Topic: Do NOT overpay your transaction fees. - page 2. (Read 317 times)

Maybe they are so desperate for their transaction to get confirm more quickly but they don't know they are making things complicated by overpaying their fees.

We should follow what recommended on mempool since that one could fasten up our transaction.



There's recommended amount there on how they can afford to wait and price set so overall there's no need to increase more since we are just wasting our money for doing that. I guess we just need to have patience since if we choose high priority I guess it will come soon. And can't also afford to pay $100 or more just for fee if that happen happen to me I will just wait for network to became normal and fees goes more lower.

I think the ilks of the person so described by OP is a major part of this high tx fee we're subjected to at a time like this. They keep RBFing and keep fees going up and that means miners will keep dropping tx with very low fees and that expectedly will keep transactions running into days. I've some Bitcoin transactions hanging for almost a week now, both incoming and outgoing. It's disturbing and frustrating at the same time. For those who are arguing Bitcoin as solely a means of payment, can they still hold that view in the face of what's happening now? You pay for goods at a grocery store with Bitcoin and the seller will have the patience of waiting for confirmation for days? Who can endure that? This regular congestion is the bane of Bitcoin whether the maximalists accept it or not. Sadly, these transactions can be done using stablecoins or other alts and get scaled through within seconds or at most a few minutes. Before anyone argues about volume of transactions being low on those alts, they should check Tether first.

It is possible, no way to tell for sure, but i assume that someone who knows how to code something like that and get to infect real users, would know that there is no point in overpaying the transaction as that won't speed things up.

It would make sense if someone else was spending the same inputs, i.e both trying to outbid each other, but clearly that isn't the case.

So ya, even if we would assume it is a bot, whoever wrote it should change his code to stop overpaying.

People think that Bitcoin transactions are supposed to settle instantly like card networks do - we're not there yet!


I'm pretty sure it's probably a button on the wallet that says "Increase fee" or something like that and the user just kept clicking on it over and over again when they saw their transaction was not being included into any block.

It's crazy how people are willing to pay over 300 dollars just to get one transaction confirmed on the Bitcoin blockchain. I mean I would skip it and wait for it to get below $10-$20.
To be very honest, even $20 per transaction is also way too high. As someone who doesn't have enough Bitcoins, I don't think I would be willing to pay more than $100 bucks for just doing 4 transactions. That's not convenient at all.

You might be unto something here, I think we are basically seeing a script been placed on That address, this script seems to be a sweeper bot and it works in a way that once that affected address receives a transaction the wallet is swept immediately. if you check properly the parent transaction was initially from here https://mempool.space/tx/d59646028c4b1934dc9bb5d00991a9baf0be5148d156ad3c8321dfafcb702af1. This first transaction had many different addresses receiving bitcoins which we can say is a batch payment done. Then this particular address bc1qkdlefzs9w0yhauf54d8xrxzpu96562g6zsgg6w had his own funds swept immediately and had to under go series of RBF to a new address every time, with few seconds apart from each one as shown by OP.

I first guess was maybe since that address was the address holdings the higher amount the sender used would use that to do a CPFP but the address hasn’t received any bitcoin before so as to have extra funds in it for that.

My guess is the wallet is under attack from a sweeper bot and it kept replacing the transaction to avoid the owner finding out and spending it. This isn’t a normal human error as the time between Those transaction replacement is just too small.

It's really weird he keep bumping the fee, also it seems he make a transaction when the parent transaction isn't confirmed yet as the timestamp is same.

This is something that really really rare to happen, many people are still overpay the fees because they trust their wallet for estimating the current fees. If you check on every block, there's always someone overpay for 2x-3x. They should learn to set up their own fees by checking the mempool instead of choosing "fastest","high priority" etc.

If the person sending a transaction does not understand the basic operation of how the blockchain works, in that a transaction to be confirmed needs to be included in a block, that blocks are mined in 10 minutes on average, but that being precisely an average can take much longer, well I think the issue is not so much to tell him not to overpay as to tell him that he has to understand how the blockchain works.


How are they programmed? With scripts? That would be another possible explanation.

Thats the best thing to do at the moment hold bitcoin even some transaction on other dapp wallets yhat supported bitcoin have a huge fee in transactions. I planned to withdraw my bitcoin last few days but Ive changed my mind due to huge transaction fees. Damn probably due to ordinals inscriptions.

Yes. We have now seen the huge upside potential, that the price is required to double or even more to complete a transaction if you are not careful as you stated above the game here may be to hold your Bitcoin until the segwit is resolved and it is not easy to solve the scaling problem.

Another Bitcoin user did not know what to do with a pending transaction.

Problem with Electrum wallet when sending BTC to exchange!.

Used a 2FA Electrum wallet costs more fee because of extra fee goes to Trustedcoin.
Used Child Pay For Parents while can use Replace By Fee.
Made two CPFP transactions and together made 3 transactions in panic.

I agree, but this transaction seems more like a problem with the wallet’s programming than panic. I don’t know, but no matter how urgent you are, waiting a few seconds does not lead to panic. Most of us usually wait 10 minutes to 30 minutes before making the RBF decision.


Average 30-35 seconds between each RBF.

If wallets integrate https://mempool.space TRANSACTION FEES UI, it will save users a lot of fees, as it is easy to calculate the appropriate fees using it.

It's pretty disappointing that some people don't understand how BTC works, I will show you a great example of how someone could lose a lot of money just because they don't understand the basics of the asset they invest in.

This guy created a transaction right after block 821856 was mined, he set 648 sat /Vbyte ($30) as his fees even though 387 sat/ Vbyte is almost guaranteed to get him into the next block 821857 (has not been mined yet at the time of writing this), but that is fine, if I was rushing and fees are unstable I might have done the same thing if I had no way to replace the transaction, although he had that option but anyway.

Here starts the misery:

A few seconds later he RBFed the transaction with 1116 sat
No confirmation yet? let's pay more to confirm the transaction

A few seconds later he RBFed the transaction to 1,293

**As am typing this Foundry saved that guy and mined block 821857  

He kept raising his fees every few seconds till he stopped (more so till the transaction was confirmed)at 8125 sat/ Vbyte, he was lucky enough that Foundry didn't [1]see the last transaction and ended up adding the one prior to it which was broadcasted a few seconds earlier, which paid 7,895 sat /Vbyte

So, long story short, he paid $367 when he could easily get away with $30. All he had to do was understand that his transaction needed to be in a block. Blocks take time to happen, and always watching the mempool status to gauge the bidding is crucial. Paying fees without checking the market is like blindly bidding on something without considering other bidders—you might just outbid yourself for no reason.


[1]. It's possible that Foundry received it, but the block template was already generated, and they found the block before they could reconstruct the new blocktemplate. But yeah, that saved him $10.