Mempool Observer - Discussion about Bitcoin Fees

[rdluffy]

Several times I've had the opportunity to consolidate my wallet for less than 5sat/b and I didn't do it
I waited too long thinking it would take too long for the rates to increase that much
Today I need to consolidate and I don't want to spend more than 20 dollars hehehe
The good thing about this is that we're in forced HODL hehehe

[Papusha20]

Several times I've had the opportunity to consolidate my wallet for less than 5sat/b and I didn't do it
I waited too long thinking it would take too long for the rates to increase that much
Today I need to consolidate and I don't want to spend more than 20 dollars hehehe
The good thing about this is that we're in forced HODL hehehe

High Transfer Fee
By the end of December 2023, Bitcoin's transaction fees had increased so much that I could never have imagined.  I was surprised to see this huge transaction fee and canceled the transaction.
372sat/B --- 443sat/B
  21.54$ Fee - 25.65$ Transfer Fee..

[bayu7adi]

High Transfer Fee
By the end of December 2023, Bitcoin's transaction fees had increased so much that I could never have imagined.  I was surprised to see this huge transaction fee and canceled the transaction.
372sat/B --- 443sat/B
  21.54$ Fee - 25.65$ Transfer Fee..

Yeah... but now it's February, and the fees aren't as high anymore. The times when fees were sky-high are over, and we're no longer forced to HODL. The congestion has eased, and this is good news for all of us because we can transfer Bitcoin to other wallets quickly and more affordably.

In the last few days, a transaction fee of 24 sat/vB seems reasonable to use. I'm confident that a fee of 10 sat/vB will soon be achievable in the coming months.

[Don Pedro Dinero]

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.

I have a transaction that I sent about a week ago, just at 19 sats/vB and it hasn't been purged, do you have any idea why? I thought there had been a purge of transactions below 20.

Several times I've had the opportunity to consolidate my wallet for less than 5sat/b and I didn't do it
I waited too long thinking it would take too long for the rates to increase that much
Today I need to consolidate and I don't want to spend more than 20 dollars hehehe
The good thing about this is that we're in forced HODL hehehe

When the mempool was empty I took the opportunity to consolidate with the minimum fee several times. Txs were confirmed quite quickly, but it seems that we will either not see that again or it will take a long time.

[Stompix]

I have a transaction that I sent about a week ago, just at 19 sats/vB and it hasn't been purged, do you have any idea why? I thought there had been a purge of transactions below 20.

Non standard node.
Most nodes are indeed limited to 300MB, even some miners keep a low node because it has no practical purpose for them, but others have a higher limit, mine (home) is pushed to 2000 and for sure the node that relayed your tx first was a non-default mempool node.

If you use a wallet like electrum you can test them by trying to broadcast a tx via a certain server with 1sat/vb.

[bitmover]

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.

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

Take a look at the mempool chart. Probably someone trying to artificially increase fees?

[Aanuoluwatofunmi]

Several times I've had the opportunity to consolidate my wallet for less than 5sat/b and I didn't do it
I waited too long thinking it would take too long for the rates to increase that much
Today I need to consolidate and I don't want to spend more than 20 dollars hehehe
The good thing about this is that we're in forced HODL hehehe

High Transfer Fee
By the end of December 2023, Bitcoin's transaction fees had increased so much that I could never have imagined.  I was surprised to see this huge transaction fee and canceled the transaction.
372sat/B --- 443sat/B
  21.54$ Fee - 25.65$ Transfer Fee..

Maybe we should try and engage another alternative to paying lesser by using static and then considering the purging fee for making transaction and you pay a little bit more higher than that,then engage the use of the transaction accelerator service like viabtc for easy and speedy transaction, I think that will be more lesser to paying the direct fee rate from the mempool order of priority, what do you think guys concerning this, I way out or make no difference.

[famososMuertos]

Several times I've had the opportunity to consolidate my wallet for less than 5sat/b and I didn't do it
I waited too long thinking it would take too long for the rates to increase that much
Today I need to consolidate and I don't want to spend more than 20 dollars hehehe
The good thing about this is that we're in forced HODL hehehe

Last year I mentioned in reference to the classic 1sat/vB in which it is "stipulated" to consolidate, that the new value was 100sat/vB, (sarcasm), which in reality is, but an emergency for those who need it given the values seen in the mempool, It could work.

I think that Hodl is ok, but also it helps to maintain privacy.

[NikeFit_7777]

Yeah... but now it's February, and the fees aren't as high anymore. The times when fees were sky-high are over, and we're no longer forced to HODL. The congestion has eased, and this is good news for all of us because we can transfer Bitcoin to other wallets quickly and more affordably.

In the last few days, a transaction fee of 24 sat/vB seems reasonable to use. I'm confident that a fee of 10 sat/vB will soon be achievable in the coming months.

It seems to me, on the contrary, that transfer prices are going to go up. Although, if you look at the ETH network - and what was the fee for 1 transfer (from 15$ to 45$) it was really expensive. Maybe if the btc rate drops a bit (+ there will be less demand) from users = we will see a decrease in the transfer price.

Below, in the photo, you can see the stats: Transaction volume on BTC network, hits highest since September 2022 - The Block

+ Extras if you use a translator, you can read my article about "how much American miners consume" : https://www.altcoinstalks.com/index.php?topic=316886.msg1489190#msg1489190

[bitterguy28]

Several times I've had the opportunity to consolidate my wallet for less than 5sat/b and I didn't do it
I waited too long thinking it would take too long for the rates to increase that much
Today I need to consolidate and I don't want to spend more than 20 dollars hehehe
The good thing about this is that we're in forced HODL hehehe

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.

[Stompix]

It seems to me, on the contrary, that transfer prices are going to go up.
Below, in the photo, you can see the stats: Transaction volume on BTC network, hits highest since September 2022 - The Block

Volume has no real connection to the average fee.
In fact volume can be really misleading in certain days because of what big players can do, for example: Binance can chose to move a part of it's hot wallet to the cold wallet and here you go, one small 170vbyte tx is worth 4 000 BTC.
Same for consolidations and mixing, if somebody decided to mix 10 BTC, then you have 10 from user to mixer, 10 btc from mixer to tumbler, 10 btc in coinjoin, 10 btc from coinjoin to mixer controlled addresses, 10 btc from mixer to user. And voila somebody cleaning 10 BTC has made an on chain volume of 50 BTC by effectively doing...not so much economic activity.

This is a better indicator for the fees:
https://mempool.space/graphs/mining/block-fee-rates#3d
And only click on min excluding the others, but when you use longer periods it becomes messy and it stops showing the gaps, it's good for 24 and 3 days still.
[img heigth=200]https://www.talkimg.com/images/2024/02/07/vsSAJ.png[/img]
or use this:
https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html#3m

[Hamza2424]

High Transfer Fee
By the end of December 2023, Bitcoin's transaction fees had increased so much that I could never have imagined.  I was surprised to see this huge transaction fee and canceled the transaction.
372sat/B --- 443sat/B
  21.54$ Fee - 25.65$ Transfer Fee..

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...

[pacar_tiri]

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.

[rdluffy]

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 

[bitmover]

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.