Post
Topic
Board Bitcoin Discussion
Re: Some business/developers misunderstand how bitcoin fees works
by
BVeyron
on 03/10/2023, 17:20:00 UTC
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:

Quote
Broadcasted on 10 Sep 2023 5:02:56
Quote
Mined on September 10, 2023 5:10:01
Almost 7 minutes on mempool

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?


As long as I know, miners are able to arrange transactions in the order they want without any bependece on the fee, however, ingeneral, there is a rule that "the more the fee - the faster the transaction goes". So, I think, fast transactions with small fee amounts are the result of random transaction queuing by miners. So, in general, the presence of such transactions in the memepool are actually an exception rather than a systematic feature.