DO NOT OVERPAY your Bitcoin transaction fees.

[Gurujebs]

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.

[Baofeng]

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.

[Yamane_Keto]

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.

[Z-tight]

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.

[dkbit98]

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 
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 

[vegasus]

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.

[Z-tight]

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.

[Litzki1990]

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.

[tjtonmoy]

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.

[Yamane_Keto]

Just imagine the fees if 1 BTC = $1 million USD, and if there are much more transaction on blockchain 
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.

[NikeFit_7777]

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 
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.

[lionheart78]

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

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.

[bitbit97]

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?

[MrSpasybo]

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 💪💪💪

[joniboini]

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.