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Author Topic: Who are paying these high fees?  (Read 86 times)
mulfrank (OP)
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March 05, 2018, 05:44:51 AM
 #1

When looking at the "Predicting Bitcoin Fees" website (bitcoinfees.earn.com), the current recommended fee is 20 satoshis/byte. However, most people have been paying a lot more than that, including 8000 transactions paying over 180 satoshis/byte! Who are these people and why are they paying that much? I sent one transaction today and one yesterday, and they were confirmed within a couple of hours paying only 2 satoshis/byte. With SegWit, those transactions came out to about 3 and 5 cents respectively. Oh, how times have changed!  Smiley
BillCoin
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March 05, 2018, 05:50:10 AM
 #2

It's not like someone chose that fee specifically.
People that release transactions with an old wallet are probably didn't have their fee rate being updated and they are now sending transactions at a much higher fee( few months ago, the normal fee rate was something about 600Sat/byte,thirtee times more than the fee now.
People that send transactions with thousends satoshis for a byte, probably set the fee by themself by mistake.
When you create a transaction by yourself , you choose what is the input and what is the output, and the rest goes as a fee, if you added an input in wrong and forgot to delete it, it will go directly as fee, and that may result a fee rate that is so high.
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