How To Calculate Bitcoin Confirmation Duration
You as a Bitcoin user should know about Bitcoin transaction costs. The size of this transaction fee will determine how fast the transaction is confirmed.
So you as a bitcoin user should know about the total cost of bitcoin transactions. This is the total cost you pay in 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 special transactions.
Miners care about the cost per byte (or kilobytes). This is the total cost divided by the number of bytes in the transaction, such as 40 satoshis / byte or 0.0004 bitcoins / kilobyte. This is the most important measurement for miners.
The reason is they use this to decide whether to put your transactions on the blocks they want to generate, since they can only include about 1 million bytes of transactions in their blocks.
Thus, they prefer to include transactions that pay more per-byte fees.
It is important to note that the total amount of bitcoin from your transactions is not a problem for the purpose of cost calculation!
For example, if your transaction is 250 bytes, you have to pay the same fee whether you transfer 0.001 bitcoin or 1 million bitcoin.
For transactions you have sent, you will find one of the numbers above or both numbers above in the block explorer.
For transactions you have not yet submitted, you may want to find the best per-byte cost to ensure your transaction confirmation quickly.
To find the ideal per-byte cost, you need to know the size of your transactions in byte units.
Unfortunately, many wallets do not tell you how many bytes you have in your transactions before you submit them, so this time we'll share a site that is able to provide useful statistics: the average size of the transaction. (Median is the most commonly used byte transaction size in the last few blocks.)
Exsample: https://blockchain.info/tx/aafcc8bbfdc160f9618f437b9c9cbcb74720fff4decc01b4652884559a9f195a
In the picture above we get 2 important information about this transaction, that is:
1. The size of the transaction is 373 bytes
2. Fee per bytes is 85,791 satoshi
Once we know the fee / byte we can calculate how long the transaction will be confirmed, that is through the site https://bitcoinfees.21.co/
This site provides an estimate of the estimated time when a transaction is confirmed with a given fee.
The cost shown above is Satoshis (0.00000001 BTC) per byte of transaction data.
Miners usually include transactions with the highest cost / byte first.
Wallets must base their cost calculations on that number, depending on how quickly the user needs to confirm.
So from that, to avoid too long confirmation, you can send bitcoin with a higher fee that is in accordance with the recommendation of this site, for transactions you want to confirm in 30 minutes you can send with a fee of 221-240 satoshi / bytes or 0.0000022- 0.0000024 BTC * your transaction size.
Example: 0.0000024 x 373 = 0.0008952 BTC
Please note that many wallets use satoshis-per-kilobyte or bitcoins-per-kilobyte, so you may need to convert units according to the units of bytes used in transactions according to the byte units used by your wallet.
Transactions with higher costs will often experience 0 delays, which means it will likely be confirmed with the next block (usually around 5-15 minutes).
The prediction is based on blockchain data in the last 3 hours, as well as a collection of currently unconfirmed transactions.
First, the possibility of probing and future miner behavior is predicted using Monte Carlo simulation.
From the simulation, it can be seen how quickly transactions with different costs are likely to be included in the upcoming blocks.
The estimated delay shown here is chosen to represent a 90% confidence interval.
Well, you're probably wondering, is there a tool to speed up bitcoin transactions?
To my knowledge there is no tool to speed up transaction bitcoin, There is a Transaction Accelerator tool from ViaBTC https://pool.viabtc.com/tools/txaccelerator/ but to enjoy the service you must be a contract customer of ViaBTC pool and cloud mining.
Well, one solution to speed up bitcoin transactions is by adding higher bitcoin transaction fees.
So you as a bitcoin user should know about the total cost of bitcoin transactions. This is the total cost you pay in 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 special transactions.
Miners care about the cost per byte (or kilobytes). This is the total cost divided by the number of bytes in the transaction, such as 40 satoshis / byte or 0.0004 bitcoins / kilobyte. This is the most important measurement for miners.
The reason is they use this to decide whether to put your transactions on the blocks they want to generate, since they can only include about 1 million bytes of transactions in their blocks.
Thus, they prefer to include transactions that pay more per-byte fees.
It is important to note that the total amount of bitcoin from your transactions is not a problem for the purpose of cost calculation!
For example, if your transaction is 250 bytes, you have to pay the same fee whether you transfer 0.001 bitcoin or 1 million bitcoin.
For transactions you have sent, you will find one of the numbers above or both numbers above in the block explorer.
For transactions you have not yet submitted, you may want to find the best per-byte cost to ensure your transaction confirmation quickly.
To find the ideal per-byte cost, you need to know the size of your transactions in byte units.
Unfortunately, many wallets do not tell you how many bytes you have in your transactions before you submit them, so this time we'll share a site that is able to provide useful statistics: the average size of the transaction. (Median is the most commonly used byte transaction size in the last few blocks.)
How To Calculate Bitcoin Confirmation Duration
Due to the increasing use of bitcoin around the world, it causes the mask that contains unconfirmed transactions is often increased and full bitcoin transactions are sized in bytes, and how quickly a confirmed transaction is determined by how high the FEE / bytes is to know the size of your transaction, you can access https: / /blockchain.info/tx/ Type yourHashExsample: https://blockchain.info/tx/aafcc8bbfdc160f9618f437b9c9cbcb74720fff4decc01b4652884559a9f195a
1. The size of the transaction is 373 bytes
2. Fee per bytes is 85,791 satoshi
Once we know the fee / byte we can calculate how long the transaction will be confirmed, that is through the site https://bitcoinfees.21.co/
This site provides an estimate of the estimated time when a transaction is confirmed with a given fee.
Looking at the transaction, according to the image below, that is because the sender uses the fee of 85 satoshi / bytes, then the estimated time of the transaction confirmation estimate can take up to days or even up to 5 days.
The cost shown above is Satoshis (0.00000001 BTC) per byte of transaction data.
Miners usually include transactions with the highest cost / byte first.
Wallets must base their cost calculations on that number, depending on how quickly the user needs to confirm.
So from that, to avoid too long confirmation, you can send bitcoin with a higher fee that is in accordance with the recommendation of this site, for transactions you want to confirm in 30 minutes you can send with a fee of 221-240 satoshi / bytes or 0.0000022- 0.0000024 BTC * your transaction size.
Example: 0.0000024 x 373 = 0.0008952 BTC
Please note that many wallets use satoshis-per-kilobyte or bitcoins-per-kilobyte, so you may need to convert units according to the units of bytes used in transactions according to the byte units used by your wallet.
What does Delay (Bitcoin Pending Transaction) mean?
The delay shown here is the approximate number of blocks to be performed for the transaction to confirm. If a transaction is predicted to have a delay between 1-3 blocks, there is a 90% chance that they will be confirmed within that range (about 10 to 30 minutes).Transactions with higher costs will often experience 0 delays, which means it will likely be confirmed with the next block (usually around 5-15 minutes).
What is the expected delay?
The prediction is based on blockchain data in the last 3 hours, as well as a collection of currently unconfirmed transactions.
First, the possibility of probing and future miner behavior is predicted using Monte Carlo simulation.
From the simulation, it can be seen how quickly transactions with different costs are likely to be included in the upcoming blocks.
The estimated delay shown here is chosen to represent a 90% confidence interval.
Well, you're probably wondering, is there a tool to speed up bitcoin transactions?
To my knowledge there is no tool to speed up transaction bitcoin, There is a Transaction Accelerator tool from ViaBTC https://pool.viabtc.com/tools/txaccelerator/ but to enjoy the service you must be a contract customer of ViaBTC pool and cloud mining.
Well, one solution to speed up bitcoin transactions is by adding higher bitcoin transaction fees.
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