[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 52.

2double0

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Quote from: LoyceV on January 29, 2020, 11:54:08 AM

Quote from: 2double0 on January 29, 2020, 11:45:14 AM

Does the low fee 'like 1-5 satoshis per byte' remain during some specific timings?

Your best odds for a low fee are on Sundays, but the point of this topic is to consolidate your inputs when you're not in a hurry and when you don't need your funds for a while. So if today's transaction confirms next Sunday, that shouldn't matter.

I get that.
So basically, it is not a high or low fees thing and just an angle/ a way of looking at it as when you send a low fee transaction and unfortunately network clogs down, you will wait while higher fee payers will enjoy their transactions being confirmed earlier than yours and if the fee drops immediately after some transactions and you just wait till that time for that fee drop to come, then I think there is no need to send a transaction when fees are high.

Quote

That being said: My Bitcoin Core estimates a minimum fee transaction to confirm in 4 to 8 hours.

And what happens if the prediction fails due to a mempool clog?
I will not bother to see it for 24 hours too but will you take it for 2 days after trusting the wallet's fee prediction? We have seen that happening in the past days already.

LoyceV

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Quote from: 2double0 on January 29, 2020, 11:45:14 AM

Does the low fee 'like 1-5 satoshis per byte' remain during some specific timings?

Your best odds for a low fee are on Sundays, but the point of this topic is to consolidate your inputs when you're not in a hurry and when you don't need your funds for a while. So if today's transaction confirms next Sunday, that shouldn't matter.
That being said: My Bitcoin Core estimates a minimum fee transaction to confirm in 4 to 8 hours.

2double0

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Bumping the good work but want to add a caution that some fee value spikes are happening these days where I have seen some users paying 100 satoshis per byte to get their transactions win in the race of getting involved in a block. Does the low fee 'like 1-5 satoshis per byte' remain during some specific timings?

LoyceV

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Quote from: Stedsm on January 16, 2020, 12:48:12 PM

Around 125k BTC worth $1.1 billion were moved by Bitfinex from their wallet for just a measly 5578 Satoshis (just 48 cents at the time it was sent).

I've seen similar cases before, and now too I don't think they moved 125 kBTC. I think they moved "only" 1.5kBTC, the rest was just "change". If this would be fiat, you wouldn't see the change that's left in the account, but because of the way Bitcoin works, you get to see it.
Think of it as if ~~someone~~ Scrooge McDuck moves a huge pile of money from one corner of his money bin to another corner, and also uses a few buckets of coins to make a payment.

Stedsm

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While the transaction I'm going to put here has paid around 23 SATs/byte, I still think I should bump this thread with the very best example of how crypto has changed the movement of money totally, and yeah, a lot of money actually.

https://www.blockchain.com/btc/tx/0f142e64e995a9dc2281d18061fefc7bfb813358840ff206846550be8ead210d

Around 125k BTC worth $1.1 billion were moved by Bitfinex from their wallet for just a measly 5578 Satoshis (just 48 cents at the time it was sent). Such big transactions being sent with least fee and still getting confirmed almost immediately is a win-win for this technology where we used to pay 100s of dollars to send money abroad. Hats off to crypto. Anyways, this event is a perfect bumping example for me.

LFC_Bitcoin

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1 sat/byte now the recommended fee

Hurry whilst it’s so low.

https://btc.com/stats/unconfirmed-tx

jackg

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https://bit.ly/387FXHi lightning theory

For a fast confirmation, at the moment all you need is about 4 sats per byte for the fastest confirmation (10-20 minutes normally).

Consolidate now while you have the chance!

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: Dabs on December 03, 2019, 09:49:25 AM

The transaction eventually confirmed in about 11 hours. So still within range of the day. I sent it in the morning of that day, and by the time I finished my dinner it already had 2 confirmations. 1 sat fee per byte. (0.00000113 BTC to be exact.)

I sent a transaction yesterday and it took less than an hour to confirm at 1 sat per byte (exactly).

Dabs

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The Concierge of Crypto

The transaction eventually confirmed in about 11 hours. So still within range of the day. I sent it in the morning of that day, and by the time I finished my dinner it already had 2 confirmations. 1 sat fee per byte. (0.00000113 BTC to be exact.)

Pmalek

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Quote from: Dabs on December 02, 2019, 09:52:32 AM

I just sent a 1 sat transaction awhile ago, maybe an hour ago. It was about 2 mb from the tip, now it's about 1.94 mb from the tip. So maybe by the end of the day it will have confirmed.

