Another reason is that some online services/exchanges are poorly coded as well. E.g. some major
exchanges don´t even batch transactions and use the same fee irrespective of changes
in the mempool size.
It is unbelievable how some businesses that have a trading volume in the billions are getting
away with stuff like this, which perpetuates the fee problem unnecessarily.
If I were running a business like Coinbase I´d use a period of low fees to consolidate
inputs that are otherwise unspendable in an effort to increase the bottom line of my business
as well as the overall health of the Bitcoin network.
Coinbase is one of the worst offenders as they do not even batch withdrawals they are effectively are spamming the network with high fee transactions 24/7. A few weeks ago they had an outage that prevented withdrawals for 2hrs and the number of transactions entering the mempool halved during that time.
Another bad behaviour I have witnessed is Poloniex sweeping their deposits to a central address. I know they need to do it but they don't need to dump 7 blocks worth of data all at once at 3x the required fee. This forces anyone who needs a quick confirmation to outbid them.
And finally a pat on the back for HitBTC for using Segwit with fees below market rate.
Example.
https://btc.com/1a1997b7a16c3ea2f1dc21b95a8f838efb1146ddab3b4140ae69d7957c69557eI noticed a very large block go through so I had a look to see what was in it and it was mostly transactions to that same destination address. Have a look at the raw size versus the virtual size.
You are completely deviating from the topic O.P is discussing about.And most of your text is copy pasted from your previous posts or from other articles(
https://i.imgur.com/PHhphEv.png ).
You deserve a ban for your shit posting.
When you see something like that please don't quote it. If you have to then just replace the text with ~snip~.
The moderator has deleted it and probably banned the user for plagiarism. Always use the report to moderator link and they'll take care of it.
