Mempool Observer - Discussion about Bitcoin Fees

[Litzki1990]

Today mempool is showing normal, minimum 28, medium 29 and maximum 33. At the time I'm writing this post, if someone wants to transfer bitcoins, they may have to pay a transaction fee of $3 to a maximum of $5 per transfer. To catch it is normal compared to other times, other times normally we used to use 70 to 80 mempool to transfer bitcoins now it is between 28 to 30.

[philipma1957]

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.

Nice work like it here and there.

I am thinking price of fees backed off for four reasons.

ETF sell off.
Ordinals reduced.
Btc price dropped
Large Texas mines got back on line. Power was diverted from mines when it was cold in Texas.

This has lifted the difficulty rate and blocks are mined faster right now than last week.

[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.

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

Check this Blockstream help guide, https://help.blockstream.com/hc/en-us/articles/900001387106. But that guide is outdated since few website i checked doesn't show L-BTC as trade/exchange option.

[examplens]

I am thinking price of fees backed off for four reasons.

ETF sell off.
Ordinals reduced.
Btc price dropped
Large Texas mines got back on line. Power was diverted from mines when it was cold in Texas.

This has lifted the difficulty rate and blocks are mined faster right now than last week.

I don't think the ETF affects the fee, at least not directly. Because they mostly hold Bitcoin, they do not make transactions on the blockchain.

[philipma1957]

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

Check this Blockstream help guide, https://help.blockstream.com/hc/en-us/articles/900001387106. But that guide is outdated since few website i checked doesn't show L-BTC as trade/exchange option.

okay reading it now.  I will add to this post in a few minutes

After checking it a bit I would not do L-BTC

If I want to do small btc moves I would do kyc with kraken because kraken will allow me access to its LN wallet.

I would put in $500 usd to kraken
I would buy $100 usd in BTC monthly on kraken
If I need to do small payments of btc I would use kraken LN wallet.

This is a chump change solution with under $500 usd at risk at all times.

I would still have a wallet with my major amount of coin offline

I am well aware that the $500 on kraken is at risk

[bitmover]

I would put in $500 usd to kraken
I would buy $100 usd in BTC monthly on kraken
If I need to do small payments of btc I would use kraken LN wallet.

This is a chump change solution with under $500 usd at risk at all times.

I would still have a wallet with my major amount of coin offline

I am well aware that the $500 on kraken is at risk

You can do that in binance as well.

However,  I think l-btc might be a better solution

You can swap L-BTC to bitcoin or USDT using aqua wallet. I think it is safer to hold L-BTC in aqua than to hold btc in binance

[ABCbits]

Check this Blockstream help guide, https://help.blockstream.com/hc/en-us/articles/900001387106. But that guide is outdated since few website i checked doesn't show L-BTC as trade/exchange option.

okay reading it now.  I will add to this post in a few minutes

After checking it a bit I would not do L-BTC

If I want to do small btc moves I would do kyc with kraken because kraken will allow me access to its LN wallet.

I would put in $500 usd to kraken
I would buy $100 usd in BTC monthly on kraken
If I need to do small payments of btc I would use kraken LN wallet.

This is a chump change solution with under $500 usd at risk at all times.

I would still have a wallet with my major amount of coin offline

I am well aware that the $500 on kraken is at risk

Yeah, L-BTC lost it's advantage when you don't mind take some risk and pay on-chain TX fee to open new LN channel. But it wouldnt hurt to know more options.

[0t3p0t]

Today mempool is showing normal, minimum 28, medium 29 and maximum 33. At the time I'm writing this post, if someone wants to transfer bitcoins, they may have to pay a transaction fee of $3 to a maximum of $5 per transfer. To catch it is normal compared to other times, other times normally we used to use 70 to 80 mempool to transfer bitcoins now it is between 28 to 30.

