How to calculate the transaction costs of Bitcoin when it is pressed ?

Calculate the costs of transaction, it is like riding a bike or rolling a cigarette. It is simple when one knows how to take it, but extremely complex otherwise. The improvements of the UX in recent years have made the Bitcoin easier than ever to send and receive, but the calculation of costs is always a process opaque.

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The transaction costs of Bitcoin are becoming a real concern

In addition to receiving a reward for the resolution of the next block, the miners receive the fees attached to all transactions on this block. The reward for current block is 12.5 BTC, but the minor can receive a figure closer to 13 BTC at the time the costs are added. Although there is technically no requirement to include fees to a transaction, there is no obligation for the minor to include any transaction in the block that it confirms. It is therefore logical to include a fee to induce the miner to add the transaction to the block. As the Bitcoin has skyrocketed, it’s the same for the corresponding charges. Fortunately, this is not always the case. In fact, the costs increase and decrease, and there are ways to do transactions at a low cost. If you send from an address Segwit, a fee of less than $ 1 are possible.

Here is a more detailed explanation of the fees involved in Bitcoin transactions.

To use calculation tools online

For larger transactions, there is an easy way to calculate the costs. Many portfolios of crypto-currencies in line already offer calculators fees built-in that do a very good job. But all the digital wallets are not equipped with the same system, and the majority of sites still left to the customer to calculate for themselves the costs. In such a situation, the following tools are indispensable. There are, for example, Estimatefee.com. It is a simple website that calculates the cost (in satoshi and dollar) of transaction for Bitcoin, as a function of the speed with which you move your corners from point a to point B. currently, the costs are between 3 and 6 $ for transactions of less than one hour. Bitcoinfees.earn.com is another computational tool, but you will need to master the satoshis to understand its operation. Nevertheless, this converter satoshi to the dollar will be helpful to you.

Source : News.Bitcoin