Post
Topic
Board Beginners & Help
Re: How do we calculate the correct transaction fee to send?
by
RapTarX
on 18/01/2020, 17:34:23 UTC
Perfect! It means most of bitcoin transactions have been made in America and European continents and locals there tend to use higher fees (likely), whilst the Asia and Australia continents tend to make less numbers of transactions as well as they likely are ready to move their coins with lower fees.
It's not because some people pays higher fees or some pays lower. If someone needs faster confirmation, they are likley to pay higher fee. Since we have limited space on block (4MB per block now), if there are a lot of transaction pending, you are likely to pay the maximum fee for faster confirmation if you are in hurry because only limited number of transactions will get place in the block (~4MB). That's how fee increase and decrease. No one is likely to pay higher fee unless they need to.