Why do so many people set their fees so unnecessarily high?

[CryptocurencyKing]

Of course it's it's always within a range as you've already establish @ OP

Like when 50 sat/vbyte is the minimum there were people including 6000 sat/vbyte. Or when 2 sat/vbyte would be enough like 30% of the people were setting there fees at 60 sat/vbyte.

But then, I won't call it ridiculously high because, it's based on the users besides, some wallets like the ELECTRUM WALLET do well to inform or warn you when the fee is abnormally high so, if you still go for it, it's up to you.

For some, they may not understand the volume as to how many vbyte their transactions would be occupying and as such, would just proceed anyway while others, they might know but, still don't seem to care. This could be due to how urgent they want the transaction to be confirmed or perhaps, the fee is just too small to their person.

[Pmalek]

Here by o_e_l_e_o

Correct, that is the one! Nice work finding that.

Although I used to recommend https://www.coinb.in/#fees a lot, recently I have found https://mempool.space/ to be better.

What do you like about mempool.space in particular? The low/medium/high priority suggestions or something else?

I am aware that each node has its own mempool, but it's interesting to compare the info mempool.space shows when it comes to the total mempool size and the number of unconfirmed transactions, and the data jochen-hoenicke has. While writing this, mempool.space shows a mempool size of 18MB and over 26.000 unconfirmed transactions. At the same time, jochen-hoenicke only has a mempool size of 14MB but about the same number of unconfirmed bitcoin transactions - +26.000. Why the difference?

I prefer using the 8 hour graph, as seeing the trend over more than 2 hours can be relevant. If the mempool was empty 8 hours ago and has been steadily filling up since, then I would aim near the tip to get confirmed within the next couple of blocks. Conversely, if the mempool was 30MB larger 8 hours ago and has been steadily emptying since, then I know I can aim a good bit below the tip and still be likely to confirm in a reasonable time.

That is reasonable thinking, unless a sudden spike of transactions occurs just around the time when you broadcasted your transaction with lower fees when you saw the mempool emptying during the last 8 hours and it keeps going upwards. But looking at the 2 hours graph wouldn't help in such a situation either.   

The least ambiguous way of discussing it is to say that a block can take 4 million weight units.

That now brings in a new actor in the game. So we have MB, vMB, and now weight units. That might become overwhelming for the average joe.

[CryptopreneurBrainboss]

Ignorance does contribute heavily to this issue of outrageous fees. I was a victim as until few weeks back I had no idea there was an additional options of lowering my fees on the electrum wallet more than what the default settings recommend. Before I got informed, I was using the default option which cost more. Most times the users are to be blamed as a little research and question asking (like I did) could be the only way to stay updated.

Also the app developers need to make some information a little more visible and not always hidden. They should realize that most crypto users are noobs in one or two ways therefore they shouldn't expect them to pick up get fast in understanding their wallets.

Finally some of this fees are done intentionally by users wanting to get their transaction confirmed ASAP. Scenarios like this can't be avoided as not everyone can have the patience to wait for hours to get their transaction confirm especially when it's an urgent one.

[o_e_l_e_o]

The low/medium/high priority suggestions or something else?

Yeah, they are generally pretty accurate and better than just suggesting a single flat fee to newbies who can't read the mempool for themselves yet. I also like their real time block counter display.

While writing this, mempool.space shows a mempool size of 18MB and over 26.000 unconfirmed transactions. At the same time, jochen-hoenicke only has a mempool size of 14MB but about the same number of unconfirmed bitcoin transactions - +26.000. Why the difference?

Virtual size and raw size. Jochen uses virtual size exclusively. Mempool.space uses virtual size in their graph, but uses raw size in their "Mempool Size" counter on their landing page.

That is reasonable thinking, unless a sudden spike of transactions occurs

Of course, any estimation of fees is only going to be an estimation since things like this can happen, but mempool trends can still be a helpful indicator.

[FIFA worldcup]

I finally figured out how the mempool and fees work and I've been watch the mempool constantly for a few days now. I have noticed lots people including ridiculously high fees. Like when 50 sat/vbyte is the minimum there were people including 6000 sat/vbyte. Or when 2 sat/vbyte would be enough like 30% of the people were setting there fees at 60 sat/vbyte. Why do people set their fees so unnecessarily high? Is it simply because of how default fees are set in wallets, by exchanges, or by services? If so, why do professional developers miscalculate the fee so poorly?

Does anyone know how to setup the minimum fee in the electrum while sending the coins. If we set the very low fee, how long will it take for the coins to reach the destination.
These are some common questions which everyone wants to know about them so they feel comfortable lowering the tx fee.

[o_e_l_e_o]

Does anyone know how to setup the minimum fee in the electrum while sending the coins.

You can either change the slider to "static" and slide it all the way down to 1 sat/vbyte, or you can enter the advanced preview and manually enter the fee of 1 sat/vbyte.

If we set the very low fee, how long will it take for the coins to reach the destination.

Depends entirely on the state of the mempool and when the next blocks are found. It could be as fast as less than a minute, or it could take weeks. At present, 1 sat/vbyte would put you 25 MB from the tip, so it would likely be well in to the weekend at a minimum before you would be confirmed.