Stop paying crazy tx fees(!) I paid only 1.9sat/B when pool asked me for 100+

[AB de Royse777]

You should be noticing that last few weeks, the mempool is packed with tx and people are paying very high tx fee. I also paid some crazy tx fees until yesterday I realised that if I pay low fees still it's not taking much longer time.

I had some issues yesterday to send some fund and in the process of solving it I discovered this low fees phenomenon which I thought worth sharing with everyone. I am just not sure which board to share. I have Bitcoin Discussion in mind. I also have Development & Technical Discussion, Mining, Bitcoin Technical Support, Beginners & Help, Currency exchange in mind then I though to post it in Bitcoin Discussion with the hope that more people will read this to get benefit. I can not just post the same topic in several boards.

Check this image: https://i.imgur.com/9ahocyt.png (I did not embed it intentionally because this will take the entire space)

1 to 6 sat/B is crazy then everything looks normal.
91 to 96 sat/B is again crazy then until 104 sat/B looks normal
105 to 106 sat/B is crazier until 160 sat/B
161+ sat/B is where the most of the miners are picking the transactions.

So automatically the current recommendation is 160+ sat/B.

If you are using Electrum then it's recommending any value from 1 to over 100 which I experienced yesterday for the tx to confirm within the next 10 blocks.

Yesterday when I did my first tx then I manually picked my fees since I did not have much worry about the tx confirmation time. I picked under 2 sat/B. I was assuming this will not confirm in weeks LOL but it did not happen(!) The tx was confirmed after 672 minutes!



Then in the 2nd tx instead of paying the crazy fees I again picked low fees (3 sat/B). It was confirmed after 98 minutes!



Now if you see the regular fees which Electrum recommended me then you will see the craziness.



Check the fees differences. I can bring you more 10+ tx I made in the last few day and all are the same with high paying tx because I used Electrum recommended fees.

So, my suggestion is that,
Stop paying high fees while you can spend very less fees for a transaction. Pick something even less than 2 sat/B.

I hope it helps.

Cheers :-)

Note: Please feel free to share this in other boards which were mentioned earlier. More people needs to see this. Thanks.

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[Ailmand]

You should be noticing that last few weeks, the mempool is packed with tx and people are paying very high tx fee. I also paid some crazy tx fees until yesterday I realised that if I pay low fees still it's not taking much longer time.

I had some issues yesterday to send some fund and in the process of solving it I discovered this low fees phenomenon which I thought worth sharing with everyone. I am just not sure which board to share. I have Bitcoin Discussion in mind. I also have Development & Technical Discussion, Mining, Bitcoin Technical Support, Beginners & Help, Currency exchange in mind then I though to post it in Bitcoin Discussion with the hope that more people will read this to get benefit. I can not just post the same topic in several boards.

Check this image: https://i.imgur.com/9ahocyt.png (I did not embed it intentionally because this will take the entire space)

1 to 6 sat/B is crazy then everything looks normal.
91 to 96 sat/B is again crazy then until 104 sat/B looks normal
105 to 106 sat/B is crazier until 160 sat/B
161+ sat/B is where the most of the miners are picking the transactions.

So automatically the current recommendation is 160+ sat/B.

If you are using Electrum then it's recommending any value from 1 to over 100 which I experienced yesterday for the tx to confirm within the next 10 blocks.

Yesterday when I did my first tx then I manually picked my fees since I did not have much worry about the tx confirmation time. I picked under 2 sat/B. I was assuming this will not confirm in weeks LOL but it did not happen(!) The tx was confirmed after 672 minutes!



Then in the 2nd tx instead of paying the crazy fees I again picked low fees (3 sat/B). It was confirmed after 98 minutes!



Now if you see the regular fees which Electrum recommended me then you will see the craziness.



Check the fees differences. I can bring you more 10+ tx I made in the last few day and all are the same with high paying tx because I used Electrum recommended fees.

So, my suggestion is that,
Stop paying high fees while you can spend very less fees for a transaction. Pick something even less than 2 sat/B.

I hope it helps.

