Pay 5x cheaper with 0.2 sats/vbyte for your Transactions Fee

[Doan9269]

Pay 5x cheaper with 0.2 sats/vbyte for your Transactions Fee.


I know that some of us are now saying that the mempool is less congested and we have the opportunity of using as low as 1 sat/vbyte for our bitcoin transaction, but today I'm here to give you an update information for the sake of those that have not been informed of this already, that we can pay as low as 0.2 sats/vbyte for our bitcoin transaction, which is five times cheaper, and this will get confirmed in a couple of minutes, I would like to go into more details on how this is possible as you follow through the explanation that will be illustrated at the cause of the discussion





Comparing Johoe's Bitcoin mempool size statistics to that Mempool.space/

Today, I want to bring the good news to us that we cannot fully depend on the use of menpool.space any longer for cheaper rate, but instead, we could check further for more cheaper rate and considered the use of Johoe's Bitcoin mempool size statistics which shows the advanced statistics of the weigh and fee at each given time into more details, so my advice for you on this is to ensure that you compare the two before making your transaction and see the least fee you could afford from Johoe's mempool statistics.

Which Wallet Allows me to Adjust My transaction Fee

You can make use of electrum wallet or any non custodial wallet with transaction fee customizable, in addition to this you don't have to only depend on the desktop version of electrum before you could customize your transaction fee any longer, once you have your electrum Android wallet, upgrade it version to the latest one and you could discover that they are also given the future to adjust the transaction fee and being made customizable the same way we have it on the desktop version.

Procedures to Johoe's Bitcoin mempool size statistics

Click on the link Johoe's Bitcoin mempool size statistics after the page is fully loaded, click on the empty space from the graph by the right hand corner towards the up, then you will discover a drop-down menu of the statistics which you are going to see from the image I'm going to post below, the priority started from the least of 0.1 upwards, check for 0.2 which follow after 0.1 and see the rate you are going to be charged for it, once the free rate is below 1 that is anything point zero (0.1+/-), ensure that you don't make your transaction when 0.2 indicate  upto 1 or more than.

     

1. From the above explanation as indicated from the first chart, only make use of 0.2 when the corresponding rates is lesser than 1 vmb that is 0.038 as indicated from the chart is not bad.

2. Don't often look for 0.1 because it usually comes with higher rates as you can see from the second chart, 0.1 having about 7.810vmb which is more higher compared to the first chart.

3. From the last chat which is the third one, neither 0.1 or 0.2 is advisable to be use at this particular time, because of their corresponding fee rate at their vmb is more greater than what we had from the first chart. 0.1 >8.311 which is extremely high, 0.2>1.625 which is also high, compared to when 0.2 >0.038 from the first chart.

[Charles-Tim]

If anyone is not in a hurry (like during high input consolidation), setting it to 0.1 sat/vbyte can make the transaction still get confirmed. Recently, 0.1 sat/vbyte gets confirmed.

I have been using 0.2 sat/vbyte since more than 2 months ago, my transaction usually get confirmed in the next block.

I have a topic that I posted that site there: https://bitcointalk.org/index.php?topic=5562193.msg65915827#msg65915827

That can also let people know the wallet that people can make use of less than 1 sat/vbyte as the transaction fee.

I have made use of Electrum, Sparrow and Bluewallet.

If less than 1 sat/vbyte is not possible on the wallet, you can try another server. But what I usually do is that I reconnect the wallet until my wallet is connected to a node that supports the low fee. You can take note of the servers that support it when connecting to another server.

[Agbamoni]

I dont spend more than 0.2$ in one transaction for the past 5 to 6 months now. The fees are very low now, so people who pay more sats for each transaction are those who lack patience and those who might be in an emergency. We can pay a fee of less than $0.1; it will be confirmed in less than 3 hours.

[Charles-Tim]

The fees are very low now, so people who pay more sats for each transaction are those who lack patience and those who might be in an emergency.

Even if they check the mempool, it is possible that the fee rate for the high priority is 0.2 sat/vbyte. Since I have been using it, my transaction is getting confirmed in the next block. Although, there are sometimes that the fee will go up a little but still later come down as usual.

We can pay a fee of less than $0.1; it will be confirmed in less than 3 hours.

You can not just estimate the fee in dollar price, it will still depend on the input and output. Especially the inputs add more fee to be paid for a transaction.

[promise444c5]

I dont spend more than 0.2$ in one transaction for the past 5 to 6 months now. The fees are very low now, so people who pay more sats for each transaction are those who lack patience and those who might be in an emergency.

Lately, the priority fee has always been at a very low range but I will still say it’s worth checking the priorities before taking any depending on urgency.. I could remember I had to bump my fee after it got pushed from one block to another for 2.1hrs without getting confirmed during the “ember” period.. I used 0.6  sat/vbyte but it still got stucked and I needed it within 3 hrs but 2 hrs isn’t that urgent at the same time. So I will say patience has level but yeah it could have taken around 3~ 4 hrs if I hadn’t bumped it .

[Doan9269]

I dont spend more than 0.2$ in one transaction for the past 5 to 6 months now. The fees are very low now, so people who pay more sats for each transaction are those who lack patience and those who might be in an emergency. We can pay a fee of less than $0.1; it will be confirmed in less than 3 hours.

But with the use of this Johoe's Bitcoin mempool size statistics, you may not need to wait till you spend up to three or more hours for your transactions to get confirmed, because it gives you the direct information as at when the menpool is less congested with the least transaction fee and this can be confirmed within minutes than waiting too long.

Do you know one advantage I will always like about using Johoe's Bitcoin mempool size statistics, it can give you a precise go ahead of using a lower transaction fee rate even when you were unable to get the least from mempool.space/ so this also helps those that often check for the men pool before making a transaction in situations whereby they can as well consider the use of Johoe's Bitcoin mempool size statistics to further clarify the list they could afford to use as transaction fee at any given time.