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What is btclive.net and what you can use it for?

 

If you are into this new economy called cryptocurrency, you may know that bitcoin has a scalability issue.

Therefore i needed some kind of tool, that i can use to quickly check the bitcoin mempool size and the recommended fees, in order to have my transaction confirmed as soon as posible, but to have a minimal tx cost.

The solution was a website that anyone can check for free. btclive.net

Bellow you can see two indicators, one shows you the mempool size ( now it is at 1.18 MB ) that is over 1 MB bitcoin max block size. That's why you see it red, if is under 1 MB it will be green and it means that you can use a very small fee. The mempool is where all transactions sent around the world gets into.

The second indicator are the recommended fees that you should use to get your transaction included in the next block, with a certainty of 90%. In the next block, in the next 1 to 4 blocks and the next 2 to 7 blocks.

BUT, these are just calculations. Sometimes you can be included in the next block with just 1 sat/B instead of 40 sat/B or 38 sat/B as seen in the image above. Why this happens? Because many users aren't educated to use proper fess and they overpay for their transactions to be included in the next block.

In this very case my transaction was included in the next block with 1 sat/B, but there is one more indicator that i use to get a better view over the bitcoin blockchain. About that, read more here. (will be written)

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