How to calculate bitcoin transaction size and it's fee

[xBDT Script 4371]

Okay let me get this idea here, I am sure a lot of us really do not know how it's done.

Transaction Size Calculation
Transaction size of bitcoin depends on the inputs and outputs of a transaction.
180 * inputs + 34 * outputs + 10 +/- 2

Imagine you have received 10 times bitcoin in an address, 0.01 each time. You want to send 0.05 BTC, how many  input do you need? It's 5 right? Then the input is 5. On the other hand, the output is on how many address you are sending the BTC. By default it's 2 because you have the change address.

So, as per the above information, your transaction size will be-
180*5 + 34*2 + 10 + 2 or - 2
= 900 + 68 + 10 + 2 or - 2
= 980 bytes or 976 bytes

This is the process.

How transaction fee, it depends on you. If you choose to pay 1 sat per byte the fee will be= 980*1 = 980 satoshi only. You can increase or decrease the fee.

Let me know if I have missed anything here.

Thank you.

[dhemasm 219]

This was nice! Please take attention for this one guys, If you put too small fee, i assure you all your transaction will be confirmed very long and it's very frustated especially if you new on cryptocurrency world, Thanks for this post xBDT, Cheers!

[Paranoxxx 228]

Thanks for the explanation about the fees and the transaction size. To be honest I never heard about this calculation and I' with crypto for over two years.

[xBDT Script 4371]

1 hour ago, dhemasm said:

This was nice! Please take attention for this one guys, If you put too small fee, i assure you all your transaction will be confirmed very long and it's very frustated especially if you new on cryptocurrency world, Thanks for this post xBDT, Cheers!

You can also re-broadcast a transaction if you send it with lower fee by mistake, you have to use Replace-by-fee method to increase the fee so that you can get faster confirmation. Check here- 

 

41 minutes ago, Paranoxxx said:

Thanks for the explanation about the fees and the transaction size. To be honest I never heard about this calculation and I' with crypto for over two years.

 

It's all about your interest n learning various technical stuff of cryptocurrency. I had spent a lot of times back in the day when I discovered bitcoin for the first time.

[dhemasm 219]

2 hours ago, xBDT Script said:

You can also re-broadcast a transaction if you send it with lower fee by mistake, you have to use Replace-by-fee method to increase the fee so that you can get faster confirmation. Check here- 

 

Well, RBF can work too but for some new people on this world it's little bit complicated for sure but that was good information too, Just please take more attention too sending fee guys, Thanks again xDBT, Cheers!!

[BitTyro 148]

4 hours ago, Crazyjesus said:

It's been a while since I stopped calculating it on my own. The fees are, in my opinion, less and less compared to the value of transactions in fiat currency. Also, Electrum calculates directly for me and allows me to select the speed of transaction vs fees. Easy.

Same for me, I have never calculated how much fees I should pay. I use electrum too I usually choose the slowest I am not in a hurry to get my transactions confirmed. lol.

Anyway, this tutorial is great for those whose are wondering how the transaction fees is calculated. I'll try to compute my next transaction so that I will know how much I am paying. 

[xBDT Script 4371]

5 hours ago, Kim K said:

Nice tutorials on bitcoin fee transaction fees calculation but if i may ask, what is the right amount to pay per bytes for speedy transfer of bitcoin and quick confirmation of transactions? Knowledge is power so i can avoid stucked transaction and will not need to rebroadcast my transaction so as to replace the previous one

You can always have knowledge on how much fee per byte is required from here- https://bitcoinfees.info/ or some other sites as well. Check the graph, it will show you how much fee you do require to get the transaction completed within next block or other.

You can also get it easily if you are using electrum. In electrum, they recommend the fee to use per byte.

5 hours ago, Crazyjesus said:

It's been a while since I stopped calculating it on my own. The fees are, in my opinion, less and less compared to the value of transactions in fiat currency. Also, Electrum calculates directly for me and allows me to select the speed of transaction vs fees. Easy.

It's for learning purpose, no one calculate the fee, right? I am very much interested in learning all the technical stuff related to bitcoin.

[xBDT Script 4371]

Just now, Awaremooner said:

I never knew you can calculate fees. This may be valuable for people without electrum wallet during bitcoin chain congestion. There is no crime in knowing

 

Think I may need get electrum wallet.

