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Edited ch06.asciidoc with Atlas code editor

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nadams 2017-05-18 08:10:08 -07:00
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@ -313,10 +313,6 @@ Fee estimation algorithms calculate the appropriate fee, based on capacity and t
The chart in <<bitcoinfees21co>> shows the real-time estimate of fees in 10 satoshi/byte increments and the expected confirmation time (in minutes and number of blocks) for transactions with fees in each range. For each fee range (e.g., 61&#x2013;70 satoshi/byte), two horizontal bars show the number of unconfirmed transactions (1405) and total number of transactions in the past 24 hours (102,975), with fees in that range. Based on the graph, the recommended high-priority fee at this time was 80 satoshi/byte, a fee likely to result in the transaction being mined in the very next block (zero block delay). For perspective, the median transaction size is 226 bytes, so the recommended fee for a transaction size would be 18,080 satoshis (0.00018080 BTC).
[[bitcoinfees21co]]
.Fee estimation service bitcoinfees.21.co
image::images/mbc2_0602.png[Fee Estimation Service bitcoinfees.21.co]
The fee estimation data can be retrieved via a simple HTTP REST API, at https://bitcoinfees.21.co/api/v1/fees/recommended[https://bitcoinfees.21.co/api/v1/fees/recommended]. For example, on the command line using the +curl+ command:
.Using the fee estimation API
@ -328,6 +324,10 @@ $ curl https://bitcoinfees.21.co/api/v1/fees/recommended
The API returns a JSON object with the current fee estimate for fastest confirmation (+fastestFee+), confirmation within three blocks (+halfHourFee+) and six blocks (+hourFee+), in satoshi per byte.
[[bitcoinfees21co]]
.Fee estimation service bitcoinfees.21.co
image::images/mbc2_0602.png[Fee Estimation Service bitcoinfees.21.co]
==== Adding Fees to Transactions
The data structure of transactions does not have a field for fees. Instead, fees are implied as the difference between the sum of inputs and the sum of outputs. Any excess amount that remains after all outputs have been deducted from all inputs is the fee that is collected by the miners: