Currently in r/bitcoin discord: "I just combined 50 utxos and

Question

Currently in r/bitcoin discord: "I just combined 50 utxos and

paid 9 euro, what gives?"

moderator: "block space is a shared global resource. it must necessarily be limited since it cannot scale, everyone must verify its contents and cannot verify an infinitely long list. so you are using space, you use more space the more utxo's you use. you thus pay more for the space you are consuming in the world's shared database"

"sent 35 minutes ago, still pending hah..."

"that's why you set fees competitively. 2 blocks have confirmed but the mempool looks expensive"

"now says ETA in 3 hours lol"

moderator: "so it sounds like 2 blocks worth of transactions have so far out bid you. if everyone is constantly adding new bids to the silent auction and you are constantly changing your bids and other bids are being constantly consumed - you can be assured any estimate off a static state is going to be wrong
if you are in a rush, bump your fee. as its a consolidating transaction I personally would have low balled the fee and waited days"

#ThisIsGoodForBitcoin