Mempool is less Clogged, Transaction Fee Cheaper, Bitcoin is Pumping

[Doan9269]

Have you noticed the mempool of recent, in case you did not, try and check at mempool.space and see how bitcoin transaction turned to 1sat/vbyte, which is pretty cool and cheap for making transactions as it is affordable, I remember sometimes last year or two year back then, when the whole mempool got congested by the ordinance inscription whereby the  block space was preoccupied by being inscribed with NFT ordinance and these clog the entire block space making it difficult for bitcoin transaction to get confirmed except they are being pumped with a higher transaction fee, the increase in fee rate come as a result of this inscription and many complained that bitcoin network is unaffordable and could be under attack from their feelings.

But for those being experienced enough regarding the technical aspect, they know already what is in place and what to expect sooner from all these, now mempool is less busy and we have cheaper transaction fee rate as low as 1sat/vbyte and we are proud of bitcoin network the more, just as before, this also takes me back to those days, were we use to have bitcoin transaction fee to be 1sat/vbyte before it gradually increases until we finally got punched by ordinance.

I also remember how many have seek an alternative to cheaper transaction by using altcoins and other networks preferably than bitcoin when we have over $10 as transaction fee at the cause of ordinance being inscribed on the bitcoin block space, also, from how many had thought the network would be under attack and many assumptions coming to people's thoughts, but today, it's no more a concern as bitcoin has always been the same integrity digital currency we have in cryptocurrency because of these.

1. Cheaper transaction fee
2. Secured network
3. Faster transaction

If you're considering any other altcoins or network over bitcoin, then know about what is at stake, while for now, bitcoin is pumping to all time high and having a more cheaper transaction fee rate compared to other network and still remained your secured decentralized digital currency.

[Charles-Tim]

It is been awhile that bitcoin mempool become so much decongested. I think it has been like this since some weeks or months ago. There are times the mempool high fee priority can be around 5 to 10 sat/vbyte but still later drop to 1 sat/vbyte as usual.

Ordinals make the network to become more congested last year, but probably some people may bounce on the tokens in another altseason. Also there could probably another one that will be introduced later which will make use of bitcoin as fee that could make the mempool congested.

But not only them make the network congested, there are times bitcoin mempool also become congested, but they added to the congestion significantly and make the congested for to the fee rate it has not gotten to before.

[Doan9269]

It is been awhile that bitcoin mempool become so much decongested. I think it has been like this since some weeks or months ago. There are times the mempool high fee priority can be around 5 to 10 sat/vbyte but still later drop to 1 sat/vbyte as usual.

You're right, the transaction fees moves from within these ranges as you have mentioned, the we can have it high as close to 10sat/vbyte a times and in some conditions, we may also have it more lower with the example that was mentioned, 1 sat/vbyte.

The beauty of it all is that we have been having the lower fee more consistently than when it rises, this has been encouraging enough for the use of bitcoin for making transactions because the fees are affordable enough, while we can still customize it in case it rises for lower rate.

[Hatchy]

Since the early days of BTC, it has been one of the easiest means of transaction, in fees, it's good, in transparency, cross border and all.. these qualities put together is what strengthens BTC as a good asset compared to other monetary systems.

But at times when fees are low, there are other things we as bitcoiner should actually look forward to do. Yes we all happy when fees are low because we don't have to pay too much on them. But do we know that having many input on your transaction also increases the fees you pay?

At times when fees are low, we are required as a bitcoiner to consolidate our transactions in a single unspent transaction(utxo,) so that when fees are high again, we don't have to pay higher fees due to too many inputs.

It doesn't only reduce the fees, but also helps increase the security of your funds and privacy as well.

[Charles-Tim]

It doesn't only reduce the fees, but also helps increase the security of your funds and privacy as well.

The main purpose of consolidating input is to reduce transaction fee, it has nothing to do with security of your coins and your privacy. Even if you add small inputs together, it can leads to having less privacy as you may add the coins that make you less private to the coins that you consolidated.

[Hatchy]

It doesn't only reduce the fees, but also helps increase the security of your funds and privacy as well.

The main purpose of consolidating input is to reduce transaction fee, it has nothing to do with security of your coins and your privacy. Even if you add small inputs together, it can leads to having less privacy as you may add the coins that make you less private to the coins that you consolidated.

When you consolidate your coins you send them to a new address, you literally are in a way improving your coins privacy. We know a lot of people uses a single address for probably a long period of time without thinking of changing it and with such, it's easier for possible scammers to track how much coins are on that same address and make you a potential target. But by consolidating your funds into a newly generated address, you are improving your privacy. Read here on this thread by  d5000

[Btcdeybodi]

Good to see that the mempool is less congested this period unlike in the past when it used to be so congested and transactions fees becomes so crazy and unbearable. This made me remember a time when the mempool was so congested and @Charles-Tim recommended ViaBTC to accelerate transactions to be included in the next block for faster confirmation. I remembered using about $11 as transaction fees to send an amount of less than $50 worth of bitcoins. It's good to see that despite the increase in the price of bitcoin, it still maintained lesser fees and the mempool not being congested signifies that people are now holding their bitcoins more.

