If only more people would manually choose the fee that fits their needs, instead of letting their wallet choose a high fee aiming at fast confirmation
The fee market would work much better that way.
Without getting into a long discussion here, the issue is a lot (most?) people are paranoid about confirmation times and don't 100% understand the concept of "is you pay a bit less it might take a while to confirm but unless you need to have the
BTC there now it does not matter"
I *personally* like the Current best transaction fees info at the bottom right of the btc.com page. I find it fairly accurate. If I for whatever reason need it to be in the next block, I use that number (perhaps +1 or 2 % to be sure)
If I am in no rush but want it in the next few hours or so, I usually use 10% to 15% less then that number.
If I really don't care I use 25% less.
If it's just a consolidation. I wait for the weekend and can usually get a 1 or 2 sat fee.
*I* understand how it works and don't think it's that difficult. You (LoyceV) are the same.
There are a lot of people who have been introduced to
BTC and like the concept of it, but don't really understand the inner workings of it so they just go with what their wallet says.
It's up to us to educate them.
Someone should do a video.
-Dave
Show Posts
