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Bitcoin Confirmation Time Estimator

One-click Way To Estimate Your Transaction Confirmation Time (blockonomics.co) : Bitcoin

One-click Way To Estimate Your Transaction Confirmation Time (blockonomics.co) : Bitcoin

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How To Calculate Bitcoin Transaction Fees When Youre In A Hurry

How To Calculate Bitcoin Transaction Fees When Youre In A Hurry

How to Calculate Bitcoin Transaction Fees When Youre in a Hurry Calculating transaction fees is like riding a bike or rolling a cigarette: simple when you know how, but frustratingly complex otherwise. UX improvements over the last few years have made bitcoin easier than ever to send and receive, but fee calculation is still something of a dark art. The following resources make fee calculation a doddle. See also: The Curious Case of the New Dragonmint Bitcoin Miner In this life, nothing comes for free. You wanna send bitcoin, youve got to pay the piper, namely the miners whose machines secure the network and confirm the hundreds of thousands of transactions that pass through it every day. Back in the day, when one bitcoin cost tens or hundreds of dollars, no one paid too much attention to fees; they were so small as to be unimportant, which is why sites like Satoshi Dice were able to flourish, permitting idle bitcoiners to send scores of micro-transactions over the blockchain with scant regard for fees. Fee calculation isnt as easy as the experts would have you think. The less blockchain congestion there is, the faster your transaction will be confirmed. In addition to earning a reward for solving the next block, miners receive the fees attached to any transactions on that block. The current reward per block is 12.5 BTC, but the miner may receive a figure closer to 13 BTC by the time fees have been added on. Although there is technically no obligation to attach fees to a transaction, there is also no obligation for the miner to include any transaction in the block theyre confirming. Thus it makes sense to include a fee to incentivize the miner to add the transaction to the block. Miners prioritize transactions with the highest fee per byte, which is why senders who are Continue reading >>

The Challenges Of Bitcoin Transaction Fee Estimation

The Challenges Of Bitcoin Transaction Fee Estimation

The Challenges of Bitcoin Transaction Fee Estimation For the first several years of bitcoins existence, transaction fees were optional they were considered a donation to miners. Wallets paid the same fee on every transaction defaulting to whatever fee the wallet developer thought was appropriate. Bitcoin Core s default fee changed several times over the years as the bitcoin exchange rate increased, from 0.01 BTC to 0.0005 BTC to 0.0001 BTC. There were also rules around priority transactions that enabled users to send transactions with no fee if the inputs were old and high value enough, though miners phased them out in early 2016. I covered the history of Bitcoin transaction fees and how it led to the current state of our fee market in this CoinDesk article . BitGo implemented dynamic fees in July 2015 and now, two years later, we are still working on improving our fee estimate algorithms. At BitGo, we use Bitcoin Cores fee estimation algorithm to extract baseline data for our own fee estimation algorithm. Cores logic can be found here . At a high level the algorithm works by grouping transactions into fee rate buckets and then tracking how long it takes transactions in the various buckets to be mined. It operates under the assumption that transactions paying higher fee rates will be included in blocks before transactions with lower fee rates. For example, if you wanted to know what fee rate you should put on a transaction to be included in a block within the next 5 blocks, you would start by looking at the bucket with the highest fee rate transactions and verifying that a sufficiently high percentage of them were confirmed within 5 blocks. Then you would look at the next highest fee rate bucket, and so on, stopping at the last bucket to pass the test. The average fee Continue reading >>

Bitcoin 101: Why Is My Bitcoin Transaction Stuck?

Bitcoin 101: Why Is My Bitcoin Transaction Stuck?

