Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Yamane_Keto on January 10, 2024, 06:43:13 PM
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Recently, Bitcoin fees have increased significantly, and because many beginners want to confirm their transaction and do not know how to calculate fees, so they pay more fees. In this case, a user paid 648 sat / Vbyte, and after a few minutes he discovered that the transaction had not been confirmed, so he increased it to 1116 sat, then 1,293, then increasing it to 1,585, then finally confirming it with 7,895 sat/Vbyte. Thus, instead of paying $30 to confirm the transaction, he paid $367.
(https://talkimg.com/images/2024/01/10/siQGm.png)
So, how will we pay the ideal fees according to the situation, meaning that we do not pay a lot of fees and that they are not less than what is required, which causes a delay in confirmation?
First, we need to know the types of addresses. In Bitcoin, we have the following addresses:
- Legacy addresses: starts from 1
- Nested Segwit addresses: starts from 3 (but not all addresses that start with 3 are Segwit)
- Native Segwit addresses: starts from bc1q
- taproot addresses: starts from bc1p
Now that we know the type of addresses, we need to calculate the input and output virtual size, which we can calculate easily through https://bitcoinops.org/en/tools/calc-size/
Now suppose that I have a Segwit type transaction that contains 1 input and 2 outputs, the total size becomes: 140.5 vbytes.
(https://talkimg.com/images/2024/01/10/siGfW.png)
After you know the size of your transaction, you need to go to https://mempool.space and choose the appropriate fees according to Low Priority Medium Priority High Priority
Suppose I want my transaction to be confirmed quickly, so I choose 42 sat/vB
total fees will be 140.5 * 42 = 0.00005901 BTC which is $2.71 If your wallet recommends higher fees to you, you will most likely pay a higher fee than what is required to be confirmed.
You can go to the two sites above and modify the transaction according to its type and the appropriate fees at that time.
Many thanks https://bitcointalk.org/index.php?topic=5478485.msg63347819#msg63347819
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Recently, Bitcoin fees have increased significantly, and because many beginners want to confirm their transaction and do not know how to calculate fees, so they pay more fees. In this case, a user paid 648 sat / Vbyte, and after a few minutes he discovered that the transaction had not been confirmed, so he increased it to 1116 sat, then 1,293, then increasing it to 1,585, then finally confirming it with 7,895 sat/Vbyte. Thus, instead of paying $30 to confirm the transaction, he paid $367.
(https://talkimg.com/images/2024/01/10/siQGm.png)
So, how will we pay the ideal fees according to the situation, meaning that we do not pay a lot of fees and that they are not less than what is required, which causes a delay in confirmation?
First, we need to know the types of addresses. In Bitcoin, we have the following addresses:
- Legacy addresses: starts from 1
- Nested Segwit addresses: starts from 3 (but not all addresses that start with 3 are Segwit)
- Native Segwit addresses: starts from bc1q
- taproot addresses: starts from bc1p
Now that we know the type of addresses, we need to calculate the input and output virtual size, which we can calculate easily through https://bitcoinops.org/en/tools/calc-size/
Now suppose that I have a Segwit type transaction that contains 1 input and 2 outputs, the total size becomes: 140.5 vbytes.
(https://talkimg.com/images/2024/01/10/siGfW.png)
After you know the size of your transaction, you need to go to https://mempool.space and choose the appropriate fees according to Low Priority Medium Priority High Priority
Suppose I want my transaction to be confirmed quickly, so I choose 42 sat/vB
total fees will be 140.5 * 42 = 0.00005901 BTC which is $2.71 If your wallet recommends higher fees to you, you will most likely pay a higher fee than what is required to be confirmed.
You can go to the two sites above and modify the transaction according to its type and the appropriate fees at that time.
Many thanks https://bitcointalk.org/index.php?topic=5478485.msg63347819#msg63347819
Thanks for sharing this post here. it is really very informative. Sad to know about the guy who paid $367 for a bitcoin transaction.
I think patience is also something we should have. some time transactions can take a big longer than expected but they'll eventually confirm. but unfortunately some people are too impatience, and then end up loosing a lot of money because of that.
Also most wallets suggest best suitable transaction fee. I myself never bothered to go to any external website such as mempool to check fee. and never had any issues before.
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and this will definitely happen when the price of Bitcoin starts to rise quite significantly and there is crowding on the network, the transaction fees for sending Bitcoin will really increase like crazy. it can even go up so much due to folding that it will be burdensome for us to transfer Bitcoin at certain times, especially when we are really breaking up quickly.