[Charles-Tim]

When you consolidate your coins you send them to a new address, you literally are in a way improving your coins privacy. We know a lot of people uses a single address for probably a long period of time without thinking of changing it and with such, it's easier for possible scammers to track how much coins are on that same address and make you a potential target. But by consolidating your funds into a newly generated address, you are improving your privacy. Read here on this thread by  d5000

That topic is related not to privacy, but it is related to security. I agree it is related to security because if you send coin from an address, the public key of that address will be known and quantum computing is a threat to that. But not related to privacy. If consolidation is not done rightly, it can make someone's transaction less private.

[Igebotz]

When you consolidate your coins you send them to a new address, you literally are in a way improving your coins privacy. We know a lot of people uses a single address for probably a long period of time without thinking of changing it and with such, it's easier for possible scammers to track how much coins are on that same address and make you a potential target. But by consolidating your funds into a newly generated address, you are improving your privacy. Read here on this thread by  d5000

The main purpose of consolidation is remove the X numbers of UXTO(s) in your wallet - combining all UTXO into one to avoid taking unnecessary block space in the mempool to reduce fees.

If you're talking about privacy then Coin control feature does it better; allowed you to chose what UTXO to spend, this way you can freeze compromised UTXO for your privacy.

I wrote about it few years back

https://bitcointalk.org/index.php?topic=5467542.msg62878714#msg62878714

[Charles-Tim]

If you're talking about privacy then Coin control feature does it better; allowed you to chose what UTXO to spend, this way you can freeze compromised UTXO for your privacy.

Exactly. One of the things someone should know about having privacy while making use of bitcoin for transactions is coin control. If coin control is used and all the small inputs are later consolidated, that means the transactions can be linked and which means less or no privacy.

Also while referring to privacy,  the use of a full node  with Tor can be discussed and also mixers and coinjoin.

About the security aspect of it, quantum computers are not yet a threat to bitcoin 128 bits of security as of now.

[Pablo-wood]

Just noticed block 902075 had up to ~6sat/vbyte. From block 902066 till the current block which is 902080 as at the time of posting has tx fee above ~1sat/vbyte. Block 902075 only had 3,731 transactions but yet had the highest tx fee for that block. I am trying to do a close study to see why it had a higher tx fee even though not having the highest tx fee nor biggest BTC output.

[SmartGold01]

If I am not mistakenly somewhere last week I caught it up within around 0-2 sat/vbyte, so far is been long I performed transactions within that price level and it confirmed without any delay unlike other days where you initiates a transaction and it spent time.. upto 30-1 hour before confirmation.
Although, it's good seeing that transactions are very much cheaper than before. This one really sweet me for belle, bicus other days e go be like say you wan carry better money take perform transactions and e dey pain well if you convert the money to our currency.

[Word Bomb]

If I am not mistakenly somewhere last week I caught it up within around 0-2 sat/vbyte, so far is been long I performed transactions within that price level and it confirmed without any delay unlike other days where you initiates a transaction and it spent time.. upto 30-1 hour before confirmation.
Although, it's good seeing that transactions are very much cheaper than before. This one really sweet me for belle, bicus other days e go be like say you wan carry better money take perform transactions and e dey pain well if you convert the money to our currency.

Which wallet are you using? I have not seen 0 sat/vbyte before when making transaction, it starts from 1 sat/vbyte.

[SmartGold01]

If I am not mistakenly somewhere last week I caught it up within around 0-2 sat/vbyte, so far is been long I performed transactions within that price level and it confirmed without any delay unlike other days where you initiates a transaction and it spent time.. upto 30-1 hour before confirmation.
Although, it's good seeing that transactions are very much cheaper than before. This one really sweet me for belle, bicus other days e go be like say you wan carry better money take perform transactions and e dey pain well if you convert the money to our currency.

Which wallet are you using? I have not seen 0 sat/vbyte before when making transaction, it starts from 1 sat/vbyte.

I used Electrum wallet to perform my transaction and I can adjust my fee after confirming from mempool.space, and current the highest fee rate is 1 sat/vbyte. I guess you are using trustwallet that is why you don't know about whether fee is adjustable or not.
You can download Electrum wallet from their official site, create address and start using their wallets to make transactions you can perform transactions with the least of 0-1 sat/vbyte.

[sokani]

Which wallet are you using? I have not seen 0 sat/vbyte before when making transaction, it starts from 1 sat/vbyte.

I used Electrum wallet to perform my transaction and I can adjust my fee after confirming from mempool.space, and current the highest fee rate is 1 sat/vbyte. I guess you are using trustwallet that is why you don't know about whether fee is adjustable or not.
You can download Electrum wallet from their official site, create address and start using their wallets to make transactions you can perform transactions with the least of 0-1 sat/vbyte.

