Cryptocurrency Q&A
How to calculate BTC fee?
How to calculate BTC fee?
ThunderBreezeHarmony
Thu Oct 10 2024
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6 answers
1701
I'm trying to figure out how to calculate the fee for a Bitcoin transaction. I need to understand the factors that influence the fee and how to determine the appropriate amount to ensure my transaction is processed quickly and efficiently.
6 answers
henry_taylor_architect
Sat Oct 12 2024
To calculate the transaction size, one must multiply the number of inputs by 148 bytes and add this result to the product of the number of outputs multiplied by 34 bytes. Additionally, a fixed 10 bytes are added to this total to obtain the final transaction size in bytes.
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FantasylitElation
Sat Oct 12 2024
The estimated fee is then computed by multiplying the transaction size in kilobytes (1 kilobyte = 1024 bytes) by a predetermined fee rate, which is typically expressed in Satoshis per kilobyte. Satoshis are the smallest unit of Bitcoin, equal to one hundred millionth of a Bitcoin.
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HallyuHype
Sat Oct 12 2024
For instance, if the fee rate is 13500 Satoshis per kilobyte and the transaction size is 0.374 kilobytes, the estimated fee would be calculated as 13500 Satoshis/kilobyte × 0.374 kilobytes. This results in an estimated fee for the transaction.
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SamsungShineBrightness
Sat Oct 12 2024
The BTC Fee Estimate Formula provides users with a method to calculate the approximate fee required for a Bitcoin transaction. This formula takes into account the transaction size, which is determined by the number of inputs and outputs involved, as well as a base fee.
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SophieJones
Sat Oct 12 2024
It's important to note that the fee rate can vary depending on factors such as network congestion and miner preferences. As a result, the estimated fee provided by the formula serves as a rough guideline and may need to be adjusted to ensure timely transaction confirmation.
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