PSA: Fees are cheap right now | Bitcointalksearch.org

Findingnemo

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Quote from: ranochigo on January 06, 2021, 03:59:22 AM

Quote from: Findingnemo on January 06, 2021, 03:54:25 AM

Mempool is not much congested like 2017 scenario but still some wallet's wrong estimation is pushing the fees higher when there is no need if it. So if you are going to make a transaction just check what ks the actual fee should be used, don't trust your wallet estimate it is now showing wrong calculation even in Electrum - Mempool feature.

Are you sure? My Electrum is telling me 9 sat/vbyte for 1MB from tip which is what the mempool estimation sites are also telling me, within a very small margin of error.

The only time it can be regarded as inaccurate is their ETA feature. It's designed to intentionally overcompensate so that the user's transactions can confirm within the specified period of time.

For me it was showing 39 sats/byte when the actual fee needed is something like 8 sat or above and I started to notice such kind of errors in the recent times which I already debated on another thread.

ranochigo

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Quote from: Findingnemo on January 06, 2021, 03:54:25 AM

Mempool is not much congested like 2017 scenario but still some wallet's wrong estimation is pushing the fees higher when there is no need if it. So if you are going to make a transaction just check what ks the actual fee should be used, don't trust your wallet estimate it is now showing wrong calculation even in Electrum - Mempool feature.

Are you sure? My Electrum is telling me 9 sat/vbyte for 1MB from tip which is what the mempool estimation sites are also telling me, within a very small margin of error.

The only time it can be regarded as inaccurate is their ETA feature. It's designed to intentionally overcompensate so that the user's transactions can confirm within the specified period of time.

Findingnemo

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Bitcoin = Financial freedom

Mempool is not much congested like 2017 scenario but still some wallet's wrong estimation is pushing the fees higher when there is no need if it. So if you are going to make a transaction just check what ks the actual fee should be used, don't trust your wallet estimate it is now showing wrong calculation even in Electrum - Mempool feature.

Yogee

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Quote from: fiulpro on January 06, 2021, 02:36:35 AM

.....
Also is it just me or the transactions are getting faster ?? First it took like 1-2 hours normally but now in a matter of minutes my transactions are getting confirmed even though am paying medium fee.

The fee you pay doesn't affect the confirmation time but it will tell you if your transaction will be mined first from the thousands of transactions in the mempool or not. It's in the code that one block confirmation time is 10 minutes on average. It gets faster or slower at some point depending on the level of mining difficulty which is adjusted every two weeks or 2016 blocks. The difficulty level increases if blocks are mined faster than average and vice versa.

fiulpro

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Quote from: jseverson on January 03, 2021, 01:51:02 AM

5 sats/byte according to https://coinb.in/#fees as of this moment. It was around 15 sats/byte a few hours ago too.

This would probably be the best time to consolidate or move coins around.

It's also a bit late, but have a happy new year, people of Bitcointalk!

Not only that the exchange wallet that am using they allowed free trading till : 8 th of January and therefore I have decided to put all my savings in the bitcoins right now. I understand the fact that it might be a little risky right now but I do think that we are somehow going to pass even this milestone.

It is indeed a very serious time right now and the thing is you have to keep checking the price every single second, this might go very wrong in a matter of minutes but even then the future is very bright for sure.

I have seen posts too where people have decided to encash and I don't understand the reason why ?? The price is rising and if people started to encash these bitcoins as fast as the price starts getting across a certain milestone it's bound to fall.

Also is it just me or the transactions are getting faster ?? First it took like 1-2 hours normally but now in a matter of minutes my transactions are getting confirmed even though am paying medium fee.

tbct_mt2

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To check fees:
https://jochen-hoenicke.de/queue/#1,24h (I tend to use this site than mempool.space)
https://mempool.space/
https://bitcoindata.science/plot-your-transaction-in-mempool.html (you can get size of your transaction: fill in input, output and choose address type. If you are not opening your wallet, and don't know how much the size of your transaction is, you can check it with the website)

stompix

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Quote from: msarro on January 03, 2021, 05:49:07 AM

I didn't know that even if the price are increasing the fees can become cheaper the last time I transferred Bitcoin the fee was around $6 well just like what you have said it must be about the timing.

Because the fee is determined by the number of transactions made, not by the price!
You can have BTC at 100 000, if nobody is moving one satoshi it means that you can still get a next block confirmation with 1sat/b. Of course, those satoshis would be 3 more expensive but since you will get away with 1sat/b not 20sat/b it will be 7 times cheaper.

