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103 sats \ 1 reply \ @Scoresby OP 28 Aug \ parent \ on: Have we all been overpaying for Bitcoin transactions? bitcoin
I was suggesting that fees were artificially inflated by having an artificial floor of 1 sat/vB when it is clear that the actual floor is lower than this. Just in this year alone, any time there were empty mempools and you wanted to get a transaction confirmed, you could have been paying sub 1 sat/vB rates, but because the standard was 1 sat/vB, that's what you paid. It was an artificial (and arbitrary) standard, though.
I see what you mean.
Just opened Electrum and the lowest fee rate does seem limited to 1 sat/vB and there is no obvious way to make an offer lower than 1 sat/vB.
When I try to manually set a fee below 1 s/vB I get this message-
'This transaction requires a higher fee, or it will not be propagated by your current server. Try to raise your transaction fee, or use a server with a lower relay fee.'
Clearly some wallets have realised less than 1 can be sufficient currently.
Nice problem to have from a users perspective, but still concerning that transaction demand is so low and use as a MoE is in apparent free fall at least on the primary blockchain.
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