21 Inc. Launches a Bitcoin Transaction Fee Prediction App

News and Analysis

21 Inc., mostly known for manufacturing bitcoin-customized computers, has presented a new product, a free-of-charge application allowing users to define the level of transaction fee required for the transaction to be confirmed during a given interval of time.

The app is available at bitcoinfees.21.co. It offers real-time assistance, and shows actual fee amounts for bitcoin network along with expected time for transaction confirmation. The fees are expressed in satoshi per byte.

As is known, commonly one has to pay some fee as a reward to miners who verify it on the blockchain. For obvious reasons, miners prefer transactions with higher fees, which ensures their faster confirmation. However, optimal level of transactions may be unclear at times. 21 Inc.’s new app is to answer the question.

“Exactly 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,” the company’s statement reads.

The application offers users who effect transactions manually to know the expected fee amount in advance. The prediction is based on blockchain data from latest three hours, including the current pool of yet-unconfirmed transactions.

21 Inc., however, emphasizes that the app does not guarantee any precision, and the assumed fee amount may differ from the amount a user will have to eventually pay.

Notably, overall fee amount level has grown lately. This, in its turn, resulted in new discussions concerning increasse of the network’s capacity to let a block embrace more transactions.

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