Topic: Stop paying crazy tx fees(!) I paid only 1.9sat/B when pool asked me for 100+ - page 3. (Read 688 times)

Are you going to say this one was lucky too?



This took only  77 minutes :-)


Are you really sure about it? I don't know which world you are living in bud.

Why do you think we are in the bull run? Increase in price from 4000$ to 5000$ it's not something we can call bull run, and it certainly can not be compared with November / December 2017 when price is skyrocket from 7000$ to almost 20 000$ in one month. Transaction fees are then incomparably bigger than today, up to 55$ per transaction what can be seen here : Bitcoin Avg. Transaction Fee historical chart

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Royse777, you are just advised to pay a certain fee, and you look at that site which is according to some users known as very inaccurate. However, paying the highest possible fee at a specific time ensures that the transaction is confirmed in the next block. You pay low fee and wait for 11+ hours, and you get lucky with next transaction and wait only 98 minutes.

This is good for people who can wait, but if you need fast confirmation there is no other option than paying a max fee, or adjust fee to be enough for confirmation in next 3-5 blocks, which is cheaper and sufficient for confirmation in 1+ hour.

sometimes people don't know they are overpaying though. the point was that they simply trust their wallets. why shouldn't they? it was supposed to work properly. and i can say that sometimes the developers may not even be aware of it since nobody reports it to them and everyone just complains about high fees!

How would you feel to spend 0.0005+ BTC in fees for a translation of 0.005BTC? Don't you think it's too much? If you check my OP that this is exactly what happened (101.1 sat/B) with me because I was trusting the wallet calculation.

If you are a regular spender me then I do not think you would say the you never complain about the fees LOL

If they do compare then they will never end up paying 4950% increased fees (101 sat/B where you could spend 2 sat/B) :-)

Its all about priority at the end of the day. If you need your TX to get confirmed as soon as possible, default fees is best in this case.

If you can wait just like op did, manually lowering the fees helps, but no correct estimate can be given as to how much time it would take due to the extreme volatility of this market.

Same case with me, i dont really mind too much if i do pay up the current amount of fee nowadays unlike on that bull run event on 2017 which the amount is already disturbing
when you do want some fast confirmation but now it isnt really too much a bother yet even next block transactions wont cost you much. Thanks for sharing btw OP.

Yeh I know, but the dynamic calculation for the wallets basically causing this high fees for us. Most of the people really do not care to edit the fees I think.


Not that long I was expecting. I thought it will take few weeks lol but in reality it took,

I never complain about the fee
When I want to receive in a fast way, I know that I must use a high fee and if I compare with the money that I will receive, still, the fee is not too big for me, and I can deal with that.
That is great for you if you can pay with a small amount of fee but how long until you receive the bits?
Almost every people wants to see they receive money in the short time, but they don't want to pay more for the fee, so they got confirmation slowly because there is another transaction which is paid with the high fee.
So after all, it is a good suggestion for people. No offense OP

one of the biggest problems is that most wallets (blockchain.info, some of the mobile wallets,... even the account types like coinbase) are over estimating the fees and users usually trust that their wallet must be correct so they end up paying what is suggested to them not knowing they are paying more than they should.

i think everyone has to compare their wallet's suggestion with real fees of transactions in the mempool first before they can make a conclusion about whether it is giving them an appropriate suggestion or not.
this site has been great for visualizing the memory pool and analyzing the fees: https://jochen-hoenicke.de/queue/

Fees are supposed to be a priority mechanism: if you're in a hurry, you pay more, and your transaction gets confirmed faster. That would work fine, if users would set the fee on their own, based on their needs at that moment. However, as most wallets now use "dynamic fees", and they all try to get confirmed in the next block, fees quickly spiral upwards the moment blocks are full. The end result is that everybody pays more, while everybody is still waiting too.
If only we could get enough people to manually prioritize their transactions!

See also: Fees are low, use this opportunity to Consolidate your small inputs!

Transactions fees is actually a challenge during every bull run. During late 2017 while the great bull run happened, people paid huge transaction fees. Same thing I notice last week as well. While the normal numbers of unconfirmed transactions are around 3k to 5k, it went up to 25k last week. It's not down again at 6.5k. That's why we need LN to be implemented as soon as possible!
 
It's good that you were able to manage with lower fees, but how long did it take to get confirmed?

It's almost 11 hours, but still the fee is too cheap. I think this is advisable if you are not really rushing to get or send from one address to another. This is helpful since most of us is trying to save money paying high transaction fees for faster block confirmation. Let's hope that bitcoin scalability problem will be solved soon. I don't want paying high fees, this is killing my money.

You should be noticing that last few weeks, the mempool is packed with tx and people are paying very high tx fee. I also paid some crazy tx fees until yesterday I realised that if I pay low fees still it's not taking much longer time.

I had some issues yesterday to send some fund and in the process of solving it I discovered this low fees phenomenon which I thought worth sharing with everyone. I am just not sure which board to share. I have Bitcoin Discussion in mind. I also have Development & Technical Discussion, Mining, Bitcoin Technical Support, Beginners & Help, Currency exchange in mind then I though to post it in Bitcoin Discussion with the hope that more people will read this to get benefit. I can not just post the same topic in several boards.

Check this image: https://i.imgur.com/9ahocyt.png (I did not embed it intentionally because this will take the entire space)

1 to 6 sat/B is crazy then everything looks normal.
91 to 96 sat/B is again crazy then until 104 sat/B looks normal
105 to 106 sat/B is crazier until 160 sat/B
161+ sat/B is where the most of the miners are picking the transactions.

So automatically the current recommendation is 160+ sat/B.

If you are using Electrum then it's recommending any value from 1 to over 100 which I experienced yesterday for the tx to confirm within the next 10 blocks.

Yesterday when I did my first tx then I manually picked my fees since I did not have much worry about the tx confirmation time. I picked under 2 sat/B. I was assuming this will not confirm in weeks LOL but it did not happen(!) The tx was confirmed after 672 minutes!



Then in the 2nd tx instead of paying the crazy fees I again picked low fees (3 sat/B). It was confirmed after 98 minutes!



Now if you see the regular fees which Electrum recommended me then you will see the craziness.



Check the fees differences. I can bring you more 10+ tx I made in the last few day and all are the same with high paying tx because I used Electrum recommended fees.

So, my suggestion is that,
Stop paying high fees while you can spend very less fees for a transaction. Pick something even less than 2 sat/B.

I hope it helps.

Cheers :-)

Note: Please feel free to share this in other boards which were mentioned earlier. More people needs to see this. Thanks.