Post
Topic
Board Beginners & Help
Re: Why do so many people set their fees so unnecessarily high?
by
markcolls
on 07/12/2020, 01:29:59 UTC
The higher you set the fee's once you have sent a transaction there is the chance that you will be first in line, meaning sending transaction will be faster, try to set your fee's at low and it will take hours or a day, that is the reason why they set fees at a higher one.

Did you not read what I said? There is no reason to set the fees at 50 sat/vbyte if you see that the mempool has less than 1 MB of <1 sat/vbyte and 0.5 MB of everything else. Then you can set a fee of 2-3 sat/vbyte and it will get confirmed with a high degree of probability. Setting fee at 50-60 or 80-90 sat/vbyte in that kind of scenario has no purpose other than flushing money down the toilet. Similarly when people set the fee at 600 or 1000 or 4000 as I have seen.