How not to Bitcoin: User pays 1000X fee to send 4 BTC
Fat fingers? A Bitcoin (BTC) user spends over $200 to make a transaction, paying astronomically above the average fee.
In a transaction that entered Bitcoin block 760,077, a user paid 1,136,000 Satoshis, (0.0136 BTC, $220.52) to move 3.8 BTC ($63,00). This extraordinarily high fee is a whopping 1,000 times the usual Bitcoin transaction fee, as at block height 760,077, the average transaction fee was roughly $0.20.
Twitter user Bitcoin QnA first spotted the out-of-the-ordinary transaction, asking, “Y tho?”. The Bitcoin educator told Cointelegraph that "Ultimately we'll never know, [why they paid high], but there are a few possible answers." QnA listed the following:
Finally, QnA told Cointelegraph that it could be that the user hasn't done their homework, and the error could be explained by "A user not understanding how miner fees work (unlikely given the amounts seen in the tx in question)."
Transaction fees on the Bitcoin base chain vary from pennies to hundreds of dollars, depending on congestion levels in the Bitcoin memory pool, or “mem pool,” as well as transaction sizes. Transaction fees are priced in Satoshis per unit of data, abbreviated to sats/vByte.
The sats/vByte rate is multiplied by the size of the transaction made to get the total fee you'll pay. Generally speaking, the more money (or data) sent, the higher the transaction fee–although several other factors are at play.
If a user is in a hurry, they can choose to pay a higher sats/vByte fee to almost guarantee that miners will include their transaction in the next confirmed block. The cost of this luxury is a higher fee rate. The lowest fee is 1 sats/vByte; higher fees are generally considered as anything over 7 sats/vByte. For this fat-fingered Bitcoiner in
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