The cause for low fees right now are pretty obvious, Christmas -weekend- New Year's Eve- weekend, from the 24th of December we only had like 3 real working days, people were not making transfers, most are on holiday, and on top of that we're ming on average 6% faster blocks now, so that's why the mempool was almost empty for most of the times.
But from today things will start changing again, the number of transactions starts to grow on Monday morning (gmt) and the growth will last till Friday so probably this will be the last day when you'll still be able to sneak in an under 5 sat/b transaction

Quote from: ChrisPop on January 03, 2021, 02:40:48 AM

This is just another proof that mining fees are not that big of a problem.

This is like looking at the traffic at 4 am Sunday morning in NYC and saying it's impossible for traffic jams to happen.

sheenshane

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Quote from: jseverson on January 03, 2021, 01:51:02 AM

5 sats/byte according to https://coinb.in/#fees as of this moment. It was around 15 sats/byte a few hours ago too.

This is a Bitcoin calculator and I think it is good if we always use this when we wanted to have a transaction and not to be annoyed when our transaction gets stuck for how many days. If you check here on Johoe's Bitcoin Mempool Statistics, the lowest fees were on yesterday January 2 and now it was spiked a little.

Probably the reason could be Bitcoin holders are now waiting for when Bitcoin stop spiking in the market or it could be traders are having a short break right after a new years celebration.

Upon moving your Bitcoin into another address, do check first the Bitcoin mempool stats if the network isn't congested.

AmoreJaz

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Quote from: msarro on January 03, 2021, 05:49:07 AM

I didn't know that even if the price are increasing the fees can become cheaper the last time I transferred Bitcoin the fee was around $6 well just like what you have said it must be about the timing.

yes, it is. one way that i do before sending my coins is i check the mempool's activity. and you can get idea about your priority if you will check one of the latest transactions via blockchair. with how much they are spending per byte and their priority. i usually get a tx with low sat/byte, and check approx how long they will get a confirmation. that is, if you are not in a hurry. if youre in a hurry, just check the chart of the mempool size and you will get a hint if you are sending at the peak or relatively at the low point of the day. it is great to see that even if we are in this price level, one can still send using 2-5 sat/byte without waiting for days.

msarro

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I didn't know that even if the price are increasing the fees can become cheaper the last time I transferred Bitcoin the fee was around $6 well just like what you have said it must be about the timing.

TravelMug

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It's clogged when we hit $30k, I guess bitcoiners are not moving anything right now, probably waiting for $40k-$50k before we can see some liquidations. Tested 4 sats/byte, it got confirmed in about an hour, I guess it's all about timing. Grin

joniboini

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Quote from: Harlot on January 03, 2021, 02:46:09 AM

For people who needs to transfer their Bitcoin I think you need to do it fast before your opportunity runs out.

There's no need to do that, at least for now. There are just ~15 blocks on the mempool and you can easily get away with 3 sats/vbyte[1]. Don't think too much about the sudden spike since there's a high change there will be a fast block(s) in the next hour or so.

[1] https://mempool.space/

jseverson

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Quote from: Harlot on January 03, 2021, 02:46:09 AM

We might gotten a breather here but for sure this won't last as what mk4 already posted the fees right now are already in a rise again so I won't be surprise if it will go back up to an unreasonable price. For people who needs to transfer their Bitcoin I think you need to do it fast before your opportunity runs out.

That graph is actually about Bitcoin interest in Google Trends, not fees. https://coinb.in/#fees still recommends 5 sats/byte at the moment. You're right though, we don't know how long this will last; high fees seems like it'll be the norm going forward, especially with Bitcoin doing as well as it has as of late.

Harlot

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This might just be temporary as probably people will start sending/transferring their Bitcoins again thus triggering another rise in network fees. We might gotten a breather here but for sure this won't last as what mk4 already posted the fees right now are already in a rise again so I won't be surprise if it will go back up to an unreasonable price. For people who needs to transfer their Bitcoin I think you need to do it fast before your opportunity runs out.

ChrisPop

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This is just another proof that mining fees are not that big of a problem. It needs to get sorted? - For sure, that's why we have the Lightning Network.
I think we should be more conscious about fees when we get to a more stable, less volatile Bitcoin. For now we are in a full on bull run led by institutions queueing to get a piece of the pie. Wink

mk4

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Additional PSA: To the privacy conscious people like I am, now's probably a great time to do some mixing and coinjoins. I wouldn't wait til we get a lot more public hype because it seems like we're not at the peak yet.

https://trends.google.com/trends/explore?date=today%205-y&q=bitcoin

jseverson

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5 sats/byte according to https://coinb.in/#fees as of this moment. It was around 15 sats/byte a few hours ago too.

This would probably be the best time to consolidate or move coins around.

It's also a bit late, but have a happy new year, people of Bitcointalk!

Topic: PSA: Fees are cheap right now (Read 240 times)