14 sat/vB at high priority
Discussion
could you explain me more what that means? *hides in shame for not knowing*
Not at all! Just means relatively cheap to move Bitcoin on chain quickly
Ohh, thank you buddy 💜 What does vB mean? Sorry to bombard y’all with questions 😄
no worries, please ask more, no dumb questions and i learn also
i actually dont know how to explain properly what sat/vb is.. but it stands for how many sats you pay per byte of the UTXO (the unspent transaction output)
a bitcoin transaction with 1 input and 2 outputs are typically ~250 bytes of data, le google says lol
The unspent transaction output 🤔
yes, UTXO
parman is honestly the best teacher ever for reading:
https://armantheparman.com/utxo/
and btcsessions for video tutorials
no shame at all
check: mempool.space
It shows the upcoming and past blocks full of bitcoin transactions and also the average fee rate for transactions and how much you should set it so your hypothetical transaction gets included in the next block (around 10 minutes), or later (later blocks, if you're not in a hurry for it to arrive.. hours to days to a week, depending on how full the blockchain is)
So with all the ordinal/inscription spam past months, the fee rate became very high (like 100-300 sats/vB).. so transacting smaller amounts of bitcoin (think >100k or so) on-chain would not be wise (as the fee would've ate up like half of it).
Mempool is now calm again. Now you can pay like >1 dollar in fee to send whatever amount of sats again. Feels good if you transact, mix, want to consolidate or withdraw to cold storage.
It will all make sense if you try it out yourself once and put your transaction ID into the search bar in mempool.
🥵
It do be like that.
