Post
Topic
Board Beginners & Help
Merits 2 from 1 user
Topic OP
Why do so many people set their fees so unnecessarily high?
by
markcolls
on 07/12/2020, 00:21:23 UTC
⭐ Merited by DdmrDdmr (2)
I finally figured out how the mempool and fees work and I've been watch the mempool constantly for a few days now. I have noticed lots people including ridiculously high fees. Like when 50 sat/vbyte is the minimum there were people including 6000 sat/vbyte. Or when 2 sat/vbyte would be enough like 30% of the people were setting there fees at 60 sat/vbyte. Why do people set their fees so unnecessarily high? Is it simply because of how default fees are set in wallets, by exchanges, or by services? If so, why do professional developers miscalculate the fee so poorly?