Bitcoin

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General Discussion Thread: November 2023 (lemmy.world)

submitted 1 year ago by [email protected] to c/[email protected]

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[–] [email protected] 2 points 11 months ago* (last edited 11 months ago) (1 children)

Anybody has some quick tip for calculating bitcoin fees? (Like, go to this page, do this and this, voilà!).

Yesterday I did a Bitcoin transaction and paid 3.73$ fee. This was using the Android "Bitcoin" app and selecting the default "Normal" fee (there are 3 options. "Economic", "Normal", "Priority").

However in mempool.space the transaction got the warning "Overpaid 2x" and the transaction got confirmed almost instantly. The transactions was with 1 input and 2 outputs.

So I'm looking for 2 things:

A better Android wallet that can let me put a custom fee (so I don't overpay next time. Maybe I could had spent 2$ and wait 1-2 hours.).
Some tips to calculate the fee. I end up using lot of different pages, but never getting the "right" fee.

Update: I ended up switching from "Bitcoin Wallet" wallet to "Green" wallet on my mobile phone.

[–] [email protected] 3 points 11 months ago (1 children)

I use mempool.space to check fees, I’ve never had an issue that gives me wrong info that makes me overpay. Maybe because it uses USD ?

[–] [email protected] 2 points 11 months ago* (last edited 11 months ago) (1 children)

I ended up ditching the app called "Bitcoin wallet" for android and started using the app "Green". This one at least let me use custom fees and also set the fees by sat per vB.

But yeah basically my transactions are of 140.5 virtual size.

So now that I know this I can just go to bitcoinfee.net (or the site you mentioned ) and multiply the sat/vB of preference by 140.5

Thanks!

[–] [email protected] 1 points 11 months ago

Oh I didn’t even consider the bigger the transaction size the bigger the fee?

Although I fell you can always just choose like 5sats