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There is deception in your comment too: - You are misreading your charts. The real-world median txn fee is far from $1.50... it's $13: https://bitinfocharts.co

by mrb 9y ago

There is deception in your comment too: - You are misreading your charts. The real-world median txn fee is far from $1.50... it's $13: https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html#3m https://bitinfocharts.com/comparison/bitcoin-median_transact... - A real-world txn is on average 500 bytes, not 250. - Although you can have multiple recipients/outputs in a single txn ("batch transactions"), it is not used very often. I computed not too long ago 2.6 outputs on average (https://mobile.twitter.com/zorinaq/status/934442392501063685 https://mobile.twitter.com/zorinaq/status/934442392501063685). If batching was unused, we would expect on average 2 outputs. One reason batching is uncommon is that it is by nature doable only by services sending multiple transactions per block, eg. a hosted wallet provider. I can't batch the occasional txns sent from my local phone wallet.

DINKDINK 9y ago
>The real-world median txn fee is far from $1.50... it's $13: The site you quote is showing the median transaction fee of each block. That's not what I stated: "The median fee for a typical transaction in the past week" >- A real-world txn is on average 500 bytes, not 250. What's your source? https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/ indicates 225. It seems like you're using a source that assumes two UTXO inputs, which would result in a doubling of the size.
- lumberingjack 9y ago
  I cant pay for anything with out it being about $40 in the last month. I sent $50 in btc from my local wallet to my bitpay debit card the other week not paying attention and it cost me $37 for max block time.
- tromp 9y ago
  My 338 byte, 2-input 1-output (no change) transaction, paying 88 satoshi per byte, $5 at time of sending, has been stuck in the mempool for nearly 2 weeks now. With some luck, it may get processed in the next month.
- mrb 9y ago
  No, bitinfocharts shows the median tx fee of transactions through a day, not blocks. It's been over $13 for the last 7 days, hence over $13 for the last week. Source for average (mean) txn size: https://charts.bitcoin.com/chart/transaction-size#b2k https://charts.bitcoin.com/chart/transaction-size#b2k which is a bit above 500 bytes. Bitcoinfees.earn.com shows the median, not mean, txn size.

by mrb 9y ago

DINKDINK 9y ago

>The real-world median txn fee is far from $1.50... it's $13: The site you quote is showing the median transaction fee of each block. That's not what I stated: "The median fee for a typical transaction in the past week" >- A real-world txn is on average 500 bytes, not 250. What's your source? https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/ indicates 225. It seems like you're using a source that assumes two UTXO inputs, which would result in a doubling of the size.

lumberingjack 9y ago
I cant pay for anything with out it being about $40 in the last month. I sent $50 in btc from my local wallet to my bitpay debit card the other week not paying attention and it cost me $37 for max block time.
tromp 9y ago
My 338 byte, 2-input 1-output (no change) transaction, paying 88 satoshi per byte, $5 at time of sending, has been stuck in the mempool for nearly 2 weeks now. With some luck, it may get processed in the next month.
mrb 9y ago
No, bitinfocharts shows the median tx fee of transactions through a day, not blocks. It's been over $13 for the last 7 days, hence over $13 for the last week. Source for average (mean) txn size: https://charts.bitcoin.com/chart/transaction-size#b2k https://charts.bitcoin.com/chart/transaction-size#b2k which is a bit above 500 bytes. Bitcoinfees.earn.com shows the median, not mean, txn size.