It is now at 23 sats/vB for 66 minutes and I missed this lowest priority for my 35 sats/vB transaction that has been cancelled. Patience really is a virtue and I am not having it as all I thought was that fees will keep on going up. 😅

[dkbit98]

However,  I think l-btc might be a better solution

You can swap L-BTC to bitcoin or USDT using aqua wallet. I think it is safer to hold L-BTC in aqua than to hold btc in binance

It is better in some cases, but better check out rates in TDEX app, they could be offering lower fees sometimes than directly in Aqua wallet, for larger amounts when swapping from BTC to L-BTC.

I am not supporting centralized exchanges in any way, but some of them support Liquid network now, like Bitfinex (no withraw fee for L-BTC), BTSE, BTCTurk, etc.

[bitmover]

It is better in some cases, but better check out rates in TDEX app, they could be offering lower fees sometimes than directly in Aqua wallet, for larger amounts when swapping from BTC to L-BTC.

I am not supporting centralized exchanges in any way, but some of them support Liquid network now, like Bitfinex (no withraw fee for L-BTC), BTSE, BTCTurk, etc.

Tdex and exch.cx are also centralized. They are just able to bypass regulations for now. Like shapeshif, changelly and other services in the past..

I like those swap services and I have always used them. They come and go, if they Stay for too long in the market they end up demanding kyc...

I will try tdex for sure. I have to exchange some XMR I have to L-BTC

[dkbit98]

Tdex and exch.cx are also centralized. They are just able to bypass regulations for now. Like shapeshif, changelly and other services in the past..

I think that TDEX aka TrueDEX is p2p decentralized exchange, unlike other exchanges you mentioned
There are some limitations and it's not one solution for everything, but this could be used as one of the tools with Liquid network.
https://tdex.network/

[Stompix]

Common guys, wake up!!!!
We hit again 500sat/b!
You see , this happens when you don't have a fee buddy to keep things up to date!

We're back at 10$ for next block, although , that is as always misleading because if you happen to nee two inputs, well, you're going to pay with something else.



Now, imagine you're face to face with the guy that paid 5000sat/vb...what are you going to say? Or do?

[Don Pedro Dinero]

Common guys, wake up!!!!
We hit again 500sat/b!
You see , this happens when you don't have a fee buddy to keep things up to date!

We're back at 10$ for next block, although , that is as always misleading because if you happen to nee two inputs, well, you're going to pay with something else.

Well, yesterday's storm was short-lived and the sun has come out again: currently 24 sats/vB are enough for a quick confirmation. There seems to be a downward trend in unconfirmed mempool transactions, with exceptions such as yesterday. In the last 7 days there has been a clear decline. Let's hope it continues.

[famososMuertos]

The days to Txs by gross less than $2, etc. It ended a long time ago and not to mention the "famous" 1sat/vB, the fee is a percentage, placed in the range 1-3%, low priority, and HP: 4%,5% of the amount. If it doesn't work for you, there are other options, waiting is one, and/or Atls.

Saying that $10-$20 is a lot doesn't make sense if you send $1000 and it's stupid to pay a $10-$20 fee when the mempool tells you that the priority is 1sat/vB.

[Stompix]

Saying that $10-$20 is a lot doesn't make sense if you send $1000 is 1sat/vB.

It's still a lot if you compare it to 5 cents or for free as some others methods are able to do it.
Besides most of the people wouldn't want to send $1000 every time as the majority of crypto wonder don't even have that amount ready.
Common let's not turn Bitcoin into some elitist payment gateway where it's cheap for millionaire to transfer a billion for 0.0..1 of the sum while a guy can't get his signature campaign payment without a 20% cut.

Let's hope it continues.

No chance!
First it was the weekend, then we had a 7% adjustment so 10 extra blocks per day for 13 days, and since Saturday we're looking at 20 extra blocks per day, so in the last weeks we had around 200vMB of extra space available for confirmation, now way this is going to repeat itself!

It will go down a bit but not with the same pace, plus once it hits under 20sat/vb expect a ton of incoming tx as there are thousands that start sending them again after being purged from most mempools. Plus a ton of consolidations from large exchnges, OKex has 7000 unconfirmed inputs in one wallet for example.