Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
JayJuanGee
on 07/04/2024, 17:30:13 UTC
Even if you believe that you know how to read the mempool or to use wallet transaction fee estimators, you still might end up making mistakes in regards to sending transactions with fees that are either too high or too low.
What I could get from these is that, not knowing how to interpret the mempool isn’t the only cause for wrong transaction fees. There could be other factors too like, technical failures, wallets that works in a range (that wouldn’t be a mistake would it) and more.

We might not always know about how to attempt to make reasonable transaction fees without some amount of practice and getting to know whatever wallets that we might be using, including attempting to understand differences between exchanges (and/or third parties) in which we might hold some coins.

Of course, many of us wish for greater user-friendliness through the years and perhaps more tools that might either help us to figure out these matters or maybe the wallets themselves might have built in protections - and frequently it can end up being frustrated if a transaction is stuck for a long time, and maybe more frustrating if we figure out that it was stuck due to some kind of a simple error that we might have had made.. or on the other hand, maybe we get frustrated if we pay multiple times the fees that we could have otherwise spent due to our own errors.

I am not completely sure about the solutions, but it does seem to be the case that some folks are going to end up being surprised if they have a whole bunch of small UTXOs and they end up being expensive to spend in the future, so they end up having less value in bitcoin than they had previously thought, which might be partly due to their own ignorance regarding how fees are currently calculated or how they might be calculated in the future.

There also might be solutions in the future, but I would be careful about potentially being sloppy now, and expecting solutions in the future that might not end up coming.