BASIC CRYPTO SAFETY TOOLS

[briggswillis4real]

Here is a simple few Steps guide for beginners to check if Bitcoin fees are high or low right now:

 

 

 

Step One -Look at the Mempool Waiting Room; this shows how many transactions are waiting.

 

 Go to Mempool.space

* If you see a lot of blocks waiting and it says "High Priority" is over 30 sat/vB, fees are HIGH.
* But if you see almost no waiting transactions, mostly blue, and "High Priority" is under 5 sat/vB, fees are LOW.

Step Two: check the fee estimator.

* The Estimator tells you what you would pay right now. Stay on mempool. Space and look at the top of the header.
* If it shows: Low Priority (~next day)
* Medium Priority (∼30 mins)
* High Priority (~next 10 mins)

For a beginner guide

* Under $1 - $2 for Medium Priority = LOW fees
* $2 - $8 = Normal / Average
* Over $10 - $15 = HIGH fees

A fee that is "high" today might be normal last month. On mempool. space, click on "Graphs" and then "Mempool" and change it to 1 Month.

If today's line is at the bottom compared to last month = LOW

If today's line is spiking at the top = HIGH

Best Advice

Don't send if Medium Priority is above 30 sat/vB unless you must. Wait a few hours; fees often drop at night or on weekends. Sunday is usually cheapest.

[New Judgement]

Don't send if Medium Priority is above 30 sat/vB unless you must. Wait a few hours; fees often drop at night or on weekends. Sunday is usually cheapest.

There is a reason why the high, medium and low fee exist. Some people might want to do their transaction immediately and they can’t wait for how long the fee will take to come down, so the pay the high fee. If you are in a hurry to conclude your transaction, you will pay the relevant fee, provided it something you can afford. If delaying your transaction won’t cause you any problem, then you can wait for the fee to come down. But if delaying your transaction will cost you something bigger than the transaction fee, you pay it and get your business wrapped up.

[obuoma]

Your post title is more about safety (security) but I'm surprised to see that the body is about transaction fees, is there any connection between both of them? The steps you even outlined would have been very helpful during those times of mempool congestion that resulted in high transaction fees unlike now that the fee is insignificant and bearable for anyone. Now I hardly check mempool when making transaction as I pay with any fee suggested and I have not even seen the need to bump fees.