Understanding BTC

So i tried setting 109 sat per byte when sending BTC to exchange(bc thats what i think is the price for medium priority )as i Don’ts wanna pay like 80$ fees… will it work or my transaction will fail or take like 10-20 days to process and then also might eventually fail and that 7$ will be lost forever bc there is like 220k unconfirmed transactions and my transaction has low gas so will it be given low priority?

And what happens if that everybody keeps paying more fees than me and my transaction is stuck there forever and my sats are stuck in middle.

What am i missing here ?

Has anyone tried this before and if so what was your experience please share.

Thank you

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8 thoughts on “Understanding BTC”

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  2. There is no chance of you losing that $7, btc isn’t like eth.

    If you look at the most recent blocks you’ll see the lowest fee transactions that were processed (it will show a range of fees paid in says/vbyte).

    Chances are good that your transaction will go through given the current stats within ~10-30m unless there is a spike in fees.

    If you’re fine with waiting potentially an hour or 2 then do it. If not, maybe bump it up by ~10sat/vbyte and it should be a near guarantee that your transaction will be included in the next block.

    There are ~200k pending transactions because there are that many times people weren’t willing to pay <100 sats/vbyte. Probably a huge chunk of them are trying to transact for >20 and have been waiting for weeks or months.

  3. Learn about UTXO. This will make or break you when it comes to transaction fees

  4. That is the halving in full effect.

    Half the inflation, double the transaction fee.

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