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An Unknown User Incurs More Than $80,000 in Transaction Fees When Sending BTC Worth $1

An unknown person incurred a transaction fee of greater than $80,000 or (3.49079570 bitcoins) when transferring bitcoin worth $1.16. Per Blockchain.com, the December 19 transaction, which is integrated in block 662052, had an enter of 3.49084570 bitcoin and an output of 0.00005000 bitcoin.

As one epic explains, the surprisingly excessive fee might presumably perhaps had been the end result of an “error made by the bitcoin person when manually constructing the transaction details.” Then but again, as Alex Lebed the head of development at Xsigma Defi tells news.Bitcoin.com, this might presumably perhaps have came about “because sure wallets enable you to dangle how to employ unlimited transaction costs in represent to elevate your transaction with the miners.”

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An Unknown User Incurs More Than $80,000 in Transaction Fees When Sending BTC Worth $1

Emphasizing that that is technically that you might presumably perhaps perhaps presumably take into consideration, Lebed explains this note is performed to “fund the transaction in a mining pool of your various, making it a priority.” Lebed then concludes:

Presumably anyone was as soon as attempting out the network. It’s potentially no longer that anyone made the transaction by an accident, nonetheless it’s that you might presumably perhaps perhaps presumably take into consideration. Individually, it might presumably perhaps perhaps need been a take a look at.

Meanwhile, the fine fee paid by the unknown person was as soon as incurred in some unspecified time in the future after the lifelike transaction fee on the Bitcoin network topped $11.91. Data from Bitinfocharts shows that transaction costs on the network surpassed the $10 impress for the foremost time since November 5 when they peaked at $12.05.

Then but again, after the quick surge, transaction costs had dropped to $6.15 by December 20. Then but again, transaction costs on the network remain greater than they had been originally of the 300 and sixty five days. On January 1, the lifelike fee on the Bitcoin network was as soon as $0.33 and for the next four months, it remained below $1.

Since the muse of Could presumably perhaps 2020, BTC network costs surpassed the one buck degree and so that they have largely stayed above that degree since then.

What are your options on this excessive transaction fee? It’s likely you’ll presumably perhaps perhaps part your views in the feedback share below.

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