Bitcoin Fees and Unconfirmed Transactions - Complete Beginner's Guide
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- เผยแพร่เมื่อ 3 มิ.ย. 2024
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This is a complete beginner's guide to Bitcoin fees in plain English. Learn what Bitcoin fees are, how they are calculated, how to free a "stuck" transaction and more.
Bitcoin transaction fees (sometimes referred to as mining fees) allow users to prioritize their transaction over others and get included faster into Bitcoin’s ledger of transactions known as the blockchain.
To determine whether to include a transaction in the blockchain is worth their while, miners will take a look at which transaction has the highest fee attached. Not paying enough fees can sometimes get your transaction stuck for a very long time.
0:27 - How miners prioritize transactions
2:43 - Feerate and calculating a Bitcoin transaction fee
6:26 - Saving on transaction fees
8:03 - How Bitcoin wallets deal with fees
9:08 - How to deal with stuck transactions
13:20 - Conclusion
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I'm a big fan of the show, and I stand behind you, and support everything you stand for as a mentor!
hello!i would like to ask if you sent bitcoin to a minner and he ask whats called commission fees to withdraw next they ask exchange fees cause the fiat currency is not dollar ,next time transfer fees isn't that a scam !please i need information,thank you
I know I'm kinda randomly asking but does anybody know a good place to watch newly released movies online?
@Moises Dante Try flixzone. Just search on google for it :)
@@moisesdante7349 legally or illegally
Explanation was crystal clear!
Nate, I have been watching your video for a few months now. You are very good at explaining things in great detail, thanks so much for making it easier for me!
Thanks so much for the feedback Stacey!
@@99Bitcoins I am from Indonesian. using Google translation ... can you help me. I am mining up to 5 websites and paying a fee but I have not received payments from that website, I beg for your help ... please
Thanks for the explanation! Very well done
Such clear explanations, thanks, really appreciate your efforts
liked and subscribed , well explained ,thx
Nice video, you explained this topic very well!
𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝘄𝗼𝗿𝗸𝘀 𝘄𝗲𝗹𝗹 𝘄𝗶𝘁𝗵 𝗱𝗮𝘃𝗲_𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗻 𝗜𝗻𝘀𝘁𝗮
Thumb up and I have been subscribed for a long time. This video was superb, explaining why my two transactions are pending for well over 72 hours now. It boggles my mind that Trezor allows its users to set low transaction fees. Nothing good can come from this. I know so much more about what is going on with my pending transactions after watching this video.
I had to laugh when I read the screen at 11:53 where the intended word, "spending" is spelled "spedning". Cheers!
Awesome content. Very clear and professional
Thanks Daniel :)
Thanks for the clear explanation!
Great explanations, should have been coming hear along time ago for explanations, thanks!
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make your profits in Bitcoin?? I have a strategy that even when you get this transaction fee high, you wouldn't bother because you can easily make the Bitcoin back in
Great vid thank you !
An almost flawless awesome explanation, thank you.
Are you referring to "Double spedning" @ 10:54?
@@llibeel lol
Great video, a complicated subject explained in the simplest way possible, but it's still very complicated. I don't understand how Bitcoin enthusiasts expect Bitcoin to be adopted when it's this complicated.
well explained. thanks for the vid.
Really really thanks :)
This is reallllllllly helpful.
Great video!! Do you have podcasts versions of your videos?
Thank you very much!!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Very good explanation. Thanks for the video.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Please tell me, what is airflow charge in order that my balance will be transfer to my personal wallet. Thank you in advancefor your answer.
What is Hash charge ask by the blockchain in order to process my funds transfer?
And what is Airflow charge that I need to pay again after paying antiminers S9 and Hash charge? Please let me know. Thanks
great one there
Thank you very much!
just a question, starting on 10:48 the info given is that it is possible to double spend in this system. No doubt the block chain will catch this but this makes me worried. Why is there even a double spend method presented here? Is there a punishment for anyone that tries this method over and over again? Like address band or blocked from the blockchain?
This is spectacular. Thank you!
I need puppets
Great video Nat, thanks!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Thank you very much
Well explained
Good work. Just subbed.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
Thank you for sharing this tutorial
You’re welcome 😊. Likewise, thank you for watching!
Great explanation...but can I ask one question please...do you pay maintenance and withdrawal fee before receiving your profit in bitcoin investment??
Fumani Fumie Yes...Via+1(786)5054613 for legit reason
I have an unconfirmed transaction it has take up to 1 day and 10 hours, cpfp how to use it?
I think u made a mistake in 6:18 ... change is 1.9995 and the receiver gets 8 BTC... correct if im wrong!
Fantastic video, explained this to a woman perfectly
Nate, is it right that miners get btc both from fees (paid by senders to make the transaction faster) and for putting the blocks into the blockсhain? Thank you for your work.
