A Bitcoin user mistakenly overpaid over $60,000 due to a misunderstanding of fee units during a replace-by-fee (RBF) transaction. The user confused sat/vB (satoshis per virtual byte) with total satoshis, leading to an excessive fee. RBF allows users to resend transactions with higher fees to expedite confirmation, but errors can be costly. In this case, the user intended to send 0.48 BTC but accidentally set a fee of 305,000 sat/vB instead of 30.5 sat/vB, resulting in a loss of 0.75 BTC. This incident highlights the importance of understanding fee units and double-checking transaction details. To avoid similar mistakes, users should choose reliable wallets, understand fee structures, verify transaction details, and let wallets suggest fees. Monitoring network fees and testing with small transactions can also help prevent costly errors. As Bitcoin transactions can take time, patience is essential. A small mistake can lead to significant financial loss, emphasizing the need for caution in cryptocurrency transactions. Read more AI-generated news on: https://app.chaingpt.org/news

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