Can I lower bitcoin network fees?

[Lucius]

Do you guys think that it would be wise to make a small information thread regarding how to read/interpret the information on graphs such as the one posted by tranthidung? It would take me some time to write it, but I would do it if it would help recent newcomers to the forum that may feel overwhelmed by the information ...

Such a thread already exists, look here -> Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)

I have to admit that I have used some other sites before to calculate the optimal fee, but anyone who learns how to read mempool data will always be able to set the fee in the best possible way. Using SegWit and setting the fee correctly can definitely save you money.

[RickDeckard]

Do you guys think that it would be wise to make a small information thread regarding how to read/interpret the information on graphs such as the one posted by tranthidung? It would take me some time to write it, but I would do it if it would help recent newcomers to the forum that may feel overwhelmed by the information ...

Such a thread already exists, look here -> Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)

I have to admit that I have used some other sites before to calculate the optimal fee, but anyone who learns how to read mempool data will always be able to set the fee in the best possible way. Using SegWit and setting the fee correctly can definitely save you money.

Interesting, thank you for letting me know Lucius. I tend to use more mempool - https://mempool.space/ - due to the amount of information that it provides, but they all allow you to extrapolate the optimum fee that you should use depending on the situation.
Perhaps I'll consider instead writing up a small guide in order to introduce people to the amount of mempool information provides, albeit the reading from mempool can already be understood from the thread that you provided.

[Lucius]

Interesting, thank you for letting me know Lucius.

You're welcome

I had similar thinking like you a few months ago, because I have noticed that many do not understand the visual presentation on that website (jochen-hoenicke), but then someone drew my attention to the thread in question. Given the cost of BTC and the frequent congestion of mempool, everyone should know how to interpret this data - and this means not only that we can save on fees, but also that we can convince many not to blindly believe what their wallets show when it comes to fees.

[RickDeckard]

Interesting, thank you for letting me know Lucius.

You're welcome

I had similar thinking like you a few months ago, because I have noticed that many do not understand the visual presentation on that website (jochen-hoenicke), but then someone drew my attention to the thread in question. Given the cost of BTC and the frequent congestion of mempool, everyone should know how to interpret this data - and this means not only that we can save on fees, but also that we can convince many not to blindly believe what their wallets show when it comes to fees.

Indeed the knowledge to read mempool is indispensable if you want to actually adapt your fee's to your urgency regarding the transaction. I think I'll postpone the creation of such thread considering the compact yet detailed information provided by the thread that you linked. Even though I tend to like the way mempool displays data, I'll try my best to guide newcomers to crypto world (especially BTC) to the thread you pointed out and any possible questions that should arise from it.

Every 1 % counts, especially when we're talking about fees in any way  

[Angel_Isabella]

i have sent those btc with 14+ sat/byte fees.
How much time it will take?

https://www.blockchain.com/btc/tx/d7a2a8abf4e6dfca72ab5bffa34b58d2db59150700eb99d9dbfe127fba8e9abe

[mocacinno]

i have sent those btc with 14+ sat/byte fees.
How much time it will take?

https://www.blockchain.com/btc/tx/d7a2a8abf4e6dfca72ab5bffa34b58d2db59150700eb99d9dbfe127fba8e9abe

Nobody could tell you... Only guess:
https://jochen-hoenicke.de/queue/#0,24h


The only thing i can tell you is that 8Mb of tx's have payed more than 14 sat/byte... So if everybody would stop broadcasting transactions and the average time between 2 blocks stayed ~10 minutes, it would still take another 80 minutes before your transaction would end up in a block (on average).

If, over the next few hours/days more than 1Mb of new tx's with a fee >14 sat/byte get broadcasted per 10 minutes, you'll have to wait... If over the next hours/days less than 1Mb of new tx's with a fee of > 14 sat/byte get broadcasted, you'll move closer to the top and see your odds of ending up in a block increasing...

[tranthidung]

i have sent those btc with 14+ sat/byte fees.
How much time it will take?

https://www.blockchain.com/btc/tx/d7a2a8abf4e6dfca72ab5bffa34b58d2db59150700eb99d9dbfe127fba8e9abe

Check the mempool with https://jochen-hoenicke.de/queue/#1,8h

Your fee rate is 9.7 MB from the tip or it is about 10 blocks from the tip. Mempool is changing in seconds, up and down in size so it might take 10 blocks or longer or shorter to get the first confirmation for your transaction.

I think Bitcoin rises enough and after few more hours, people will be less hurry with it, and your transaction will be confirmed.

You can check the priority of your unconfirmed transaction with https://blockchair.com/bitcoin/transaction/d7a2a8abf4e6dfca72ab5bffa34b58d2db59150700eb99d9dbfe127fba8e9abe. As of writing, the priority is: 22488/60418 Unconfirmed transactions.

If you want to protect your IP address, you should check it with Tor browser. Download it there https://www.torproject.org/

I see another thing from your transaction:

• It was not marked as Yes for Replace by Fee (you can see it with the link on blockchair explorer).
• It is bad because you can not bump your fee if mempool loads up more (ie. when bitcoin surges to $70,000, LOL) and you need to get confirmation
• Just for your next time, please set Replace By Fee as ON / ENABLED in your wallet. Automatically, your transaction will be marked as RBF Yes when you broadcast it.