Yes, that is correct. For each block they find, Miners earn transaction fees from all transactions they include in the block, plus the block reward which is currently 12.5 BTC.
Question: Is the price of the transaction influenced when the transaction is unconfirmed? Say, the transaction is unconfirmed for 4 hours and I buy ETH with BTC. During those 4 hours, ETH price drops 10% relative to BTC. Does that influence the price of the transaction?
What am I missing? Why would crypto become widely used and why would we want to move away from fiat currency and using banks if sending/receiving Bitcoin cost more for transactions then my debit card?
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Thanks!!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!...
Is one of the methods for stuck txns the same as Ethereum's blockchain, where you can send a second txn from the same account with the same nonce # and a very high fee (and 0 ETH in it) so it gets confirmed and thus knocks your original stuck txn out of pending?
𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝘄𝗼𝗿𝗸𝘀 𝘄𝗲𝗹𝗹 𝘄𝗶𝘁𝗵 𝗱𝗮𝘃𝗲_𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗻 𝗜𝗻𝘀𝘁𝗮
My coin is hanging on block chain pending for 5days now what can I do 2 increase my fee again to make it go thru
Thank you for the video, is there not a calculator that can allow us to know the bitcoin transaction fees automatically?
Unfortunately there isn't since such a calculator will need access to your past transactions (i.e. inputs) and that's why it has to be built into your wallet.
How would I become a Miner to get transactions processed to confirmed. How do I offer My computers processing power?
Can anyone explain the total fees for buying bitcoin abd sending to your broker account. Thx you so much. Luv/blessings
Explain how transaction change change is returned to wallet
bro if btc is used regularly then the bytes will keep increasing and so the price of the transaction fees wont it ?
People like you are very rare hack.dam you never let me down thanks for the good job well done
How would the fees work if receiving profits from trader as bank transfer? I was asked to send additional $600 for HTF high traffic fees’. I wrote it off as a scam, please give me your thoughts
At what stage in a Bitcoin transaction is the price fixed? Before/after Mempool?
Not sure if you mean the mining fee or the transaction amount. In both cases, this information is broadcast when the transaction is created, so it enters the mempool with that info and only gets mined later (if miners decide to include it).
Btc Transaction was already confirmed in blockchain however it is not reflecting on the receiving account. What should I gonna do?
Eventually the fees will cost too much to make sense how can bitcoin keep going up with that in mind. What is the use case for bitcoin? Is there a way to avoid the fees
Thanks for sharing your comments .Feel free to message Anamaria Mendez to help you make more profits in BTC.+ 1 9 1 7 7 6 5 8 3 1 2... Text her on WatsApp 👈.
Should be able to set a expiry time on the signed transaction, so even if it rebroadcasted by a node after 72 hours, it'll be rejected.
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Hello sir ,i confirm transaction but not come to blockchain wallet.the amount is very small .how can send it again . please help me about that
𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝘄𝗼𝗿𝗸𝘀 𝘄𝗲𝗹𝗹 𝘄𝗶𝘁𝗵 𝗱𝗮𝘃𝗲_𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗻 𝗜𝗻𝘀𝘁𝗮
Can you tell me some fees that will always work I mean that is neither too low nor too high. I always use 25 sat / byte and it takes roughly 1-2 hour. It has always worked for me.
𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝘄𝗼𝗿𝗸𝘀 𝘄𝗲𝗹𝗹 𝘄𝗶𝘁𝗵 𝗱𝗮𝘃𝗲_𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗻 𝗜𝗻𝘀𝘁𝗮
My question is if i am trying to buy something for $45 with bitcoin, will my wallet automatically put a fee on top of that $45 so the vendor gets there whole payment? Or do I have to pay $47 or something to cover the fee so ther vendor gets what is owed to them?
Most wallets will present a dialogue as part of the sending process where you set the fee to include with your transaction. There are wallets which automatically set a fee or that have an option to auto-set a fee. The recommended fees in updated wallets are usually pretty good.
nicely explain
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Excellent AAAAA +++++++
emm please am still a new beginer in cameroon and havve no body toto help me i want ot transwer btc from a mining website to my wallet but have been ask to pay mining fees yet i dont any btc in my wallet. how can do that without the fees
There's a typo on the slide at 10:53. Thanks for the video!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???
@@jessicawiley5797 I don't think so, sorry!
How about you and where are you from?
I have a silly question :) , What is the difference between a bank and blockchain if both places we are paying fee for our transactions. Well some banks don't even charge fee if we are just exchanging currency via phone.
There is a huge difference. Look up what is Bitcoin exactly
My transaction showing 1/6 . But after it's not confirmed any . If I wait means is it going to confirm or I have to try any other options like acceleration method ??
