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Bitcoin Forum / Re: High fees is a never ending story?
« Last post by Baofeng on Today at 12:17:52 AM »There are blocks and blocks of 10 sat/vbyte transactions alone. Same for 5 sats/vbyte. But anyway, I am content with a 20 sat/vbyte fee for Bitcoin. As long as fees do not shoot up again, I think the conditions are going to be very good for making transactions for the next few weeks at least.The current transfer fees around 10 sat/vB, it is actually quite cheap. It's rather rare to see transfer fees of 5 sat/Vb or lower. If you are satisfied with the transfer fess around 20 sat/vB, it means you have no problem with the current transfer fees. With 20 sat/vB, your transaction will be faster. I'm actually doing the bad decision to customize the transfer fees few days ago, I set the transfer fees about 8 sat/vB. Until now, it cannot be processed, the transaction status is pending until now. There is no solution for this case, it just hope for the miracle that the transfer fees will be around 8 sat/vB again. This is a lesson, don't set too small transfer fees!!
Right, it's down to 10 sat/vB and it's quite cheap for now. Of course, we wouldn't want to see it lower and be back to like 1-5 sat/vB. But not sure if we can still achieved that assuming that there will be another project in the horizon that is going to take advantage of the blockchain and clogged it again. Well we can used transaction accelerators if you believed that they work.
And if you look at mempool, let's say it's 11 sat/vB as the highest and you set your fee with that, it might also take some time to be in the next block as everyone could have paid the same fee.