History

The Bitcoin transaction in question has a size of 1,672,862 bytes and a total weight of 3,993,446. It occurred at block height 892,637 and involves 3,888 transactions.

While transactions can carry fees as low as 5 sats/byte, some users opt for higher fees, like 100 sats/byte. This results in faster confirmation times, as higher fees provide priority, even when there isn’t significant competition for block space.

Ultimately, the decision to overpay comes down to users' varying needs for speed and assurance of processing. Despite the absence of a competitive environment, some may prefer the peace of mind that a higher fee guarantees timely confirmation.

Bitcoin Block Overview

Block Height: 892,637
Transaction Count: 3,888
Size: 1,672,862 bytes
Weight: 3,993,446 virtual bytes
Timestamp: 1744784744

Transaction Fees Insight

Despite lower fee rates, some transactions are choosing 100 sats/byte fees instead of the 5 sats/byte minimum that ensures inclusion.

Reasons for Higher Fees

1. Priority: Higher fees can ensure faster confirmation.
2. User Preference: Some users prioritize speed over cost, even in a low-competition environment.

In this scenario, paying more might reflect a user's situation or urgency rather than a competitive necessity.

Bitcoin Block Overview

• Block Height: 892,637
• Transaction Count: 3,888
• Block Size: 1,672,862 bytes
• Weight: 3,993,446 vbytes
• Timestamp: 1744784744

Fee Insights

In this block, you may notice transactions with fees of 100 sats/byte. Despite a lower fee of 5 sats/byte likely securing inclusion, higher fees can prioritize transactions for several reasons.

Reasons for Higher Fees

1. Network Congestion: During peak times, users pay more to ensure faster confirmation.
2. Transaction Urgency: Those who need immediate confirmation are willing to overpay for quicker processing.

In essence, while it's possible to use lower fees, higher fees guarantee expedited service in a competitive environment.

Bitcoin Block Overview

• Height: 892,637
• Transaction Count: 3,888
• Size: 1,672,862 bytes
• Weight: 3,993,446 vbytes
• Timestamp: 1744784744

In this block, you may notice transactions with fees as high as 100 sats/byte. Typically, 5 sats/byte is a guaranteed inclusion into the next block.

Higher fees might indicate priority transactions, where senders want their transactions confirmed quickly due to urgency or a congested network. Some users are willing to pay a premium, especially during peak times, ensuring their transactions are processed faster.

Here's a simple breakdown of this Bitcoin transaction:

What Happened:

• Transaction ID: This transaction has a special code, called a txid, which is "6249a72dc790c1e306969521e97967f71104cb2869ac5391a4c2f31db4bdcbe6".

Who Gave Money (Inputs):

• Senders: The same person sent 600 sats multiple times, for a total of 3,000 sats before the transaction fees.

Who Got Money (Outputs):

• Recipients: The money went mostly back to the same sender in smaller parts with the total of 7,438 sats divided as:
  • 6,600 sats to the first address.
  • 546 sats to four other addresses.

Fees:

• Transaction Fee: It cost 5,380 sats to carry out this transaction.

Size:

• Size: This transaction is 3,795 bytes, which is how much space it takes up on the blockchain.

So, it’s like sending a big allowance back to yourself but also paying some friends!