Post
Topic
Board Bitcoin Discussion
Re: Your Experience with Bitcoin Fees?
by
Juggy777
on 31/08/2018, 17:12:41 UTC
I just did a transaction where I paid 1 cent in fees and it confirmed on the next block. Not only that but the next block came within half a minute of me doing my transaction.

The whole thing was almost implausibly good.

Generally, I always worry about fees but they never amounted to much in my experience of bitcoin. I don't do anything special. I use the latest stable version of bitcoin core and let it calculate the fees for me, I just use default settings.

According to bitinfocharts the average is $1, but my transaction of 160 something bytes only took 0.01 cents.

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

I have been doing a few transactions myself, and I use Electrum wallet, and I never bother to set up fees as it selects the lowest fees always. A few days back I was paying slightly higher fees, and these days it's barely few satoshis, but transaction confirmation is taking longer than a day. It's good to see the blocks are being mined so quickly, and confirmations are happening so fast, I'll test again soon and post how long it took.