Mempool Observer - Discussion about Bitcoin Fees

[dkbit98]

THe current fee rate is too high! It will cost about 3-4 USD to send each input (not the overall transaction).

So if you received 30 usd per week in a campaign, to send 100 you would need to spend about 9 usd which is quite high

My solution for this issue is for campaign managers to adopt Liquid Network wallets (Aqua, Jade, Green wallet, ledger) and pay participants with L-BTC.
Each of them can swap L-BTC to BTC when on-chain fees are lower or when they need them, and they can easily swap it for L-USDT if they want.
In this way there won't be the need for consolidation, and transaction fees will be much lower for everyone.


Maybe you can include additional fees in your bitcoindata mempool observer for Liquid network and L-BTC:
https://liquid.network/

[ABCbits]

Maybe you can include additional fees in your bitcoindata mempool observer for Liquid network and L-BTC:
https://liquid.network/

If the goal is to promote Liquid, that's fine. But otherwise i don't think it's very useful since that website shows most blocks is almost empty. It means people could just set 0.1 sat/vB (which is minimum fee rate[1]). Although as reminder Liquid use Confidential Transaction which leads to bigger transaction size[2].

[1] https://help.blockstream.com/hc/en-us/articles/900001386846
[2] https://help.blockstream.com/hc/en-us/articles/900001390903-What-is-the-transaction-capacity-of-Liquid-

[dkbit98]

If the goal is to promote Liquid, that's fine. But otherwise i don't think it's very useful since that website shows most blocks is almost empty. It means people could just set 0.1 sat/vB (which is minimum fee rate[1]). Although as reminder Liquid use Confidential Transaction which leads to bigger transaction size[2].

Goal is to show difference compared to main chain Bitcoin, and why it could be a good idea to use Liquid L-BTC for frequent campaign campaign payments.
Number of transactions is slowly increasing on Liquid so fees will change in future and it would be nice to follow USD value estimates.

[yhiaali3]

THe current fee rate is too high! It will cost about 3-4 USD to send each input (not the overall transaction).

So if you received 30 usd per week in a campaign, to send 100 you would need to spend about 9 usd which is quite high

You are right, for small amounts, the fees are still high, such as for campaigns in the forum. If you want to send the payment every week, it will cost you a fee of about $9 per month, as you mentioned, so I will not send it every week, but rather I will send it once a month to reduce the fees.

But I said that it is good due to the high rate of fees that we have seen over the past months, as fees sometimes reached $15-20, so compared to these high fees, the current fees are considered good, but of course we hope that they will continue to decline until they return to their previous level of 10-15 sat.

[Uruhara]

Last year, I actually still had no problem with the fee increases that continued to occur. Because last year there was a free Accelerator of 100 tx every hour from ViaBTC. But now I can no longer use the accelerator because the free slots have been reduced to 20 tx per hour and even then they always run out in a few seconds. Maybe by bots or maybe because many people use it.

Yes, the ViaBTC accelerator is a useful site, especially when transaction fees on the BTC network become insanely expensive. As far as I know, this site reduced the hourly limit because of the influx of bots, and the problem is that it only made the situation worse because now it is completely unrealistic for regular users to use this service. Now, bots literally empty the current limit in a fraction of a second, and it is clear that an ordinary user won't be able to press the button and pass the captcha in such a short time.

yeah, that's right, friend. Now I've even given up on using the free acceleration from ViaBTC. Because it is no longer possible to compete with bots which are always faster than us who only input manually.

Luckily now the fees are starting to get lower again within a few days. But I'm not sure it will last long.

[famososMuertos]

I used to think 20 sats/vB was expensive. But now I see 40 sats/vB is cheap. Because now we've kept seeing costs keep circling between 40 to 200.

I hope things return to normal and I miss transactions with fees of 6 to 10sats/vB. Now I'm even starting to doubt that we'll ever see such cheap costs again.

While it is true, we all want 1sat/vB even if we do not use it, but you cannot always expect the rates to adapt to your possible TXs, adapt your amounts to the real situation.

Consequently! Send in time and avoid emergencies.

If you send $300 a fee of $3 is quite acceptable, within the limits of 1%-5%, which could be considered acceptable.

On the other hand, awareness is using the correct fee, which corresponds, if the highest priority is $10, understanding that putting $20 is not correct.

[Baofeng]

Last year, I actually still had no problem with the fee increases that continued to occur. Because last year there was a free Accelerator of 100 tx every hour from ViaBTC. But now I can no longer use the accelerator because the free slots have been reduced to 20 tx per hour and even then they always run out in a few seconds. Maybe by bots or maybe because many people use it.

Yes, the ViaBTC accelerator is a useful site, especially when transaction fees on the BTC network become insanely expensive. As far as I know, this site reduced the hourly limit because of the influx of bots, and the problem is that it only made the situation worse because now it is completely unrealistic for regular users to use this service. Now, bots literally empty the current limit in a fraction of a second, and it is clear that an ordinary user won't be able to press the button and pass the captcha in such a short time.

yeah, that's right, friend. Now I've even given up on using the free acceleration from ViaBTC. Because it is no longer possible to compete with bots which are always faster than us who only input manually.