You know there are peeps that sees this thing as time wasting more like while use pen and paper when you can use calculator.  So don't be angry.  At least I learnt how to calculate fees now

It certainly is good to get familiar with what you are using. Imagine, I am using bitcoin but I don't know why I am paying the fee for, whom I am paying the fee for. Well, that may be not required for a lot of people who only using btc to pay his client etc.

For me, it's very important to learn every stuff as much as possible regarding what I am doing/using.

[Rifrach 207]

You as Bitcoin users should know about the costs of Bitcoin transactions. The size of the transaction costs is what will determine how quickly the transaction is confirmed. So you as a bitcoin user must know about the total cost of bitcoin transactions. This is the total cost you pay for a transaction, such as 10,000 satoshis or 0,0001 bitcoins. This is certainly very important for users who care about the costs associated with their specific transactions.

[dana33 302]

Damn so there is a calculation to count how big is the transaction size and it's fee. Thanks for the information mate, so for smaller the transaction size, more smaller the fee right.

[xBDT Script 4371]

33 minutes ago, Kim K said:

Thank you. I think electrum wallet is it but hope this wallet is not hard wallet i have to pay money for before i can access it? The site you recommended will be useful if i have to pay a certain fee before i can use electrum wallet

Electrum is a software wallet and you can install it in your mobile or in your pc. Nothing investment is required. It's better to use paper wallet if you want to store bitcoin offline and for long time. It doesn't require any investment at all other than the cost of printing the paper. it's very cheapest way to store bitcoin safely.

[xBDT Script 4371]

Just now, Kim K said:

Okay. Thanks for the clarification. So all i need do is download this wallet and install it free of charge. I will download it now and understudy it to find my way around the usage of the wallet. I really don't have bitcoin to store offline. Storing offline is for crypto whales and not me

yeah, remember visiting the official website- www.electrum.org only, there are hundreds of electrum phishing sites.

You can store bitcoin offline if you are planning long time holding, no matter how much the amount is. You are holding because you believe the value will increase. It may be $1000 now but, it can be 10x from the amount as well 😄

[Consignee 2395]

17 hours ago, xBDT Script said:

How transaction fee, it depends on you. If you choose to pay 1 sat per byte the fee will be= 980*1 = 980 satoshi only. You can increase or decrease the fee.

Good topic. May be you want to explain how do we balance the fees and transaction time. I really get paranoid when it takes too long time to confirm

[xBDT Script 4371]

Just now, Consignee said:

Good topic. May be you want to explain how do we balance the fees and transaction time. I really get paranoid when it takes too long time to confirm

Look at the screenshots attached below. There's 3 colors and now look back at the graph. For being included onto next block, you need to pay the fee as shown in the graph with blue.

Same as for others as well. remember that, each block creation takes 10 minutes.

You can also get the recommendation in Electrum.

[Devh 564]

17 hours ago, xBDT Script said:

Okay let me get this idea here, I am sure a lot of us really do not know how it's done.

Transaction Size Calculation
Transaction size of bitcoin depends on the inputs and outputs of a transaction.
180 * inputs + 34 * outputs + 10 +/- 2

Imagine you have received 10 times bitcoin in an address, 0.01 each time. You want to send 0.05 BTC, how many  input do you need? It's 5 right? Then the input is 5. On the other hand, the output is on how many address you are sending the BTC. By default it's 2 because you have the change address.

So, as per the above information, your transaction size will be-
180*5 + 34*2 + 10 + 2 or - 2
= 900 + 68 + 10 + 2 or - 2
= 980 bytes or 976 bytes

This is the process.

How transaction fee, it depends on you. If you choose to pay 1 sat per byte the fee will be= 980*1 = 980 satoshi only. You can increase or decrease the fee.

Let me know if I have missed anything here.

Thank you.

You win the all contents here. +1 for you. 

It means that if we are sending 0.1 BTC then fees will be almost near 2000 satoshi if we choose 1 sat per byte. But i think it may slower the transaction time and take too long. So if we pay 10 sat per byte then the fees would be 20000 or 0.0002 BTC for 0.1BTC which is very fair. But if we see the block chain transactions are very fast and even we can choose the lowest fees then it only take some time. But the question here why other wallets have fix fees and why charging too high. It is good that they have to manage server and network fees. But the xapo and wirex fees id 0.002 BTC for every trx. 

[xBDT Script 4371]

Just now, Devh said:

It means that if we are sending 0.1 BTC then fees will be almost near 2000 satoshi if we choose 1 sat per byte.

