Some business/developers misunderstand how bitcoin fees works
This days there is low congestion on the mempool, and that is good for users tha want to consolidate their utxos, recently some 3 sat/vB transactions has been accepted in some blocks
Anyway regardless this low fee hours, there are some poor managed exchanges or entities that looks they don't know what are they doing or how the fees works on the bitcoin mining process
looks like they think that if they keep sending more fees the miner is going to mine faster or something like that. AND THAT IS NOT TRUE.
The miner actually don't care how much fee you pay they are going to mine at their same speed proof of that is that the ~19.82 Bitcoin fee stay almost 7 minutes on mempool before being mined:
I know that those entities have enough to throw away hundreds of sat/vB without care about of it, but Is not their main goal to maximize their profit?
I think that this problem is generated by a poor fee estimator in some cases, but in others i think that it is a problem of a really bad developer or business policies.
But in any case, if you need to make a RBF or a FullRBF Transaction you only need to increment your Fee by 1 sat/vB, not by hundreds:
Just to put an example of it, for more you only need to go to the rbf page of the mempool.space page: https://mempool.space/rbf
In this post i only want to express my discomfort with all those developers and poor automated entities/business
What do you think about this?
Is there some developer working for those organizations that can explaint why they do that?
A little of humor/offtopic:
Anyway regardless this low fee hours, there are some poor managed exchanges or entities that looks they don't know what are they doing or how the fees works on the bitcoin mining process
looks like they think that if they keep sending more fees the miner is going to mine faster or something like that. AND THAT IS NOT TRUE.
The miner actually don't care how much fee you pay they are going to mine at their same speed proof of that is that the ~19.82 Bitcoin fee stay almost 7 minutes on mempool before being mined:
Quote
Broadcasted on 10 Sep 2023 5:02:56
Quote
Mined on September 10, 2023 5:10:01
Almost 7 minutes on mempoolI know that those entities have enough to throw away hundreds of sat/vB without care about of it, but Is not their main goal to maximize their profit?
I think that this problem is generated by a poor fee estimator in some cases, but in others i think that it is a problem of a really bad developer or business policies.
But in any case, if you need to make a RBF or a FullRBF Transaction you only need to increment your Fee by 1 sat/vB, not by hundreds:
Just to put an example of it, for more you only need to go to the rbf page of the mempool.space page: https://mempool.space/rbf
In this post i only want to express my discomfort with all those developers and poor automated entities/business
What do you think about this?
Is there some developer working for those organizations that can explaint why they do that?
A little of humor/offtopic: