Before I can answer the questions of "When will my bitcoin transaction get confirmed?" and "How much in fees should I pay?" we first need to understand how the fees work when sending Bitcoin.
So the way that Bitcoin works when you want to send some is that you need to include a miner fee. Now this miner fee should depend on how quickly you want this transaction to go through. Think of it as it’s like with regular mail, as they’ve got different speed options. If you want the mail delivered the next day, well you’re going to have to pay for it. However, if you’re okay with regular slower mail, then you’ll pay whatever base price your postal service charges for it. This is the same with Bitcoin, the faster you want your transaction to be confirmed, the more you’ll have to pay. As transactions get broadcasted, only the transactions with the highest fees get confirmed first and the transactions with lower fees get confirmed after in a “miner fee” priority manner.
Now that we better understand how miner fees work, let's take a look at this website here: https://bitcoinfees.earn.com/.
It'll bring you to a page that looks like this:
So this website here gives you an idea of how many unconfirmed transactions, in real time, there are based on current miner fees. It'll essentially tell you how much people have paid for their transactions and based on the number of current unconfirmed transactions, it'll give you an estimated time in both blocks and in minutes on when that transaction will get confirmed. To get a better understanding of this website or how it works in more depth, check out the video I made about it here:
Skip to the 1:40 mark for the explanation. Hope this post has helped you better understand how much you should pay in fees!
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