mempool VS lnbook

The submission is a page from r/Buttcoin, a Bitcoin-hater subreddit, with a random screenshot making the $188 for $4.09 complaint.

For those who don't know, Bitcoin on-chain transactions fees are not proportional to the amount sent, and it is common knowledge that $5 on-chain transactions are not practical. There are other solutions for sending smaller amounts.

Fees are currently spiking, but according to mempool.space (as I post this) an average on-chain transaction with ~$10.50 in fees will be confirmed within 30 minutes. See: https://mempool.space for details.

So this is not a very accurate, informative or helpful submission.

That's about 50$? I don't blame them https://mempool.space/

get some theory of mind. you are a person who is willing to pay onchain fees to use your trezor or open a channel. there are people in the world who are not willing to pay these fees and they probably outnumber you. and the plan has been spelled out in plain english a million times. the fees are supposed to go up by design. this means that most people will not self-custody, whether it is legal or not, and even if they would like to.

I’m not an expert so someone smarter than me can clarify, but the high/priority rate is the going rate (estimate) to get confirmed on the next block. Medium is the average rate for those transactions to be confirmed next. You can see current and historical rates at mempool.space.

The current fee to get into next block is about 40 sats/vB.

Check mempool.space for a better idea of how big a fee you need to offer to get into the next block.

The mempool is a bit crowed now. A few weeks ago it was only around 5 - 10 cents, and now it is between 3 and 13 dollars. (yesterday even 25 dollar) If you have a lot of UTXO's it can be very expensive to consolidate them all. In that case I would wait till the mempool is less crowed for lower transaction fees. it is important to understand that whirlpool or wasabi wallet will take many UTXO's (transaction fees) to mix your coins and maybe in the future exchanges don't want to touch your mixed coins. I mixed all my KYC coins as I'm not planning to exchange my bitcoin for fiat via a exchange in the future.

p.s.: if you're unfamiliar with these terms, I suggest you read the How the Lightning Network works chapter of Mastering The Lightning Network by Andreas Antonopoulos. It's not too technical and if you have a basic understanding of Bitcoin, you won't have any trouble reading it.

Mastering the lightning network

You can read all about it here if you are interested: https://github.com/lnbook/lnbook/blob/develop/12_path_finding.asciidoc

I don't know about videos, but if you want to go technically deep, good start is Mastering Bitcoin (https://github.com/bitcoinbook/bitcoinbook) followed by Mastering the Lightning Network (https://github.com/lnbook/lnbook)

Lnbook getting closer towards being finished and can already be seen at: https://github.com/lnbook/lnbook

No problem. If you want to deep dive into LN, there a free and open-source book here, the first few chapters explain a lot about this without being too technical, and the following one really go deeper: https://github.com/lnbook/lnbook/

I recommend you to read Mastering the Lightning Network, especially this chapter, which explains the basics of how the LN works.

Check out the Mastering the Lightning Network book