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If I'm selling a product and the buyer is paying me in BTC, do I need to wait until the BTC transaction is confirmed before I hand over the product? This seems like a huge inconvenience.
Brett Carter they do this because of crypto scams. It’s a security step.
Otherwise a good hacker would clean shop
@@EndlessRoutes Makes sense. I guess for higher value transactions, it is safer to pay a larger fee so the transaction can be confirmed quickly.
Hi, I have a burning question, are there a limited number of times that one can buy bitcoins and send them to a different wallet, say like from Blockchain to LocalBitcoin? is it allowed to buy from Blockchain and send them to an external wallet maybe once each and every day? thank you
You can transfer your bitcoin as many times as you want. Their is no limit. You could buy bitcoin from an exchange and transfer it to your wallet daily if you'd like.
@@umustdv81 are there delays in confirmations? I am in Kenya, how do I buy bitcoins on the blockchain?
My account stuck and suddenly I can not access to login after 5days of trading because I did give $150 fee for IRS thing according to my account manager
Hello.. help me out I sent btc two days ago via localbitcoin.com..I checked the transaction on Tradeblock.com it says it has been confirmed.. But apparently the receiver is saying he haven't received anything yet....is it common? What is the cause and how will I rectify it?
Message him for assistance
؟
Was your problem solve
6:11 Correction, 8 BTC to recieving address and 1.9995 BTC as change
I have always this question. lets say one day 1 BTC reaches 1 million US dollars. Then how much will the transaction fee? will it be sustainable mean of transaction if the transaction fee is ridiculously high?
ridiculously high, but it is more due to the number of people who use the network at the same time, than the value of btc. but in a way the value of btc is related to the number of people who use it... hence bitcoin cash (bch) fork with tiny fees for any transaction...
Nate please can you help with some of the best btc wallet ?
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@@jessicawiley5797 I'm not sure
So if you always pay the higher speed which is more expensive will your transaction always be picked up?
Yes... paying the highest fee guarantees that your transaction will be confirmed.... and in the shortest time period possible.
What do you do if yor wallet will not send?
Is there a fee called reflection fee,for profit to reflect in your bank account
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Hello my btc transaction is uncofirmed from the last two days, can you please suggest any accelerator
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Digibyte is the cheapest option when it comes to fees and it is one the fastest as well.
1:) nobody cares
2) nobody asked
3) no it’s not
Nate, i hope you can answer my question. I have invest in bitcoin miners. But is it really true that I have to pay miners before my profit can be payout? Talking about 15% of profits amount. And i prefered bank transer as a withdrawal. Hope you can help.
Hi @glennyb.5719,
This sounds suspicious. Would you be able to share the name of the mining company? [Edit: a word]
@@99Bitcoins can I send the name privately?
Yes, sure. Please message us via web.facebook.com/99bitcoins
if you are on Meta/Facebook.
Please can you help I am being asked for a fee for cost of transfer is this normal or is a scam
Thanks for sharing your comments .Feel free to message my account manager 'Anamaria Mendez to help you make more profits in BTC.+ 1 9 1 7 7 6 5 8 3 1 2...text her on WatsApp 👈...
Is it true that if I did not pay the airflow charge, my btc will be block and impossible to recover? Thanks
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Can you pay in Bitcoin and not receive what you ordered on purpose and can you do something about it?
Yes, that can certainly happen. It's a bigger problem than when you pay for something with a credit card or bank transfer or payment service, as Bitcoin is not reversible except by whoever received your BTC.
The usual way to handle this difficulty is to use an escrow service. You pay a trusted third party who releases your BTC to the seller once you confirm receipt of the item. Things like order tracking by postal / courier services are used as proof of (non)delivery. If ordering from a company that doesn't use escrow, then it's best to investigate the company before hand to ensure that they're legit.
What happens if at the moment I post a transaction the value is let's say 50k but when the transaction gets approved the market is less.??
The transaction will go through at the price you set.
Hello, I feel like I’m somehow relieved but I wish I can fasten the process.its now 8 good hours since I sent someone bitcoins and it’s still pending.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!...
So there is a free bitcoin miner called "CRYPTOTAB BROWSER" which has minimum withdraw amount 1000 satoshi.... so if I withdraw that 1000 satoshi it will take forever to be transact to my wallet .... because it has low size which itself will get deducted and you will get nothing.... ? So i will have to mine a lot of satoshi to get withdraw right?
My transactions have been stuck two month, due to low fee. I. Checked from block chain my transactions result is invalid already, what should I do?
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Could inputs be looked at as deposits?
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Hi sir why my transaction not receive to my reciever almost 5days ago
My fee is low
What can i do??
@@reynaaaqueen9354 same to me they are asking for 1000 im also scared to pay so did u manage to pay
Tumbs up....
