Topic: any disadvantages if too high fee? (Read 261 times)

It is true that paying high fees means your transaction gets confirmed very soon, with little bit of delay, but if you are paying low fee then you can use ViaBTC facility to accelerate your transaction so that it will get included in next block.

I would not advise anybody to pay a fee of 0.0001 BTC. Using fixed fees is a thing of the past, and will result in either getting your transaction stuck or in grossly overpaying sooner or later.
I would also like to notice there is no fee that will result in an instant confirmation... The fee is something you give to the miner as an incentive to add your transaction to the block he's currently solving. There is an average of 10 minutes between two blocks, so even if you'd add 1000 satoshi's per byte, you'd still have to wait an average of +5 minutes before you get into a block...
Lastly i would like to add that it doesn't matter how much fees you add, the transaction gets broadcasted around the network in a matter of seconds. So indeed, after a few seconds, about any* transaction will show up as "unconfirmed" in most wallets... However, a sufficient fee will make sure it ends up in a block in a reasonable timeframe.

* unless there is something wrong with your transaction, like double spending the unconfirmed input, unconfirmed parents, dust outputs,...

Transaction fees depends on the time of the transaction you want. You can also pay a fees of 0.0001 btc to any desired fees you want. Paying higher fees will immediately give you the confirmation. Bitcoin will quickly appear on the desired wallet/bitcoin address sooner if you are paying high fees. But now-a-days many people are facing problem like paying high fees and still are not getting confirmation on huge transactions. I hope the issue will be solved sooner. But for now you can try paying high fees to get quicker confirmation on transactions.

Usually, yes, the more satoshi's per byte you add, the higher the chance a miner will pick your transaction above the other transactions in the mempool. However, it's completely up to the miner. If the very next block gets mined by a miner that choses only to include the coinbase transaction, your transaction won't be added... If the next block is mined by a miner that decided to fill the block he's working on with spam transactions, you're also straight out of luck.

However, generally speaking, if you outbid the other transactions in the mempool, you have a really big chance of getting into the very next block.

There is no "downside" for using "to high" fees... Exept the fact that you'll pay more fees (obviously)

That being said: there are two more things i wanted to tell you
1) there is no need to outbid 100% of the waiting transactions in the mempool... Study https://bitcoinfees.21.co/ for more info, but what i mean to say is: if you pay enough to be in the top 1Mb of waiting transactions, you'll probably get into the next block.
2) be carefull: fees are not calculated per transaction or per amount of BTC transferred, but they are calculated based on the transaction size. This size depends on the number of inputs and outputs...

You can use my tool to guide you in picking a good fee: https://www.mocacinno.com/page/feeestimate or you can rely on the fee estimation of a DECENT wallet...

currently the fee is around 2usd for priority, there is a ICO that I want to participate in, if I pay 10usd as fee I get first in line in mined block to guarantee participation?

is there any disadvantage with having 10usd fee, maybe the transaction get cancelled?

any difference playing 2usd fee, 10usd fee, 100usd fee?
the biggest fee gets first into the mined block?