Sat b bitcoin
Better software will lead to average people setting very competitive fees, leading to a more accurate fee market. Many of you know about the fork that happened at the beginning of August, creating a new coin known as Bitcoin Cash. A big concern for the developers of Bitcoin Cash was the lack of hashpower that would switch to the other chain.
If a very small percentage switched, then the network would be halted, very few blocks would be created. This works in a way that if the average number of blocks in a period is too low, it will immediately adjust to a lower difficulty. This is a problem for one huge reason.
The miners want to mine the most profitable chain. So if they go and mine Bitcoin for a while, allow for the EDA to lower the difficulty to next to nothing, then can simply switch the chain and mine blocks at an average of two or three ever ten minutes. Once the difficulty goes back up to pre-EDA levels, then swap back to Bitcoin and let the process repeat itself. These difficulty oscillations are making block creation times very slow on the Bitcoin Cash network and are also resulting in a growing backlog of transactions in Bitcon as well.
This means less transactions per second and a higher cost to have your transaction included in the next block. How do I find the right fee to use? There are many fee estimation sites out there that are publicly available. The most popular is bitcoinfees. The best thing to do is actually look at the lowest fees that were included in the last block.
For example, you can go to blockchain. Scroll all the way to the bottom and look at some of the transactions that are there. The transactions with the lowest fees usually will be at the bottom. Take those fees and set yours a little higher.
Boom, your transaction should be included in the next block. Many wallets nowadays do not have the ability to set custom fees and in result cost users loads of money. You can google what wallets support custom fees on your devices, for desktop Electrum and Bitcoin Core are both reputable wallets that support custom fees. The lowest colored stripe is for transactions that pay the lowest fee.
Higher fee transactions are stacked on top of it. Since miners prefer high fee transactions, a new block usually only removes the top-most 1 MB worth of transactons from the queue. If a colored stripe persists over several hours without getting smaller, this means that transactions paying this amount of fee are not confirmed during this time, because there are higher paying transactions that take precedence. The horizontal axis is time and you can choose the range from the last 2h to all.
The vertical axis of the chart can be switched between count, fee, and weight. In the weight chart the height of the graph reflects the total transaction sizegas limit instead of the number of transactions. If a stripe on the weight chart is much bigger than on the count chart, the transactions in this stripe are largermore computation demanding than the average.
Similarly, in the fee chart, the height reflects the total amount of fee the pending transactions pay. You can click on some fee level in the legend to hide all fee levels below that level. This way you can better see how many transactions are competing with that fee level. Note that sizes include the segwit discount, i. For segwit transactions, the real size of the transaction is a bit larger than the virtual size. So for the BTC and LTC chains, a block will always take at most 1 MB from the mempool, even if it is bigger than 1 MB, because the weight diagram already shows the size in vbyte with the segwit discount included.
The segwit discount is also included when computing the fee level for a transaction. In case a transaction pays exactly the fee that defines the boundary between stripes, it is included in the higher stripe.
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