Bitcoin users have long wondered what the optimum transaction fee. New service CoinTape.com finally has an answer to this common question.
CoinTape uses existing public data to allow users compare the current waiting times associated with various fee tiers, calculated in satoshis per byte.
Many bitcoin wallets require a minimum fee of 10 satoshis (0.0000001 BTC) per byte. According to CoinTape, however, paying 20 satoshis (0.0000002 BTC) per byte will provide users with the fastest and cheapest transaction on the network.
The average-sized bitcoin transaction is 645 bytes, equating to a fee of 129 bits (0.00000129 BTC). CoinTape lists the most popular fee ratio to be 41-50 satoshis per byte, used in more than 30,000 transactions today alone.
Competition for space in each block is rising as the number of bitcoin transactions increases. Miners prioritize transactions with the highest fees and work down the block until it reaches its limit of 750,000 bytes.
The current minimum fee to broadcast a transaction is zero, which can amount to a delay of up to five or six blocks, or roughly an hour as blocks are created every 10 minutes.
Read more here- “New Service Finds Optimum Bitcoin Transaction Fee,” (Grace Caffyn, CoinDesk)