28 Jul '15, 11am

New Service Finds Optimum Bitcoin Transaction Fee

New Service Finds Optimum Bitcoin Transaction Fee

A new service, CoinTape, is offering bitcoin users an answer to the common question: what is the optimum transaction fee? Using network data from the past three hours, the service lets users compare the current waiting times associated with various fee tiers, calculated in satoshis per byte. It claims to predict delays with 90% confidence. The default fee used by many bitcoin wallets is 10 satoshis (0.0000001) per byte. However, according to CoinTape, paying 20 satoshis (0.0000002 BTC) per byte will get you the fastest and cheapest transaction on the network. For the average-sized bitcoin transaction, 645 bytes, this equates to a fee of 129 bits (0.000129 BTC ) (note that this is calculated on a transaction's size, not its dollar value). The most popular fee ratio CoinTape lists, 41–50 satoshis per byte, used in more than 30,000 transactions today alone, is double this. Ne...

Full article: http://www.coindesk.com/new-service-finds-optimum-bitcoin...

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