Tales from the world of Bitcoin & Cryptocurrency Bitcoin 101: Why is my Bitcoin transaction stuck? Bitcoin transaction fees have been constantly rising for more than a year. This constant rise causes transactions to be stuck when they are sent with transaction fees that are too low. Why does this happen? And what can you do to avoid it? With the right knowledge you can make sure your important transactions don't get stuck in limbo. It's more important than ever to learn how Bitcoin transactions work and how transaction fees affect the time it takes for your transactions to arrive. My transaction I sent is stuck, what can I do? Every Bitcoin transaction that's sent has to pay a small fee to the Bitcoin miners to be included into the Blockchain and sent. Bitcoin transactions are sent (confirmed) in batches (called blocks). Each block can only fit a limited amount of transactions and it's the transaction fee that determines if your transaction is included or not. The higher the fee you pay, the more likely it is your transaction will be included and will confirm. If your transaction is stuck it most likely means that other users are paying a higher fee and what you paid is too low and your transaction isn't included in blocks. Sadly, there is no easy way to increase the transaction fee once the transaction is already sent. For a transaction that's stuck and already sent you can only wait until the transaction eventually confirms. The next time you send a transaction, make sure it is sent with a transaction fee that's high enough. Most Bitcoin wallets will let you choose the fee you want to use when sending the transaction. The most common way is by selecting a transaction priority. To make sure your transaction gets confirmed quickly, we recommend always selecting high pr Continue reading >>

An Introduction To Bitcoin Core Fee Estimation

An Introduction To Bitcoin Core Fee Estimation

An introduction to Bitcoin Core fee estimation Space in the Bitcoin blockchain is a limited resource, and given a low enough price, demand for that space will far exceed the supply. If block space is free, people will find all kinds of uses for it decentralised gambling, uploading an entire copy of the Bitcoin whitepaper, and timestamping individual documents are just a few examples weve seen in the past. To make sure that the limited space in the blocks is allocated to those who value it most and who are prepared to pay the most for it, Bitcoin has a fee market. In effect, the mempool acts as a decentralized clearinghouse users place bids for block space into the mempool (in the form of transactions with fee attached), and miners will take transactions and place them in the next block based on the fee attached. The larger your fee, the more likely it is that your transaction outbids the competing transactions and that the miner selects your transaction for inclusion in the next block. How does a user know what an appropriate fee is? It turns out thats a really difficult question to answer, for a few reasons: Supply is unpredictable. Over long time horizons, supply is predictable. Theres approximately 2MB of space every 10 minutes (or to be more precise, theres 4M block weight every 10 minutes). But because of the Poisson distribution of block discovery, that supply is lumpy and unpredictable over shorter time periods. One in a hundred blocks is discovered within 7 seconds of the previous block, and one in a hundred takes over 45 minutes to find. That means that there might be a lucky run where several blocks are discovered within a few minutes, and all the high fee transactions are drained out of the mempool. On the other hand, there might be no block discovered for h Continue reading >>

Estimating Transaction Confirmation Time

Estimating Transaction Confirmation Time

We are developing a project similar to . We know that bitcoinfees is giving widely inaccurate results. We need to develop a algorithm that can predict confirmation time with reasonable accuracy (or atleast better than bitcoinfees) Factors that can taken into consideration: Let me know your thoughts on this. If you have any ideas on the algorithm. I am open to keep this opensource(directly connected to bitcoind). Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. Quote from: btc_enigma on December 13, 2017, 10:23:30 AM We are developing a project similar to This is probably just a way of promoting the Earn product, the real URL is likely still Sadly, hosts other inaccurate and/or inept Bitcoin network statistics too. Factors that can taken into consideration: You should also add transaction weight to your list of factors. This is probably part of how are getting it so wrong. Possibly an "Advanced User" option could be added, to depict the effect of transaction weight on the outcome. Thanks, very useful. Will have a look at this You should also add transaction weight to your list of factors I had a look at core's estimation algorithm. Here are my thoughts from my personal experience: 1. If you did a transaction less than 50sat/byte, its likely to get confirmed over weekend. Doesn't matter if you did the transaction on Monday or on Friday. 2. Higher rate transaction 100+ sat/byte get confirmed within a few blocks, or during daily dip of demand graph(mostly during US night time) or sudden increase of hashrate/streak of blocks 3. Due to 1., core's estimate also does get skewed, for example a low fee tx on Friday night has confirmation time of few blocks, vs same fee tx on Monday night h Continue reading >>

