I have tried using 1sat/byte many times but those are transactions that are not in rush so its okay to wait at least 5 days for me, I just rebroadcast it at least everyday.
But if I want to use the funds immediately then at least 90 sat/byte is enough for me, though I always enable RBF when in case the pending transactions blow up.
Topic: Ever wondered about the lowest transaction fee that you could ever pay ? (Read 146 times)
February 14, 2021, 08:25:03 AM
February 14, 2021, 07:57:30 AM
The lowest fee I’m willing to send a transaction is between 10-15 sat/byte. It’s best to move coins on a Sunday as fees always seem lower. Any other time at the moment you’re paying over 100 sat/byte to get a transaction confirmed in an acceptable time.
I am doing transactions regularly for the last 4 years and so far I haven't noticed any such difference with Sundays. I remember times when I used to pay 2-3 Sat/Byte for non-priority transactions. They used to get confirmed the same day. But now the situation has changed and it is not safe to send your coins with such a low fee. Nowadays, I normally use close to 100 Sat/Byte as the fee. And this results in a fee of close to $15-$20 per transaction. Reminds me of the situation we had in 2017 December, when I used to pay around $50 per transaction as fee.
February 14, 2021, 07:49:05 AM
The lowest fee I’m willing to send a transaction is between 10-15 sat/byte. It’s best to move coins on a Sunday as fees always seem lower. Any other time at the moment you’re paying over 100 sat/byte to get a transaction confirmed in an acceptable time.
February 14, 2021, 06:40:08 AM
I'm just never risking it with the fees because there's a good chance of a transaction not being rejected, but just being stuck for a long time. I remember that back in 2017, a friend of mine got greedy because the transaction fee was about $20, but she just chose to pay, like $1. The transaction remained unconfirmed definitely longer than a week, and I think it was even a few weeks before it was finally confirmed when the average fees went down, but I'm not sure about that because it was a long time ago. It's usually better to pay up and not worry because once it gets stuck, it's hard to facilitate the process.
This is what I'm also thinking especially the time I needed to risk with this process. A huge difference when I do transactions with some decent fees. I already have such an experience when it didn't go as I planned and I ended up asking questions here since the amount of money in the transaction is not small. You will regret it when the transaction will stuck for days and you cannot help it but ask some question here. You may try it but you have been warned.
February 14, 2021, 06:29:37 AM
Your transaction fee will always depends on the amount you're going to transfer to another Bitcoin account, the bigger amount, the bigger transaction fee of course
"of course" NOT. Bitcoin transaction fee does not depend on the amount of bitcoin that is going to be transferred. It depends on number of inputs and outputs, segwit/non segwit type of transaction and fee in sat/vbyte that you can set manually.
February 14, 2021, 06:25:22 AM
Your transaction fee will always depends on the amount you're going to transfer to another Bitcoin account, the bigger amount, the bigger transaction fee of course, but you could always lessen it by your wallet option, however, it will take too much time before it could get confirmed. Just like what happened to me, I tried using the lowest fee I could get in Electrum and it took me 4 days before I receive it to another wallet, too hassle in my opinion, especially if you really need the money instantly.
February 14, 2021, 06:24:44 AM
I'm just never risking it with the fees because there's a good chance of a transaction not being rejected, but just being stuck for a long time. I remember that back in 2017, a friend of mine got greedy because the transaction fee was about $20, but she just chose to pay, like $1. The transaction remained unconfirmed definitely longer than a week, and I think it was even a few weeks before it was finally confirmed when the average fees went down, but I'm not sure about that because it was a long time ago. It's usually better to pay up and not worry because once it gets stuck, it's hard to facilitate the process.
February 14, 2021, 06:18:55 AM
No. 1 Satoshi/vbyte is the absolute minimum for it to be a standard transaction for which Bitcoin nodes are willing to relay. You can obviously make a transaction without fees but that would only work with the participation of a miner.
There are thousands of transactions with 1 sat/vbyte fees right now. The order for which the transactions are confirmed at the same fee rate is unknown and other transactions which are paying the same fees can get confirmed sooner than yours, if you're unlucky.
There are thousands of transactions with 1 sat/vbyte fees right now. The order for which the transactions are confirmed at the same fee rate is unknown and other transactions which are paying the same fees can get confirmed sooner than yours, if you're unlucky.
I am an extremely Unlucky Individual but my heightened curiosity made me do it, Since am paying nothing actually ( just 129 Satoshi ) I wanted to see how this technology might change in the future and how it can be used by others. Honestly I do not want to go to the web for this little research and search for people who did get away with 1 Satoshi/byte fee.
