Dont spam the btc network

[longbtcdev]

I want to remind everyone in this small memepool spike to use low tx fees (1-5sat per byte) if your transaction is in no hurry.
People are paying around 100sat per byte atm, if you are in hurry this is fine but if not use 1-5 sat per byte.

I did a 0.02btc tx with 1.5 sat per byte and it got confirmed after around 10 hours, which is absolute fine if you dont need to spend the btc asap.

proof: https://blockstream.info/tx/f97fcb8ab98986bc5d738958725a23e3e10a6f6c08bd8e4ab3309d47ef554b05

Save satoshis where you can 

[1715244250]

1715244250

[1715244250]

1715244250

[Rath_]

Loyce bumps his thread often to remind users of the benefits of consolidating coins. Most of the online wallets are very limited and don't allow their users to control coins. They don't have to worry about consolidating coins but they pay more for each transaction.

[longbtcdev]

Loyce bumps his thread often to remind users of the benefits of consolidating coins. Most of the online wallets are very limited and don't allow their users to control coins. They don't have to worry about consolidating coins but they pay more for each transaction.

Excellent thread by @loyce

I agree but I dont recommend to use online wallets, its like if you give your money to a stranger to store it for you...

[2double0]

The problem is, many of those wallets sitting there don't give you the option to change your fee type to custom and doesn't let you put that custom sats/bytes which is why this spike took place. Even exchanges are paying higher and supporting this network clog and many of those bad guys are trying to spam the whole network by sending very low Satoshi amounts for very high fees. We really need to stop this so not to see those higher fees back in the game again. And most of them want their transactions  confirmed as soon as possible which is one major cause of this happening.

And hey, that ^meme^pool is just something I would say a great invention of your mind.  

[joniboini]

I did a 0.02btc tx with 1.5 sat per byte and it got confirmed after around 10 hours, which is absolute fine if you dont need to spend the btc asap.

Last time I checked there are a lot of pending transactions with 18-20 hours since it first broadcast. But a lot more transactions which clog the network are ranging between minutes to 1 hour, so probably all those high-fee transactions are coming from those who really need their funds to get confirmed asap.

Quite understandable though, due to  the recent (semi) bull run , lots of people want to trade asap.

[socks435]

This is not recommended if you have lots of dust output it may rejected by the network but if you have less output 1 to 5 sat might be enough to send bitcoin and confirm in few hours.

According to your transaction it seems that you are using segwit that starts from "3" if I'm right maybe this is one of the reason why your transaction confirmed fast in few hours with lowest fees.

[longbtcdev]

This is not recommended if you have lots of dust output it may rejected by the network but if you have less output 1 to 5 sat might be enough to send bitcoin and confirm in few hours.

According to your transaction it seems that you are using segwit that starts from "3" if I'm right maybe this is one of the reason why your transaction confirmed fast in few hours with lowest fees.

The transaction was sent from a segwit adress to a non segwit adress, so the transaction is non segwit or am I wrong?

[TryNinja]

The transaction was sent from a segwit adress to a non segwit adress, so the transaction is non segwit or am I wrong?

You're wrong.

The transaction "is segwit" (has witness data) when it's sent from a Segwit address. The destination doesn't really matter.

[jackg]

I've sent tiny (256 byte I think and still haven't got a confirmation at 1 sat per byte) although a couple of days ago I sent 10kb over the network (I had to!) at 5 sat per byte and it got through quite quickly - this was while the fees were high. I did end up paying 100sat per byte for a 150 byte transaction and it's not pretty to pay that amount any more... (we need the old days back )

I think LoyceV managed to work out what was spamming the blockchain on his thread though.

As a side note electrum users should not use the recommended fees as they are completely wrong when the fees go higher (it might be a universal statement I'm not sure).

[Adriano2010]

Loyce bumps his thread often to remind users of the benefits of consolidating coins. Most of the online wallets are very limited and don't allow their users to control coins. They don't have to worry about consolidating coins but they pay more for each transaction.

This why i not use anymore online wallets, but mostly i use hardware wallet and wallets where i can set what fee to put. This high fees apply also for segwit to segwit transaction right? I mean if send with low fee will take some time to confirm but not so much as segwit to legacy or legacy to legacy.

[bitmover]

Loyce bumps his thread often to remind users of the benefits of consolidating coins. Most of the online wallets are very limited and don't allow their users to control coins. They don't have to worry about consolidating coins but they pay more for each transaction.

This is how someone really avoid spamming the network.
Every transaction you ever made to an address is like a coin. Consolidating those coins is how you use less bytes per transaction saving in fees.