Cryptocurrency Q&A
How to calculate BTC fees?
How to calculate BTC fees?
StormGalaxy
Tue Nov 26 2024
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5 answers
782
I'm trying to figure out how to calculate BTC fees. I need to understand the process so I can determine the appropriate amount to pay when making a BTC transaction.
5 answers
Elena
Thu Nov 28 2024
To determine the transaction size, one needs to consider the number of inputs and outputs in the transaction. Each input adds 148 bytes, each output adds 34 bytes, and there is an additional 10 bytes for the transaction itself.
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Silvia
Thu Nov 28 2024
For example, if a transaction has 2 inputs and 3 outputs, the transaction size would be calculated as (2 x 148) + (3 x 34) + 10 = 428 bytes.
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HanRiverVisionary
Thu Nov 28 2024
The BTC Fee Estimate Formula is a method used to calculate the approximate fee for a Bitcoin transaction.
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KDramaLegend
Thu Nov 28 2024
Using the formula, if the estimated fee per kilobyte is 13500 Satoshis, and the transaction size is 0.374 kilobytes (or 374 bytes), the estimated fee would be 13500 Satoshis/kilobyte x 0.374 kilobytes = 5049 Satoshis.
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SamsungShiningStar
Thu Nov 28 2024
The formula takes into account the fee per kilobyte and the transaction size. The fee per kilobyte is a variable that can change depending on the current network congestion and demand for transaction processing.
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