Post
Topic
Board Bitcoin Discussion
Re: Transaction fee.
by
BlackBoss_
on 14/03/2023, 01:10:38 UTC
I no longer use sites that track mempool and current fees/byte to get your transaction in the next block. I use electrum, and I always use the minimum that they have at the time of my transaction and so far it’s doing well. Never had any delayed transactions and usually get my confirms in the next block or two.
In Electrum wallet, you have three options: Mempool, Static, ETA. I guess you use ETA option that usually over pay transaction fee with higher fee rate than what you can use to get fast enough waiting time for first confirmation.

Static is used for fixed fee rate that you don't want to change like with 1 sat/vbyte or 2 sat/vbyte but with this, you must check mempool before making transactions. If mempool is heavy and you broadcast your transaction with too low fee rate, your transaction will be stucked in mempool or will be dropped off mempool after about 14 days.

Mempool is for flexible fee rate and it helps you to avoid over paid with ETA. It's the best option in my opinion.

Quote
If I overpay on fees, I usually just let it be because it’s only a few cents at best anyways, so I do not feel the need to be bitchy about the fees especially when everything is already pre-calculated for me that still gets my transactions through the network.
If you make a transaction with value like $100, $1000 a few cents for transaction fee is small with you but if someone make a $10 or $20 transaction, transaction fee is important for them.