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Cryptocurrency : Did you overpay in commissions when sending your bitcoins? This tool notifies you

Do you think that the commission of your wallet to send bitcoin is very high? Do you want to know if you have paid more to confirm a transaction? This new mempool.space block explorer tool informs you.

The tool contrasts the payment of commissions of a transaction with what is necessary to enter the block where the sending of bitcoins was confirmed and issues a notice if there was a payment over the necessary.

In the transaction panel in your browser, mempool.space labels the overpayment of that BTC shipment, even reporting how much was overpaid.

The commissions to confirm transactions in Bitcoin are measured in satoshis, the minimum unit of BTC (8 decimal places in total). Each satoshi is equal to 0.00000001 BTC. The total commissions of a transaction comes from the calculation of the commission rate and the total virtual information contained in that transaction, which is known as the sats / vbyte rate.

Even 1 sat / vbyte is enough for a transaction to be incorporated by miners into a bitcoin block. However, as each block has a limit of information it can contain, the more transactions there are pending for confirmation, the battle to get into the first blocks can drive up commissions.

Sometimes the disparity requires a high rate to enter the first block, but subsequent blocks have a much lower rate.

Commission overpayment in Bitcoin

At this time, with less than 20 sats / vbyte, the second pending block to be mined could be entered, according to data from the same mempool.space. But there are always those who pay more than necessary. Some Bitcoin wallets set high fees to try and guarantee quick confirmation, regardless of the state of the network.

The same happens with most exchanges, which tend to pay rates well above what the network requires when a client withdraws their funds to an external wallet, as we have referred in a report from CriptoNoticias recently.

In the example below, we can see a transaction from Binance, the exchange with the highest trading volume in the market. On this BTC shipment, Binance paid 100 satoshis per vbyte, when the average to enter that same block was less than 17 sats / vbyte. Even transactions with up to 11 sats / vbyte of commission entered there. The new explorer tool indicates an overpayment of up to 6 times the commission required in this case.

The transaction weighed in total about 2,400 vbytes and 239,500 satoshis (nearly $ 80) were paid to include it in that block. Paying the reality-adjusted commission of the network at the time, only 40,800 satoshis would have gone to the miners, less than $ 15.

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