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