Post
Topic
Board Development & Technical Discussion
Re: Why do some people pay illogically high fees for transactions?
by
Yamane_Keto
on 01/05/2023, 11:13:14 UTC
Is this done on purpose by some miners to increase the overall transaction fees and collect more fees?.
Unless these fees are unreasonable, such as some cases in which the user made a mistake by reflecting the value of the transaction and fees An unknown transferer has just paid around $47K in fees to make a $194 Bitcoin transaction. Oops!, the possibilities are many.

Some factors due to user ignorance:
Using old addresses as Legacy (P2PKH) address, using a wallet that has poor programming or doesn't allow you to adjust fees.

Some compulsory factors:
Wants the transaction in the next block.
RBF or CPFP (Child-Pays-For-Parent) transaction.

In very rare cases, paying extremely high fees may be a method of money laundering or tax evasion.