Mempool Observer - Discussion about Bitcoin Fees

[pacar_tiri]

Transactions are  not expensive anymore. You can get a 23 sat vB confirmed within some hours, which is about 2 usd.

Not as cheap as 0.2 usd from 2 sat vB times ... but fees are getting lower.

Actually, when you want to make a transaction using Bitcoin, you have to look at your needs first. When you need Bitcoin to make a transaction quickly, it can increase transaction costs, but if you are willing to wait for the Bitcoin to be sent in a few minutes, maybe you can use vB 30. The sending cost is a little different, but it provides a fairly efficient delivery effect.

[Hamza2424]

Ahhh, for a moment you took my breath away, on the image my reaction was ohhh shit it's rising against these shity ordinals and you can imagine what else I can think on the same time after exploring such high fees again.

After a few moments, my breath was back hehe, as it was an old case discussion with the current transaction fees I feel safe for now and it's going to rise over time, and I'm ok with it because with the concept of if you need to class security, you need to pay and for my assets security and networks transparency and decentralization.

Hehe, take a snapshot of the current transection cost.... if you want to move around on the network make sure to do it now... a good time...

When transaction costs are very expensive, you can use other alternative coins, such as altcoins that have a BSC network or Sol Network, but when you only have Bitcoin in your electrum wallet, there is no other choice but to wait for transaction costs to decrease because the electrum wallet only provides a few options. The network method used to send Bitcoins, whereas if you choose the lowest fee, the transaction can be canceled or wait more than 24 hours.

Hmm, got it I think you are trying to help me with the alternative payment mode but I was specific for the Bitcoin network because if a person owns Bitcoin only in whatever wallet he's using he needs to go with the Bitcoins network only, traders can use this strategy when they are making cross exchange trades to save network fees.

But for a Bitcoin holder, it doesn't matter whether other network costs are lower or higher. There's another option that we can use the pegged Bitcoins to save on the transfer but as I said for a Bitcoiner he might not choose the pegged Bitcoin due to the high risks involved. This is a proven fact that with the evolution of Bitcoin the network fees will go higher until we propose any other solution and belive me L2's are non acceptable.

 

[Stompix]

~

This was just a spike. In a few minutes fees were normal again.

It took a bit more than just minutes, I remember quite a few blocks around that time!
But it was finally an event, another movement even if it was temporarily.

And the thing is, and the reason why comping back to the topic that a few orc-20 or src-20 I don't know what those things were managed to at least trigger a jump in fees while even a 10% increase in fee made absolutely nothing, not even the smallest dent, from February the 3rd we're on a gentle stop that probably will go down to 1sat/b, if a price action isn't pumping the mempool at this point no fomo will. Besides, it's the weekend so I think me might touch the 10.x-11sat/b floor.

Well we have so a little decrease in fees as I have send 200 dollars earlier ? having 5 dollars fee so for me this is considerable amount to pay.
Hodling must not be forced mate , we are here in our own desire and dedication so try not to become greed and stupid.

Hehe, don't worry, the forced HODL part is just a joke 
This is a wallet I've had for several years and I need to consolidate, so it ended up being quite expensive to do now, I'll have to wait, that's why I made the joke
I miss the 2sat/B days 

Transactions are  not expensive anymore. You can get a 23 sat vB confirmed within some hours, which is about 2 usd.
Not as cheap as 0.2 usd from 2 sat vB times ... but fees are getting lower.

Well, we don't know how many inputs he had in those 200$, if it's just one it would be manageable but what if he has more?
That's why I don't really like when people say you pay x$ for something and refer only to the bare minimum, like 1 input and 1 output into a deposit address with no change while somebody else talks about the same sum be he has only 10000 satoshi inputs, carrying his wheelbarrow full coins to the store.

Anyhow, I have a feeling fees are going to drop, like really drop! Also, I'm most of the time wrong with my predictions!

[EthereumDev_]

Hmm, got it I think you are trying to help me with the alternative payment mode but I was specific for the Bitcoin network because if a person owns Bitcoin only in whatever wallet he's using he needs to go with the Bitcoins network only, traders can use this strategy when they are making cross exchange trades to save network fees.