Hi .... My unconfirmed transaction turn to confirmed, but my receiver wallet still not reflected. It's been 12 hours. Kindly reply me
AKSU INDIA You can Via+1(786)5054613 for legit reason
How to avoid crypto fees. DON'T DEAL IN ETHEREUM.
That's what i've been saying duuude
how do you know when rush hour is?
If you use bitpay they will tell you
The explanation is completely clear to me, I had a transaction that was unsuccessful and returned back to my blockchain after 72hours but yet I get error txn-mempool-conflict anytime I try to send out bitcoin, how can I resolve this issue?
𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝘄𝗼𝗿𝗸𝘀 𝘄𝗲𝗹𝗹 𝘄𝗶𝘁𝗵 𝗱𝗮𝘃𝗲_𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗻 𝗜𝗻𝘀𝘁𝗮
Raytools on 1-g unlocked mine
Suggestion: A segment on Bitcoin and other cryptocurrencies, purchased through the Robinhood platform.
Thank you very much.
Also, might discuss how fees play a role in commission-free trades of cryptocurrency on Robinhood.
It just delayed receiving transaction that already sent to a bitcoin wallet
Tonyhacks01 on iG can help you out, he helped me
I swear this guy is the Brightside guy
At 11:03 says “double spedning” instead of “double spending”
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double spending spelt wrong.. unless you wanted to do it purposely? (hodl) Great videos btw thank you
my bitcoin doesn't move anymore..any ideas on how too fix this??
Tonyhacks01 on !G helped me when I have same issues
Please, if I make a transaction and it remains unconfirmed for more than 24 hours, is there anything that can be done to resolve this issue?
Any solution?
I waited 7 days and nothing. So I did some research and discovered that your transaction can get stuck in the MEMPOOL if you opted for a low fee. The mining nodes perform the confirmations to write your transaction in the blockchain. But they automatically select the transactions that pay the highest fees. So a low fee transaction keeps getting pushed to the bottom of the list of transactions waiting for confirmation. If higher than normal mining network demand is occurring, then your transaction could get delayed indefinitely.
If this has happened to you, there is a simple way to speed up your transaction confirmation. Thanks to what is known as the CPFP process (Child Pays For Parent) you can get the nodes to pick up your low fee transaction and add it to a high fee transaction.
All you need to do is send another transaction from the same account to the same recipient, but this time with the highest fee possible. By default, a new transaction cannot be processed until the previous transaction is verified. So when your high fee transaction appears, a node will quickly see the new high fee transaction, and then process the low fee transaction first, so that it can then cash in on your high fee transaction.
This process works because “Ancestor feerate mining” is the algorithm that selects transactions based on their fee rate with ancestors (older, low fee transactions) After waiting for seven days I tried this technique, and within half an hour my transaction was finally confirmed.
I hope this helps many others to get their funds verified... finally. Good luck to all.
I payed regular fees in which the wallet suggested and my BTC is still stuck in the mempool!!! how is that even possible ?
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I invested in Bitcoins 25$ and I earned profit of 2214$ worth of bitcoin ,but the problem is that 270$ transaction fees I need to pay before receiving profit into my wallet , is it okay to transfer that much amount for receiving profit ?
I'm a little realive about the 72hrs but I still scared it has passed 14 and it's not confirmed please help I don't know what to do
What ever happened
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Hi, if I send some bitcoin through the bitcoin address(not put in wallet, but use the blockchain.com) to another trezor wallet, still not confirm, then I use the bitcoin accelerator platform free version, input the transaction ID in it.
After that, the transaction ID no record can be check, like missing. But the blockchain of the send and receive bitcoin address still not confirm. How can I solve it. Pls everyone, I am beginner
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Good day so I traded my luno bitcoin with this other company and they keep on asking me for fees like Cost of payment and transfer pin in order for me to get my profits. Is this legit or scam?
Me too, like today they are asking for more money
Same. Every time I pay they send me something saying it’s a fee for something else
It's a scam,, I lost over 12000usd to them, but i was able to recover my money with the help of *SPANTOOLS1* on ¶¦Nstagram
@@vishalregmi823 how
@@ashleymcgruder4282 did you get your profit
so, its imposible to send money without fees?
You can attempt to send BTC transactions without including a fee. Miners will prioritize other transactions which do pay fees however, usually in proportion to the fee value paid. So long as there are other fee-paying transactions competing with your fee-less transaction for inclusion in the blockchain, it's unlikely yours will be processed. In other words, free is possible but be prepared to wait a long time for it to confirm. You can check out the current state of the "fee market" to help you set an appropriate fee:
bitcoinfees.earn.com/
If I put in 5000 cash in the machine how much is going to be in my wallet
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