Bitcoin Transaction Fee Caching Up with Banks


SUBMITTED BY: btc2me

DATE: Feb. 18, 2017, 5:09 a.m.

UPDATED: Feb. 18, 2017, 7:33 a.m.

FORMAT: Text only

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  1. Bitcoin Transaction Fee Caching Up with Banks
  2. Not long ago, the default Bitcoin transaction fee used by many bitcoin wallets was 20 satoshis (0.0000002 BTC) per byte.
  3. These days for a default transaction fee you have to pay 70 satoshis (0.0000007 BTC) per byte that will complete the transaction within 2 incoming bitcoin blocks (about 20 minutes).
  4. If your transaction has a size of 1000 Bytes (that is a common size), than you have to pay 0.0007 BTC for a regular fee, which is about 71 US cents.

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