Additionally, how do you calculate what fees to set, do you refer to a website ?
I always use
Johoe's Bitcoin Mempool Statistics.
To know the current required fee, hover your mouse cursor over right side of the chart.
Look at the screenshot I just took.
https://i.imgur.com/vZhXkcR.jpgThe total virtual size of transactions paying at least 1 sat/vbyte is 100 vMB.
The total virtual size of transactions paying at least 2 sat/vbyte is 52 vMB.
The total virtual size of transactions paying at least 3 sat/vbyte is 49 vMB.
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The total virtual size of transactions paying at least 17 sat/vbyte is 0.91 vMB.
Note that miners prioritize transactions based on the their fee rate and every block has a capacity of 1 vMB.
So, if I set the transaction fee to more than 17 sat/vbyte, my transaction will likely be confirmed in the next block.
Note that it's possible that new transactions with higher fee rates are added to the mempool and my transaction isn't confirmed in the next block. So, I can pay a bit more (18-20 sat/vbyte) to increase the chance of getting confirmation in the next block.
There are other websites like
mempool.space that can be used to estimate the required transaction fee rate.
I am making another transaction now. I use your method, refer to Johoe's Bitcoin Mempool, and see 14+ is 1.122 vMB, so I set my fee 14.2 sat/vB.
This should mean that my transaction will be in the 2nd block, right ? But I right click the transaction, and view on block explorer, it says in 144 blocks. I check back 10 minutes later, it has improved says still in 16 blocks though.
Additionally, I go to mempool.space, it gives 3 fees, Low priority, Medium priority and High priority. How do I read them ?
