Bitcoin transactions are not as fast as they used to be anymore. Blame it on the growth of bitcoin network, increase in number of transactions or the smaller block size. An average transaction takes anywhere between half an hour to one hour to receive three confirmations. One way to ensure faster confirmations is to increase the miner fee as an incentive for the miners to prioritize the transaction over hundreds of other transactions. How to decide on the right miner fee for a particular transaction to be executed fast? 21 Inc. has a solution for that now. The bitcoin company has recently come up with an application that helps individuals identify the right transaction fee for a particular transaction based on its size to be executed immediately. The new application now available at bitcoinfees.21.co offers real time information about the current miner fee rates for immediate execution of the transactions. The miner fee is listed in satoshis per byte of the digital currency to be transacted.
The bitcoin company has recently come up with an application that helps individuals identify the right transaction fee for a particular transaction based on its size to be executed immediately. The new application now available at bitcoinfees.21.co offers real time information about the current miner fee rates for immediate execution of the transactions. The miner fee is listed in satoshis per byte of the digital currency to be transacted.
How to decide on the right miner fee for a particular transaction to be executed fast? 21 Inc. has a solution for that now. The bitcoin company has recently come up with an application that helps individuals identify the right transaction fee for a particular transaction based on its size to be executed immediately. The new application now available at bitcoinfees.21.co offers real-time information about the current miner fee rates for immediate execution of the transactions. The miner fee is listed in satoshis per byte of the digital currency to be transacted. Bitcoin users can use this application to find the applicable miners fee for the respective transaction size they intend to transfer over Bitcoin network. They can then set the miner’s fee for that particular transaction accordingly to ensure faster transactions. According to a report on Coindesk, the bitcoin transaction fee predictor makes use of blockchain data from the last three hours combined with data from the unconfirmed transactions to come up with the optimal bitcoin fee prediction.
Bitcoin users can use this application to find the applicable miners fee for the respective transaction size they intend to transfer over Bitcoin network. They can then set the miner’s fee for that particular transaction accordingly to ensure faster transactions. According to a report on Coindesk, the bitcoin transaction fee predictor makes use of blockchain data from the last three hours combined with data from the unconfirmed transactions to come up with the optimal bitcoin fee prediction. While this app does not promise faster transactions all the time, its recommendation is generally close to the expected miner fee for faster transaction confirmations on the blockchain. 21 Inc. is known for their bitcoin blockchain based hardware solutions. the company recently launched bitcoin computer running on Raspberry Pi 2 which could also take part in bitcoin mining operation.
While this app does not promise faster transactions all the time, its recommendation is generally close to the expected miner fee for faster transaction confirmations on the blockchain. 21 Inc. is known for their bitcoin blockchain based hardware solutions. the company recently launched bitcoin computer running on Raspberry Pi 2 which could also take part in bitcoin mining operation.