Bitcoin core (BTC) prices have been rising sharply over the last few weeks and people have also noticed BTC transaction fees have spiked as well. Now there’s a new gaming site called Guess Bitcoinfees allowing people to bet on the 24-hour average transaction fee for the next day and the site pays out jackpots in bitcoin cash.
At the time of writing, the fee you have to pay to get your transaction mined into the next block is $2.45 per transaction size of 226 bytes. Meanwhile, digital asset supporters have been focusing on the price of BTC, but many users have noticed the rising fees and mempool backlog. Furthermore, according to a live updating list, there are 6,519 unconfirmed transactions (txn) waiting in the queue.
Over the last two weeks, there’s been an average of 20-35,000 unconfirms in the mempool during weekdays. Because the dynamic BTC fees are always different, a new gaming site called Guessbitcoinfees.com has launched allowing individuals to make a wager on the closest average bitcoin core fee for the day. In order to play the game, you need a Memo.cash account and at least 10,000 satoshis (BCH) to guess.
You basically write your prediction in the message area in USD and for every 10,000 satoshis, your jackpot will be 10% of the total jackpot. The more satoshis sent, the bigger the jackpot percentage will be, explains the website’s documentation. Players can wager multiple times during the day but only the final bet will be accepted. “The winner is the one whose guess is the least different from the real fees — If several players have the same difference to the real fees, the player who guessed first wins,” Guess bitcoinfees website explains.
There have been jackpots since June 13 and the website showcases each day’s winner. For instance, on June 22, a user named ‘lugaxker’ won a payout of around 9157838 satoshis. The person’s guess was an average BTC transaction fee of $4.00 and the actual average fee that day was $3.9984. The sites documentation details that the 24-hour average transaction fees for the BTC chain are obtained every 60 seconds from Blockchair.com. Guess bitcoinfees ground rules on the site state: “If Blockchair.com does not provide any data at 20:30 CEST, the last stored fee will be used to determine the winner — The won satoshis will be sent to the same address from which the winner sent his guess.”
Guess bitcoinfees says 80% of the day’s pot goes to the winner and the rest goes toward the next day’s jackpot, which continues to accrue over time. In addition to the daily game, Guess bitcoinfees also gives 1 ‘guess’ token for every satoshi bet. Guess token is a Simple Ledger Protocol (SLP) token built on the BCH network. The game allows people to stake a bet, but it is also is an interesting reminder of BTC’s obnoxious transaction fees.
A good reminder of this is the current network fee ($0.0024) to get mined into the next BCH block. This means the fastest transaction fee for the BCH chain still pays far less than a penny to get a median transaction size of 226 bytes confirmed. It’s ironic that recently an SLP-based coin was created to be backed by BTC but allow someone to move the coin at roughly $0.0012-$0.0024 per transaction. Alongside this, we now have a betting game based on guessing the transaction fees BTC users deal with every day.
What do you think about the Guess bitcoinfees game? Let us know what you think about this subject in the comments section below.
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