What is the formula to calculate bitcoin transaction fees?

3 answers

• Romolo FiorenzaMay 28, 2021 · 4 years ago
  Sure! The formula to calculate bitcoin transaction fees is based on the size of the transaction in bytes and the current fee rate in satoshis per byte. The formula is: transaction fee = transaction size (in bytes) * fee rate (in satoshis per byte). For example, if the transaction size is 250 bytes and the fee rate is 10 satoshis per byte, the transaction fee would be 250 * 10 = 2500 satoshis.
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• Claes NorreenJun 18, 2023 · 2 years ago
  Calculating bitcoin transaction fees can be a bit complex, but here's a simplified explanation. The formula takes into account the size of the transaction and the fee rate. The transaction size is determined by the number of inputs and outputs, as well as the size of the scriptSig and scriptPubKey. The fee rate is set by the market and can vary depending on network congestion. By multiplying the transaction size by the fee rate, you can calculate the transaction fee.
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• Bappi AhmedJun 20, 2024 · a year ago
  When it comes to calculating bitcoin transaction fees, it's all about the size and the rate. The size of the transaction is measured in bytes and includes inputs, outputs, and scripts. The rate, on the other hand, is measured in satoshis per byte and is determined by the market. To calculate the fee, simply multiply the transaction size by the fee rate. It's important to note that the fee rate can change depending on network conditions, so it's always a good idea to check the current rate before making a transaction.
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