Mempool fees

[Sidney986]

When using the mempool to decide on bitcoin fees,

https://mempool.space/graphs

Any fee under the white dashed line gets broadcast in the next block is my understanding.  Now if I set a fee that is just outside the dashed white line does that mean my transaction will get priority and put on the  next block? or can it be pushed  all the way to the end of the mempool cue if it was a very low fee?

[bob123]

With this specific representation:
If your transaction fee is right below the white mark and a block is found right after they received your transaction, it is very likely that it will be included.

However, if you broadcast your transactions with a fee just below the white line, and the next block is found in a minute or later, the chances are high that there will be more transactions broadcasted with a higher fee than yours. This will lead to your transaction not being included.

Now if I set a fee that is just outside the dashed white line does that mean my transaction will get priority and put on the  next block? or can it be pushed  all the way to the end of the mempool cue if it was a very low fee?

This fully depends on:

• how many transactions will be broadcasted until the next block is found
• how high their fee is

If the next block is found within a second, your transaction most likely will be included.
If there will be more than 1 MB of transactions with a higher fee, your transaction will not be included.


What wallet are you using ?

[JeromeTash]

Things keep fluctuating especially on the 2-hour Graph depending on how fast or slow the next block is mined alongside the number of transactions with higher fees that keep piling up in the mempool. So you have to put all those factors into consideration.

If you use wallets like electrum, they set a fee to a much higher value as observed in the last few days if you want it to be confirmed in the next block.

[bob123]

If you use wallets like electrum, they set a fee to a much higher value as observed in the last few days if you want it to be confirmed in the next block.

Actually, you can adjust it in electrum. 'Tools' -> 'Preferences'

There, you can set the estimation to based on the mempool



This will result in the fee being calculated based on how many MB's from the tip you want it to be.
Currently, 54 sat/B would be 0.5 MB from the tip of the mempool. Such a transaction is very likely to be included in the next block, while not being highly overpaid.

[Sidney986]

I will be using Electrum most likely set to mempool for fee calculation.

Thanks for the replies. 

[Steamtyme]

Can't say I've ever looked at that site. I have always checked here if I have a time sensitive transaction to send https://jochen-hoenicke.de/queue/#0,24h . It's always served me well with info, as was pointed out you likely had the right reasoning for setting your own fees.

Personally I try and avoid sending BTC in a rush situation. If I am trading for Fiat I always tell everyone that it's sent and with a low fee, if it doesn't get through I'll increase it to get it through. The only time I've ever had a long sweat was at the peak in 2017 when I was fairly new and didn't really grasp the idea behind fees and priority. Even in a situation where it advises a fee of 48-62 Sat/VByte as it is right now, for an estimate between 30 minutes and 4 hours. i would likely set the fee around 10-15 and wait.

If you ever get concerned about your fees you should look into consolidating your coins to keep your fees lower in the future.