Execute a transaction with the lowest possible fee in the mempool (mempool.space

[joe1234]

Hello,

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

Thank you!

[Charles-Tim]

Do you mean this?




For fast confirmation, you can use the high priority fee.


But you can read about this if you want to use lower fee: How to make a bitcoin transaction and pay less than 1 sat/vByte

You can use this instead to trace the fee if you prefer lower transaction fee less than 1 sat/vbyte: https://mempool.jhoenicke.de/#BTC,24h,weight

I can see 0.3 sat/vbyte transactions getting confirmed.

[rdluffy]

Hello,

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

Thank you!

Executing the transaction when the mempool space is showing low fees does not necessarily mean that you will make the cheapest transaction possible with the fees shown in the mempool space.

Do you know how to change the fee in Electrum?
If so, by default you can send transactions of 1 sat/vbyte minimum
If you want to go below that, read the post that Charles-Tim mentioned

[Doan9269]

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

It is easy to understand, maybe you don't look at the colour alone on this in other not to get it wrong, in case it seems confusing to you, the best to do is by checking underneath and see the cost for each order of priority, they place the amount there, which you will see form the example illustrated by Charles-Tim, if you find the cost lower and affordable by you, then make the transaction, that is the essence of the mempool tracking, to know the cost before making a transaction, while the fee is assigned on each priority level.

[notocactus]

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

Minimize your transaction fee with Electrum wallet. There are some basic steps to minimize your transaction fees but I wrote that thread a long time before Bitcoin mempools become available for getting confirmation with fee rate under 1 sat/vbyte.

Honestly for many years of experience since 2018, this year is a first time I witnessed such chance for confirmation with less than 1 sat/vbyte fee rate. If you don't mind to go a little further technical, let's use 1 sat/vbyte fee rate.

If you want to save more fees (why not?), you can read the guide written by Pmalek.

[Mia Chloe]

Hello,
Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?
Thank you!

Understand the fact that fees are not constant because of what we refer to as average congestions. The average fees fluctuate as more people broadcast transactions and use higher fees plus the higher the density of transactions on the network the higher the depth your transaction is placed. So the position of your transaction also determine how fast it'll get confirmed.

Also take note that your number of UTXOs required to pay for your transaction also contributes to how much you will pay in fees because of the fee rate and space the transaction will occupy in that block.

[Zaguru12]

Understand the fact that fees are not constant because of what we refer to as average congestions. The average fees fluctuate as more people broadcast transactions and use higher fees plus the higher the density of transactions on the network the higher the depth your transaction is placed. So the position of your transaction also determine how fast it'll get confirmed.

Also take note that your number of UTXOs required to pay for your transaction also contributes to how much you will pay in fees because of the fee rate and space the transaction will occupy in that block.

Users need to understand that this are fee rates that changes as more and more transactions are been paid with higher transaction fee, you might actually use a fee rate that will simply increase beyond that due to how other transactions paid higher and this is one reason why i usually advise people to pay slightly above the high priority if they are in haste to get their transactions included in the next available block. For example if high priority fee rate is 1sat/vbyte I usually go for 1.5sats/vByte to make it more preferable by miners for selection although not all wallets actually allows adding decimals

In cases though while you’re not in haste for fast transaction confirmation it is usually suitable to set medium or even low priority fee rate but the transaction in both case should be RBF enabled so you can Increase the fee later when the need arises

[Findingnemo]

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

I am having hard time understanding what you are saying here. Are you interested in creating and broadcasting a TX that pays less than 1sat/vbyte fee or are you looking for the TX to be included in the next block?

Even a TX with zero fee can be included in a block if the miners decided it to be, so high fee doesn't mean it's in the next block but the logical reason that mempool prioritizes the TXs that pay a higher fee so obviously if you are paying that is enough to be included in the next block for example at present you need around 0.33sat/vb.

[Pmalek]

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

With "executing" I suppose you mean broadcasting the transaction.

It's not a simple answer because the waiting times between two confirmed blocks is not always 10 minutes, which is the average. Let's say a block was just confirmed, and the new fee estimate to get your transaction inside the next block is exactly what you want. So, you broadcast the transaction paying those fees. Waiting on your first confirmation can take only 1 minute if you are lucky or it can take 1 hour if you are not so lucky. Regardless how much you paid, you still have to wait for the next block confirmation. If other bitcoin senders paid higher network fees than you did, then their transactions will have priority over yours. That's how the fee market works. What seemed like the perfect transaction fee x minutes ago, can become too little in the future for a next block confirmation if the conditions change in the meantime. It's a combination of estimating correctly and being lucky that a miner mines the next block quick enough.

[notocactus]

Regardless how much you paid, you still have to wait for the next block confirmation.

It is basically one confirmation is enough as Bitcoin transactions are irreversible but depends on a transaction value, there are different recommended confirmations to make sure that your deal is done and settled deeply in Bitcoin blockchain.

How many Bitcoin confirmations is enough?

lf you are patient enough to wait for at least one confirmation then you are no longer vulnerable to race attacks or Finney attacks. Now your only concern is 51% attacks. What's the rule of thumb for an acceptable number of confirmations?

