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Topic
Board Beginners & Help
Merits 1 from 1 user
Re: Minimum fee for confirmation
by
o_e_l_e_o
on 26/05/2019, 19:48:16 UTC
⭐ Merited by gentlemand (1)
Look at this website

https://bitcoinfees.earn.com/
I would suggest not using this site. It consistently grossly overestimates fees by just matching the current highest fee that is waiting to be confirmed. Currently there isn't even half a megabyte of data with a fee above 2 sats/byte waiting to be confirmed, but this site is suggesting a fee of a whopping 194 sats/byte, while 3 sats/byte (and probably even 2 sats/byte) is almost certainly enough to guarantee entry into the next block. The site 1miau linked to above is the best one to choose, but if that is too complicated for you, then this site is a close second: https://www.coinb.in/#fees. You don't have to use the input/output sliders if you don't understand them, just use the suggested fee in small font at the bottom of the blue box, currently 4 sats/byte.

In terms of the https://jochen-hoenicke.de/queue/#1,2d site, it is actually better to scroll down and look at 3 graph titled "Mempool Size in MB", rather than the first one titled "Unconfirmed Transaction Count". The number of transactions included in a block is based on each transaction's size, and fees are paid based on transaction size. The absolute number of transactions at a given level is less important than how much space they are going to take up. There may only be 12 transaction paying 200 sats/byte (for example), but if they are all 0.1 MB in size, then they will completely fill the next block.