Topic: Mempool is nearly empty, less than 0.2MB. People still paying more 200sat/byte (Read 324 times)
November 12, 2020, 01:03:12 AM
A lot of these transactions are being made by the inexperienced users and they are just afraid of their transactions getting stuck. They don't mind paying $5 or $10 extra to get a quick confirmation. I doubt whether a lot of them even know about the Mempool and its impact on the transaction fees. And the worst thing is that, these guys push up the median transaction fee, forcing other users to pay high amounts.
November 11, 2020, 11:33:21 PM
Edit: did a 2 sat transaction and it was confirmed in 20 minutes 
Great, that's what you can achieve if you know what you are doing. Even in the middle of a bull run there are times when the mempool cools down.
Most of fee estimators of wallets out there are crazy, suggesting like 200 sat/byte.
Personally, i barely use more than 10 sat/byte
November 11, 2020, 09:27:16 PM
I was using your tool to keep tracking mempool and finally I'll be able to organize my wallets in the way I want
We are in bull times, and this is the moment when newbies come to BTC and they are using estimate fees of wallets probably. It's not easy at the beggining to understand and calculate your fee manually, so they leave on auto, and I know even people who are used to BTC, still have doubts about put the fees manually.
Exchanges usually pay higher fees too, they prefer to quickly transfer and there's a lot of volume to deposit and withdraw these days
Edit: did a 2 sat transaction and it was confirmed in 20 minutes
We are in bull times, and this is the moment when newbies come to BTC and they are using estimate fees of wallets probably. It's not easy at the beggining to understand and calculate your fee manually, so they leave on auto, and I know even people who are used to BTC, still have doubts about put the fees manually.
Exchanges usually pay higher fees too, they prefer to quickly transfer and there's a lot of volume to deposit and withdraw these days
Edit: did a 2 sat transaction and it was confirmed in 20 minutes
November 11, 2020, 07:42:34 PM
At the end of the day you have to consider why you need the bitties moved fast. Lack of anticipation ?
One main reason would be when paying something in BTC (or selling it), in person. You're buying a car or a stash of fiat, of course the seller will want at least one confirmation before handing out the item, and staying for hours or days with that seller isn't practical.
One main reason would be when paying something in BTC (or selling it), in person. You're buying a car or a stash of fiat, of course the seller will want at least one confirmation before handing out the item, and staying for hours or days with that seller isn't practical.
November 11, 2020, 07:00:09 PM
It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
Mempool size is not large enough to justify such a high fee (200 Sat/Byte). I guess users are still ignorant of the smaller Mempool size and therefore they continue to pay higher fee. This in turn is pushing up the median transaction fee. I guess it will come down in the next few days, as users realize that they can get instant confirmation even with lower fee.
Not just ignorant, some don't want to learn and stick to what they usually do as they're afraid their transactions get stucked for a few days or worse weeks.
ETA method has also come down today, but then again why would someone pay 111sat/byte for a single transaction when you can do it with 1sat/byte and get almost the same waiting time to get confirmations (base on the Mempool condition today).
I'm really happy these past few days as my transactions went thru even if I paid very low tx fee. Whenever, I need to send funds, I check the mempool to see what's going on. And yes, even if you pay 5-10sat/byte right now, it will go thru fast as the pending transactions is really small (like 2500+) as compared weeks ago with 100k+ pending txs. If I am the person who needs to transfer btc, I will take this opportunity as it is actually very cheap right now.
there are people whom do set 200-300 or more sats/byte which would really drive the fees on that high yet miners will be prioritizing that.We dont know if those people who do
stuck with 200 sats/byte mentioned on op is just miners tending to spam out the network or those people who do just simply stick into whats being set-up neither a exchange wallet
or even on electrum sliding up that ETA setting or using by default.
November 11, 2020, 06:52:44 PM
More money for miners is fine by me. That way my cheap transactions are more accepted, I guess. I try to never pay more than 1$ even if sending more than 1 BTC.
As long as there aren't too many expensive fees on the mempool, it will take days even weeks for cheap transactions to be confirmed (based on experience).
