Mempool fees and Solutions - page 5.

TheUltraElite

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Activity: 2898

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So anyway, I applied as a merit source :)

Quote from: Z-tight on November 29, 2023, 05:17:10 PM

Quote from: TheUltraElite on November 29, 2023, 04:55:24 AM

In this context I would like to raise a question on how do you confirm that an accelerator service actually helped your transaction speedup or was it just a placebo effect?

If you successfully submit your transaction to an accelerating service, you will know they accelerated your transaction because it would be included in the next block mined by the mining pool. If you use a paid tx accelerating service, then your tx can either be mined by the pool themselves or their cooperating pools. Take note that there are a lot of scam accelerating services and some who only rebroadcast tx's, but collect payment from gullible bitcoiners for that.

The second point is exactly what is happening to many users out there. If they are not showing which pool they are working with and just rebroadcast the transaction they are essentially running a scam. However more work needs to be done from our side to shine such scammers without any loophole and outcast them from the forum.

Some of them are nicely operating from this forum itself which makes me cringe.

pooya87

legendary

Activity: 3472

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Spam attacks by nature are unpredictable because there is an attacked that will continue to fill the mempool with junk to intentionally inflate the fees.
A spam attack such as Ordinals is a special type of attack that provides the incentive for the attackers (that also happen to be regular newbies) to attack bitcoin themselves without feeling like they are performing such an attack.

The only solution for this is to either patch the exploit they are using in the Bitcoin protocol to perform this attack. Which doesn't seem likely in the near future since a small part of the community still insists that preventing this type of abuse is considered "censorship"!!!!
Or the other solution is to wait and wish for the scam market where they rip people off with the junk they inject into the blockchain to die. Which is very unlikely considering how the scam has grown and how greed works. We've already seen it in the ICO scams in 2017 that died but never disappeared.

joniboini

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Activity: 2170

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Quote from: BitcoinsGreat on November 29, 2023, 02:00:13 PM

What is the low mem pool fee in your opinion?

This will vary greatly depending on who you ask. Personally, anything below 50 sats/vbyte is fine for me. I do like it if it can go as low as 5 sats to get confirmation on the next block though, especially if I need to consolidate my transactions. I don't think it will happen anytime soon sadly.

Quote from: UmerIdrees on November 29, 2023, 02:53:10 AM

Anyone who wants to make a small transaction, he may have to pay a higher fee sometimes equal or even more than the actual transact amount.

If this small transaction is related to liquidating your BTC to other forms of money, waiting seems to be the best choice. As long as the input doesn't become too big, you should be able to save some money too. If this is related to making regular payments to services you regularly use, that depends on the service I guess. Some support LN so you can just open a channel with some amount of money that can last for several payments, for example. You can also look for other services that support LN, RBF, or something similar. For example, I paid for my VPN with BTC, they allow RBF transactions and the confirmation window is quite long so the risk of being uncredited is small.

Z-tight

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Quote from: TheUltraElite on November 29, 2023, 04:55:24 AM

In this context I would like to raise a question on how do you confirm that an accelerator service actually helped your transaction speedup or was it just a placebo effect?

If you successfully submit your transaction to an accelerating service, you will know they accelerated your transaction because it would be included in the next block mined by the mining pool. If you use a paid tx accelerating service, then your tx can either be mined by the pool themselves or their cooperating pools. Take note that there are a lot of scam accelerating services and some who only rebroadcast tx's, but collect payment from gullible bitcoiners for that.

hosseinimr93

legendary

Activity: 2380

Merit: 5213

Quote from: Synchronice on November 29, 2023, 03:04:00 PM

Check your UTXOs. If you have to spend as much as you have received, you can make small size transactions, as low as 113 byte and pay a lower fee.

You probably meant vbyte, not byte.
It's possible to make a normal segwit transaction including 1 input and output and with the (virtual) size of around 109 vbyte.

Quote from: Synchronice on November 29, 2023, 03:04:00 PM

ViaBTC free accelerator is not for everyone, transaction has to be lower than 0.5 KB with higher than 0.0001BTC/KB fee.

To be eligible to use ViaBTC free accelerator, there's another requirement too and it's that the transaction must not have any unconfirmed output.

Synchronice

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Watch Bitcoin Documentary - https://t.ly/v0Nim

Quote from: UmerIdrees on November 29, 2023, 02:53:10 AM

These days we are experiencing high transaction fee most probably due to Bitcoin ordinals. Anyone who wants to make a small transaction, he may have to pay a higher fee sometimes equal or even more than the actual transact amount.

Is there a way to know if the ordinals traffic will be low in the coming days and the mempool fee will decrease?
https://ordiscan.com/ does not tell such prediction or data.

What is the solution to this probelm other than to hold our transaction (if we can) and wait for a suitable time when the mempool fees are low again. I remember I used to see only 2 or 3 sat/vbyte two months back. Such low fees seem to be a dream these days.

Check your UTXOs. If you have to spend as much as you have received, you can make small size transactions, as low as 113 byte and pay a lower fee. If you make bitcoin transaction and unite all of you UTXOs, then you are significantly increasing the size of your transaction and will end up paying a lot.

Quote from: un_rank on November 29, 2023, 02:59:52 AM

Best possible solution is to use a transaction accelerator, only trusted one I know of is ViaBTC. The other solution-ish is something you should have done months back when the fees were low and that is to consolidate your small transactions into one single UTXO, so you pay lower fees when you want to send.

Bonus point is using Segwit address and Lightening network for small transactions.

