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I have my bitcoins on bittrex and I want to pay with increased fee to make sure its confirmation in the least possible time. I don't know how to do that.
In plain words, I want to deposit Bitcoin to my local exchange but bittrex is allowing only 0.001 BTC transaction fees. I want to increase it.
I thought that I'd purchase other altcoins like NEO or LTC and transfer it to other exchange first but so far, I am unable to find any exchange that allows "increasing transaction fees".
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Bittrex charges a fixed withdrawal fee of 0.001BTC no matter the amount of BTC you send or the size of the transaction. If you want the confirmation process to go quicker when the network is congested, you have two options:
Blockchain.info allows you to set the transaction fee manually, but they are more of a wallet provider than an exchange. Although they have exchange services.
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There's no way to increase it unless the exchange themselves set the fee. However, as you can see here : https://jochen-hoenicke.de/queue/#24h
The Mempool is getting freed so the fees are getting lower. From my experience bittrex satoshi/byte for that 0.001 is around 400-500. Right now you can get away with 200 satoshi/byte so as long Bittrex actually send the coin immediately, it will confirm in 1-2 blocks.
The problem is, the address where I want to send is up-to 1200+ bytes. The exchange where I want to deposit uses BitGo "pay as you go" service and it always worked fine for us. But the problem is, 1200+ bytes require large transaction fee. Am I missing something. – Guest – 2017-12-24T14:27:39.677
The info they have is either outdated or still using the amount some people still commit from the congestion for the past days. 1200+ satoshi/byte is too much now and currently 200+ is sufficient to be confirmed within 1-2 blocks. However, bittrex commit 400+ so it will be more than sufficient. Perhaps this graph is clearer : https://btc.com/stats/unconfirmed-tx Currently, there's only a few unconfirmed transaction that uses 400+ and absolutely none down to 180 satoshi/byte. – Agung Gilang Pascajaya – 2017-12-24T17:56:06.360
Hi there, I think you misunderstood me. It's not 1200+ satoshis per byte. It is like 1200+ bytes because of the output burden of BitGo deposit address. For some reasons there is a big difference between your given link and this one: https://bitcoinfees.earn.com/
I see that it's quite large but you should still be fine, even for 1200+ bytes transaction, the fee per byte should come to around to 700+ satoshi/byte if bittrex actually commit your 0.001 fee entirely. But they probably commit half of that which is still fine currently because 140 satoshi/byte is sufficient. The link you provide does not show how long the transaction have been unconfirmed meaning everything above 140+ are just new transactions, that's why they're very few. All of them should confirm within 1-2 blocks, the fee recommendation shown in that page is inaccurate. – Agung Gilang Pascajaya – 2017-12-25T02:47:41.120
Allow me to further ease your mind : https://blockchain.info/tx/b29319dac4f36739a7794791f3bd5700807d2ce5cb5fe2e31eb5bec7e6d097ec This is a new 1100 bytes transaction that has only 146sat/byte fee attached to it. It got confirmed within 7 minutes or simply 1 block because right now the bitcoin network is no longer congested and fees are relatively cheap once more. – Agung Gilang Pascajaya – 2017-12-25T02:55:38.473
I just transferred 0.004 BTC with 0.001 fees but it is showing 201 inputs and 66 outputs. I am worried now, not because of the amount, just because I want to transfer big amount asap. Can you please explain what could be the reason? https://tradeblock.com/bitcoin/tx/b0f54d5936344e5372f993e3cbdf19ed8931a2cb44cd0d083c50edf79920ee8e It says 11.xx BTC received. I only sent 0.004 to that address. I am not sure. – Guest – 2017-12-25T17:15:59.980
I am using BitGo service. They give a completely fresh deposit address which is valid only for your transaction. I don't know much about bytes and output. I have traded other altcoins on Bittrex exchange and converted it into BTC to take profit. I am not sure about input vs output here. Can you please explain something about Input and Output (remember, BitGo gives fresh address which is valid only for one transaction).
I did the transactions 3 months ago BTC to BitGo address. I didn't check bytes at that time but when I checked it today, it's 1400+ bytes,there were a lot of outputs.plz help – Guest – 2017-12-25T00:02:58.030
I assume you meant a lot of inputs when you attempt to send from BitGo wallet? Like this one . 1400+ bytes thats about 10+ inputs, could it be that you deposited to BitGo wallet 10+ times? If you try to consolidate all the BitGo deposits, you will be charged for each one. A transaction with 1 input and 1 output is approximately 192 Bytes. Each additional inputs will add approximately 148 Bytes, and each additional output will add approximately 34 Bytes to the transaction.
– Chak – 2017-12-25T16:09:29.490I just transferred 0.004 BTC with 0.001 fees but it is showing 201 inputs and 66 outputs. I am worried now, not because of the amount, just because I want to transfer big amount asap. Can you please explain what could be the reason?
https://tradeblock.com/bitcoin/tx/b0f54d5936344e5372f993e3cbdf19ed8931a2cb44cd0d083c50edf79920ee8e
It says 11.xx BTC received. I only sent 0.004 to that address. I am not sure.
Nothing to worry about here, is just Bittrex's way of handling withdrawals. They probably consolidate several withdrawals from different customers in the same transaction. Your withdrawal will not be affected by how they handling withdrawals. Your fee is 0.001BTC no matter if you withdraw 0.01BTC or 100BTC. – Chak – 2017-12-25T17:58:14.750