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judymcconville@roadrunner.com 2017-04-30 17:26:00 -07:00
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@ -302,7 +302,7 @@ Fee estimation algorithms calculate the appropriate fee, based on capacity and t
[TIP]
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Static fees are no longer viable on the bitcoin network. Wallets that set static fees will produce a poor user experience as transactions will often get "stuck" and remain unconfirmed. Users who don't understand bitcoin transactions and fees are dismayed by "stuck" transactions because they think they've lost their money.
((("static fees")))Static fees are no longer viable on the bitcoin network. Wallets that set static fees will produce a poor user experience as transactions will often get "stuck" and remain unconfirmed. Users who don't understand bitcoin transactions and fees are dismayed by "stuck" transactions because they think they've lost their money.
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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 (102975), 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).
@ -338,7 +338,7 @@ For example, if you consume a 20-bitcoin UTXO to make a 1-bitcoin payment, you m
[WARNING]
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If you forget to add a change output in a manually constructed transaction, you will be paying the change as a transaction fee. "Keep the change!" might not be what you intended.
((("warnings and cautions", "change outputs")))If you forget to add a change output in a manually constructed transaction, you will be paying the change as a transaction fee. "Keep the change!" might not be what you intended.
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Let's see how this works in practice, by looking at Alice's coffee purchase again. Alice wants to spend 0.015 bitcoin to pay for coffee. To ensure this transaction is processed promptly, she will want to include a transaction fee, say 0.001. That will mean that the total cost of the transaction will be 0.016. Her wallet must therefore source a set of UTXO that adds up to 0.016 bitcoin or more and, if necessary, create change. Let's say her wallet has a 0.2-bitcoin UTXO available. It will therefore need to consume this UTXO, create one output to Bob's Cafe for 0.015, and a second output with 0.184 bitcoin in change back to her own wallet, leaving 0.001 bitcoin unallocated, as an implicit fee for the transaction.