Cheers :-)

Note: Please feel free to share this in other boards which were mentioned earlier. More people needs to see this. Thanks.

It's almost 11 hours, but still the fee is too cheap. I think this is advisable if you are not really rushing to get or send from one address to another. This is helpful since most of us is trying to save money paying high transaction fees for faster block confirmation. Let's hope that bitcoin scalability problem will be solved soon. I don't want paying high fees, this is killing my money.

[avikz]

Transactions fees is actually a challenge during every bull run. During late 2017 while the great bull run happened, people paid huge transaction fees. Same thing I notice last week as well. While the normal numbers of unconfirmed transactions are around 3k to 5k, it went up to 25k last week. It's not down again at 6.5k. That's why we need LN to be implemented as soon as possible!
 
It's good that you were able to manage with lower fees, but how long did it take to get confirmed?

[LoyceV]

Fees are supposed to be a priority mechanism: if you're in a hurry, you pay more, and your transaction gets confirmed faster. That would work fine, if users would set the fee on their own, based on their needs at that moment. However, as most wallets now use "dynamic fees", and they all try to get confirmed in the next block, fees quickly spiral upwards the moment blocks are full. The end result is that everybody pays more, while everybody is still waiting too.
If only we could get enough people to manually prioritize their transactions!

See also: Fees are low, use this opportunity to Consolidate your small inputs!

[BitcoinHodler]

one of the biggest problems is that most wallets (blockchain.info, some of the mobile wallets,... even the account types like coinbase) are over estimating the fees and users usually trust that their wallet must be correct so they end up paying what is suggested to them not knowing they are paying more than they should.

i think everyone has to compare their wallet's suggestion with real fees of transactions in the mempool first before they can make a conclusion about whether it is giving them an appropriate suggestion or not.
this site has been great for visualizing the memory pool and analyzing the fees: https://jochen-hoenicke.de/queue/

[traderethereum]

I never complain about the fee
When I want to receive in a fast way, I know that I must use a high fee and if I compare with the money that I will receive, still, the fee is not too big for me, and I can deal with that.
That is great for you if you can pay with a small amount of fee but how long until you receive the bits?
Almost every people wants to see they receive money in the short time, but they don't want to pay more for the fee, so they got confirmation slowly because there is another transaction which is paid with the high fee.
So after all, it is a good suggestion for people. No offense OP

[AB de Royse777]

Fees are supposed to be a priority mechanism: if you're in a hurry, you pay more, and your transaction gets confirmed faster. That would work fine,

Yeh I know, but the dynamic calculation for the wallets basically causing this high fees for us. Most of the people really do not care to edit the fees I think.

See also: Fees are low, use this opportunity to Consolidate your small inputs!

Great topic. That time (when the topic was created) the fees were really low. I think it was even around 1 sat/B if I can recall correctly.

By the way, do you think I should move this topic to Bitcoin Technical Support board? I know not many people will see this topic in this board. All will be spamming to increase their activities LOL

~snip~
 
It's good that you were able to manage with lower fees, but how long did it take to get confirmed?

Not that long I was expecting. I thought it will take few weeks lol but in reality it took,

The tx was confirmed after 672 minutes!



Then in the 2nd tx instead of paying the crazy fees I again picked low fees (3 sat/B). It was confirmed after 98 minutes!

[Zadicar]

I never complain about the fee
When I want to receive in a fast way, I know that I must use a high fee and if I compare with the money that I will receive, still, the fee is not too big for me, and I can deal with that.
That is great for you if you can pay with a small amount of fee but how long until you receive the bits?
Almost every people wants to see they receive money in the short time, but they don't want to pay more for the fee, so they got confirmation slowly because there is another transaction which is paid with the high fee.
So after all, it is a good suggestion for people. No offense OP

Same case with me, i dont really mind too much if i do pay up the current amount of fee nowadays unlike on that bull run event on 2017 which the amount is already disturbing
when you do want some fast confirmation but now it isnt really too much a bother yet even next block transactions wont cost you much. Thanks for sharing btw OP.