That's why we actually have to often check transactions before we execute them because there could be an increase or decrease in transaction fees when sending. So it would be better if we consider when is the right time to send it so as not to waste a lot of money on Bitcoin transaction fees.
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That's why we actually have to often check transactions before we execute them because there could be an increase or decrease in transaction fees when sending. So it would be better if we consider when is the right time to send it so as not to waste a lot of money on Bitcoin transaction fees.
This alone is not enough, but whenever the fees are low, try to batch your previous transactions, meaning that you send all your balance to a new address in the wallet. This will reduce the number of input to 1, and therefore, even if the fees are 200 sat/vByte, you will pay less.
If the fee is 200 sat/vByte and there are two P2TR transactions:
1) One input, two outputs: Total size: 154 vbytes The ideal fee is 0.000308BTC or $14.32.
2) 7 inputs and two outputs: Total size: 499 vbytes he ideal fee is 0.000998BTC or $46.27.
Did you notice the difference in fees if we reduced the number of inputs?
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I have
- Minimize your Bitcoin transaction fee with Electrum wallet (https://www.altcoinstalks.com/index.php?topic=315058.0)
Making plans is key.
- Don't put yourself at need to move your bitcoin for selling because you have no other choices.
- Make sure you have stable coin or fiat currency for emergency, so you will not have to sell your bitcoin at cheap or unwanted price and don't have to move it by overpaying transaction fee.
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That's some funny story right there. Sender cannot wait for the next ~10 mins and keeps on pushing his transaction with multiple RBFs. He must be in a real rush (like his wife about to discover his hidden BTC) to be in panic like that ;D He doesn't appear to be a newbie since a lot of new users don't even know how to RBF so it could be some technical error on his end.
About the post, first thing there is you need a non-custodial wallet to be able to modify and be flexible on how much you're willing to spend.
+ on batching transactions
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That's some funny story right there. Sender cannot wait for the next ~10 mins and keeps on pushing his transaction with multiple RBFs. He must be in a real rush (like his wife about to discover his hidden BTC) to be in panic like that ;D He doesn't appear to be a newbie since a lot of new users don't even know how to RBF so it could be some technical error on his end.
Bumping transaction fee multiple times with Replace-by-Fee is not too bad, but of course it costs more.
The worse is using Child Pay For Parents multiple times, it will lead to more expensive fees than RBF and more complicated situations if so many CPFP transactions are still in Pending.
For anyone who don't know to use RBF
- How to manually set transactions fee, and use Replace-by-Fee (RBF) in Electrum wallet (https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/)
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I have
- Minimize your Bitcoin transaction fee with Electrum wallet (https://www.altcoinstalks.com/index.php?topic=315058.0)
Electrum wallet is a good wallet and gives you multiple options for fees, but without knowing how fees work, you may end up using just Electrum wallet. This can be done with any wallet that supports manually adjusting fees.
Some wallets calculate fees in sat/B and not sat/vB, so unless you know how to calculate your fees, you may send the transaction with a completely wrong fee.
That's some funny story right there. Sender cannot wait for the next ~10 mins and keeps on pushing his transaction with multiple RBFs. He must be in a real rush (like his wife about to discover his hidden BTC) to be in panic like that ;D He doesn't appear to be a newbie since a lot of new users don't even know how to RBF so it could be some technical error on his end.
RBF is good if the guess is not correct. Sometimes you expect a fee of 42 sat/vB to be appropriate, but suddenly a block is not mined in an average of 10 minutes and a lot of transactions come, which makes this average require waiting for a long time.
If you do not know how fees work, RBF means that you will pay more fees than required and that is bad.
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As of time of writing this comment, the fee is low compare to how high it has been in the past month.
(https://www.talkimg.com/images/2024/01/11/3dJe8.jpeg)
For everyone who is transacting on Bitcoin, what they are usually very conscious of is the amount of fee to be spent and also cross-checking the receiving address to see if it's actually correct. There are no popular cases of people paying a high fee to process their transaction, but even if they do, I believe it is usually by choice so that their transaction can receive top priority.
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The problem is, many people still using a web wallet or any 3rd party wallets where the user is not able to set the fees nor access to the privkeys.
I do had the same problem in the past, but luckily I can transfer the addresses from trust wallet to electrum.
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Those with less patience and more needs usually pay extra transaction fees for Bitcoin transactions. If you can wait without transferring bitcoins with additional transaction fees, but transaction fees return to normal. If waiting a while will save me some money then I'm better off waiting. A few days back transaction fees in Bitcoin were abnormal but now mempool is somewhat normal. A few days ago it used to cost a minimum of $20 to $25 to transact Bitcoin but now it has come down to between $2 and $5. If the bitcoins were traded at that time instead of waiting, the loss would have been the investor's. So it will be better to be patient without hurrying.
