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How Do Bitcoin Transaction Fees Work?

A Beginner's Guide To Bitcoin: https://www.amazon.com/gp/product/B08... In this video, I discuss how Bitcoin transaction fees work, in the context of unconfirmed transactions waiting in the mempool to be picked up by a miner. The more crowded the mempool, the higher transaction fees will usually be. Transaction fees are also determined by the amount of data in your transaction. If you have more inputs or outputs, you will pay a higher fee. At the end of the video, I discuss the importance of doing consolidation transactions when the mempool is relatively empty and fees are low. This will save you money if you ever need to move that Bitcoin later on, by consolidating it into a single UTXO. Not investment advice! Consult a financial advisor. Examples of large amounts of Bitcoin being sent for very low fees: https://decrypt.co/46346/someone-just... https://cointelegraph.com/news/bitcoi... https://cointelegraph.com/news/someon... Mempool.space: https://mempool.space/ Block 708,168: https://mempool.space/block/000000000... vByte definition: https://river.com/learn/terms/v/vbyte/ Setting transaction fees on a Trezor: https://wiki.trezor.io/Transaction_fee Sometimes the mempool is almost empty: https://www.cryptodefinance.com/bitco... Mempool by vBytes: https://mempool.space/graphs#6m Check out my online trading courses: https://www.trader.university/join Use this secret coupon code to get a discount: YT99 Check out my Amazon best-seller, "A Beginner's Guide to the Stock Market": https://www.amazon.com/Beginners-Guid... I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals. #Bitcoin #BitcoinFees #Mempool Disclaimer Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.