Luckily now the fees are starting to get lower again within a few days. But I'm not sure it will last long.

It started to go up at least 47 sat/vB currently from the 30's that we have seen in the last 12 hours or so. And just like the price, it a continuous up and down. Maybe there are time frame that there are no activity whatsoever that's why the transaction fee is down.

And then active hours means fees are bumping up. I do hope that we can see 1 sat/vB, but I doubt it though. The ordinals are going to continue and so mempool will be clogged from time to time.

[bitmover]

If you send $300 a fee of $3 is quite acceptable, within the limits of 1%-5%, which could be considered acceptable.

The problem is that right now each UTXO will cost about 3$ to send, which is quite high.

For example, we receive less than $50 in signature campaigns. We would need at least 6-10 inputs to make a transaction of 300 now, which would cost about 12-30 usd

[Uruhara]

yeah, that's right, friend. Now I've even given up on using the free acceleration from ViaBTC. Because it is no longer possible to compete with bots which are always faster than us who only input manually.

Luckily now the fees are starting to get lower again within a few days. But I'm not sure it will last long.

It started to go up at least 47 sat/vB currently from the 30's that we have seen in the last 12 hours or so. And just like the price, it a continuous up and down. Maybe there are time frame that there are no activity whatsoever that's why the transaction fee is down.

And then active hours means fees are bumping up. I do hope that we can see 1 sat/vB, but I doubt it though. The ordinals are going to continue and so mempool will be clogged from time to time.

Well transaction fees keep fluctuating. And yes, it all depends on transaction density at certain hours. So now we have to start to understand at what times transaction density decreases accompanied by a decrease in transaction costs. So checking the mempool in real time can also help. And yes, topics like this can also help by notifying each other when fees start to fall.

For now the fee will at least not increase to 100sats again. But it continues to rotate in the 70 to 32 area.

[dkbit98]

The problem is that right now each UTXO will cost about 3$ to send, which is quite high.

For example, we receive less than $50 in signature campaigns. We would need at least 6-10 inputs to make a transaction of 300 now, which would cost about 12-30 usd

Did you read what I wrote before about L-BTC as alternative?
This would easily fix that issue and it would be even better for smaller transactions like tips/donations and it would give better privacy.
I would like to see this added to bitcoindata.science if possible

[bitmover]

The problem is that right now each UTXO will cost about 3$ to send, which is quite high.

For example, we receive less than $50 in signature campaigns. We would need at least 6-10 inputs to make a transaction of 300 now, which would cost about 12-30 usd

Did you read what I wrote before about L-BTC as alternative?
This would easily fix that issue and it would be even better for smaller transactions like tips/donations and it would give better privacy.

This is interesting.

But how to convert L-BTC to BTC? AFAIK, only Aqua wallet do that.

I have been using Monero and LTC when possible for now, but those coins usually have a worst performance compared to BTC price. I am using exch.cx to convert them.

L-BTC could be an alternative.

I would like to see this added to bitcoindata.science if possible

In the donation page or in the API?

Fees are basically 0 sat/vbyte in all blocks lol

[ABCbits]

But how to convert L-BTC to BTC? AFAIK, only Aqua wallet do that.

You also can use exchange, although it's not practical if you deal with small amount of L-BTC due to BTC withdraw fees.

[MVL~$]

Just like in bitcointalk, I created this thread so we can observe the mempool.

This images always show the mempool in realtime:

Recommended fees:

Code: [Select]

[img height=150]https://bitcoindata.science/api/bitcoinfees.php[/img]

Code: [Select]

[img]https://bitcoindata.science/api/chart.php[/img]
Anyone can use those images, just use the codes above. Data  is always updated.

I personally really like this tool a lot. Through this you can easily understand about the gas fee of Bitcoin. For which you don't have to spend much. You can see the data nicely with horizontal lines there if you want.

[bitmover]

But how to convert L-BTC to BTC? AFAIK, only Aqua wallet do that.

You also can use exchange, although it's not practical if you deal with small amount of L-BTC due to BTC withdraw fees.

And which exchange is that?

I just looked at coinmarketcap.com  and found d nothing

https://coinmarketcap.com/currencies/liquid-network/

I discovered a list of exchanges here
Only small ones
https://liquid.net/

Best to do is to swap to usdt using aqua

[dkbit98]

But how to convert L-BTC to BTC? AFAIK, only Aqua wallet do that.[/size]

[/size]
Aqua wallet already have integrated SideSwap for that, but you can also use it separately.
Another decentralized p2p exchange you can use is TDEX app, and I heard that other exchanges will come soon.
https://sideswap.io
https://tdex.network

Fees are basically 0 sat/vbyte in all blocks lol

[/size]
Yeah, that is the point    but it will increase in future.

And which exchange is that?

I just looked at coinmarketcap.com  and found d nothing

https://coinmarketcap.com/currencies/liquid-network/

I discovered a list of exchanges here
Only small ones
https://liquid.net/

Best to do is to swap to usdt using aqua

[/size]
Bitfinex is part of the Liquid Network so I am sure they will add full support soon, others will follow.
But I much more prefer to use decentralized exchanges.