January 21, 2022

Someone just paid $ 400,000 in fees to send $ 5 in Bitcoin

A transaction confirmed in block 662,052 drew attention for having paid around R $ 400,000 (approximately 3.49 BTC) in fees to move only 0.00005 bitcoin, no more than R $ 5.87 at the current quote.
The move was perceived by Bitcoin Block Bot, which triggers alerts for unusual transactions, especially large amounts.
According to Blockstream's block explorer, the transaction could have saved 42% in fees if it had used a native Segwit-bech32 address. Which would mean savings of R $ 168,000 in bitcoin. The user ended up paying around 1837260 sat / vB, probably by mistake.
The explorer also suggests that it be a transfer between portfolios of the same owner, since there is no change address. But this possibly happened by mistake, since all the rest of the entry balance was spent on the miner's fee.Coinext 760x150

Transaction in Blockstream's block explorerTransaction 33291156ab79e9b4a1019b618b0acfa18cbdf8fa6b71c43a9eed62a849b86f9a in Blockstream's block explorer
The transaction occurred after the network reached a peak of 132,000 unconfirmed transactions. While Bitcoin saw an average rate increase of up to $ 11 on December 17th, there is no justification for wallet software to choose such a high rate for sending coins.
In this case, it is more likely that the user made a mistake when manually constructing the details of the transaction, confusing the quantity to send with the rate selection field.
Want to know how to always pay the best possible rate when using the Bitcoin network? Read our article "How to save on bitcoin fees".
See also: Former Trump director prepares launch of Bitcoin fund


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