When I'm not using lightning, I look at the minimum feerate paid in the last few blocks. So long as the mempool isn't seeing a large number of incoming transactions, I usually go with that. If it's something more time sensitive, I stick with my wallet's recommendation, which typically overshoots.
I’ve noticed that some wallets massively overshoot the fee rate. What is that about?
It's mostly UX for the end users. Most people outside of BTC are used to near instant payments with their mobile apps- real easy to do with a centralized database.
A user who doesn't understand or care about watching fee rates just wants their funds sent ASAP - for them, higher fee rates are better (but not really).
fee rate will be calculated in satoshis per unit of data your transaction will consume on the blockchain, main reason i go with whatever my wallet says
When I'm not using lightning, I look at the minimum feerate paid in the last few blocks. So long as the mempool isn't seeing a large number of incoming transactions, I usually go with that. If it's something more time sensitive, I stick with my wallet's recommendation, which typically overshoots.
I’ve noticed that some wallets massively overshoot the fee rate. What is that about?
I typically ignore that and go with a fee rate close to the minimum paid as you say.
It's mostly UX for the end users. Most people outside of BTC are used to near instant payments with their mobile apps- real easy to do with a centralized database. A user who doesn't understand or care about watching fee rates just wants their funds sent ASAP - for them, higher fee rates are better (but not really).
That makes sense. Thanks. 🙏
I basically do this too. If its urgent, I pay a lower estimate in the current high band
I just multiply
the result is my best guess on how much fees I have to pay to see the transaction paid out in the short term
Nice try, Fed.
mempool.space running locally using my own node
Mempool.space graph of the last few weeks.
sparrow allows you determine that with their toggle function, and then I just use mempool to make an educated guess
I don't do on chain.
I don't have anything on chain. Not very old in it. It's just 3 months. Maybe after 3 more months I will try to go onchain.
I don't do on chain. Sleeping comfortably forever..
I also track the current fee estimates in the stacker.news page header: https://m.stacker.news/36669
I do the free strike option. Am I the only one here :D?
Depends on the situation. I use multiple choices.
Mempool.space
fee rate will be calculated in satoshis per unit of data your transaction will consume on the blockchain, main reason i go with whatever my wallet says
Whatever the wallet or app suggest.