These days transactions are taking a very long time to confirm. Higher transaction fees could be a possible solution. I want to know how to calculate a reasonable transaction fee, which is not so expensive and results in less time until confirmation (within 10-15min). Could you advice me on how to implement it?
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1 Answer
See https://bitcoinfees.21.co/ for mempool size and tx fee. This will suggest fee in satoshi/byte depending on current network conditions.
If you are looking to exact fee in BTC for spending from wallet, you can try https://github.com/shivaenigma/btxfees.
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I was quite surprised at the size of fees - the 5000-10000 satoshi fees per transaction (2-5 cents?) are larger than participants/banks would pay for an international wire transfer in e.g. EU SEPA CT system.– PeterisCommented Mar 2, 2016 at 11:01