- Jay -

ViaBTC free accelerator is not for everyone, transaction has to be lower than 0.5 KB with higher than 0.0001BTC/KB fee. There are many paid transaction accelerator like ViaBTC paid service, Binance's transaction accelerator, F2POOL's accelerator. These are legit paid services but they ask you to pay so much that it doesn't really worth it.

Just found another accelerator on Bitcoin.com (I know it's a shit website owned by Roger Ver, don't remind me please), so, I have no idea about them but anyone can check it if they wish: https://txa.cc

BitcoinsGreat

sr. member

Activity: 1022

Merit: 280

Quote from: UmerIdrees on November 29, 2023, 02:53:10 AM

wait for a suitable time when the mempool fees are low again.

What is the low mem pool fee in your opinion?

Quote from: dkbit98 on November 29, 2023, 12:11:18 PM

I don't know how often you use bitcoin, but I don't remember that low fees few months ago, except maybe during weekends.

Since OP has given one option is to delay the bitcoin transactions until the fee becomes normal, still one can wait for the weekends and get a relatively low tx fee. Even in these days, we get a really good Tx fee maybe under 20 sat/vbyte is acceptable.

dkbit98

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Quote from: UmerIdrees on November 29, 2023, 02:53:10 AM

Is there a way to know if the ordinals traffic will be low in the coming days and the mempool fee will decrease?

Yes, you need to visit local gipsy fortune teller and ask here about future of ordinals and transaction fees Tongue

Quote from: UmerIdrees on November 29, 2023, 02:53:10 AM

What is the solution to this probelm other than to hold our transaction (if we can) and wait for a suitable time when the mempool fees are low again. I remember I used to see only 2 or 3 sat/vbyte two months back. Such low fees seem to be a dream these days.

I don't know how often you use bitcoin, but I don't remember that low fees few months ago, except maybe during weekends.
Average transaction right now is around 30sat/vB or $1.8 ^{(this is probably less or similar like fees on eth chain)} and I don't think this is so terrible like you say.
If you want to have minimal fees for bitcoin just use Lightning Network or other bitcoin sidechains like Liquid with L-BTC.
Last option is not to use bitcoin and you wont spend any fees.

Lucius

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Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: UmerIdrees on November 29, 2023, 02:53:10 AM

~snip~
Is there a way to know if the ordinals traffic will be low in the coming days and the mempool fee will decrease?

Perhaps it is best to follow what is happening with mempool, and if the number of unconfirmed transactions starts to decrease (as is the case now), we can assume that the fees will start to decrease in the coming days. We currently have about 163 000 transactions that are in the range of 1-24 sats/vB out of a total of 183 000 unconfirmed transactions, while the fee for high priority is about 30 sats/vB.

If there is no new ordinal madness, it is realistic to expect that soon the mempool will start to be cleaned of transactions that pay less than 25 sats/vB, which is exactly what is happening.

hugeblack

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Activity: 2702

Merit: 4002

Transaction fees have started to decrease and are now approximately 22 sat/vB. reduce the number of Inputs when network fees are low, Use SegWit addresses, use a wallet that supports RBF CPFP, but in the end you will reduce the fees you pay compared to what you would have paid if you had not Do these solutions.

Quote from: TheUltraElite on November 29, 2023, 04:55:24 AM

2. Use SegWit if not already and learn how to use the Lightning Network along with its arguments and counter-arguments. There is a lot of pro/anti voice surrounding LN in this forum.

A Lightning Network transaction is 2 onchain transactions, and therefore you will not reduce the fees if you open a channel now. Open a channel when the fees are low and enjoy zero transactions, close the channel when the fees decrease, and so on.

Quote from: TheUltraElite on November 29, 2023, 04:55:24 AM

ViaBTC accelerator is the only working one.

Some members like @macbook-air had access to F2Pool's transaction selector but I don't know if they still have that access and can help you.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Here are the viable solutions that I have found to be working till date:
1. Use an altcoin for the time being. LTC, DOGE are good options if you dont want to stretch it.
2. Use SegWit if not already and learn how to use the Lightning Network along with its arguments and counter-arguments. There is a lot of pro/anti voice surrounding LN in this forum.
3. Just wait it out - might not be feasible for everyone though.
4. ViaBTC accelerator is the only working one.

In this context I would like to raise a question on how do you confirm that an accelerator service actually helped your transaction speedup or was it just a placebo effect? The second one has been exploited by certain unscrupulous users of this forum essentially extorting users of money by doing nothing in the name of speeding up transactions - their prevalence has dropped but they still operate and we need some concrete argument to stop them once and for all.

un_rank

hero member

Activity: 644

Merit: 661

- Jay -

Best possible solution is to use a transaction accelerator, only trusted one I know of is ViaBTC. The other solution-ish is something you should have done months back when the fees were low and that is to consolidate your small transactions into one single UTXO, so you pay lower fees when you want to send.

Bonus point is using Segwit address and Lightening network for small transactions.

- Jay -

UmerIdrees

hero member

Activity: 2436

Merit: 877

These days we are experiencing high transaction fee most probably due to Bitcoin ordinals. Anyone who wants to make a small transaction, he may have to pay a higher fee sometimes equal or even more than the actual transact amount.

Is there a way to know if the ordinals traffic will be low in the coming days and the mempool fee will decrease?
https://ordiscan.com/ does not tell such prediction or data.

What is the solution to this probelm other than to hold our transaction (if we can) and wait for a suitable time when the mempool fees are low again. I remember I used to see only 2 or 3 sat/vbyte two months back. Such low fees seem to be a dream these days.

Topic: Mempool fees and Solutions - page 5. (Read 1222 times)