How not to Bitcoin: User pays 1000X fee to send 4 BTC

1 year ago

Fat fingers? A Bitcoin (BTC) idiosyncratic spends implicit $200 to marque a transaction, paying astronomically supra the mean fee.

In a transaction that entered Bitcoin artifact 760,077, a idiosyncratic paid 1,136,000 Satoshis, (0.0136 BTC, $220.52) to determination 3.8 BTC ($63,00). This extraordinarily precocious interest is simply a whopping 1,000 times the accustomed Bitcoin transaction fee, arsenic astatine artifact tallness 760,077, the mean transaction interest was astir $0.20.

Twitter idiosyncratic Bitcoin QnA archetypal spotted the out-of-the-ordinary transaction, asking, “Y tho?”. The Bitcoin pedagogue told Cointelegraph that "Ultimately we'll ne'er know, [why they paid high], but determination are a fewer imaginable answers." QnA listed the following:

1. Using a wallet with unspeakable interest estimations 2. A idiosyncratic making a typo erstwhile manually entering their interest rate 3. An speech processing an urgent payout. They often overpay but ne'er usually by this much!"

Finally, QnA told Cointelegraph that it could beryllium that the idiosyncratic hasn't done their homework, and the mistake could beryllium explained by "A idiosyncratic not knowing however miner fees enactment (unlikely fixed the amounts seen successful the tx successful question)."

Transaction fees connected the Bitcoin basal concatenation alteration from pennies to hundreds of dollars, depending connected congestion levels successful the Bitcoin representation pool, oregon “mem pool,” arsenic good arsenic transaction sizes. Transaction fees are priced successful Satoshis per portion of data, abbreviated to sats/vByte.

The sats/vByte complaint is multiplied by the size of the transaction made to get the full interest you'll pay. Generally speaking, the much wealth (or data) sent, the higher the transaction fee–although respective different factors are astatine play.

If a idiosyncratic is successful a hurry, they tin take to wage a higher sats/vByte interest to astir warrant that miners volition see their transaction successful the adjacent confirmed block. The outgo of this luxury is simply a higher interest rate. The lowest interest is 1 sats/vByte; higher fees are mostly considered arsenic thing implicit 7 sats/vByte. For this fat-fingered Bitcoiner successful question, they paid a whopping 8,042 sat/Byte, oregon 1,136,000 Sats.

That’s much than 1,000 times the emblematic fee. The median transaction fee for artifact 760,077 was ~8 sat/vB oregon $0.22.

Upon further investigation, the aforesaid wallet was progressive successful different Bitcoin transaction 40 minutes anterior that besides paid an exorbitant fee. The wallet was transferred 4.28 BTC ($83,000) for 564,096 Sats oregon (0.056 BTC oregon $109). Miners received a complaint of 4,022 sat/vB for the pleasure, adding the outgo into artifact 760,073.

Due to the Bitcoin blockchain’s pseudonymity, it is unclear wherefore the idiosyncratic paid specified a precocious transaction fee. Nor is it wide wherefore they repeated the aforesaid enactment 4 blocks later. As a last suggestion, QnA joked that it could beryllium “A affluent Bitcoiner doing it to flex (unlikely).” Just hold until the idiosyncratic hears astir the

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