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Right now on https://bitcoinfees.net , it is showing the following chart:

enter image description here

So it is show 55 - 57 sat / vB is needed for the transfer to take place in about an hour.

How do we interpret this chart? For example, what if it is a one person to one person transfer, then what will the fees be?

Or if it is from 2 wallets transferring to 400 wallets, then what will the fees be per wallet (for the 400 wallets, assuming they divide up the fees equally per wallet. So one wallet can be receiving US$10 worth of BTC, while another one can be receiving US$400 of it). (this is a scenario how the mining pool pays out to their miners).

Murch
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Stefanie Gauss
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1 Answers1

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How do we interpret this chart? For example, what if it is a one person to one person transfer, then what will the fees be?

You have to figure out the size of a transaction before it's sent1,2

Then multiply the size by the fee-rate for your preferred confirmation time.

Murch's table of (upper bound of) standard transaction sizes may help.

Murch's table of transaction sizes Reproduced without permission! Follow link above to see latest version by author of table.

Or this one

Another table by Murch

The sources of these images have additional information that is helpful

Sources:

Footnotes

  1. Can I figure out the size of a transaction before its sent?
  2. Be aware of the difference between size in bytes, size in vbytes and size in weight units.
RedGrittyBrick
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  • A similar table also appears in this answer: https://bitcoin.stackexchange.com/a/84006/5406, and this answer may also be helpful: https://bitcoin.stackexchange.com/q/66428/5406 – Murch Jan 04 '24 at 19:05
  • Thanks Murch, I added those links to my answer for greater prominence. – RedGrittyBrick Jan 04 '24 at 20:11
  • is there like a good rule of thumb, such as 1 wallet to 1 wallet cannot be more than 70 vB, so at 57 sat / vB, that means no more than 3990 satoshi -- something like that? – Stefanie Gauss Jan 05 '24 at 01:59
  • There's no good rule of thumb based on wallet counts because the size depends on coin selection and address type. Some wallets should do these calculations for you. – RedGrittyBrick Jan 05 '24 at 12:19
  • coin selection: isn't it bitcoin? and address type: isn't it a bitcoin address? Can a bitcoin address have different length? If so, we can actually have a worst case scenario. If a user knows it is at most $0.30 vs at most $3.00, that already says a lot – Stefanie Gauss Jan 06 '24 at 00:10
  • "Coin selection" is choice of available amounts of Bitcoin. Like coins or banknotes, they can't be split and have to be spent whole. Your wallet gathers together enough of these fixed amounts to make up the total amount you want to pay a recipient. – RedGrittyBrick Jan 06 '24 at 10:43
  • Bitcoin transactions contain scripts of varying lengths which are created from recipients adddresses. There are no addresses in the Bitcoin network protocol itself. Addresses are a handy way for a recipient to give a sender info that the sender's wallet can use to create a locking script in a transaction. – RedGrittyBrick Jan 06 '24 at 10:46
  • Bitcoin fees are specified in Bitcoin (BTC) not dollars. The exchange rate is too volatile for dollars to be useful for this. The fees vary depending on how busy the Bitcoin network is. It also depends on the numbers of coins (see UTXO). Your rule of thumb would be "between one cent and five hundred dollars" or your rule would have to change every week. Rules of thumb are not useful for this. – RedGrittyBrick Jan 06 '24 at 10:51
  • I just found a chart that can tell something: https://ycharts.com/indicators/bitcoin_average_transaction_fee – Stefanie Gauss Jan 07 '24 at 21:15