HOW TO SAVE IN BITCOIN FEES

in #bitcoin7 years ago (edited)

You can save a lot of money if you know the right amount of fees you need to send to get it done fast and secure

You can know it looking at one web.

Bitcoin fees are going higher and higher, and it can be a serious amount of money at the end of the day.

To save on fees you can go and check to this interesting --> Web

How to save fees

This web is something less sophisticated than the https://ethgasstation.info/, but it has the same mission, let you know how much you should pay for fees to get the transaction done fast and secure.

Bitcoin Fees for Transactions   bitcoinfees.earn.com.jpg

Which fee should I use?

The fastest and cheapest transaction fee in the moment of the snapshot was 380 satoshis/byte, shown in green.
For the median transaction size of 226 bytes, this results in a fee of 85,880 satoshis.
The fees displayed here are Satoshis (0.00000001 BTC) per byte of transaction data

What does the delay mean?

The delay shown here is the predicted number of blocks the transactions will take to confirm.
If a transactions are predicted to have a delay between 1-3 blocks, there is a 90% chance that they will be confirmed within that range (around 10 to 30 minutes).
This transaction are represented in green in the graph above.

The predictions are based on blockchain data of the last 3 hours, as well as the current pool of unconfirmed transactions (mempool).

Whit this simple trick, you will can choose how many fees you should pay to get done that important transaction you want to get done asap (green zone), or how to save but without compromising the transaction get done fast enough (yellow zone), and how to save a lot if time doesn´t matter, but been sure the transaction will arrive without problems (orange zone, before it is too high, around 100-110 satoshis in the graph above).

I hope this article is useful to you to save some money and been more confident your transaction to be completed :)

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