36c6cee725ff6a9

There are few online tools available to calculate the optimum fee for a bitcoin transaction to avoid prolonged delays in confirmation

1. https://statoshi.info/dashboard/db/fee-estimates

2. https://bitcoinfees.21.co

You can see what is the current optimum fee for a fastest and cheapest transaction.

Transaction fee calculation

Optimum fee/byte x No. of byte [Size of transaction ]

So for a transaction size of 226 Bytes the current optimum fee would be

226 x 80 = 18080 satoshis = 0.00001808 BTC

1 Bitcoin = 100000000 satoshis

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How to Hasten Bitcoin Transactions – Avoid Delays in Confirmations and Pending Confirmation

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