Bitcoin fee estimation can be very tricky. Someone paid 34,146 sat/vB for a transaction - $1,222 ?!?!?
Why would anyone overpay by so much.
I took a deeper dive and discovered it was a CPFP transaction pulling a 2.8sat/vB transaction along. So effectively they paid 52.8 sat/vB, which is about right for the fee at the time.
What's CPFP? It's child pays for parent - a fee bumping technique that allows you to add extra sats to a fee for a transaction (child) that depends upon the original transaction (parent) and thereby get transactions in a block sooner.
Miners look for combinations of transactions where even if a given transaction has a low fee, by including it and higher fee transactions that depend on the 'parent' low fee transaction they can earn more total fees.
So much to learn about Bitcoin!!!
#bitcoin #bitcoinfees #mempool #cpfp #rbf

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Hoping there are at least a couple more skiers / snowboarders on nostr!!!!
#grownostr #alpine #skiing #skipro
I am still very early in my nostr journey - perhaps we all are. There is so much more for me to learn.
#grownostr #relay #startos