I do think that :
1. Transaction would get rejected by mempool
But if it doesn't I wanted to see how many days it would take.
(Honestly wanted to see if segwit can work on *NO* fee since I don't think LN is going to be fixed soon)
Wrong wrong wrong wrong. Segwit was made to make transaction to consume less bytes. So no matter if its segwit or not, it will not convince miners to mine your translation with lower sat/byte.
Simply .. segwit makes transactions with same sat/byte cheaper because there are less bytes to proceed.
https://jochen-hoenicke.de/queue/#0,1w
Last time when 1 sat/vbyte transactions were processed was 4 jan 2021.
Oh thank you so much for the technical side of the situation here am a biology student but a crypto enthusiast therefore I just like to see the bigger picture , let's see where this macroscopic study takes this transaction. (Lol)
February 14, 2021, 06:11:39 AM
No. 1 Satoshi/vbyte is the absolute minimum for it to be a standard transaction for which Bitcoin nodes are willing to relay. You can obviously make a transaction without fees but that would only work with the participation of a miner.
There are thousands of transactions with 1 sat/vbyte fees right now. The order for which the transactions are confirmed at the same fee rate is unknown and other transactions which are paying the same fees can get confirmed sooner than yours, if you're unlucky. It's likely going to be pushed out of the mempool quite frequently given the current state, would be good for you to rebroadcast it periodically.
There are thousands of transactions with 1 sat/vbyte fees right now. The order for which the transactions are confirmed at the same fee rate is unknown and other transactions which are paying the same fees can get confirmed sooner than yours, if you're unlucky. It's likely going to be pushed out of the mempool quite frequently given the current state, would be good for you to rebroadcast it periodically.
February 14, 2021, 06:10:27 AM
(Honestly wanted to see if segwit can work on *NO* fee since I don't think LN is going to be fixed soon)
Wrong wrong wrong wrong. Segwit was made to make transaction to consume less bytes. So no matter if its segwit or not, it will not convince miners to mine your translation with lower sat/byte.
Simply .. segwit makes transactions with same sat/byte cheaper because there are less bytes to proceed.
https://jochen-hoenicke.de/queue/#0,1w
Last time when 1 sat/vbyte transactions were processed was 4 jan 2021.
Output of this single test is useless because of small sample error. If you would make this transaction in 3 jan 2021 it would be confirmed in 1 day, if you would make it in 5th jan 2021 it would not be confirmed until now.
February 14, 2021, 06:08:20 AM
Hi guys ! So I use samourai and a local wallet Zebpay. I do know that samourai offers a wide variety of transaction fee but I never dared to try anything lower than a normal transaction fee since once I did try a normal-low but it took that transaction 4-5 days.
(please don't worry I am not in the least worried about the transaction going through or not it's just 4-5$ and just meant to be used to test the lowest fee that samourai offers)
Honestly I wanted to try if a transaction with 129 Satoshi fee (Lol) would get rejected by mempool or would reach where it's intended to be. If it did how many days it will take.
Here is the amount of fee that I choose. This is intended to just be a normal Study to see if people do use such things and I tried it so that you guys won't have to lol. If anyone is interested in this little project I can make the transaction ID public and maybe we all can track till it gets rejected (or maybe not)
I intend to update the article as soon as I receive a notification. Let's see how it goes!
(Honestly wanted to see if segwit can work on *NO* fee since I don't think LN is going to be fixed soon)
Update 1:
Update 2 : lol as expected the transaction was returned to me I won't rebroadcast it or even try and see if it works again.
(please don't worry I am not in the least worried about the transaction going through or not it's just 4-5$ and just meant to be used to test the lowest fee that samourai offers)
Honestly I wanted to try if a transaction with 129 Satoshi fee (Lol) would get rejected by mempool or would reach where it's intended to be. If it did how many days it will take.
Here is the amount of fee that I choose. This is intended to just be a normal Study to see if people do use such things and I tried it so that you guys won't have to lol. If anyone is interested in this little project I can make the transaction ID public and maybe we all can track till it gets rejected (or maybe not)
I intend to update the article as soon as I receive a notification. Let's see how it goes!
(Honestly wanted to see if segwit can work on *NO* fee since I don't think LN is going to be fixed soon)
Update 1:
Update 2 : lol as expected the transaction was returned to me I won't rebroadcast it or even try and see if it works again.
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