What the Fees? Understanding the Costs of Bitcoin Transactionsunchained.com/blog/what-the-fees-understanding-the-costs-of-bitcoin-transactions/
35 sats \ 2 comments \ @CypherPoet 26 Mar 2022 bitcoin
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0 sats \ 1 reply \ @cointastical 26 Mar 2022
Replace-by-fee (RBF) and Child Pays For Parent (CPFP)- While these don’t directly result in lower fees, they are each strategies by which transactions that are stuck can be “bumped” in priority by paying a higher fee. These can be leveraged to “test” the fee market and if a transaction gets stuck, you can bump it later on. You can learn more about RBF here and CPFP here.
A problem is that many wallets do not support RBF yet, or people are using them without enabling RBF (if RBF signaling is not the default). So to be prepared for a day when fees rise (i.e., a fee market returns), ensure your are using a wallet that supports Replace-by-fee (RBF), and if you are not, consider switching!
Wallets Which Support Replace-By-Fee (RBF) Fee Bumping #16023 https://cointastical.medium.com/wallets-which-support-replace-by-fee-rbf-fee-bumping-5812c40bbe09
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0 sats \ 0 replies \ @cointastical 26 Mar 2022
Fortunately, fees have been surprisingly low, since near the time that article was composed. But it doesn't mean fees won't rise again as bitcoin continues to gain traction.
https://mempool.space/graphs#1y
https://i.imgur.com/YdIlevk.png
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