[Haunebu]

Its all about priority at the end of the day. If you need your TX to get confirmed as soon as possible, default fees is best in this case.

If you can wait just like op did, manually lowering the fees helps, but no correct estimate can be given as to how much time it would take due to the extreme volatility of this market.

[AB de Royse777]

I never complain about the fee
When I want to receive in a fast way, I know that I must use a high fee and if I compare with the money that I will receive, still, the fee is not too big for me, and I can deal with that.
That is great for you if you can pay with a small amount of fee but how long until you receive the bits?
Almost every people wants to see they receive money in the short time, but they don't want to pay more for the fee, so they got confirmation slowly because there is another transaction which is paid with the high fee.
So after all, it is a good suggestion for people. No offense OP

Same case with me, i dont really mind too much if i do pay up the current amount of fee nowadays unlike on that bull run event on 2017 which the amount is already disturbing
when you do want some fast confirmation but now it isnt really too much a bother yet even next block transactions wont cost you much. Thanks for sharing btw OP.

How would you feel to spend 0.0005+ BTC in fees for a translation of 0.005BTC? Don't you think it's too much? If you check my OP that this is exactly what happened (101.1 sat/B) with me because I was trusting the wallet calculation.

If you are a regular spender me then I do not think you would say the you never complain about the fees LOL

~snip~

i think everyone has to compare their wallet's suggestion with real fees of transactions in the mempool first before they can make a conclusion about whether it is giving them an appropriate suggestion or not.
this site has been great for visualizing the memory pool and analyzing the fees: https://jochen-hoenicke.de/queue/

If they do compare then they will never end up paying 4950% increased fees (101 sat/B where you could spend 2 sat/B) :-)

[BitcoinHodler]

~snip~

i think everyone has to compare their wallet's suggestion with real fees of transactions in the mempool first before they can make a conclusion about whether it is giving them an appropriate suggestion or not.
this site has been great for visualizing the memory pool and analyzing the fees: https://jochen-hoenicke.de/queue/

If they do compare then they will never end up paying 4950% increased fees (101 sat/B where you could spend 2 sat/B) :-)

sometimes people don't know they are overpaying though. the point was that they simply trust their wallets. why shouldn't they? it was supposed to work properly. and i can say that sometimes the developers may not even be aware of it since nobody reports it to them and everyone just complains about high fees!

[Lucius]

Transactions fees is actually a challenge during every bull run. During late 2017 while the great bull run happened, people paid huge transaction fees. Same thing I notice last week as well.

Why do you think we are in the bull run? Increase in price from 4000$ to 5000$ it's not something we can call bull run, and it certainly can not be compared with November / December 2017 when price is skyrocket from 7000$ to almost 20 000$ in one month. Transaction fees are then incomparably bigger than today, up to 55$ per transaction what can be seen here : Bitcoin Avg. Transaction Fee historical chart


Royse777, you are just advised to pay a certain fee, and you look at that site which is according to some users known as very inaccurate. However, paying the highest possible fee at a specific time ensures that the transaction is confirmed in the next block. You pay low fee and wait for 11+ hours, and you get lucky with next transaction and wait only 98 minutes.

This is good for people who can wait, but if you need fast confirmation there is no other option than paying a max fee, or adjust fee to be enough for confirmation in next 3-5 blocks, which is cheaper and sufficient for confirmation in 1+ hour.

[AB de Royse777]

Royse777, you are just advised to pay a certain fee, and you look at that site which is according to some users known as very inaccurate. However, paying the highest possible fee at a specific time ensures that the transaction is confirmed in the next block. You pay low fee and wait for 11+ hours, and you get lucky with next transaction and wait only 98 minutes.

Are you going to say this one was lucky too?



This took only  77 minutes :-)

I use cash or a card.
Doesn't cost me anything and the transaction is instant.
Apparently, you lot don't like it.

Strange world we live in.

Are you really sure about it? I don't know which world you are living in bud.

