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Am I reading these transactions right? It can cost over $5000 to transfer less than a single dollar? https://mempool.space/tx/2fc565c457bf3202704f3b2e61c50312c
by colejohnson66 3y ago
Am I reading these transactions right? It can cost over $5000 to transfer less than a single dollar?
https://mempool.space/tx/2fc565c457bf3202704f3b2e61c50312c073e2b365152233f0315e82d7a51659 https://mempool.space/tx/2fc565c457bf3202704f3b2e61c50312c07...
- dotty- 3y agoWhen you make a transaction on the Bitcoin network (and really every other cryptocurrency), you tack on a fee to the amount of coin you want to send. Miners prioritize higher fee transactions when deciding which transactions to include in the next block. Therefore, to guarantee your inclusion in the next block, you would choose to increase the fee you pay. So, for this transaction, they chose to pay a $5000 fee to guarantee their placement in this block.
- chrisbolt 3y agoThat transaction appears to have an image attached: https://www.blockchain.com/explorer/transactions/btc/2fc565c457bf3202704f3b2e61c50312c073e2b365152233f0315e82d7a51659 https://www.blockchain.com/explorer/transactions/btc/2fc565c... (see Ordinals Inscription)
- mvdtnz 3y agoWow they spent $5k to put some incredibly ugly AI generated art on the blockchain. Money well spent.
- stablemaxi 3y ago[dead]
- block_dagger 3y agoBut it's on a halving block, so whoever did it has bragging rights in a way. In twenty years they can point to it and say "I did that." I fear that ordinal inscriptions will start making the blockchain unwieldy, but I'm not educated enough to know if the mining cost of adding them is a good enough defense against such spam on the bitcoin chain.
- Ferret7446 3y agoSome people pay a lot of money for paper bills with interesting serial numbers, far above the bill's denomination. This is no different.
- tim333 3y agoBargain compared to some stuff: https://blockgeeks.com/5-most-expensive-bored-ape-yacht-club-nfts/ https://blockgeeks.com/5-most-expensive-bored-ape-yacht-club...
- sp332 3y agoThe amount of the fee is kind of up to the sender. If the fee is not high enough, miners will not include the transaction in the blocks. But there's no upper limit on how high the sender can set the fee. Edit: Since a block has a limited amount of space for transactions, transactions with more bytes have to pay a larger fee to get picked up by miners. This one looks really large.
- pests 3y agoIt was a dummy transaction to begin with, they just wanted into this specific block.
- tln 3y ago40btc or $2.5mm looks like 5x - 10x "current normal". 2800 txn/block and $10-$20 average fee over the last week. https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... Bitcoin Average Transaction Fee is at a current level of 16.50, down from 19.38 yesterday and up from 2.046 one year ago. This is a change of -14.88% from yesterday and 706.6% from one year ago.
- stablemaxi 3y agoNew protocol launch coincided with this block - in chasing becoming the first use of the protocol, users spent thousands to use it or create an asset via the protocol.
- pests 3y agoThis was a historic event people paid to be a part of. Only 4MB of data can fit in a block. To get priority for your transaction you pay more.