But for a Bitcoin holder, it doesn't matter whether other network costs are lower or higher. There's another option that we can use the pegged Bitcoins to save on the transfer but as I said for a Bitcoiner he might not choose the pegged Bitcoin due to the high risks involved. This is a proven fact that with the evolution of Bitcoin the network fees will go higher until we propose any other solution and belive me L2's are non acceptable.

In my opinion, some Bitcoin wallets provide very expensive transaction fees, and when that happens, there is no other choice but to wait until transactions on the blockchain network are not too busy anymore, or maybe you can use a computer and connect the wallet you are using using Electrum and try looking for the cheapest cost with Electrum installed on the PC.

[Hamza2424]

Hmm, got it I think you are trying to help me with the alternative payment mode but I was specific for the Bitcoin network because if a person owns Bitcoin only in whatever wallet he's using he needs to go with the Bitcoins network only, traders can use this strategy when they are making cross exchange trades to save network fees.

But for a Bitcoin holder, it doesn't matter whether other network costs are lower or higher. There's another option that we can use the pegged Bitcoins to save on the transfer but as I said for a Bitcoiner he might not choose the pegged Bitcoin due to the high risks involved. This is a proven fact that with the evolution of Bitcoin the network fees will go higher until we propose any other solution and belive me L2's are non acceptable.

In my opinion, some Bitcoin wallets provide very expensive transaction fees, and when that happens, there is no other choice but to wait until transactions on the blockchain network are not too busy anymore, or maybe you can use a computer and connect the wallet you are using using Electrum and try looking for the cheapest cost with Electrum installed on the PC.

I really cant oppose this fact, some wallets really offer higher transaction fees and no customization feature for boosting or sitting up custom fees. In my views, they usually set auto higher fees to enhance their customer's experience with the transaction processing.

Mostly newbies use the renowned Hot wallets like Trust wallet, so they really miss the important information related to the memepool and unit sat/b, but those who are aware of it mostly prefer the Electrum like solutions for their transection.

[rdluffy]

Transactions are  not expensive anymore. You can get a 23 sat vB confirmed within some hours, which is about 2 usd.

Not as cheap as 0.2 usd from 2 sat vB times ... but fees are getting lower.

The problem is, I need to consolidate my wallet, take a look here:



40 USD if I use 20 sat vB

I don't have much to do now, the good thing is that I won't need to trade, but it would be good if I already consolidated it for a possible transaction in the future

[dkbit98]

The problem is, I need to consolidate my wallet, take a look here:



40 USD if I use 20 sat vB

Better don't look at USD value so much, this can get much higher when bitcoin get's to 100k, 200k or 500k.
You can also wait or try using lower value with around 10 sat/vB but there is no guarantee when this transaction will be confirmed.

[Stompix]

Transactions are  not expensive anymore. You can get a 23 sat vB confirmed within some hours, which is about 2 usd.

Not as cheap as 0.2 usd from 2 sat vB times ... but fees are getting lower.

The problem is, I need to consolidate my wallet, take a look here:



40 USD if I use 20 sat vB

I don't have much to do now, the good thing is that I won't need to trade, but it would be good if I already consolidated it for a possible transaction in the future

How many inputs do you have there? 
A ballpark figure gets me at least 50 if we assume segwit inputs and consolidation.
Anyhow most likely by early Monday morning you could do that with half of a the sum, I'm pretty confident that the weekend will make us touch 10sat/b.

[rdluffy]

Better don't look at USD value so much, this can get much higher when bitcoin get's to 100k, 200k or 500k.
You can also wait or try using lower value with around 10 sat/vB but there is no guarantee when this transaction will be confirmed.

I'm thinking about whether to try a 10 sat/vB transaction or leave it for the future and maybe we can go back to 5 sat in a few weeks/months
If I try 10 sat I can save 20 USD, it's a good amount to save

How many inputs do you have there? 
A ballpark figure gets me at least 50 if we assume segwit inputs and consolidation.
Anyhow most likely by early Monday morning you could do that with half of a the sum, I'm pretty confident that the weekend will make us touch 10sat/b.

