Post
Topic
Board Web Wallets
Re: BlockChain.Com Wallet - Why transaction FEE Is very HIGH
by
o_e_l_e_o
on 23/04/2021, 08:43:32 UTC
NEVER USE 10 SATOSHI / BYTE AS YOUR FEE AND DO N'T LISTEN THAT SUGGESTION IN THIS THREAD.
LOW FEE = BIG TROUBLE = NEVER CONFIRM = YOU SHOULD WAIT WEEKS TO SEE WHAT HAPPENS
Saying "never use x fee is" completely missing the point. The mempool is dynamic. What constitutes an appropriate fee changes sometimes on an hourly basis, and also varies between different transactions made by different people depending on the urgency they need a confirmation. Yes, 10 sats/vbyte is not a good fee to use at the moment, but there will again come a time at some point when the mempool empties and when 1 sats/vbyte transactions are being processed quickly, and at that time paying 10 sats/vbyte will be overpaying by 900%.

The real moral of the story is to not accept a suggested fee given to you by your wallet, especially if you are using a wallet as utterly terrible as blockchain.com. Take a look at the mempool yourself at either https://jochen-hoenicke.de/queue/ or https://mempool.space/ and choose an appropriate fee yourself.