Whenever the Bitcoin network gets more congested, fees get higher and higher. Most wallets now use “dynamic fees”, which means they start competing with each other for fast confirmations. This results is fees spiraling upwards. Not so long ago, more than 600 Satoshis/byte was needed to have any chance at a fast confirmation.
Opportunity
Since about a week, fees are quite low again. For many months now, even transactions with 1 Satoshi/byte are likely to get confirmed within an hour.
It’s good for everyone
If you make a big transaction with high fees when the network is congested, you take up a lot of scarce block space. This makes the congestion even worse.
Consolidate small inputs
If you have many small inputs, now is the perfect time to consolidate them into one new input! If you’re not in a hurry to get a confirmation, you can set a very low fee and just wait.
1 Like