New Service Finds Optimum Bitcoin Transaction Fee

A new service, CoinTape, is offering bitcoin users an answer to the common question: what is the optimum transaction fee? It is reported CoinDesk.

Using network data from the past three hours, the service lets users compare the current waiting times associated with various fee tiers, calculated in satoshis per byte.

It claims to predict delays with 90% confidence.

The default fee used by many bitcoin wallets is 10 satoshis (0.0000001) per byte. However, according to CoinTape, paying 20 satoshis (0.0000002 BTC) per byte will get you the fastest and cheapest transaction on the network.

Currently, you can opt out of the fee altogether. However, there has been debate as to whether this should be raised, with a recent pull request to make a 10,000 satoshi minimum to reduce spam on the network.

CoinTape indicates that avoiding a fee is more likely to result in delays to your payment. It could take up to six blocks, or around one hour (blocks are created roughly every 10 minutes).

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