Some weeks ago I was considering some options on cold-storing my BTC. I ended up testing a paper-wallet and that lead me to realize the cost of the transaction fees. Some internet/youtube browsing eventually lead me to this website. Somehow everybody seemed to point that it was best to use the recommended fee indicated there.
At the time the chart looked like this:
In this situation the recommended transaction fee would be 321satoshis/byte or above. This simply didn't sound right to me - even after all the FUD on bitcoin's transaction fees I had been browsing through.
So I decided to test my interpretation of the data on the chart. Once I had my 0.01BTC on a paper-wallet, all I had to do was to send the funds somewhere using a very low transaction fee. Looking at the chart it was pretty clear that a lot of transactions had gone through in the 11-20sat/byte range, just in the past 24 hours. Yet, I tried an even lower fee - 3sat/byte which was the lowest option on my (android) mycelium wallet. I insisted on this for about 3 weeks but the transaction simply didn't get broadcast.
Finally, I decided to be a little bit more generous and replaced my transaction with 11sat/byte fee. It went through immediately. As my transaction, many others got processed in the 11-20sat/byte range. I ended up paying a fee of 2272sat instead of around 50000sat as recomended. Check out my transaction here: https://blockexplorer.com/address/157duh6aSF1bpZBJDhUc1k3JEgLiWtKG6t
By the way, you can also see a 153374sat fee was paid to fund this address earlier - this was fully paid by coinbase as I sent the funds for free using gdax, otherwise it would have cost me 100000sat, coinbase's flat fee.
So the point here is: most transactions are indeed being extremely overpaid for, even by large exchanges who supposedly know what they're doing. And as you can see at https://bitcoinfees.earn.com even though there is no waiting-list for low fee transactions, most are being processed in the 110-120sat/byte range.
The problem here is that the FUD on Bitcoin's high transaction fees continues, and that is generally accepted as a fact. Do you think it is a fact? Please comment and resteem - Let's shed some light on this subject.