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A few days ago it used to cost a minimum of $20 to $25 to transact Bitcoin but now it has come down to between $2 and $5. If the bitcoins were traded at that time instead of waiting, the loss would have been the investor's. So it will be better to be patient without hurrying.
Waiting bitcoin transaction fee need patient, But nice to see your comment if today transact Bitcoin but now it has come down to between $2 and $5.
It's good fee, we can do transaction again.
High fee is always being big matter for us..
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Recently, Bitcoin fees have increased significantly, and because many beginners want to confirm their transaction and do not know how to calculate fees, so they pay more fees. In this case, a user paid 648 sat / Vbyte, and after a few minutes he discovered that the transaction had not been confirmed, so he increased it to 1116 sat, then 1,293, then increasing it to 1,585, then finally confirming it with 7,895 sat/Vbyte. Thus, instead of paying $30 to confirm the transaction, he paid $367.
(https://talkimg.com/images/2024/01/10/siQGm.png)
So, how will we pay the ideal fees according to the situation, meaning that we do not pay a lot of fees and that they are not less than what is required, which causes a delay in confirmation?
First, we need to know the types of addresses. In Bitcoin, we have the following addresses:
- Legacy addresses: starts from 1
- Nested Segwit addresses: starts from 3 (but not all addresses that start with 3 are Segwit)
- Native Segwit addresses: starts from bc1q
- taproot addresses: starts from bc1p
Now that we know the type of addresses, we need to calculate the input and output virtual size, which we can calculate easily through https://bitcoinops.org/en/tools/calc-size/
Now suppose that I have a Segwit type transaction that contains 1 input and 2 outputs, the total size becomes: 140.5 vbytes.
(https://talkimg.com/images/2024/01/10/siGfW.png)
After you know the size of your transaction, you need to go to https://mempool.space and choose the appropriate fees according to Low Priority Medium Priority High Priority
Suppose I want my transaction to be confirmed quickly, so I choose 42 sat/vB
total fees will be 140.5 * 42 = 0.00005901 BTC which is $2.71 If your wallet recommends higher fees to you, you will most likely pay a higher fee than what is required to be confirmed.
You can go to the two sites above and modify the transaction according to its type and the appropriate fees at that time.
Many thanks https://bitcointalk.org/index.php?topic=5478485.msg63347819#msg63347819
Thanks for sharing this post here. it is really very informative. Sad to know about the guy who paid $367 for a bitcoin transaction.
I think patience is also something we should have. some time transactions can take a big longer than expected but they'll eventually confirm. but unfortunately some people are too impatience, and then end up loosing a lot of money because of that.
Also most wallets suggest best suitable transaction fee. I myself never bothered to go to any external website such as mempool to check fee. and never had any issues before.
Yeah and lucky for me I have that enough patience to wait for a much lower fee on my recent transaction. It is really unreasonable to spend more on fees considering the small amount of transaction.
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I need not to overpay my transaction fees because I kept using customized transaction fees , I don't care how long it will take since I have enough funds to cover my withdrawals.
and also if you do most of this then you are just making miners richer .
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I have also came across a relative who paid higher fee than what he should paid because not knowing how to calculate his gas expenses, so he went ahead paying over fee whereby what he paid as fee was even higher than the amount he was to transfer. After few minutes he later then confirmed that the amount that was removed from his account was higher than what he planned to withdraw. He was crying because didn't know how to sum up the fee then before send, he didn't understand the sat/vbyte so he paid about 150$ over 80$ of he initial withdrawing amount, so he paid 150$ as gas and then withdraw 80$.
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The problem is, many people still using a web wallet or any 3rd party wallets where the user is not able to set the fees nor access to the privkeys.
I do had the same problem in the past, but luckily I can transfer the addresses from trust wallet to electrum.
Trust wallet is doesn't allow you to use RBF and if even you customized your sats for transaction, it can get delay if the mempool instantly get congested in the process of doing transaction. You can imagine sending transaction from your trust wallet and the median fee is 50 sats/vbytes but when you set it to 60sats/vbytes to get it included in the next block and the all of sudden, it increase to 300 sats/vbytes, you have to wait for that transaction to get comfirm and without RBF default, you can't bump the fee.
What I will advise you to do is that you should make sure your wallet is an open source, electrum is a good one that has basic things you need to enjoy bitcoin transaction. Trust wallet has some but it's not open source so it's not advisable to use it.
