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I used to use Coinbase.com, but recently the fees are jumped up dramatically, so that for example for a $14 transaction it charged me $2 today. That's to much even by Paypal standards!

So I'm wondering whether it's a general trend that the fees increased so sharply? And nonetheless what other known wallet offers the least transaction fees?

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Fees are calculated by adding the number of the unspent inputs used then multiplied by how much fees you would use with each unspent inputs.

So, in other words, fees are calculated in satoshi per Byte (sat/B) or satoshi per kByte (sat/kB). And there is 3 kind of fees: lower fees (for low transaction's confirmation), medium fees and higher fees (for fast transaction's confirmation).

Actually with the huge number of bitcoin transaction every day and with the fact that the block size is limited to 1MB, for now. The miners will pick the transactions with higher fees and include them to their blocks and leave the others transactions for other miners to include them in their blocs if they found any. You can look in this website in order to have an idea about how much fees miners are including in their blocks and within how much blocks your transaction will be confirmed (an approximation)

However, if you're looking for a wallet that uses the lower fees, you can do it in most of wallets (i don't know if coinbase support it or not, but blockchain.info and many others support it) by modifying the fees of your transaction before sending it. But, changing the fees to a small ones will have a huge impact in your transactions confirmations. Actually, blockchain.info uses the medium fees (about 120 sat/B) and users are stuck with their transactions for many days untill they reach one confirmation.

  • I think the 'transaction fee' here includes the exhange commission on transactions. This is typically a percentage and/or a flat fee. Also the claim that users wait several days contrasts with the 30 minutes 6-confirmation time I hear? – jiggunjer Sep 22 '17 at 8:44
  • @jiggunjer Yes some websites adds some fees on top of miner fees. – Chiheb Nexus Sep 23 '17 at 11:49

protected by Community Sep 26 '17 at 23:16

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