[Angel_Isabella]

i have sent those btc with 14+ sat/byte fees.
How much time it will take?

https://www.blockchain.com/btc/tx/d7a2a8abf4e6dfca72ab5bffa34b58d2db59150700eb99d9dbfe127fba8e9abe

u want to protect your IP address, you should check it with Tor browser. Download it there https://www.torproject.org/

I see another thing from your transaction:

• It was not marked as Yes for Replace by Fee (you can see it with the link on blockchair explorer).
• It is bad because you can not bump your fee if mempool loads up more (ie. when bitcoin surges to $70,000, LOL) and you need to get confirmation
• Just for your next time, please set Replace By Fee as ON / ENABLED in your wallet. Automatically, your transaction will be marked as RBF Yes when you broadcast it.

I didn't see that Replace By Fee option on blockchain wallet

[pawanjain]

I didn't see that Replace By Fee option on blockchain wallet

Most of the times you have to enable the RBF (Replace by fee) option from the setting of the wallet. Not sure if Blockchain wallet has that.
You can find the RBF option in non-custodial wallets like Electrum and Mycelium.

RBF is a good feature when your transaction is stuck in the mempool for a longer period of time. If you want to learn more about it here's a detailed guide
https://medium.com/@overtorment/bitcoin-replace-by-fee-guide-e10032f9a93f

[sheenshane]

I didn't see that Replace By Fee option on blockchain wallet

Unfortunately, the web wallet that you've used didn't support RBF, in that case, you've nothing to do is just to wait when it will be confirmed.

We told you earlier that if you want to have a fast transaction you should put high fees or the required amount on the mempool.  I don't think when it will be confirmed, it seems the mempool network now was loaded, and a little bit of traffic. 

14 sats per bytes is quite low fees, it's either will drop on the network or else, it takes few more days without any specific time frame when it will be confirmed.  You should know these consequences before deciding to put lower fees.

[Angel_Isabella]

I didn't see that Replace By Fee option on blockchain wallet

Unfortunately, the web wallet that you've used didn't support RBF, in that case, you've nothing to do is just to wait when it will be confirmed.

We told you earlier that if you want to have a fast transaction you should put high fees or the required amount on the mempool.  I don't think when it will be confirmed, it seems the mempool network now was loaded, and a little bit of traffic. 

14 sats per bytes is quite low fees, it's either will drop on the network or else, it takes few more days without any specific time frame when it will be confirmed.  You should know these consequences before deciding to put lower fees.

omg...It can drop. I thought it will get confirm in 1-2 days.
What can i do now?

[pawanjain]

I didn't see that Replace By Fee option on blockchain wallet

Unfortunately, the web wallet that you've used didn't support RBF, in that case, you've nothing to do is just to wait when it will be confirmed.

We told you earlier that if you want to have a fast transaction you should put high fees or the required amount on the mempool.  I don't think when it will be confirmed, it seems the mempool network now was loaded, and a little bit of traffic. 

14 sats per bytes is quite low fees, it's either will drop on the network or else, it takes few more days without any specific time frame when it will be confirmed.  You should know these consequences before deciding to put lower fees.

omg...It can drop. I thought it will get confirm in 1-2 days.
What can i do now?

If your wallet doesn't support RBF then there's nothing you can do. If your transaction fees is less then you can just wait for it to be confirmed in a few days.
In some cases, if the transaction fees is very low then the miners exclude that transaction from the mempool and the coins get credited back to your wallet. You can then spend them again with a higher fees this time so that your transaction is confirmed.

As a bitcoiner you must be open to learn new things which is why I would advice you to read this guide on RBF to get a clear understanding.

https://medium.com/@overtorment/bitcoin-replace-by-fee-guide-e10032f9a93f

[Angel_Isabella]

i found an option "child pay for parent" can i use it?

[Angel_Isabella]

Bitcoin fees are too high. Other virtual currency paypal, skrill or neteller fees are very low...
This is what i don't about bitcoin.

[TalkStar]

Bitcoin fees are too high. Other virtual currency paypal, skrill or neteller fees are very low...
This is what i don't about bitcoin.

Bitcoin transaction is not similar like other virtual currency like paypal or skrill. They have their own transaction fee system but bitcoin transaction fee calculation is far different from them. I don't know actually which wallet you are using but if you want to set fees from your end then i will suggest you to use "Electrum". Electrum interface is pretty much easier and you can put transaction fees there as like as you want but you will have to keep it on mind that your confirmation speed will depend on your fee.

Do not download eletrum wallet from unknown sources. There is multiple electrum phishing site and scammers are stealing people’s money through fake electrum wallet.

Here is Electrum official website: https://electrum.org

[Angel_Isabella]

The transaction confirmed

Thank You all for replying.

[TalkStar]

The transaction confirmed

Thank You all for replying.

Thanks for the confirmation.

Now you can lock the topic which will close the door for spammers. You have already got the necessery help from this topic and now its better to lock this one.  Good luck.

[Pokapoka124]

If you are looking foe less fees use Eos network for  your transactions

[Angel_Isabella]

The transaction confirmed

Thank You all for replying.

Thanks for the confirmation.

Now you can lock the topic which will close the door for spammers. You have already got the necessery help from this topic and now its better to lock this one.  Good luck.

Thank you.
Topic locked.