Bitcoin Core Fee Estimation Algorithm Github

Bitcoin Core Fee Estimation Algorithm Github

High level description Bitcoin Core's fee estimation algorithm The algorithm takes as input a target which represents a number of blocks within which you would like your transaction to be included in the blockchain. It returns a fee rate that you should use on your transaction in order to achieve this. The algorithm is conceptually very simple and does not attempt to have any predictive power over future conditions. It only looks at some recent history of transactions and returns the lowest fee rate such that in that recent history a very high fraction of transactions with that fee rate were confirmed in the block chain in less than the target number of blocks. Transactions can occur with a nearly continuous range of fee rates and so in order to avoid tracking every historical transaction independently, they are grouped into fee rate "buckets". A fee rate bucket represents a range of fee rates within which the algorithm treats all transactions as having approximately the same fee rate and the answer the algorithm returns is actually the lowest fee rate bucket such that transactions in that bucket and all higher buckets were confirmed within the target over the recent history. The recent history is defined as an exponentially decaying moving average with the data point counted at the time of transaction confirmation. In 0.14 this decay is 0.998 or a half-life of 346 blocks. Only transactions which had no unconfirmed parents at the time they entered the mempool are considered. The implementation conceptually is that for each fee rate bucket you keep a counter for each possible confirmation target (1-25 in 0.14) of how many transactions in that bucket were confirmed in the target or less. You also keep an overall counter of all transactions of that fee rate. So if a block Continue reading >>

A Single Bitcoin Transaction Takes Thousands Of Times More Energy Than A Credit Card Swipe

A Single Bitcoin Transaction Takes Thousands Of Times More Energy Than A Credit Card Swipe

A Single Bitcoin Transaction Takes Thousands of Times More Energy Than a Credit Card Swipe While the digital currency has gotten more energy efficient in the last few years, it's still significantly less sustainable than other forms of payment. Bitcoin is back in the spotlight these days thanks to some wild price movements and central bank meetings . The decentralized currency has recently been trading over its all-time high of $1200 on some exchanges. But the higher the price goes, the more it exacerbates bitcoin's dark side: shocking levels of electricity consumption. In 2015, I wrote that bitcoin had a big sustainability problem. Back then, each bitcoin transaction represented roughly enough electricity to power 1.57 American households for a day approximately 5,000 times more energy-intensive than a credit card transaction. Since it's been two years, it's time for an update. First, a caveat: it's impossible to know precisely how much electricity any given bitcoin transaction "consumes," but it's simple enough to estimate a plausible range of energy consumption for overall bitcoin mining. Mining secures transactions on the blockchain , a giant ledger of all completed transactions. It's worth looking at estimates for a per-transaction energy cost because we can compare that cost to existing payment systems. It's also a more tangible way to represent value-for-electricity. Simply knowing that total bitcoin mining consumes x amount of energy is interesting, but it's better to discuss how many transactions we're actually getting for all that electricity spent. Updated calculations with optimistic assumptions show that in a best-case hypothetical, each bitcoin transaction is backed by approximately 90 percent of an American household's daily average electricity consumpti Continue reading >>

