Bitcoin transaction fees allow users to obtain transaction priority, so that their transactions can be recorded on the Bitcoin ledger (blockchain) first. Before packaging the transaction onto the blockchain, in order to ensure that Whether it is beneficial to you, miners will look at which transaction provides the highest transaction fee. Transactions with insufficient transaction fees will sometimes be stuck for a long time. As a trader, it is necessary to learn this knowledge. You can learn about Bitcoin transaction fees What proportion? You can roughly estimate how much transaction fee you need to provide to complete the transaction faster. The editor will explain it in detail below.
Transaction fees are usually expressed in the form of satoshis per byte. Satoshis are the smallest unit of Bitcoin. 1 Bitcoin is equal to 100,000,000 satoshis. Every Bitcoin transaction requires a certain transaction fee to be confirmed and mined. However, calculating a reasonable Bitcoin transaction fee is not a simple matter. The method of calculating Bitcoin transaction fees involves several factors. First, the size of the transaction fee depends on the size of the transaction, that is, the number of bytes in the transaction. Generally speaking, the larger the transaction, the higher the transaction fee you need to pay. Secondly, transaction fees are also affected by the current level of network congestion. If there are a large number of unconfirmed transactions on the Bitcoin network, you may need to pay higher transaction fees in order to have your transactions confirmed as quickly as possible. In order to calculate a reasonable Bitcoin transaction fee, you can use a Bitcoin wallet
Every transaction has a size, just like the size of a file on your computer. Miners will give priority to transactions with higher fees to maximize profits.
Here is an everyday example to help you understand. When you buy or rent an apartment, you usually pay by square footage. The selling price of an apartment is the total price you need to pay, and the unit price per square meter determines the price of the apartment.
The rate refers to the price per byte in a Bitcoin transaction, in satoshi/byte. It represents how many satoshis (Bitcoin’s smallest unit of account) you are willing to pay for transaction fees per byte.
When Bitcoin handling fees are too low, you can consider the following four ways to solve the problem: increase transaction fees, use the Lightning Network, continue to wait, or try other cryptocurrencies.
If you find that the transaction fee is too low, consider increasing the fee to improve the priority of the transaction. In a Bitcoin wallet, you can set transaction fees manually. Depending on the current network congestion, choosing an appropriate fee can speed up transaction confirmation.
Using the Bitcoin Lightning Network can enable fast, low-fee small transactions. The solution is based on Bitcoin’s second layer technology and enables instant transaction confirmation by bypassing the transaction congestion problem on the Bitcoin main chain. The advantage of Lightning Network is that it provides fast transaction speed and low transaction fees, making Bitcoin more practical and convenient in daily micro-payment scenarios.
3. Wait for confirmation: If your transaction fee is too low, you can also choose to wait longer for the transaction to be confirmed. In the Bitcoin network, transactions are considered valid after a certain number of block confirmations. Generally, 6 block confirmations are considered relatively safe. If you're not in a hurry to use the Bitcoins you earned from the transaction, you can choose to wait longer for the transaction to be confirmed.
4. Use other cryptocurrencies: If Bitcoin transaction fees are too high or transaction confirmation times are too long, you may also consider using other cryptocurrencies for transactions. For example, other cryptocurrencies such as Ethereum, Litecoin and others have faster transaction confirmations and lower transaction fees.
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