The most costly fee I ever paid probably around $3 and still have to wait more than 5 hours at that time when the mempool flooded, insane.
it was when the price of bitcoin suddenly rise significant, or we can say 'pump', fortunately that's not the case lately as many people just pay 1-5 sat/byte
November 11, 2020, 06:51:23 PM
More money for miners is fine by me. That way my cheap transactions are more accepted, I guess. I try to never pay more than 1$ even if sending more than 1 BTC.
send more than 1 bitcoin and the transaction fee is not more than $1, I think it is very unlikely, because until now if you are still using mempool it still costs more than $1, if you have already done that maybe you can provide information on how you do so so that everyone can know that there is a very cheap bitcoin transaction option. 
November 11, 2020, 06:48:20 PM
It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
Mempool size is not large enough to justify such a high fee (200 Sat/Byte). I guess users are still ignorant of the smaller Mempool size and therefore they continue to pay higher fee. This in turn is pushing up the median transaction fee. I guess it will come down in the next few days, as users realize that they can get instant confirmation even with lower fee.
Not just ignorant, some don't want to learn and stick to what they usually do as they're afraid their transactions get stucked for a few days or worse weeks.
ETA method has also come down today, but then again why would someone pay 111sat/byte for a single transaction when you can do it with 1sat/byte and get almost the same waiting time to get confirmations (base on the Mempool condition today).
I'm really happy these past few days as my transactions went thru even if I paid very low tx fee. Whenever, I need to send funds, I check the mempool to see what's going on. And yes, even if you pay 5-10sat/byte right now, it will go thru fast as the pending transactions is really small (like 2500+) as compared weeks ago with 100k+ pending txs. If I am the person who needs to transfer btc, I will take this opportunity as it is actually very cheap right now.
November 11, 2020, 06:39:52 PM
More money for miners is fine by me. That way my cheap transactions are more accepted, I guess. I try to never pay more than 1$ even if sending more than 1 BTC.
November 11, 2020, 06:15:48 PM
It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
Mempool size is not large enough to justify such a high fee (200 Sat/Byte). I guess users are still ignorant of the smaller Mempool size and therefore they continue to pay higher fee. This in turn is pushing up the median transaction fee. I guess it will come down in the next few days, as users realize that they can get instant confirmation even with lower fee.
Not just ignorant, some don't want to learn and stick to what they usually do as they're afraid their transactions get stucked for a few days or worse weeks.
ETA method has also come down today, but then again why would someone pay 111sat/byte for a single transaction when you can do it with 1sat/byte and get almost the same waiting time to get confirmations (base on the Mempool condition today).
November 10, 2020, 10:18:04 AM
I am impressed that Electrum is so bad at fee estimation.
Sadly there isn't much a user can do, if he doesn't want to look at the mempool in a third party website. There are many good options, and you could get confirmed with a 1 sat/byte.
It depends on how users use Electrum wallet and its fee estimation. With three options:Sadly there isn't much a user can do, if he doesn't want to look at the mempool in a third party website. There are many good options, and you could get confirmed with a 1 sat/byte.
- Static
- ETA
- Mempool
ETA is bad because it can give you over-killing fee.
Static is used if you know what you want to do all the time such as always stick with 1 satoshi per byte.
Mempool is used if you want to use as relevant and cheapest fee as possible depends on mempool conditions.
I choose mempool for my Electrum but I always check with https://jochen-hoenicke.de/queue/#1,8h to adjust transaction fee. Most of time, the estimation from Electrum is good (I don't recall when Electrum gives my over-killing fee).
I don't use static because I want to make sure my transaction won't stuck too long that can happen if I set 1 satoshi per byte with Static option.
November 10, 2020, 09:00:10 AM
Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.
I am impressed that Electrum is so bad at fee estimation.
Sadly there isn't much a user can do, if he doesn't want to look at the mempool in a third party website. There are many good options, and you could get confirmed with a 1 sat/byte.
You're lazy - you pay more. It's a rule of life. If you're too lazy to read the TOS, you lose money, too lazy to do research on an investment - you lose money, too lazy to manually set fees - lose money.
Maybe they don't care, maybe they're too dumb to know they can change the fee, maybe they have so much money to send they don't care if it's $5 or $15 per transaction.
November 10, 2020, 08:35:10 AM
Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.
I am impressed that Electrum is so bad at fee estimation.