The fees are a bit higher at the moment. Somewhere in between 10-15 sat/byte. In the last 2 hours the mempool has filled up a bit but I believe your transaction will get confirmed by the end of the day unless there is another rally coming up.
https://jochen-hoenicke.de/queue/#1,2h

Dabs

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I just sent a 1 sat transaction awhile ago, maybe an hour ago. It was about 2 mb from the tip, now it's about 1.94 mb from the tip. So maybe by the end of the day it will have confirmed.

Pmalek

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Yes, today is a good day to consolidate your small inputs. 1 sat/byte is possible for a few hours already. I had one transaction receive the first confirmation in one hour with 1 sat/byte and that is still the recommended fee as we speak. The fees might go up after the weekend so do it now while they are low.
https://coinb.in/#fees

Dabs

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It might not even take a week if you broadcast a tx right now at 1 sat. Maybe a day or two. I've never had a tx take longer than 3 or 4 days, except when zero fees were still being accepted (or relayed), a long time ago.

jackg

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https://bit.ly/387FXHi lightning theory

Yeah yesterday, to get a transaction 0.5mb from the tip of the mempool set you back 1 sat per byte.

Today is another day and fees aren't low anymore! 9 sats per byt will get you 10 mb from the top.

If you need a conf within the week, send at 1 sat per byte, within 24 hours you're now looking at about 10 sats per byte... Be strategic with dust consolidation!

Dabs

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Sometime during the weekend, I was sent a token amount, so I decided to forward it to another address and set a 1 sat fee. I noted that the 1 hour estimated fee was 4 sats.

It confirmed about 11 minutes later. 1 sat for less than 0.003 BTC. I was expecting it to take at least 4 hours later, but ... 11 minutes it got included in the next block.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: LoyceV on November 22, 2019, 02:19:13 PM

Quote from: gentlemand on November 22, 2019, 02:13:21 PM

I'd like to know who supplies the estimates for the wallets with fee control.

I would guess it's just based on the last blocks, similar to what Bitcoin Core Recommends.

The site says:

Quote

How is the delay predicted?

The predictions are based on blockchain data of the last 3 hours, as well as the current pool of unconfirmed transactions (mempool).
First, a likely future mempool and miner behavior is predicted using Monte Carlo simulation. From the simulations, it can be seen how fast transactions with different fees are likely to be included in the upcoming blocks.
The predicted delay shown here is chosen to represent a 90% confidence interval.

I haven't tried this but if you use electrum, try setting it to be 0.5mb from tip as the fees will be lower and it should confirm within 4 blocks if you're really unlucky (if you're not in a rush use 1 sat per byte as long as its less than about 16mb from the tip it should confirm within a day).

LoyceV

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Quote from: gentlemand on November 22, 2019, 02:13:21 PM

I'd like to know who supplies the estimates for the wallets with fee control.

I would guess it's just based on the last blocks, similar to what Bitcoin Core Recommends.

gentlemand

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Welt Am Draht

Quote from: ?? on ??

I just checked the API and it's more accurate than i expected (compared with their website which tends to give overly high fee recommendation)
It's not as good as recommendation from other website or reading the chart manually though.

1 sat/byte purely depends on how many pending transaction and how many user who're not in hurry

I was under the impression that that site was crappy but maybe it's improved. I use bitcoinfees.net these days. I can't be bothered to figure out the jochen-hoenicke site. It might be a piece of piss with a few minutes of study but my mind is ossifying and I need spoon feeding both literally and figuratively these days.

Maybe it's all moot when things are quiet. The test of these sites and their estimates are when demand is high.

I'd like to know who supplies the estimates for the wallets with fee control.

Dabs

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I'd say the bitcoinfees.earn.com site is fairly accurate in estimating. The api from there shows me the fastest fee and a 1 hour fee. If the 1 hour fee is close to 20 or 10 sats or even lower, then it's just a matter of a few hours more for 1 sat fee.

My 1 sat fee transactions have usually confirmed in 24 hours, but sometimes could take as long as 48.

jackg

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https://bit.ly/387FXHi lightning theory

3 sats per byte is looking like it could confirm within 2-4 blocks so I'd say 1 sat per byte would probably take about 4 hours if sent now (but it might take more).

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 52. (Read 88277 times)