Bitcoin users are overpaying significantly on transaction fees, new analysis warned April 4 as the cryptocurrency’s bull run sparked a surge in activity.
Fee Estimators ‘High’
Data published on social media by Bitcoin education and consultancy organization Bit Consultants shows an ongoing mismatch between required fees and those selected by users.
The Bitcoin price had risen significantly earlier in the week, accompanying a sudden uptick in transaction volume on the Bitcoin network, pushing up fees as blocks became fuller.
Bitcoin’s mempool – the size of the total number of unconfirmed transactions – similarly peaked, before dropping off Friday.
Despite the phenomena, users were still paying too much to have their transactions confirmed in a timely manner, Bit Consultants warned. This, researchers suggest, is due to consumer wallets incorrectly estimating the appropriate fee rate.
“Even at these levels next block fee is only 0.00003100 BTC ($0.15),” they summarized on Twitter. “Fees aren’t high, the fee…