21 Inc Launches Bitcoin Transaction Fee Prediction App

21 Inc Launches Bitcoin Transaction Fee Prediction App

21 Inc Launches Bitcoin Transaction Fee Prediction App Feb 10, 2016 at 14:36 UTC|UpdatedFeb 10, 2016 at 22:59 UTC 21 Inc, maker of the Bitcoin Computer, has launched a free web app that can help bitcoin users determine what level of fee will ensure a transaction is confirmed in a given amount of time. The new service, which can be found at bitcoinfees.21.co ,provides a real-timeguide to the fee levels currently being paid on the bitcoin network, along with the estimated delay in blocks and estimated timeuntil confirmation. Fees are set in satoshis per byte, a reference to the smallest denomination of bitcoin. The launch comes amid a time when transaction levels are increasingly hitting all-time highs , and the community at large has been split on the questionof expandingthe network's ability to accommodate more transactions per block.To send a bitcoin transaction, users generally mustinclude a transaction fee, which rewards the miners that process transactions and secure the bitcoin blockchain. For obvious reasons, miners generally prioritise higherfees first, so the larger the fee, the more quickly the transaction will be written to the blockchain and confirmed. It is not always clear what is the optimum fee level to set, though. "[E]xactly how large a fee you need to get rapid transaction confirmation can be hard to predict in advance, because everyone else sending a bitcoin transaction at the same time is effectively competing with you for the speed of inclusion into the blockchain. To counter this issue, the company created the web interface for bitcoin userswhoare manually sending transactions, providing users with a fair idea of the optimumfee to set for theirtransaction. 21's feepredictions are based on blockchain data forthe last threehours, along withthe curre Continue reading >>

Why Is My Bitcoin Transaction Pending For So Long? Bitcoin Fees For Dummies

Why Is My Bitcoin Transaction Pending For So Long? Bitcoin Fees For Dummies

Last updated on December 8th, 2017 at 01:19 pm If youre reading this post I assume that like many others, you sent a bitcoin transaction and was kind of confused as to why its still listed as unconfirmed or pending after a few hours or so. I mean Bitcoin transactions are supposed to be instant right? In this post I want to try and explain in a very basic way how a Bitcoin transaction works and why the fee that you attach to each transaction has a crucial role in how long it will take the transaction to go through the network. Heres what happens when you send Bitcoins to someone Whenever you send someone Bitcoins, the transaction goes through different computers running the Bitcoin protocol around the world that make sure the transaction is valid. Once the transaction is verified it then waits inside the Mempool (i.e. in some sort of a limbo state). Its basically waiting to be picked up by a Bitcoin miner and entered into a block of transaction on the Blockchain. Until it is picked up its considered an unconfirmed transaction or a pending transaction. Anew block of transactions in added to the Blockchain every 10 minutes on average. However since there are so many transactions lately due to the price increase, and a block can only hold a finite amount of transactions, not all transactions are picked instantly. So you need to wait for a certain amount of time until a miner decided to pick your transaction out of all of those sitting around in the mempool. Once your transaction is included in the block it receives its first confirmation and its no longer pending. After another block of transactions is added it will get another confirmation and so on.heres a short video explaining this: How can you make sure your transaction will get included in the next block? Simple. By Continue reading >>

How Long Do Cryptocurrency Deposits Take?

How Long Do Cryptocurrency Deposits Take?

How long do cryptocurrency deposits take? We have a requirement for a cryptocurrency deposit to receive a number of confirmations on its blockchain before the funds can be credited to your account. After a transaction is broadcasted to a Blockchain, it is presented to be included in a block by the miners. Once a transaction has been included in a block, the transaction has had 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction. To avoid the risks of double spending, funds arent credited until a number of confirmations have taken place depending on the cryptocurrency. Each block is found at a different rate depending on the blockchain. For example, a block is found on average every 10 Minutes on the Bitcoin blockchain, and Kraken only credits XBT/BTC deposits to a clients account after 6 confirmations, which takes approximately one hour. Continue reading >>

