So I'm starting to figure out a little more about Bitcoin, I've done some more research, stacked more and have done a few transfers.
Last night I had one go through in 4 hours for 1.93 sats/vbyte, the lowest of a transfer yet. Where should this generally be? I see a lot of talk of 1 not being attainable anymore.
Also, if time doesn't matter to me for payment conclusion, is there any downsides to a longer wait?
Core nodes drop transactions from the mempool after 2 weeks wait, it’s not enforced though - so maybe not all nodes miners look at do it and may keep it even longer
No real down side to waiting unless you need the settlement to happen fast. One 'risk' is that mempool gets beyond 300 MBs of transactions Waiting to fill a black. At that point it will start dropping the lowest fee xactions to make room. I think at that point you just need to broadcast a new transaction.
Great question… to establish the going rate for the next block go to mempool.space you will see suggestions for low, mid and high priorities. The lowest it will ever be is 1 Sat/Vb.
To your second question, the transaction will eventually always go through at the lowest rate, it really is down to how long you are willing to wait. In the last bull market it would not have been uncommon for you to wait days, weeks for the transaction to go through at the lowest priority.
Yeah, I'm realizing mempool.space is an essential tool. It was interesting watching my transfer get added to the blockchain last night, hadn't done that previously. Thanks for the info!
This is not entirely accurate. As some others have stated, your tx can be dropped after a non-fixed amount of time (usually 10-14ish) days but you are never in danger of losing your bitcoin.
Good point.
Since nothing gets written to the blockchain, the coins "stay" in the original wallet, correct?
You're definitely going to have to dyor. But I know the answer is out there. This may be the case, technically however, I remember back in 2015ish, I sent a significant amount of bitcoin to another wallet and with my limited understanding at the time, I was very shocked that when it didn't arrive after a day but my wallet was showing it as debited exactly as if it had been sent. I had a mini heart attack every day for 10 days until it finally arrived. At the time, I didn't have an understanding about tx fees, etc.
I'll just plan accordingly using mempool site, shouldn't be a problem. 2 sats per wasn't too bad. I got hosed on my first couple transfers though 😂
As long as you're not in a rush, 2-5 sats/vb is find. It'll eventually make it and often a lot quicker than expected. Also, even at the higher end of that rate, the tx fee is still incredibly low.
Thanks, great info, this helped a lot. I'll do a bit research on a couple things, and I'm good to go. 💜🤙
Don’t ever be afraid to ask questions, #Bitcoin is complex so always be curious and that you keep learning.
Most people start because of NGU, but eventually see that this will change the world.
