nah you only pay for the relative cost of the total mempool at the time... it dictates how the block is curated out of the available events... in general, smaller fee, further towards the edge after which the block limit boundary kicks in
it's bitcoin's spam control... if your intended transactions don't move very much value then it can happen it costs more to move them than they are worth
the best solution to this is simply make a "sweep" transaction on the smaller UTXOs in your wallet and an economical fee and expect to wait for it to clear
bitcoin fees typically float around $1 average... if you are trying to move under $50 it's not worth doing it on chain at all, really $100 is a minimum and really $500 is the cheapest (under 0.5%)
but don't forget, most fiat fees are gonna do you for between 2 and 7%
most of the time, over 50%, bitcoin beats western union and even mastercard and visa for fee rates, for average remittance use cases and payments
i also tend to cap my lightning transactions around $200 value these days, this is just the upper limit of reliability
stuck lightning payments are worse than stuck onchains... at least onchain you can RBF it to get it out of purgatory, on lightning it can be a week waiting for it to return, though usually it comes back in hours
mleku / mleku™️
npub1fj…mleku
2024-10-22 20:57:41
in reply to nevent1q…a6ry
Author Public Key
npub1fjqqy4a93z5zsjwsfxqhc2764kvykfdyttvldkkkdera8dr78vhsmmlekuPublished at
2024-10-22 20:57:41Event JSON
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"created_at": 1729630661,
"kind": 1,
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"content": "nah you only pay for the relative cost of the total mempool at the time... it dictates how the block is curated out of the available events... in general, smaller fee, further towards the edge after which the block limit boundary kicks in\n\nit's bitcoin's spam control... if your intended transactions don't move very much value then it can happen it costs more to move them than they are worth\n\nthe best solution to this is simply make a \"sweep\" transaction on the smaller UTXOs in your wallet and an economical fee and expect to wait for it to clear\n\nbitcoin fees typically float around $1 average... if you are trying to move under $50 it's not worth doing it on chain at all, really $100 is a minimum and really $500 is the cheapest (under 0.5%)\n\nbut don't forget, most fiat fees are gonna do you for between 2 and 7%\n\nmost of the time, over 50%, bitcoin beats western union and even mastercard and visa for fee rates, for average remittance use cases and payments\n\ni also tend to cap my lightning transactions around $200 value these days, this is just the upper limit of reliability\n\nstuck lightning payments are worse than stuck onchains... at least onchain you can RBF it to get it out of purgatory, on lightning it can be a week waiting for it to return, though usually it comes back in hours",
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