I had a transaction where the payout BTC tx used a miner fee of 14sat/vb. This took 15+hrs until it finally got a confirmation, presumably because of the spike in BTC from recent events.
Luckily I withdrew the BTC using an adequate fee almost instantly which dragged along the initial payout transaction up the blocks but how can this be avoided in the future?
It’s set automatically, so I don’t think there’s much you can do other than Child Pays For Parent, which you did successfully. Dealing with the volatility for blockspace price is quite difficult and is easy to over or underpay.
New user here.
Miner fee of 10% seems a bit high.
Reading DAO it seems that miner fee is paid by taker, understandable.
But the difference between the actual miner fee and 10% ?
Where does that go? Back to the taker ?
There are 2 (or 3) kind of fees at Bisq.
Trading fees: what Bisq takes. Can be paid in BTC (0.8% of trade amount in total) or BSQ (0.4%). Makers pay more less than takers.
Mining fees: to use main BTC chain. To withdraw BTC from Bisq wallet, traders can set their preferred sat/vbyte rate. For trading, it’s set by Bisq. Takers pay 3x as they place 3 transactions and makers only 1. They’re volatile and fluctuate depending on the blockspace demand and rythm of block production from miners (hashrate).
Spread: Some traders confuse that with a fee, it’s just the difference between the spot price and the price of an offer. Normally, at Bisq there’s higher prices to buy, as there are more buyers than sellers. Sometimes can be negative as buyers really want to buy BTC paying a higher price, or sellers really want to sell and offer lower prices.
Mining fees are high lately, so as they’re a fixed price to include your transactions on a BTC block and don’t depend on the amount sent but size of transaction, trades need to be higher to reduce the relative amount of mining fees spent.
To be more clear, this example: if you need to pay 10USD in mining fees, a trade for 100USD will suppose a 10%, but a trade for 1000USD will be 1%.
ok, lets take a look at an example. I want to buy .01 btc using zelle. The maker is offering .01 with a 5% markup. The trade fee is .00007 btc, which is reasonable (about $3.33). There is a .006 btc security deposit (refundable on completion of trade), also reasonable. Yet there is a 9.84% mining fee for the taker (me). When I transfer .01btc from my offline wallet I use a fairly high fee 148.4 sat/byte. Cost for offline transfer .335 mBTC, about a third of the fee being used here. That’s an on-chain transfer, no LN. Compared to a 1mBTC cost for mining fee here for an inhouse trade. Also, looking at the v1.5.5 I am synced with Bitcoin Mainnet (via Tor) at block 670131 / Fee rate : 126 sat/vB.
Thanks for the example. Trading 0.01BTC is expensive with mining fees over 100 sat/byte.
I hope this gets better on the weekend.