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Author Topic: [FEB 2020] Fees are low, use this opportunity to Consolidate your small inputs!  (Read 28948 times)
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Pmalek
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December 03, 2019, 10:00:11 AM
 #181

I just sent a 1 sat transaction awhile ago, maybe an hour ago. It was about 2 mb from the tip, now it's about 1.94 mb from the tip. So maybe by the end of the day it will have confirmed.
The fees are a bit higher at the moment. Somewhere in between 10-15 sat/byte. In the last 2 hours the mempool has filled up a bit but I believe your transaction will get confirmed by the end of the day unless there is another rally coming up.
https://jochen-hoenicke.de/queue/#1,2h 

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December 03, 2019, 02:49:25 PM
 #182

The transaction eventually confirmed in about 11 hours. So still within range of the day. I sent it in the morning of that day, and by the time I finished my dinner it already had 2 confirmations. 1 sat fee per byte. (0.00000113 BTC to be exact.)

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December 04, 2019, 08:39:47 AM
 #183

The transaction eventually confirmed in about 11 hours. So still within range of the day. I sent it in the morning of that day, and by the time I finished my dinner it already had 2 confirmations. 1 sat fee per byte. (0.00000113 BTC to be exact.)

I sent a transaction yesterday and it took less than an hour to confirm at 1 sat per byte (exactly).

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December 09, 2019, 10:58:36 AM
 #184

For a fast confirmation, at the moment all you need is about 4 sats per byte for the fastest confirmation (10-20 minutes normally).

Consolidate now while you have the chance!

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January 12, 2020, 10:56:35 PM
 #185

1 sat/byte now the recommended fee Smiley

Hurry whilst it’s so low.

https://btc.com/stats/unconfirmed-tx



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January 16, 2020, 05:48:12 PM
 #186

While the transaction I'm going to put here has paid around 23 SATs/byte, I still think I should bump this thread with the very best example of how crypto has changed the movement of money totally, and yeah, a lot of money actually.

https://www.blockchain.com/btc/tx/0f142e64e995a9dc2281d18061fefc7bfb813358840ff206846550be8ead210d

Around 125k BTC worth $1.1 billion were moved by Bitfinex from their wallet for just a measly 5578 Satoshis (just 48 cents at the time it was sent). Such big transactions being sent with least fee and still getting confirmed almost immediately is a win-win for this technology where we used to pay 100s of dollars to send money abroad. Hats off to crypto. Anyways, this event is a perfect bumping example for me.

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LoyceV
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January 16, 2020, 06:19:55 PM
 #187

Around 125k BTC worth $1.1 billion were moved by Bitfinex from their wallet for just a measly 5578 Satoshis (just 48 cents at the time it was sent).
I've seen similar cases before, and now too I don't think they moved 125 kBTC. I think they moved "only" 1.5kBTC, the rest was just "change". If this would be fiat, you wouldn't see the change that's left in the account, but because of the way Bitcoin works, you get to see it.
Think of it as if someone Scrooge McDuck moves a huge pile of money from one corner of his money bin to another corner, and also uses a few buckets of coins to make a payment.

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January 29, 2020, 04:45:14 PM
 #188

Bumping the good work but want to add a caution that some fee value spikes are happening these days where I have seen some users paying 100 satoshis per byte to get their transactions win in the race of getting involved in a block. Does the low fee 'like 1-5 satoshis per byte' remain during some specific timings?

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January 29, 2020, 04:54:08 PM
 #189

Does the low fee 'like 1-5 satoshis per byte' remain during some specific timings?
Your best odds for a low fee are on Sundays, but the point of this topic is to consolidate your inputs when you're not in a hurry and when you don't need your funds for a while. So if today's transaction confirms next Sunday, that shouldn't matter.
That being said: My Bitcoin Core estimates a minimum fee transaction to confirm in 4 to 8 hours.

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January 29, 2020, 07:04:34 PM
 #190

Does the low fee 'like 1-5 satoshis per byte' remain during some specific timings?
Your best odds for a low fee are on Sundays, but the point of this topic is to consolidate your inputs when you're not in a hurry and when you don't need your funds for a while. So if today's transaction confirms next Sunday, that shouldn't matter.

I get that.
So basically, it is not a high or low fees thing and just an angle/ a way of looking at it as when you send a low fee transaction and unfortunately network clogs down, you will wait while higher fee payers will enjoy their transactions being confirmed earlier than yours and if the fee drops immediately after some transactions and you just wait till that time for that fee drop to come, then I think there is no need to send a transaction when fees are high.

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That being said: My Bitcoin Core estimates a minimum fee transaction to confirm in 4 to 8 hours.

And what happens if the prediction fails due to a mempool clog?
I will not bother to see it for 24 hours too but will you take it for 2 days after trusting the wallet's fee prediction? We have seen that happening in the past days already.

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January 29, 2020, 07:08:31 PM
 #191

And what happens if the prediction fails due to a mempool clog?
Then it can take weeks, you can drop the transaction, use CPFP, or use RBF.

This will probably happen at some point again during the next bull run, and that's all the more reason to consolidate your small inputs before that happens. Which reminds me: I haven't done that in a while.

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February 15, 2020, 08:54:08 PM
 #192

Consolidate Bump!
Consolidate this small pocket change!

A few months ago, I saw recommended fees rise to more than 50-100 sat/byte, when blocks were full during large market fluctuations. Fees are low again! Consolidate your small inputs while you can, low fees won't last forever.

1 sat/byte is still possible!

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February 19, 2020, 03:45:45 AM
 #193

Extra bump!

Mempool looks really shallow. 1 sat per byte should confirm within around 5 hours now (at most). Set and forget to consolidate all your small inputs...

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