[erikalui]

I use exchanges and they all charge huge fees like 0.001 BTC and more but they end up paying just 5 sats/byte and adding like 100 txs along with mine. But still I noticed my transactions get confirmed faster even with such low fee while earlier my txs used to take 3-4 hours for 1 confirmation. My tx recently with 13 sats/byte took 3-5 mins for 3 confirmations.

[AB de Royse777]

I use exchanges and they all charge huge fees like 0.001 BTC and more but they end up paying just 5 sats/byte and adding like 100 txs along with mine. But still I noticed my transactions get confirmed faster even with such low fee while earlier my txs used to take 3-4 hours for 1 confirmation. My tx recently with 13 sats/byte took 3-5 mins for 3 confirmations.

Well with exchanges you have not much choice. You are already paying very high fees.

By the way, unless you are regularly trading your Bitcoin for alts it's not recommended to keep your coins in exchanges. I hope you already know about the hacking stories of several exchanges on the way of these 10 years of Bitcoin.

Always keep your assets safe. Electrum is a good option or go for a hardware wallet.

[o_e_l_e_o]

https://bitcoinfees.earn.com/ is notorious for overestimating the required fees. It is currently suggesting 148 sats/byte. While this is very likely to get you confirmed in the next block, if you don't absolutely need to be confirmed in the next 20-30 minutes, it is completely unnecessary. As Royse777 has stated, fees much much lower will still get you confirmed within a few hours. https://www.coinb.in/#fees is generally much better with their fee esimation, and they are currently recommending 3 sats/byte.

Personally, I prefer to look at the mempool myself here: https://jochen-hoenicke.de/queue/#1,24h. Look at this screenshot taken from right now (click for full size):


As you can see, the mempool is regularly empty, with transaction with fees of evening a fraction of a satoshi per byte being confirmed. But because too many people are using their wallet's "recommended" fee, which is hugely inaccurate, when the mempool starts to fill, it quickly overfills with ridiculous fees. If everyone agreed to reduce their fees by 90%, everyone would be waiting the exact same amount of time but be saving a whole bunch of money. It is utterly ridiculous some people are setting fees of 200 sats/byte when there are only 3,000 unconfirmed transactions, when if you look back a month there were times with 30,000 unconfirmed transactions and peak fees were around 30 sats/byte.

[Beerwizzard]

Guys, that's just Electrum. Pretty often its recommended fee require either x10 more than average transaction fee or x10 less fee. So you will either overpay pretty much or underpay and make your transactions stuck for several days. Just don't take those electrum fees seriously and double check fees on the other websites.

[kryptqnick]

I use blockchain.info wallet, and it has two types of recommended fees: regular and priority. The priority fee is for those who wish the transaction to be confirmed within 1 hour. Since I usually send my btc when I am using exchangers to local fiat and they tend to have limited time of waiting for confirmation of payment, I use priority fees. It's bad, of course, that it leads to many people using high fees and thus waiting in the queue that consists of these people, but I would not risk it in such cases. After all, it does confirm transactions within an hour. But since it's seems to be a serious problem, I'll try to experiment with the fees looking at mempool next time I am not in a rush.

[r1a2y3m4]

It's almost 11 hours, but still the fee is too cheap. I think this is advisable if you are not really rushing to get or send from one address to another. This is helpful since most of us is trying to save money paying high transaction fees for faster block confirmation. Let's hope that bitcoin scalability problem will be solved soon. I don't want paying high fees, this is killing my money.

Although if it took 11 hours and if you really don't need the money right at that moment, it's okay to wait that long. Still, this guide is a helpful one. But look at this

Then in the 2nd tx instead of paying the crazy fees I again picked low fees (3 sat/B). It was confirmed after 98 minutes!

The second one confirmed after 98 minutes. I bet that this is the most recommended to take. If you need the money right away.

[omone1]

Miners are demanding high transaction fee, using a Segwit activated Wallet I decided to reduce the recommended fee from 86sat/B, because I never wanted the buyer to keep waiting for confirmation time, I reduced it to 30sat/B. It got confirmed less than 6mins, then I realized I should have use very lower fee and still would have got confirmed in same time.