Is there someway to determine the current network fee from the bitcoin network/daemon?

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Is there some way to programmatically extract the current consensus of the transaction fee from the bitcoin network, either by using the daemon or through some other means?

Loourr

Posted 2014-07-05T18:24:07.300

Reputation: 3 022

3Check the medium fee of last n blocks? I believe the transaction fee is currently not very variable. – Jori – 2014-07-05T19:47:39.253

Answers

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Check the medium fee of last n blocks? I believe the transaction fee is currently not very variable. The reference implementation "ensures" that all transactions that are smaller than 1000 bytes, have all outputs over 0,01 BTC and have a large enough priority will be processed, regardless of the transaction fee. Otherwise 0.1 mBTC is paid for every 1000 bytes of transaction (rounded up).

The priority of a transaction can be calculated by [1]

priority = sum(input_value_in_base_units * input_age) / size_in_bytes

Jori

Posted 2014-07-05T18:24:07.300

Reputation: 1 522

With respect to http://meta.bitcoin.stackexchange.com/questions/633/please-post-answers-as-answers-not-as-comments?cb=1, I posted my comment as an answer.

– Jori – 2014-11-19T15:45:25.733

Asked: 2014-07-05T18:24:07.300

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Active: 2014-11-19T15:45:02.827