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The problem is, many people still using a web wallet or any 3rd party wallets where the user is not able to set the fees nor access to the privkeys.
I do had the same problem in the past, but luckily I can transfer the addresses from trust wallet to electrum.
Trust wallet is doesn't allow you to use RBF and if even you customized your sats for transaction, it can get delay if the mempool instantly get congested in the process of doing transaction. You can imagine sending transaction from your trust wallet and the median fee is 50 sats/vbytes but when you set it to 60sats/vbytes to get it included in the next block and the all of sudden, it increase to 300 sats/vbytes, you have to wait for that transaction to get comfirm and without RBF default, you can't bump the fee.
What I will advise you to do is that you should make sure your wallet is an open source, electrum is a good one that has basic things you need to enjoy bitcoin transaction. Trust wallet has some but it's not open source so it's not advisable to use it.
Yes, get a good wallet that at least you can customized the fees so that you won't be like lock in to what other wallets are going to charge you when you do our transactions.
And the fees are still very unpredictable, in the last 2 days, I observed that we can actually used <30 sat/vB and transactions will go at least in the next 24 hours. But currently when I check it balloon to 90 sat/vB, so that is a very bad indication around.
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A few days back transaction fees in Bitcoin were abnormal but now mempool is somewhat normal. A few days ago it used to cost a minimum of $20 to $25 to transact Bitcoin but now it has come down to between $2 and $5. If the bitcoins were traded at that time instead of waiting, the loss would have been the investor's. So it will be better to be patient without hurrying.
You will not need to wait, even if the fees are very high, you will always pay less than 20 dollars or 0.00046 Bitcoin. As I said, if you batched your previous transactions so that your transaction was kept simple, which is 1 in, 2 out, and you used Segwit addresses, their total would be 154 vbytes, even if the transaction fees were high, that is. +200 sat/vByte, you will pay $14.32 as a transaction fee.
What I'm trying to say is, if you know how Bitcoin works the fees will never be high.
I need not to overpay my transaction fees because I kept using customized transaction fees , I don't care how long it will take since I have enough funds to cover my withdrawals.
There is a difference between paying the minimum for the transaction to be confirmed after a while and don't care how long it will take. If I make a transaction with a fee of 22.0 sat/vB (Purging fees) and the fees suddenly increase, my transaction may not be confirmed until after a month and then I will have to increase the fees. Via RBF or payment to a mining pool, in both cases you paid high fees and the transaction was not confirmed in a reasonable time.
Trust wallet is doesn't allow you to use RBF and if even you customized your sats for transaction, it can get delay if the mempool instantly get congested in the process of doing transaction.
Trust wallet is a bad choice as it is closed source, does not support coincontrol, there is no RBF, and the fees are exaggerated.
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Some people do not know that their transaction cannot be confirmed instantly and individually, it must be added in a block with other tx's and BTC blocks are found ~ 10 minutes on average, and so they continue replacing their tx with a new one paying a higher fee, until they overpay in tx fees. It is great for people to learn the basics about tx fees, and this is a good thread to start for that purpose.
It is also good to consolidate your smaller inputs when tx fees are low, the more inputs or utxo's you have, the more you pay in tx fees, so conslidating inputs when fees are low is such a great way to save on fees in the future.
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What I'm trying to say is, if you know how Bitcoin works the fees will never be high.
I don't agree with that statement.
Bitcoin fees can be high for everyone, and they will continue to grow in future, especially in USD value.
Just imagine the fees if 1 BTC = $1 million USD, and if there are much more transaction on blockchain 8)
For me it's obvious that we should use some second layer solutions, sidechains, and lightning Network for everyday transactions.
PS
And if you are multi-millionaire or billionaire than you don't have to worry about fees at all ;)
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Indeed, our desire is not to pay fees that are too high to transfer our Bitcoins. but unfortunately sometimes we have no other choice but to take the risk of these high costs. because at the moment the login and network conditions are quite congested and there is also an increase in fees there so what can we do while we need to use or transfer Bitcoin as soon as possible. because I think the longer it takes, the higher the seed will be as the bullish era progresses or begins.
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because I think the longer it takes, the higher the seed will be as the bullish era progresses or begins.
This is not totally true and you need to understand better how tx fees work. The network can be congested even when we are not in a bull run, this current situation of high tx fees is not caused by any bull run, but individuals who are making ordinals tx's in the BTC main chain and taking up so much space in a block. Fee rate will drop if somehow this ordinals spammers get tired of what they are doing and stop.
