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Topic: Mempool full? Long transaction times + fees x10! - page 8. (Read 1219 times)

legendary
Activity: 2212
Merit: 5622
Non-custodial BTC Wallet

Quote from: Pmalek
Never initiate a bitcoin transaction before you check mempool.space or Jochen Hoenicke's site.   

I'm not sure why you're so ultimative. One can always bump fee, you don't risk anything. And I'm not in a hurry most of the time...  Cool

I guess his suggestion is meant to avoid paying higher fees.

Most users just use the fees suggested by the wallet. And those fees are usually much higher than those in the mentioned websites.

You are right to use lower fees when you are not in hurry
legendary
Activity: 2240
Merit: 1172
Privacy Servers. Since 2009.
I guess you didn't make any transactions in the past month. Otherwise you would have known about the state of the mempools. Ordinals were introduced in January, and ever since we have witnessed 10-30k of unconfirmed transactions. There was a brief period when the meter dropped down to just a few k, but it didn't last long. Never initiate a bitcoin transaction before you check mempool.space or Jochen Hoenicke's site.   

Not really, as a matter of fact I make transactions regularly, 2-4 times a week and I was able to get away with 1sat/byte fee mostly. I also spotted that bech32 wallets need higher fees to send a tx than older "legacy" wallets. Identical transactions, almost same time and bech32 took longer and demanded higher fee. Just a coincidence?

So, ordinals are to blame for this, exactly as I thought... can we (Bitcoin community) do something to get rid of them? Nodes can ignore them perhaps? This crap has to be stopped, it reminds me of 2017 and tx spam by big blockers, people paid thousands in fees...  Angry

Regarding this:

Quote from: Pmalek
Never initiate a bitcoin transaction before you check mempool.space or Jochen Hoenicke's site.   

I'm not sure why you're so ultimative. One can always bump fee, you don't risk anything. And I'm not in a hurry most of the time...  Cool
legendary
Activity: 2730
Merit: 7065
Farewell, Leo. You will be missed!
I guess you didn't make any transactions in the past month. Otherwise you would have known about the state of the mempools. Ordinals were introduced in January, and ever since we have witnessed 10-30k of unconfirmed transactions. There was a brief period when the meter dropped down to just a few k, but it didn't last long. Never initiate a bitcoin transaction before you check mempool.space or Jochen Hoenicke's site.   
legendary
Activity: 2828
Merit: 6108
Blackjack.fun
Something is brewing in the Bitcoin world? For the last 2-3 days I can I witness slow transactions and huge fees.

You have missed this thing:


There were just a few days of low fees with 1sat/b after 20 days of high fees, something way higher than before.

Take a look até http://mempool.space/ to get the fee rate you need to use, this is the best site available  for that.
Now you need 22 sat/vbyte for a confirmation,  which is not huge.

Funny enough, his wallet suggested a way cheaper fee.  Grin
I guess he looked at the last confirmed fee, for a few moments of fast blocks indeed a 10sat/b tx got through, but right now we only had 2 blocks in 60 minutes, so even mempool.space might have been misleading an hour ago.

legendary
Activity: 2212
Merit: 5622
Non-custodial BTC Wallet
Something is brewing in the Bitcoin world? For the last 2-3 days I can I witness slow transactions and huge fees. I got used to 1sat/byte transactions and they always get through so I sent a couple of sats to myself but you can't imagine how surprised I was when I saw my tx is ~75mb from tip! My wallet suggested a fee of 10sat/bytes! So, what's going on? Is this connected with that ordinals mumbo-jumbo?  Huh

Take a look at http://mempool.space/ to get the fee rate you need to use, this is the best site available  for that.

Now you need 22 sat/vbyte for a confirmation,  which is not huge.

The reason is an app called Ordinals, something like an NFT using bitcoin blockchain

Quote
The introduction of the Ordinals Protocol, which enables the development of Bitcoin-based NFTs, has coincided with significant changes to mempool activity and transaction size, new data by CryptoSlate and Glassnode show.
https://cryptoslate.com/how-ordinals-are-affecting-bitcoin-mempools-transaction-size/
legendary
Activity: 2240
Merit: 1172
Privacy Servers. Since 2009.
Something is brewing in the Bitcoin world? For the last 2-3 days I can I witness slow transactions and huge fees. I got used to 1sat/byte transactions and they always get through so I sent a couple of sats to myself but you can't imagine how surprised I was when I saw my tx is ~75mb from tip! My wallet suggested a fee of 10sat/bytes! So, what's going on? Is this connected with that ordinals mumbo-jumbo?  Huh
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