As like I said, fees depends on the input and output. If the input is one and output is by default(2), you have to pay 270 satoshis, as per 1 sat per byte. Right now, you can get your transaction confirmed within next block, which is 10 minutes, with a fee of 3 satoshi maximum.

You can learn more about Input and Output here- 

 

[xBDT Script 4371]

17 minutes ago, Yawar said:

Very helpful information.Thanks for sharing it. But in my case, I always use wallets that allow to preview transaction before sending so I can clearly see transaction size in bytes and fee size in satoshi per byte.

No one calculate when sending a transaction. Well, this tutorial is to understand that fee depends on inputs and outputs. So, assume that you have a lot of inputs of 0.00005 BTC, which may cost you a lot of fee if you need to send when the network is busy. If someone understands this, they definitely will consolidate all the small input into one input when fee is very low.

21 minutes ago, Yawar said:

Priority "fast", " normal" or whatever is not good enough for me.

I don't know if this is available on any software wallet, it's some kind of web wallet like blockchain.com has the option.

[Syedbesharat 5423]

I do not know about this transactional formula .Now i  know about this how the transactions and fee work.I will share this to my friends and remember this formula.

[xBDT Script 4371]

18 minutes ago, Syedbesharat said:

I do not know about this transactional formula .Now i  know about this how the transactions and fee work.I will share this to my friends and remember this formula.

It's pretty easy, you just give it a try and you will learn. However, you don't need to learn this though because when we use software wallet, the fee is suggested by them and we can use that fee for faster confirmation. This is only for learning insights.

[Syedbesharat 5423]

25 minutes ago, xBDT Script said:

It's pretty easy, you just give it a try and you will learn. However, you don't need to learn this though because when we use software wallet, the fee is suggested by them and we can use that fee for faster confirmation. This is only for learning insights.

I am learning new things here.Which is very exciting and helpful for me.All senior members are very knowledeable and  humble.They use such a beutiful and easy way to guide us that makes things easy to understanding and  conveying to others.So Thanks for auch a interesting posts.

Edited October 30, 2019 by Syedbesharat
Spelling mistake

[xBDT Script 4371]

5 minutes ago, tisuacon said:

Sеe аt the sсreenshots jоined undernеаth. Therе's 3 cоlors аnd prеsently seе back at thе chart. For bеing inсludеd ontо anоther piесе, yоu would likе to pаy the сhаrge as аppеarеd within the chart with bluе.

For fastest confirmation, you must pay the fee indicated for the next block. It will be confirmed within next 10 minutes of the transaction released. If you are not in hurry, you can choose lower fee as well.

[ibtismanipun 120]

Man! You are an awesome guy. I have found many useful topics in this forum and most of them were written by you. This thing helped me a lot. Because all the time I get confused in this fact.

[Luciferludz 1442]

On 10/28/2019 at 6:01 PM, xBDT Script said:

Okay let me get this idea here, I am sure a lot of us really do not know how it's done.

Transaction Size Calculation
Transaction size of bitcoin depends on the inputs and outputs of a transaction.
180 * inputs + 34 * outputs + 10 +/- 2

Imagine you have received 10 times bitcoin in an address, 0.01 each time. You want to send 0.05 BTC, how many  input do you need? It's 5 right? Then the input is 5. On the other hand, the output is on how many address you are sending the BTC. By default it's 2 because you have the change address.

So, as per the above information, your transaction size will be-
180*5 + 34*2 + 10 + 2 or - 2
= 900 + 68 + 10 + 2 or - 2
= 980 bytes or 976 bytes

This is the process.

How transaction fee, it depends on you. If you choose to pay 1 sat per byte the fee will be= 980*1 = 980 satoshi only. You can increase or decrease the fee.

Let me know if I have missed anything here.

Thank you.

Wow that's nice, I couldn't know that's before if the transactions fee of bitcoins also getting calculated by mathematical method like that's.

[Sourovdeb890 416]

Thanks for the explanation about the fees and the transaction size. To be honest I never heard about this calculation and I' with crypto for over two years. And Man! You are an awesome guy. I have found many useful topics in this forum and most of them were written by you. This thing helped me a lot. Because all the time I get confused in this fact.

[nasipadang 399]

Nice information, I don't really get attention int calculate bytes in transactions and what I see is the cost per byte. Especially now for transactions on the exchanger platform that rarely provide custom cost per byte and set transaction fees.