Bitcoin Wallet Fees
Bitcoin wallet transaction fee estimates are calculated in satoshis per kB. The fee rates for bitcoin transaction have been steadily increasing and has even spiked in early 2017.
We use the Bitcoin Core’s fee estimates and the backlog of unconfirmed transactions on the network as a baseline. The maximum amount by which the fee can be increased over the baseline is capped at two times. We take the bitcoin fee estimate from bitcoind and keep a record of this. We take this record and then we create our own estimate that averages this fee based on conditions to ensure that all the transactions are being absorbed by the network seamlessly. Bitcoin wallet transaction fees are completely unrelated to the value sent in the transaction – it depends upon how many inputs and outputs the transaction has.
Current fee estimates across services can be seen here: http://p2sh.info/dashboard/db/fee-estimation
Hint: Fees should be effectively cut in half once SegWit is fully activated because our wallets are already SegWit enabled.