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A few days ago it used to cost a minimum of $20 to $25 to transact Bitcoin but now it has come down to between $2 and $5. If the bitcoins were traded at that time instead of waiting, the loss would have been the investor's. So it will be better to be patient without hurrying.
Waiting bitcoin transaction fee need patient, But nice to see your comment if today transact Bitcoin but now it has come down to between $2 and $5.
It's good fee, we can do transaction again.
High fee is always being big matter for us..
If you compare the current transaction fee with the over all normal transaction fee then I would say the current transaction fee is not normal and it needs to be reduced further. But the current situation is more normal than the unusual situation that Bitcoin transaction fees have been for some time. A few days ago, it used to cost 20 to 30 dollars to do a Bitcoin transaction, there the transaction fee has come down a lot and now Bitcoin is being transacted easily with a transaction fee of 2 dollars to 5 dollars. Those who need enough to trade bitcoins can trade now if they want, but those who don't need to trade too much can wait a little longer as the transaction fees overall may return to normal levels.
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In times when the mempool is congested, it is better to wait for it to cool down or become normal again if you are not in a hurry. If you really need to make a transaction fast, you should choose the high or medium priority. If not, you can put the lowest fee for your transaction. If you are lucky and the mempool becomes less crowded, it will go through. If not, your BTC will come back to you. You can go again.
Just wait if you are not in a situation where you need to make a transaction immediately.
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Just imagine the fees if 1 BTC = $1 million USD, and if there are much more transaction on blockchain 8)
For me it's obvious that we should use some second layer solutions, sidechains, and lightning Network for everyday transactions.
Let's take a simple Segwit type transaction 1 input and 2 outputs, the total size becomes: 140.5 vbytes
will make transaction fee be very high, 500 sat/vB
1 BTC = $1 million USD
total fees will be 140.5 * 500*1M = $702
This is less than .1% of 1M banks ask for more.
What you said would be correct if the transaction value was less than $50,000, but if the network succeeded in making transaction fees between 5 sat/vB - 50 sat/vB fees will be acceptable to everyone and are second-layer solutions for daily transactions.
In times when the mempool is congested, it is better to wait for it to cool down or become normal again if you are not in a hurry. If you really need to make a transaction fast, you should choose the high or medium priority.
If your transaction was simple and you did batching, I think you will pay less than $10.
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Bitcoin fees can be high for everyone, and they will continue to grow in future, especially in USD value.
Just imagine the fees if 1 BTC = $1 million USD, and if there are much more transaction on blockchain 8)
For me it's obvious that we should use some second layer solutions, sidechains, and lightning Network for everyday transactions.
PS And if you are multi-millionaire or billionaire than you don't have to worry about fees at all ;)
I disagree, raising commissions = demand. Were there big commissions a few months ago? - No, of course.
To give you an example: more than once, in the ETH cryptocurrency, gas fees have been raised. As soon as masses start using the network = transfer fees go up (on peak 5-10-30$). And now, less than 1 dollar per transaction (18 gwei).
On a permanent basis, this will not happen. If you have time and are not in such a big hurry. You can wait and save money. Look at your situation. I personally try not to make unnecessary movements when the fee goes up several times.
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That's some funny story right there. Sender cannot wait for the next ~10 mins and keeps on pushing his transaction with multiple RBFs. He must be in a real rush (like his wife about to discover his hidden BTC) to be in panic like that ;D He doesn't appear to be a newbie since a lot of new users don't even know how to RBF so it could be some technical error on his end.
Bumping transaction fee multiple times with Replace-by-Fee is not too bad, but of course it costs more.
The worse is using Child Pay For Parents multiple times, it will lead to more expensive fees than RBF and more complicated situations if so many CPFP transactions are still in Pending.
For anyone who don't know to use RBF
- How to manually set transactions fee, and use Replace-by-Fee (RBF) in Electrum wallet (https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/)
In addition, RBF does not charge a fresh amount of fee, it will only add the amount you wanted to add from your previous fee like when we originally sent 5k satoshi for the transaction fee and we bumped it to 10k satoshi fee, it will only charge an additional 5k satoshi from the balance since the original tx fee is yet to be picked up or spent. So doing multiple RBFs isn't as satoshi-consuming as we thought, the latest tx fee is the only fee we have to pay.
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To make it more clear to understand, someone should explain what is P2WPKH or P2PKH for for example. Because first post looks confusing. OP described what type of addresses there are, but when I open https://bitcoinops.org/en/tools/calc-size/, how can I use that information? According to tool, difference between P2WPKH and P2PKH in fee cost is 87%. OP showed example with Segwit wallet. Ok, I have a Legacy address, what should I choose from the list ?
