DO NOT OVERPAY your Bitcoin transaction fees.

[Yamane_Keto]

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.



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.



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

[Jamal Aezaz]

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.



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.



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.

[sampoerna]

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.

[Yamane_Keto]

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?

[tranthidung]

I have

• Minimize your Bitcoin transaction fee with Electrum wallet

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.

[Zed0X]

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 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

[tranthidung]

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 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

[Yamane_Keto]

I have

• Minimize your Bitcoin transaction fee with Electrum wallet

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 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.

[Dr.Bitcoin_Strange]

As of time of writing this comment, the fee is low compare to how high it has been in the past month.


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.

[Sunderland]

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.

[Litzki1990]

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.

[de_prof]

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..

[0t3p0t]

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.



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.



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.

[bitterguy28]

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 .

[SmartGold01]

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$.