Bitcoin Forum

I recently sent a transaction to a gambling account of mine, and since I was feeling a little poor, I didn't put in a transaction fee. It's been two days, and I've started wondering. When will my bitcoin arrive in this account?

Furthermore, what's the average transaction time of:
1) No fee
2) 0.0002 BTC fee
3)0.0005 BTC fee
4) 1 BTC fee

Thanks for all answers that come my way!

It's not a flat amount of time. First of all, its fee/weight ratio. So basically 0.0001BTC/kB is the norm at the moment. And then its a probability thing. If your transaction has a better fee RATIO; read; "Bounty" then there's more chance that the miners will include your transaction in their block next.

And then it depend who gets it and what transaction they will take. Most miner will just try to take the best they can get but its still probability.

And then its still probability as to when the next block will happen, which take take seconds, minutes, sometimes hour. If your transaction has a high priority, which is a bit complicated but mostly it depend on fee. Then after its included, each block after that will "confirm" and after 3 or 6 confirmation most service consider it confirmed. Which mean 3 or 6 blocksis on average 10 minutes per block, but it could be 20 mins to get 6 confirmation like it can be hours.

Also when there is a lot of transaction spam, the minimum fee to be considered high priority will be raised, could be 0.00015 or 0.0002/kB. Just gotta check what's the recommended fee at the moment for highest priority.

Basically:

1) Dependent on pending txs in mempool, but could take minutes, or hours, or days (Usually hours).
2) Dependent on pending txs in mempool, but if no spam attack, then should confirm in 1 block.
3) Dependent on pending txs in mempool, but if no spam attack, then should confirm in 1 block.
4) Dependent on pending txs in mempool, even if spam attack, then should confirm in 1 block.

OK thanks guys. So it's like a pool of transactions, the ones with the highest fees are put of higher priority, and my transaction will only go in when all the others above are processed?

Yeah, I would never trust sending a transaction of mine anywhere without including a miners fee... just because it's notorious of just getting lost and never being confirmed.  I would always recommend allowing your wallet to tax on a miners fee at all times.

You would be a fool to do a 1btc fee. If you do a 0.0005BTC fee you will generally be in top priority of the network and will be confirmed next....
0.0002btc is now a general fee amount and should confirm within 3 blocks and no fee you will be lucky  if it even confirms

It's not that cut and dry but mostly. Some pool or miner may decide to pick up only under average/free transaction just to help the block chain. But yeah generally. Its not a line, its not certain, but it should be good.

For instance i did a 0.00001 by accident instead of 0.0001 it took days to get confirmed. 0.0001 odds are 1 block and confirmed. But as always, its never 100%.

Yes. So that mean that yours will only be confirmed if there is no transaction at all. In other word,  when bitcoin  is death.

Naw it can get confirmed too, but it can take a long time or can happen the next block if you're lucky. And no it doesnt stay forever, after a while the transaction get rejected and the fund is returned.

The ranking is based on the fees/kB, highest fee comes first. Miners would generally include the highest fees and priority first, 50kb of the block has to be reserved for transaction with highest priority. Miners have the rights to exclude the transaction hence any estimations wouldn't be accurate. With no fee, you would be competing for the priority.  The confirmation time largely depends on the frequency of blocks being mined. If blocks are one hour apart, you would still have to wait 1 hour, no matter what.

Thank you fof correcting me. Yes. If it is not transferable it woll be returned after a while.

Transactions on the network would only be rejected if there is another transaction spending the same input getting confirmed. A correct term would be dropping out of the mempool. Depending on your client's policy, the client may continue to rebroadcast the transaction till it gets into a block and thus it would never drop out. It would be included the block once the priority is high enough, with the size and amount being constant, only the coin age is changing. Hence, the long wait for confirmations. of course, you can easily ask a miner to accept it. Eligius implements cpfp and it means that you can spend the transaction with higher fee and get it confirmed.

That much is nice, i'm not familiar with Eligius but that could be a nice feature. And for the matter of wallet, i know that my Multi HD will let it return to the wallet if it get dropped. From the TX mempool indeed.

Adding a fee later could be nice but, imo there should be a fee to the fee, so that lowballing the fee and then if it doesn't get confirmed you raise it later. Kind of favor spam or something.

If bitcoin network in normal status, 0.0001BTC is enough for fee, your transaction will be included in the next block. If you include no fee, maybe your transaction will be included within 6 blocks, it need up to 1 hour to finish your transaction.