Moreover, even if we understand how to use that tool, information is still not full. With current mempool priorities are 64/72/80 sat/vB. What is the time difference between them? I dont want to overpay for extra 5 minutes, which option should I take?
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Now that we know the type of addresses, we need to calculate the input and output virtual size, which we can calculate easily through https://bitcoinops.org/en/tools/calc-size/
Now suppose that I have a Segwit type transaction that contains 1 input and 2 outputs, the total size becomes: 140.5 vbytes.
After you know the size of your transaction, you need to go to https://mempool.space and choose the appropriate fees according to Low Priority Medium Priority High Priority
Suppose I want my transaction to be confirmed quickly, so I choose 42 sat/vB
total fees will be 140.5 * 42 = 0.00005901 BTC which is $2.71 If your wallet recommends higher fees to you, you will most likely pay a higher fee than what is required to be confirmed.
+1 Thank you for this very useful information in the transaction fee war.
Inscription is pushing Bitcoin transaction fees up very high, rarely seeing 40sat/vB anymore. Pushing transaction fees up only enriches Miners and causes average fees to increase significantly.
Some wallet apps set default fees that are too cheap ($1) or too expensive ($20) for inexperienced users to choose, these wallets don't have the ability to determine the optimal fee based on transaction data and mempool's status.
Understanding and experience are necessary for us to save on transaction fees while still transferring BTC successfully and quickly 💪💪💪
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With current mempool priorities are 64/72/80 sat/vB. What is the time difference between them? I dont want to overpay for extra 5 minutes, which option should I take?
Are you referring to fee estimation from websites like mempool.space? If that's the case most of them explain what each recommendation means. High priority for example means the fee required for your transactions to be included in the next block or so. Obviously, not every term is similar, which is why you should just take a look at the average mempool for the next few blocks to decide how fast you need your transaction to get confirmed. That being said, fee estimation is just an estimation, not a guarantee. Sometimes miners find a new block within minutes, sometimes it takes longer than 30 minutes to find a new block which will definitely affect the fee calculation.
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To make it more clear to understand, someone should explain what is P2WPKH or P2PKH for for example. Because first post looks confusing. OP described what type of addresses there are, but when I open https://bitcoinops.org/en/tools/calc-size/, how can I use that information? According to tool, difference between P2WPKH and P2PKH in fee cost is 87%. OP showed example with Segwit wallet. Ok, I have a Legacy address, what should I choose from the list ?
Moreover, even if we understand how to use that tool, information is still not full. With current mempool priorities are 64/72/80 sat/vB. What is the time difference between them? I dont want to overpay for extra 5 minutes, which option should I take?
In calculating virtual size, which is used to calculate the appropriate fees, you need to specify the number of input addresses, the number of output addresses, and the type of address.
As for the address type, these are the available Bitcoin addresses:
1) P2PKH: Pay-to-Public-Key-Hash or Legacy address (starting with 1)
2) P2SH: Pay-to-Script-Hash or SegWit address (starting with 3)
3) P2WPKH: Pay-to-Witness-Public-Key-Hash or Native SegWit or bech32 (starting with bc1)
4) P2TR: Pay-to-Taproot or Taproot address (starting with bc1p)
You can search on Google for the differences between them, but I will focus on virtual size (in vbyte), and this table shows you the differences (https://bitcoinops.org/en/tools/calc-size/ This table calculates for you by changing the entries)
Type | Input vbyte | Output vbyte | transaction vbyte
-------------------------+----------------- +----------------------+--------------------------
Legacy | 140 | 34 | 192
segwit | 93 | 32 | 134
Native segwit | 68 | 31 | 109.5
P2TR | 57.5 | 43 | 111
If you notice that for the same number of input and output addresses, the transaction size differs because we use a different address type or in other words Using an address type saves more fees than other types, so it is always recommended to use addresses starting with bc1 to reduce fees.
The wallet performs this step automatically, so if you do not understand it, always remember to use an address that begins with bc1.
After using the address, you need to search for the appropriate fees, which are what you find in mempool priorities. These fees are an estimate of the time that you have to wait, but this time may differ from the truth, and we can say that the difference between them is:
Low Priority: There is a high probability that your transaction will be confirmed within 30-60 minutes
Medium Priority: There is a high probability that your transaction will be confirmed within 20-30 minutes
High Priority: There is a high probability that your transaction will be confirmed within 10-20 minutes
They are all guesses.