More than 80 inputs 
It's a good amount to save, I'll keep looking the Mempool to see if I can save more

[Stompix]

~

More than 80 inputs 
It's a good amount to save, I'll keep looking the Mempool to see if I can save more

You could do a reverse DCA fee saving plan 
Basically split your inputs in two or three batches depending on their value and you consolidate them like:
- the first most valued one at 10sat/vb
- second batch not so important you broadcast them at 5sat
and the last one just dump it at 1 sat/vb and leave it in the mempool

This way you would be at no risk at waiting for 5 and some other stupid hype to pump the the fees back to 100sat/vb but of course you will also feel bad if it does indeed drop to 1sat/vb.
But that being said, I'm almost sure we could touch under 10 if not even 8 by next Thursday(when the difficulty adjusts again)

[bitmover]

In my opinion, some Bitcoin wallets provide very expensive transaction fees, and when that happens, there is no other choice but to wait until transactions on the blockchain network are not too busy anymore, or maybe you can use a computer and connect the wallet you are using using Electrum and try looking for the cheapest cost with Electrum installed on the PC.

This is just bad software. Not bitcoin protocol problem.

Anyway  you can most of the time customize the transaction fee, and use the ones recommended by mempool.space,  which is the most accurate fee rate prediction for transactions

[philipma1957]

Better don't look at USD value so much, this can get much higher when bitcoin get's to 100k, 200k or 500k.
You can also wait or try using lower value with around 10 sat/vB but there is no guarantee when this transaction will be confirmed.

I'm thinking about whether to try a 10 sat/vB transaction or leave it for the future and maybe we can go back to 5 sat in a few weeks/months
If I try 10 sat I can save 20 USD, it's a good amount to save

How many inputs do you have there? 
A ballpark figure gets me at least 50 if we assume segwit inputs and consolidation.
Anyhow most likely by early Monday morning you could do that with half of a the sum, I'm pretty confident that the weekend will make us touch 10sat/b.

More than 80 inputs 
It's a good amount to save, I'll keep looking the Mempool to see if I can save more

13 or 14 sats looks good at the moment. you would save around 14 dollars if you use 14 sats.

[masudginanjar]

Better don't look at USD value so much, this can get much higher when bitcoin get's to 100k, 200k or 500k.
You can also wait or try using lower value with around 10 sat/vB but there is no guarantee when this transaction will be confirmed.

I'm thinking about whether to try a 10 sat/vB transaction or leave it for the future and maybe we can go back to 5 sat in a few weeks/months
If I try 10 sat I can save 20 USD, it's a good amount to save

How many inputs do you have there? 
A ballpark figure gets me at least 50 if we assume segwit inputs and consolidation.
Anyhow most likely by early Monday morning you could do that with half of a the sum, I'm pretty confident that the weekend will make us touch 10sat/b.

More than 80 inputs 
It's a good amount to save, I'll keep looking the Mempool to see if I can save more

13 or 14 sats looks good at the moment. you would save around 14 dollars if you use 14 sats.

Sorry, I only convey the latest information at this time when I looked at the website https://blockchair.com/
There I saw around 12 Satoshi for Bitcoin transaction fees, that means it's cheaper as you said around 13 or 14 satoshi.

But if I ask all markets, miners and various components in Bitcoin, I want the Bitcoin transaction fee to be below 4 Satsohi.
As far i know , y're miners of Bitcoin . Can this happen if the Bitcoin transaction fee is below 4 satoshi?

[dkbit98]

And here we go again 
Just when I thought we are going to get back below 10 sat/vB, new wave of transactions came in and mempool is full again.
I hope everyone consolidated on time and enjoyed low fees while they lasted.

Bitmover how is that L-BTC observer development doing?

[Stompix]

Just when I thought we are going to get back below 10 sat/vB, new wave of transactions came in and mempool is full again.
I hope everyone consolidated on time and enjoyed low fees while they lasted.

Neah, cheap fees will still be around, this was just a dump that triggered a small clog.
Overall the mempool i still smaller 2015vMB despite that compared to than Saturday 220vMb or Friday 270vMb.
And it's again almost midnight in Europe so we will go pretty soon back to 12sat/vb 9there (are just 6 blocks till that).
The real test will be in 3 days once the difficulty adjusts.