How Much Bitcoin Transaction Fees To Pay For Confirmed Transaction
First, determine the size of your transaction in kilobytes. This can be done by adding up the size of inputs and outputs in the transaction.
Look at the current fee rate per kilobyte in satoshis. This can be found on various fee estimators such as BitcoinFees.info.
Multiply the fee rate per kilobyte by the size of your transaction in kilobytes to find the total fee in satoshis.
Check the current block size, which is a measure of the network’s congestion. This can also be found on BitcoinFees.info.
Decide on the desired confirmation time for your transaction. This is typically expressed in blocks, with 1 block taking 10 minutes to be confirmed.
Check the current fee rate for the desired confirmation time. This is available on BitcoinFees.info.
Compare the fee rate for the desired confirmation time with the fee rate for your transaction size to find the best option.
If the fee rate for your transaction size is higher than the fee rate for the desired confirmation time, consider increasing the fee rate to ensure faster confirmation.
If the fee rate for your transaction size is lower than the fee rate for the desired confirmation time, consider reducing the fee rate to save money.
Keep in mind that increasing the fee rate will result in faster confirmation, but also higher costs.
On the other hand, reducing the fee rate may result in slower confirmation, but lower costs.