Sadly there isn't much a user can do, if he doesn't want to look at the mempool in a third party website. There are many good options, and you could get confirmed with a 1 sat/byte.
November 10, 2020, 08:09:54 AM
What about manually writing down the sat/byte? Does anything block us from proceeding our transaction if we use this way?
No that's fine. In fact, it might be better to manually check and write the fees that you wanted to since you don't really need to spend more than 5 minutes to do that. Just take a look at mempool.space for example, you can see that in the past 3 hours or so 10 sats/vbyte or more should be enough. There's a spike in mempool because block 656288 is founded around 40 minutes or so after the previous block and people are getting impatient, which is why it spiked up to 200 sat/vbyte or more. Because of that, even if there are less than 10 candidate blocks the fees are not as cheap as it usually is. CMIIW.
November 10, 2020, 07:34:30 AM
personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.
Well, maybe you are rich and you don't mind paying 200 sat/vbyte, which is like 30 USD in a single transaction.
Even if I were rich I wouldn't waste 30USD in a transaction that could cost 0.03 usd just because you don't want to manually write "1" instead of just clicking ok.
What about manually writing down the sat/byte? Does anything block us from proceeding our transaction if we use this way?
November 10, 2020, 07:25:09 AM
It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
Mempool size is not large enough to justify such a high fee (200 Sat/Byte). I guess users are still ignorant of the smaller Mempool size and therefore they continue to pay higher fee. This in turn is pushing up the median transaction fee. I guess it will come down in the next few days, as users realize that they can get instant confirmation even with lower fee.
November 10, 2020, 06:14:25 AM
Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.
It's now 199sat/byte within 5 blocks.
Kinda expensive still, but you can always use the Mempool method which you'll only going to pay for 1sat/byte. Mempool are now cleared and you'll get confirmations faster than the last couple of weeks that transactions with 1sat/byte got stucked for almost 2 weeks.
November 10, 2020, 05:31:20 AM
Electrum wallet default transaction fee for 5 blocks below is still 200sat/byte. I believe that ain't newbie sending that transaction that using 200sat/byte for fee because personally I don't manual input transaction because I don't want to manually check the preferred fee based on mempool condition by the time I want to send transaction.
It has since gone down from 200 to 130 sat/byte for the next 5 blocks the last time I check. Most transactions can actually go through within the next 5 blocks for 100 sat/byte or lower, though I guess most of those paying over 200 don't bother to check the mempool or the cheapest suggested fee, as they can easily pay for it no problem. Also, there are times wherein the number of transactions within the mempool surges, thus miners will still prioritize those with higher fees at a given time even if your transaction came in first.
November 10, 2020, 05:07:37 AM
I use the Electrum wallet and there are options for the mempool network and it's really amazing because the transaction fees are very cheap, a few hours ago I made an asset withdrawal and implemented it, with low transaction fees and process is quite fast, almost the same as expensive cost.
I hope many people know, there are cheaper bitcoin transaction fees on the Mempool network.
I hope many people know, there are cheaper bitcoin transaction fees on the Mempool network.
November 10, 2020, 03:48:14 AM
I've tried it myself half an hour ago but my transaction still not confirmed, I paid 14 sat/byte, the transaction will be confirmed in 7 blocks (1.78 vMB from tip)
You can check it here: https://bitcoinfees.net/ for total unconfirmed transactions on mempool (updated every few seconds)
Why don't you check it by yourself if 1 satoshi/byte will be confirmed within half an hour.
Sounds weird. I don't ask your for details (hash of that transaction because of your privacy and anonymity). Let me explain a bitYou can check it here: https://bitcoinfees.net/ for total unconfirmed transactions on mempool (updated every few seconds)
Why don't you check it by yourself if 1 satoshi/byte will be confirmed within half an hour.
You use ETA for fee estimation and the lock time is block #656263. Anyway ETA give you inaccurate fee estimation because it does not base on temporary fast changes of mempool size. If you check it now, the size is bigger.
Note that 2 transactions with same fee rate (14 satoshis/ (v)byte, ie.) will have order of priority as following: the one has bigger size will be confirmed first, then the second one will be confirmed later. Miners will prioritize the transaction has bigger size that brings bigger mining fee for them.
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