Bitcoin Is Soaring. Here's Why It's Not Ready For The Big Time

Bitcoin Is Soaring. Here's Why It's Not Ready For The Big Time

Bitcoin Is Soaring. Here's Why It's Not Ready for the Big Time Bitcoin Is Soaring. Here's Why It's Not Ready for the Big Time The price of a bitcoin has soared above $17,000, but it'll cost you $19 to process a single transaction within 10 minutes. Bitcoin Is Soaring. Here's Why It's Not Ready for the Big Time The price of a bitcoin has soared above $17,000, but it'll cost you $19 to process a single transaction within 10 minutes. To the moon! The phrase is the battle cry of true believers in cryptocurrency bitcoinand charts of its price in recent weeks point directly heavenward. Yet beyond a batch of newly minted crypto-millionaires, the digital assets recent bull run has also exposed long-standing weakness in the underlying technology that could crimp bitcoins long-term viability. Bitcoin was a gift to the world from Satoshi Nakamoto, a pseudonymous person or persons who laid out the design in a 2008 white paper . The paper complained that conventional financial institutions create unnecessary friction: banks and other mediators pass on costs as transaction fees that make small casual transactions impractical. Nakamoto said bitcoin would change that, by employing a peer-to-peer network backed by unbreakable math to verify transactions, removing the need for centralized institutions. The paper doesnt use the term, but its a clear reference to the concept of micropaymentsthe idea that very small digital payments could change the economics of the internet, or help people in the developing world . Nine years later, Nakamotos invention has been immensely successful. A single bitcoin will set you back more than $17,500; the price has risen 17-fold since January. But the currency has not introduced a new era of economic enlightenment greased with tiny transactions. Why not? Continue reading >>

Bitcoin Transaction Fees

Bitcoin Transaction Fees

Transaction fees are included with your bitcoin transaction in order to have your transaction processed by a miner and confirmed by the Bitcoin network.The space available for transactions in a block is currently artificially limited to 1 MB.This means that to get your transaction processed quickly you will have to outbid other users. This site keeps a record of how Bitcoin transaction fees evolve over time. The fees shown at the historic charts and tables are in US dollars per transaction and in satoshis per byte. We also show the latest fee estimate in US Dollars/transaction in the list below. To calculate the fees per transaction, we consider that the average Bitcoin transaction is about 250 bytes big . Current Bitcoin transaction fees (in dollars per transaction) Next Block Fee: fee to have your transaction mined on the next block (10 minutes). $16.37 3 Blocks Fee: fee to have your transaction mined within three blocks (30 minutes). $15.95 6 Blocks Fee: fee to have your transaction mined within six blocks (1 hour). $15.95 Continue reading >>

Bitcoin Estimate Fee

Bitcoin Estimate Fee

Data collected from bitcoin core, for example: Estimates the approximate fee per kilobyte needed for a transaction to begin confirmation within X blocks. On 30 October 2015 bitcoin core version updated from 0.10.2 to 0.11.1 On 23 February 2016 bitcoin core version updated from 0.11.2 to 0.12 On 16 May 2016 bitcoin core version updated from 0.12 to 0.12.1 On 10 November 2016 bitcoin core version updated from 0.13 to 0.13.1 Continue reading >>

Can I Estimate Time To Confirm Based On The Number Of Existing Transactions Awaiting Confirmation?

Can I Estimate Time To Confirm Based On The Number Of Existing Transactions Awaiting Confirmation?

blockchain unconfirmed-transactions confirmation-time-estimation Blockchain.info says that right now (1/14/2018) there are approximately 42,000 transactions awaiting confirmation. It also says that the average size of a block is 1,700. If the target is 10 minutes per block, that suggests that there are roughly 4 hours of transactions yet to be confirmed. If a transaction carries with it an "average fee", is it reasonable to assume that it will take approximately 4 hours for the first confirmation, and an hour more for 6 confirmations, given these numbers? Is there any reasonable way to estimate how that time would change given a change in the fee (other than just accepting some website's recommended fee)? For anyone interested in estimating fees, I found a good article that discusses some of the issues: The Challenges of Bitcoin Transaction Fee Estimation . Randall Blake Jan 16 at 15:13 This is an impossible question to answer, because there will likely be new transactions added to the mempool continuously. If more transactions get confirmed than are added, the mempool will shrink in size, and lower fee txs will confirm. If less transactions get confirmed than are added, the mempool will grow in size, and it is likely that higher fee txs will confirm. As a user, the total number of transactions shouldn't be of concern to you, instead you should look at what the fee rates of currently confirming transactions are, and plan accordingly. If your tx needs to be confirmed ASAP, you should set a fee slightly higher than what you are currently seeing. If you can afford to wait, you can set the fee lower, and hope that the mempool will shrink in size (but this is fundamentally unpredictable, it depends on the actions of all other useres). Ultimately, you'll really only care abo Continue reading >>

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