How to track and optimize Bitcoin transaction fees

How to track and optimize Bitcoin transaction fees

Bitcoin transaction fees incentivize miners and prioritize transactions, varying with network congestion and transaction size. Fees typically range from cents to triple digits, averaging $0.87 (down from $4.88 last year) but spiking to $7.68 during busy periods. Fees are calculated by multiplying the fee rate (sats/vByte) by transaction size. Users can optimize fees by consolidating inputs, using SegWit addresses, and timing transactions during low traffic. Tools like Mempool.space and BitcoinFees.net provide real-time fee data to help users track and minimize costs before sending BTC