When Bitcoin goes crazy and pumps like what it has done over the last several weeks, Bitcoiners wriggle out of the doors. While this is excellent as they fuel the price action and help you score some epic gains, they also obstruct the network.
Just as we saw during peak 2017 Bitcoin derangement, the Bitcoin network has been jamming up with transactions sat in the mempool for hours on end during specific periods. Because of that, I’m going to show you how to avoid getting held in the mempool for hours on end, and perhaps even protect yourself a few satoshis when Bitcoin is as dead as a vault!
Notice to Control the Mempool
If you’re going to become fee-savvy and learn to skip lines, then you’re going to need to do a tiny bit of work before you make a transaction. It’s not much work; it takes maybe 5 seconds to do, so don’t get troubled. To save yourself sats and time, head on over to blockchain.com and check out the mempool transaction count. This is the number of transactions that are currently sat in the mempool waiting to be processed.
When volatility is high, and lots are going on with Bitcoin, there will be more transactions. On the other hand, during quiet times, the mempool will be relatively modest. So, the more transactions sat in the mempool, the longer you would typically have to wait – it’s pretty simple really.
Adjust Your Fees Accordingly
Step 2 in becoming a Bitcoin transaction master is to adjust your fees. Most wallets, let me rephrase that, the better wallets out there will allow you to change your fees. Usually, there will be a dropdown menu that gives you three options, high, standard, and low, and this is good enough to use this trick.
After checking the mempool, you’ll want to bump your fees too high if there are more transactions in the mempool. This will mean miners are more likely to prioritize your transaction as they’ll earn more money from it. Instead of your transaction taking a couple of hours to be included in a block, you might even make it into the very next block.
On the other hand, if the transaction count is reasonably low, you can drop the fees down to low to save yourself money. If there aren’t many transactions, you’ll get included in the next block or one shortly after – saving a couple of sats in the process. Remember, stacking every sat you can counts!
Be a Pro!
I’ve shared my transaction secrets with you, so go out there and try out this trick. Probably, you can use this newfound awareness of your position to skip the queues and get your Bitcoin moving faster and more cost-effective than ever before. No one knows, you might even be able to jump the line and get your trade completed more promptly at a better price!