21 Inc Launches Bitcoin Transaction Fee Prediction App

21 Inc has launched a free web app that can help bitcoin users determine what level of fee will ensure a transaction is confirmed.

AccessTimeIconFeb 10, 2016 at 2:36 p.m. UTC
Updated Aug 18, 2021 at 4:33 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

21 Inc, maker of the Bitcoin Computer, has launched a free web app that can help bitcoin users determine what level of fee will ensure a transaction is confirmed in a given amount of time.

The new service, which can be found at bitcoinfees.21.co, provides a real-time guide to the fee levels currently being paid on the bitcoin network, along with the estimated delay in blocks and estimated time until confirmation. Fees are set in satoshis per byte, a reference to the smallest denomination of bitcoin.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The launch comes amid a time when transaction levels are increasingly hitting all-time highs, and the community at large has been split on the question of expanding the network's ability to accommodate more transactions per block. To send a bitcoin transaction, users generally must include a transaction fee, which rewards the miners that process transactions and secure the bitcoin blockchain.

    For obvious reasons, miners generally prioritise higher fees first, so the larger the fee, the more quickly the transaction will be written to the blockchain and confirmed.

    It is not always clear what is the optimum fee level to set, though.

    21 Inc said:

    "[E]xactly how large a fee you need to get rapid transaction confirmation can be hard to predict in advance, because everyone else sending a bitcoin transaction at the same time is effectively competing with you for the speed of inclusion into the blockchain.

    To counter this issue, the company created the web interface for bitcoin users who are manually sending transactions, providing users with a fair idea of the optimum fee to set for their transaction.

    21 fee predictor
    21 fee predictor

    21's fee predictions are based on blockchain data for the last three hours, along with the current pool of unconfirmed transactions (mempool).

    "From the simulations, it can be seen how fast transactions with different fees are likely to be included in the upcoming blocks. The predicted delay shown here is chosen to represent a 90% confidence interval," the firm said.

    21 stressed that including a fee the app suggests does not guarantee that transactions will end up in the next block, and that the app/API provides a recommendation based on recent performance.

    Featured image via Shutterstock. Fee app image via 21 Inc.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.