How to use the BTC blockchain browser

Open website

Enter your BTC transfer address, click on the Search button, and make a search._____2018-04-08___5.02.21.png


How to check if a transaction is successful 

BTC and ethereum are both POW, which means the transaction needs to be confirmed by the miners. The difference is that ethereum's blocking speed is 15 seconds, while bitcoin takes 10 minutes.




We generally believe that it takes 6 blocks to confirm a bitcoin transaction, but in general as long as you see 1 block confirmation, i.e. 1 Comfirmation, you can be sure that the transaction is successful.

5. Miner's fee and calculation method
Bitcoin, like Ethereum, requires a sufficient miner's fee to transfer funds. Bitcoin's smallest unit of measure is the satoshi (short for sat).
The bitcoin miner fee is a small amount of bitcoin that users pay to bitcoin miners as an incentive for them to package and confirm their transactions when an "on-chain transaction" occurs. Bitcoin miners confirm and protect transactions by adding blocks to the blockchain. The miner's fee is a fee paid by Bitcoin traders for the services provided (packaged to confirm transactions) by the miner.
As you know, the blockchain contains a record of all transactions in the Bitcoin network, the transaction book; and each block is a collection of transaction records. Miners will add new transaction records to the blockchain, commonly known as "packet confirmation", in order to make the user's transaction a final one. Once a transaction has been packaged and confirmed by the miner, i.e. recorded into the blockchain, no one can undo the transaction, unless a "51% attack" occurs. (Note: We will explain more about 51% attacks in a future article, but what you need to know is that the Bitcoin network has never had a 51% attack because the computing power is spread out enough; and ETH and ETC have had a history of vicious 51% attacks that have resulted in the loss of user assets)
Miners determine which transactions to prioritize for confirmation by looking at the level of the miner fee attached to the transaction: paying a higher miner fee makes it more likely that your transaction will be packaged for confirmation in a short amount of time. Whereas paying a lower miner's fee (or no fee at all) makes it possible for your transaction to take days or even weeks to be confirmed; it may even be rejected altogether and the funds returned to your wallet.
The trader cares about the total cost of the transaction, which is how much bitcoin you paid in total for the miner's fee on a single transaction. The miner is more concerned with how much bitcoin the trader paid for each byte of the transaction. This is why we usually see the miner's fee in "sat/B" in our wallets, as shown below. Translated with (free version)


【CoinWallet 讲堂】比特币矿工费及其计算方式


For the miner, this is the most important metric. Miners decide whether or not to pack your transactions into the block that will be created by how much you pay for each byte. This is because Bitcoin blocks can only hold up to 1M (about 1 million bytes) of transactions. So miners will prioritize packing transactions that pay more per byte.
Please note that the amount (number) of bitcoins in a single transaction is irrelevant to the calculation of the miner's fee. For example, if your transaction takes up 300 bytes of "space", you will pay the same miner's fee whether you transfer 0.0001 bitcoins or 100 bitcoins; this differs from a fiat currency transaction (the higher the total amount of the fiat currency transaction, the higher the fee).
So the miner's fee is calculated as follows: number of bytes transacted * Nsat/B (N is the fee you pay for each byte; in Bitcoins), and the following fee is calculated.

【CoinWallet 讲堂】比特币矿工费及其计算方式

The transaction size is: 0.167 kB = 167 B.
The fee paid per byte is 5 sat/B.
The total miner's fee is 167 B * 5 sat/B = 835 sat = 0.00000835 BTC (BTC and sat are both units of Bitcoin, 1 BTC = 100000000 sat)

There are two main factors that affect miners' fees.

1. Charging requirements for the entire bitcoin network (network congestion)

The main reason for the high and low cost of Bitcoin miners is supply and demand. Bitcoin blocks are 1MB in size, which means that miners can only pack transactions with a total size (dimensions) of 1MB at a time. If the number of transactions waiting for confirmation exceeds the number that can be accommodated in 1 block, the Bitcoin miner chooses the highest bidder to package the transaction. 2.

2 The transaction size (number of bytes in the transaction) involved in your transaction   

Typically, bitcoin miner fees are proportional to the number of bytes transacted. The number of bytes transacted is closely related to Bitcoin's adoption of the UTXO account model: a Bitcoin transaction consists of a transaction input and a transaction output, each transaction costs an input and generates an output, and the resulting output is the "unspent transaction output", or UTXO. (The Bitcoin UTXO account model is more complex and we'll explain it separately, but here you just need to know the term.
Sending bitcoin miner fees is similar to sending a courier, we analogize the size of the bytes per bitcoin transaction to the size of the package, if you're sending a small package, it's quick and cheap. However, if you're sending a large package, shipping will take longer and cost more.
Similarly, Bitcoin miner fees are sensitive to transaction size. Multiple transaction inputs will allow you to have a larger transaction size. For example, a bitcoin transaction input would be similar to, one $100 note corresponding to 1,000 10-cent notes. A transaction using a $100 note would have only 1 input, and an input using a 10-cent note would have 1,000 inputs.
Bitcoin does not distinguish the value of each input though. However, each input must be digitally signed in order for the transaction to be valid. Signing an input adds a certain number of bytes to the transaction. So signing one input will be a very small transaction. Signing 1000 inputs will result in a larger transaction size. This is why you will have to pay more miner fees if you have a large number of small (dust) transactions in your wallet that need to be transferred out. Translated with (free version)

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