• 1 confirmation: sufficient for small payments less than $1,000.
• 3 confirmations: for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits.
• 6 confirmations: good for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure.
• 10 confirmations: suggested for large payments greater than $1,000,000.

[Cryptoprincess101]

What i just understand is that if there is so much congestion in the mempool, your transaction is likely to attract higher fees and if you try to adjust the fees it means it will take longer for your transaction to be confirmed. If you want lower fees and fast transaction you have to check if there is less congestion in mempool.

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

To answer your question directly, it's a yes answer because it shows that there is less network activity in the mempool of which the fees will be lowered.

[Charles-Tim]

Most exchanges require 3 confirmations for deposits.

This my post is an off-topic post, but it is worth knowing that most popular exchanges accept 1 confirmation. But before you will be able to withdraw the coin or part of the coin from the exchange, it requests 2 confirmations on most exchanges, while 3 confirmations on few exchanges.

[Peanutswar]

As of now ive seen with the mempool is 1sat/byte to make a high priority so its a good opportunity for every one if they would like to commit a transaction seems after couple of weeks or months never seen the price of fees goes around more than 5 USD because before ive seen its ranges betwee 20 and above but of course always check the fees before proceed the transaction of yours and also you have enough funds unless you will took for a long wait before gets confirmed for the next block.

[Pmalek]

It is basically one confirmation is enough as Bitcoin transactions are irreversible but depends on a transaction value, there are different recommended confirmations to make sure that your deal is done and settled deeply in Bitcoin blockchain.

Right, but that's something else. I was trying to explain to the OP that even a seemingly perfectly timed transaction entering the mempools can require longer waiting times if the time between two mined blocks is too long. You might be required to wait even longer if other transactions are sent, paying a higher fee than you initially did.

What i just understand is that if there is so much congestion in the mempool, your transaction is likely to attract higher fees and if you try to adjust the fees it means it will take longer for your transaction to be confirmed.

If you perform a RBF, you increase the network fees, giving miners more incentive to include your transaction in their blocks.

People are generally too worried if their transactions don't confirm quickly. I don't know why that is. If it's not time sensitive, just leave the transaction alone and it will confirm eventually. I have had transactions sitting in mempools for a week. You are not going to lose the coins. They will either reach the destination or come back to your address.

If the transaction you are sending is time sensitive, pay the high priority fee and even above it to put it in the best possible position for a quick confirmation.

[Cryptoprincess101]

What i just understand is that if there is so much congestion in the mempool, your transaction is likely to attract higher fees and if you try to adjust the fees it means it will take longer for your transaction to be confirmed.

If you perform a RBF, you increase the network fees, giving miners more incentive to include your transaction in their blocks.

People are generally too worried if their transactions don't confirm quickly. I don't know why that is. If it's not time sensitive, just leave the transaction alone and it will confirm eventually. I have had transactions sitting in mempools for a week. You are not going to lose the coins. They will either reach the destination or come back to your address.

If the transaction you are sending is time sensitive, pay the high priority fee and even above it to put it in the best possible position for a quick confirmation.

The reason why most people are very anxious of their transactions being confirmed faster is basically because they might be sending the coin to an exchange address such that they might want to trade with it or convert it to fiat and sort out something that requires money urgently. It could also be that they are foreseeing a bear trend such that they might want to convert their bitcoins to a stable coin and buy again when the price falls, i have seen someone who practices such but even though it is quite risky since the price can rise up instead of falling, it can still be a way to maximize profits. I once had an uncomfirmed transaction that sat on the mempool for some few days but what i did was to bump the fee and the transaction was confirmed in less than an hour.

[348Judah]

The mempool is more explanatory for us to understand it enough without any complications, that is why we have to look into it before we make transaction and see to the fee rate, if that is acceptable by us, we can go ahead to perform our transaction and if we think its high, then we have to wait till it gets lower and better as affordable by us before making our transaction, not only this is important, the wallet we use as well is important, because we can adjust the fee rate and customize to the preferred standard we want.

[Alvin_talk]

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

No, not exactly but you are close. Because the green graph on mempool.space is used to show the number of transactions that are not confirmed yet (pending transactions). So if it is lower then it ofcourse reduces the competition level for such block space therefore the fee tends to be lower, however, the time taken to confirm this transaction is not guaranteed.

[Pmalek]

The reason why most people are very anxious of their transactions being confirmed faster is basically because they might be sending the coin to an exchange address such that they might want to trade with it or convert it to fiat and sort out something that requires money urgently.

And that's also why I said that there is no reason to worry about transaction confirmations unless the transaction is time sensitive. Sending to exchanges to trade, swapping for fiat or for services can be time sensitive actions. If that's what you need to do, overpay the network fees to position your transaction high up on the priority list to complete whatever action you need to do with your coins as soon as possible. 

[dkbit98]

Will executing a Bitcoin transaction (with Electrum) at the exact moment when the green transaction graph of https://mempool.space/ reaches its lowest point result in lower fee?

This and many similar websites are only showing estimation for transactions, and current state of bitcoin mempool.
Things can change quickly if you want to be really accurate, but usually fees are lower during the weekend.