Is it possible to adjust the fee rate to 0 sat/vbyte on Electrum wallet? Even if it is, I wouldn't advise you to do it because miners prioritize transactions with higher fee rates. Sending a transaction with 0 sat/vbyte means it will be overlooked by the miners. It will be the last in the queue among unconfirmed transactions, and it might even be stuck indefinitely in the mempool.

[Doan9269]

If I am not mistakenly somewhere last week I caught it up within around 0-2 sat/vbyte, so far is been long I performed transactions within that price level and it confirmed without any delay unlike other days where you initiates a transaction and it spent time.. upto 30-1 hour before confirmation.
Although, it's good seeing that transactions are very much cheaper than before. This one really sweet me for belle, bicus other days e go be like say you wan carry better money take perform transactions and e dey pain well if you convert the money to our currency.

Which wallet are you using? I have not seen 0 sat/vbyte before when making transaction, it starts from 1 sat/vbyte.

I used Electrum wallet to perform my transaction and I can adjust my fee after confirming from mempool.space, and current the highest fee rate is 1 sat/vbyte. I guess you are using trustwallet that is why you don't know about whether fee is adjustable or not.
You can download Electrum wallet from their official site, create address and start using their wallets to make transactions you can perform transactions with the least of 0-1 sat/vbyte.

That's true, the fee is adjustable on electrum and that is provided you're making use of a desktop to perform this, whereby it provides you the privilege of inserting the amount you wanted to be charged as fee, than the one it suggest and bring to you, though it may not be zero completely in this regards, but some like this for instance 0.5, 0.6 or even 0.3 sat/vbyte respectively.

[Charles-Tim]

Which wallet are you using? I have not seen 0 sat/vbyte before when making transaction, it starts from 1 sat/vbyte.

You can download Electrum wallet from their official site, create address and start using their wallets to make transactions you can perform transactions with the least of 0-1 sat/vbyte.

You can not use SPV wallets (like Electrum) to make 0 sat/vbyte transaction. Even if possible you are able to customize it to 0 sat/vbyte, nodes will reject it and you will not be able to broadcast the transaction.

If you want to send with 0 sat/vbyte, you will need to run your own node. But no miner (mining pool) will accept the transaction which will still makes it later drop from mempool. But if you know a miner that can help you include the transaction into a block, it will work.

Is it possible to adjust the fee rate to 0 sat/vbyte on Electrum wallet?

It is not possible.

Even if it is, I wouldn't advise you to do it because miners prioritize transactions with higher fee rates. Sending a transaction with 0 sat/vbyte means it will be overlooked by the miners. It will be the last in the queue among unconfirmed transactions, and it might even be stuck indefinitely in the mempool.

Exactly.

That's true, the fee is adjustable on electrum and that is provided you're making use of a desktop to perform this, whereby it provides you the privilege of inserting the amount you wanted to be charged as fee, than the one it suggest and bring to you, though it may not be zero completely in this regards, but some like this for instance 0.5, 0.6 or even 0.3 sat/vbyte respectively.

It can not go below 1 sat/vbyte on Electrum.

[Doan9269]

Which wallet are you using? I have not seen 0 sat/vbyte before when making transaction, it starts from 1 sat/vbyte.

You can download Electrum wallet from their official site, create address and start using their wallets to make transactions you can perform transactions with the least of 0-1 sat/vbyte.

You can not use SPV wallets (like Electrum) to make 0 sat/vbyte transaction. Even if possible you are able to customize it to 0 sat/vbyte, nodes will reject it and you will not be able to broadcast the transaction.

If you want to send with 0 sat/vbyte, you will need to run your own node. But no miner (mining pool) will accept the transaction which will still makes it later drop from mempool. But if you know a miner that can help you include the transaction into a block, it will work.

Is it possible to adjust the fee rate to 0 sat/vbyte on Electrum wallet?

It is not possible.

Even if it is, I wouldn't advise you to do it because miners prioritize transactions with higher fee rates. Sending a transaction with 0 sat/vbyte means it will be overlooked by the miners. It will be the last in the queue among unconfirmed transactions, and it might even be stuck indefinitely in the mempool.

Exactly.

That's true, the fee is adjustable on electrum and that is provided you're making use of a desktop to perform this, whereby it provides you the privilege of inserting the amount you wanted to be charged as fee, than the one it suggest and bring to you, though it may not be zero completely in this regards, but some like this for instance 0.5, 0.6 or even 0.3 sat/vbyte respectively.

It can not go below 1 sat/vbyte on Electrum.

Thanks @Charles-Tim for the clarification on this, i actually thought i cold be some thing below 1 sat/vbyte as @SmartGold01 already pointed out, but the beauty of it is that, even if the wallet we use allow for the customization, the nodes will have to reject any fee below 1sat/vbyte.

Over the years, I've been used to this common rate of 1sat/vbyte even before the introduction or ordinance clogging the block space, you can easily see transaction fees at this said rate until thing begin to change and everything got out of hands with transaction fees.