PSA: use a mobile wallet like Samourai or a desktop wallet like Electrum to avoid overpaying fees. - Bitcoins

Post Top Ad

loading...

Sunday 18 March 2018

PSA: use a mobile wallet like Samourai or a desktop wallet like Electrum to avoid overpaying fees.

PSA: use a mobile wallet like Samourai or a desktop wallet like Electrum to avoid overpaying fees.
/u/KiwiNachSchland

I picked a random recent tx, which has a fee of 862sat/byte. Here's another tx with a fee of 0.675 sat/byte.

The first transaction is not unusual, so many people/exchanges are overpaying by 1000x what they need to (even if using the old "1" format addresses for the inputs, segwit reduces fees but not by that much!).

At this time, 1 sat/byte is fine for almost all transactions.

The latest Electrum wallet lets you manually set the fee easily to the level you like in sat/byte, and the Samourai mobile wallet does the same.

So don't trust the fee estimating algorithms. They are difficult to implement and thus so far wildly innaccurate.

Should blocks get full again and you need to adjust to higher fees, Earn has a good tool to quickly check what fee to use.

submitted by /u/KiwiNachSchland
[link] [comments]
RSS Feed

Reddit

IFTTT

No comments:

Post a Comment

loading...

Post Top Ad