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When Will My Bitcoin Transaction Get Confirmed and How Much Should I Pay In Miner Fees?
Before I can answer the questions of "When will my bitcoin transaction get confirmed?" and "How much in fees should I pay?" we first need to understand how the fees work when sending Bitcoin. So the way that Bitcoin works when you want to send some is that you need to include a miner fee. Now this miner fee should depend on how quickly you want this transaction to go through. Think of it as it’s like with regular mail, as they’ve got different speed options. If you want the mail delivered the next day, well you’re going to have to pay for it. However, if you’re okay with regular slower mail, then you’ll pay whatever base price your postal service charges for it. This is the same with Bitcoin, the faster you want your transaction to be confirmed, the more you’ll have to pay. As transactions get broadcasted, only the transactions with the highest fees get confirmed first and the transactions with lower fees get confirmed after in a “miner fee” priority manner. Now that we better understand how miner fees work, let's take a look at this website here: https://bitcoinfees.earn.com/. So this website here gives you an idea of how many unconfirmed transactions, in real time, there are based on current miner fees. It'll essentially tell you how much people have paid for their transactions and based on the number of current unconfirmed transactions, it'll give you an estimated time in both blocks and in minutes on when that transaction will get confirmed. To get a better understanding of this website or how it works in more depth, check out the video I made about it here: https://youtu.be/HUQ_4loHu4M Skip to the 1:40 mark for the explanation. Hope this post has helped you better understand how much you should pay in fees! If you have any questions or comments, please feel free to leave them down below as I will respond. You can also contact me at crypto4canadians@gmail.com. You can also message me on Telegram @crypto4canadians or feel free to join my Telegram group where we talk crypto: https://t.me/crypto4canadians.
15 comments
Also on this website you can see how many transactions are currently in the mempool and how much you have to pay to confirm the transaction. https://jochen-hoenicke.de/queue/#1,2h But it is best not to use BTC at all, but BCH. With Bitcoin Cash, transactions are always confirmed and cost almost nothing.
Yeah I know that site. Initially I was going to do a video on it but then for most people it's a bit harder to understand so I just made a video about bitcoinfees. I agree with you BCH is for sending, BTC is for holding.
If you only hold BTC, then you do not need to make any transactions and don't you need it. So it's useless.😉
You hold it for its scarcity and the fact that it's the longest running blockchain there is. Things worth holding is worth buying. Things that aren't worth keeping are worth selling. Remember that.
BCH is as scarce as BTC and in addition it is useful. Why should I keep something that has no use? And why should the fact that it is the longest block chain have anything to do with value? A value based only on the fact that more and more people buy something that has no use is a pure Ponzi scheme.
Value's subjective. Some people value the history of BTC while others like yourself don't. If people don't see value that BCH has they're not going to want it as they would with anything. If you see value in BCH, then by all means stock up on it. I personally don't see value in BCH so therefore I won't be stocking up on it.
I really appreciate the Bitcoin history. But for me BTC is no longer the successor of the history. Bitcoin was and is for me an electronic cash I can use. With BCH I can still do it, with BTC not anymore, that's why I dropped my BTC some time ago.
Yeah, do what you gotta do. That's why there's multiple coins out there, to fill the gap of what people want.
Yeah, do what you gotta do. That's why there's multiple stocks out there, to fill the gap of what people want. 😉
One note. On BTC no matter what fee you pay there is no guarantee it will ever get confirmed. If enough people pay higher before the next block you won't get included. If this continues for 2 weeks then your transaction may drop and never be confirmed.
Yeah I agree 100%. That's why you don't use it to transact with. There are other coins out there that are better than BTC for transaction purposes.
Thats why BCH will be better for normal+elite user while BTC will be like digital Gold asset for elite user who can afford high fees for transaction.
Yeah I agree with you.
I have no I dea on how cyptocurrency are I'm just new here
That depends on how quickly you want the transaction you want to go through, the quicker, the more you pay. Use the website to help you out.