If you are in a hurry to confirm your transaction, use the bc1 address. Go to https://mempool.space and set the High Priority fee (more than these fees will help confirm your transaction, but do not pay much more than them. If it is 90, put in your wallet any number between 90 and 120)
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And if you are multi-millionaire or billionaire than you don't have to worry about fees at all ;)
@Yamane_Keto and @dkbit98 , You two really understand what Bitcoin is and how Bitcoin works.
I appreciate that and to understand every rare in Bitcoin this definitely requires long learning.
But it will be easy to answer and be sanggah when Raja Arthur has 100,000 Bitcoin and is sent to the Wallet for his mother worth 100 Bitcoin at a fee of 0.1 Bitcoin and the answer is "no problem". :D
As long as King Arthur still has a lot of bitcoin in his wallet for transaction fees of up to tens of thousands of USD also certainly will not question the transaction costs.
And it will definitely be different from me when I only have Bitcoin 0,0001 and have to pay a transaction fee of 0.001 BTC, this is a absurdity for myself. LOL
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Recently, Bitcoin fees have increased significantly, and because many beginners want to confirm their transaction and do not know how to calculate fees, so they pay more fees. In this case, a user paid 648 sat / Vbyte, and after a few minutes he discovered that the transaction had not been confirmed, so he increased it to 1116 sat, then 1,293, then increasing it to 1,585, then finally confirming it with 7,895 sat/Vbyte. Thus, instead of paying $30 to confirm the transaction, he paid $367.
Thanks for the update although I normally just check the mempool price whenever I want transact as it clearly shows how the transaction fee priority in the status bar below so you can know if it's the right time to sell or not because if the transaction fee rate is above 50sats then I don't think I can transact besides payment of low fees is actually one of the reasons and advantage of us using Bitcoin as means of transaction but this ordinance issue has changed the whole concept and made the whole thing look awkward, I mean look at what someone actually did, paying a whooping sum of 300$+ for just fee I mean that's fucking crazy and that's why lack of knowledge can also kill or maybe the person has the funds and wouldn't mind but we can't say the same for every crypto or Bitcoin user.
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Thanks for the update although I normally just check the mempool price whenever I want transact as it clearly shows how the transaction fee priority in the status bar below so you can know if it's the right time to sell or not because if the transaction fee rate is above 50sats then I don't think I can transact besides payment of low fees is actually one of the reasons and advantage of us using Bitcoin as means of transaction but this ordinance issue has changed the whole concept and made the whole thing look awkward, I mean look at what someone actually did, paying a whooping sum of 300$+ for just fee I mean that's fucking crazy and that's why lack of knowledge can also kill or maybe the person has the funds and wouldn't mind but we can't say the same for every crypto or Bitcoin user.
Transaction fees from the mempool will follow from the transaction conditions on the blockchain network. When many people make transactions, miners need quite a long time to work on ongoing requests. Therefore, when you want to send money using Bitcoin, you have to often look at the blockchain to see how many transactions are still pending, and if miners want them to be executed quickly, then they have to increase transaction fees.
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When a transaction is marked RBF, delivery will be very slow because the costs are very cheap, which will prevent miners from being quick enough to carry out the transaction process that is taking place.
I don't think you understand what you are saying, when a tx is flagged as rbf, it simply means that in a situation were that tx gets stuck, the sender can replace the tx with a new one paying a higher fee this time, so that miners will mine it and that will then make the initial tx invalid.
Very soon most BTC nodes will adopt the full-rbf feature, and that means you will be able to replace a tx with a new one, even if the tx was not originally rbf-enabled.
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You know we can't actually stop other bitcoin holders from paying high fees if they withdraw a large amount of bitcoin. Then there are actually other holders who do that; no matter what reminders others do for people like them, it can't really be avoided, in my opinion.
But most bitcoin holders still do not tolerate the payment of higher fees when there is a congestion crisis in the bitcoin network. It's just that; it's just a little annoying when something like that actually happens.
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Transaction fees from the mempool will follow from the transaction conditions on the blockchain network. When many people make transactions, miners need quite a long time to work on ongoing requests.
IvugeoEvolutionCoin, both of the information you mentioned are wrong.
RBF does not affect the speed of transaction confirmation and makes it slow. RBF is a flag that is either activated or not, but even if your transaction does not have an RBF flag, Full RBF nodes can replace it.
