Navigating Bitcoin Transaction Fees

Why are people always talking about mempool.space for transaction fees? I’m trying to figure out how to get my BTC transferred fast.

Check this out: Right now on mempool.space, it shows that high priority is 3 sat/vB, medium priority is also 3 sat/vB, and low is just 1 sat/vB. So basically, if I’m paying 1 sat/vB, that’s like 0.00000001 BTC, right? And 3 sat/vB would be 0.00000003 BTC? Someone explain if I'm right!

That 0.02 BTC isn’t the fee for one transaction, just a total expected from a miner. If a block gets found now, that’s the fee they’ll collect across all transactions included.

So what’s the deal for a normal transaction? I’d guess stick to around 2 sat/vB? But if I have a more complex transaction with multiple inputs or outputs, could that take longer?

Honestly, it’s all about your priorities. Are you in a hurry or just chilling with your fees? If you go for 1.01 sat/vB, that might push your transaction ahead of others paying just 1 sat/vB. Check mempool goggles for options.

Look at the fees recommendation under the ‘Transaction Fees’ section. Hover or touch over those priority levels to get their definitions. Just see what fits your need.

Looks like OP had a Bitcoin Core mishap before with a low fee… you still using it? I switched to Electrum and their fee estimates seem pretty in line with the ones from mempool.space.

Lately, blocks haven’t been full, so even at 1.00 sat/vB, transactions are going through. But I’m curious about that image OP posted… was it deleted or something?

I appreciate all the info! That transaction eventually went through after like 8 months. Still sticking with Bitcoin Core for recovery reasons. Is Electrum actually easier for getting funds offline?

You don’t *have* to stick with Bitcoin Core for wallet recovery. As long as you’ve got your private key, you’re golden. Electrum’s a good SPV wallet, no need to sync the whole blockchain.