You don't need to look at the number of pending transactions to know the appropriate fees, there are already services that analyze this mentioned in the topic.
is above 50sats then I don't think I can transact besides payment of low fees is actually one of the reasons and advantage of us using Bitcoin as means of transaction but this ordinance issue has changed the whole concept and made the whole thing look awkward, I mean look at what someone actually did, paying a whooping sum of 300$+
Even with 500 sats and 50 sats, if you know how Bitcoin works you will pay low fees and in most cases they will be reasonable.
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Very soon most BTC nodes will adopt the full-rbf feature, and that means you will be able to replace a tx with a new one, even if the tx was not originally rbf-enabled.
I wouldn't say it's very soon when Bitcoin Core 26.0 (current latest version) still disable full RBF by default[1]. And when Bitcoin Core makes it enabled by default, we still have to wait until node owner/operator update their software.
[1] https://github.com/bitcoin/bitcoin/blob/v26.0/src/kernel/mempool_options.h#L24-L25 (https://github.com/bitcoin/bitcoin/blob/v26.0/src/kernel/mempool_options.h#L24-L25)
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You know we can't actually stop other bitcoin holders from paying high fees if they withdraw a large amount of bitcoin. Then there are actually other holders who do that; no matter what reminders others do for people like them, it can't really be avoided, in my opinion.
But most bitcoin holders still do not tolerate the payment of higher fees when there is a congestion crisis in the bitcoin network. It's just that; it's just a little annoying when something like that actually happens.
The high fees at the current exchange rate are so pronounced that many people do not want to pay very expensive fees. Many of them ultimately prefer to make transfers using altcoins or other networks that have cheaper transaction fees than using Bitcoin.
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Sending Bitcoin with an overpay amount is mostly carried out by newbies. Newbies are the ones guilty of making high-cost transaction fees of bitcoin.
I remember years back when I didn't know how to reduce the transaction fee of bitcoin using a trust wallet. It is always a price that appears on my trust wallet, I will send my bitcoin like that without having a thought of how to reduce the gas fee.
I think that's the same encounter that the person you used as an example had. He has no idea of how to reduce the gas fee of bitcoin. If he had already know, he won't have tried to send bitcoin with such amount without reducing it before sending.
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Sending Bitcoin with an overpay amount is mostly carried out by newbies. Newbies are the ones guilty of making high-cost transaction fees of bitcoin.
This is not always true, even paxos made on overpayment of around $500k, though the excess amount was returned to them by F2pool. People can also make mistake when they use bots or very bad software to make their tx's.
I remember years back when I didn't know how to reduce the transaction fee of bitcoin using a trust wallet. It is always a price that appears on my trust wallet, I will send my bitcoin like that without having a thought of how to reduce the gas fee.
I hope you are no longer using Trust Wallet and you are now using recommeded BTC wallets like Electrum and BlueWallet, so you can customize your fee as you like. Take note that it is also not called gas fee, in the BTC network it is tx fees.
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Sending Bitcoin with an overpay amount is mostly carried out by newbies. Newbies are the ones guilty of making high-cost transaction fees of bitcoin.
This is not always true, even paxos made on overpayment of around $500k, though the excess amount was returned to them by F2pool. People can also make mistake when they use bots or very bad software to make their tx's.
I don't think newbies or anyone is the reason for the high-cost transaction fees if you keep checking the mempool.space chart for incoming transactions there a spikes that make transaction fees also have spikes meaning many people make transactions at that time that make transaction fees increase.
Pools mostly choose transactions that pay more but that doesn't mean that's the reason why their fees increase congestion is the reason and Ordinals is the culprit.
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Sending Bitcoin with an overpay amount is mostly carried out by newbies. Newbies are the ones guilty of making high-cost transaction fees of bitcoin.
I remember years back when I didn't know how to reduce the transaction fee of bitcoin using a trust wallet. It is always a price that appears on my trust wallet, I will send my bitcoin like that without having a thought of how to reduce the gas fee.
bad software wallet will always make you pay higher fees. Even if the “memepool fees” are low, those wallets have a bad estimate of the fees, cannot control the number of inputs (coin control), do not have an ideal algorithm to reduce the number of inputs according to the fees. some bad wallets, if you receive $100 in address A, $50 in address B, and $20 dollars in address C. If you want to spend $60 and your wallet wallet choose to spending from B and C, then you will pay higher fees, no matter how low the “memepool fees” are.
Pools mostly choose transactions that pay more but that doesn't mean that's the reason why their fees increase congestion is the reason and Ordinals is the culprit.
Although there is Unconfirmed TXs are 284,112 still Avg Block Fees 0.5171 BTC/block, which means that the spam does not come from beginners.