0.0002BTC and 0.0005BTC are used by me when unconfirmed transactions amount are so many. When unconfirmed transactions are many, 0.0002BTC fee need up to 6 blocks. If you input 0.0005BTC, your transaction will be included in the next block.

If you are have so many BTC, maybe you can try to input 1BTC to fee 8). Average time to find a new block is about 1-15 minutes.

The time is depends on how big your potential transaction made.

I personally use 0.0002 - 0.0006 fees is enough to make a fast transaction.

If you have a lot coins, put 1btc for fees is really awesome ;D

I have been experimenting with different fees myself so I get some real life experience and not some theoretical calculation. It seems I don't see many differences between 0.001 and 0.0001... it takes more or less the same for some reason. 0 fees is horrible tho, always pay the default fee is my advice.
Why would anyone pay 1BTC of fee tho?

How much has been the maximum delay (according to your experiments) for a 0 fees transaction? Just curious  :)

I think you will be charged, at most maybe 0.0005 BTC

May I advise you to just put the 2 cent transaction fee? Why risk waiting more than 2 days to safe 2 cents? ;)

Also, if your gambling anyway, what is the 2 cents going to do?

It really depends on the transaction backlog at the time. During a spam attack it most likely just wont. If not it can take weeks if its a small transaction as its age raise. But it can also take a few blocks.

You can check on the blockchain.info of a transaction to see whats its current priority. It will also tell you warning if the fee is under the recommended level at the time, etc.

Me? 1 BTC? Lol, you gotta be kidding me. What's the reason I didn't put in any fee in the first place? I was just wondering if it's been don't before, or if it will be instantly confirmed.

It can't more money isin't going to make a block happen and make it included. Transactions are only confirmed after included in a block when a miner found it. As such 0.0005/kB would not be any less or faster than 1B/kB.

If you put 0.0001 BTC fee - average BTC transfer time can be ~ 1 hour, if you put larger BTC fee, let say 0.0002 BTC, then transfer time will be much faster  ;D

Without a transaction fee it's possible no miners will every accept it, but I think eventually you should get a miner to include it. Try re-broadcasting the transaction after a few days if it hasn't confirmed.

has anyone ever even sent a tx with a 1btc fee?  :o :o thats hard to imagine

People have sent transactions with much larger fees than that. I'm sure there's a way to find them, just google it.

So what's the general consensus of what should be the average miners fee?  Usually I set mine at around $.01-$.10 worth, just depends on the amount of bitcoins I'm sending and really would like it to confirm fast.  So what amount does everyone else here use? I'm just curious.

Sound like way too much. Its not a $ per transaction thing, its a weight thing. If you have one input, then make a transaction with only that input, the transaction will be small, if you have 30 input address and then make one payment, the transaction size will be pretty big.

For a typical transaction you'll pay less than 0.0001BTC = 0.0001/kB, because the transaction would be less than a kB of course. You can pay more if you want but again unless its a huge transaction, its a waste of your money.

When Bitstamp was hacked the hacker got the Bitcoins out fast using 1btc fees for every transaction. After Bitstamp realised it had been hacked there was a race between Bitstamp and the hacker to be the one to move the coins first because they both had the private keys. The hacker paid 1btc fees to make the miners include his transaction in the next block rather than Bitstamp's transaction.

i think you might be interested in this on (80BTC fee in the year 2013 -- 10,000 USD):
https://blockchain.info/tx/258478e8b7a3b78301661e78b4f93a792af878b545442498065ab272eaacf035

https://bitcointalk.org/index.php?topic=296217.0;all

Here is another interesting one...
When block rewards first halving,

Block #209999
Transaction Fees   0.5362 BTC
https://blockchain.info/block/00000000000000f3819164645360294b5dee7f2e846001ac9f41a70b7a9a3de1 (https://blockchain.info/block/00000000000000f3819164645360294b5dee7f2e846001ac9f41a70b7a9a3de1)

Block #210000
Transaction Fees   13.56295554 BTC
https://blockchain.info/block/000000000000048b95347e83192f69cf0366076336c639f9b7228e9ba171342e (https://blockchain.info/block/000000000000048b95347e83192f69cf0366076336c639f9b7228e9ba171342e)

Block #210001
Transaction Fees   0.48410003 BTC
https://blockchain.info/block/0000000000000198b7aa4172cdd1e5d80207535da5a2d4acd80242c07729dc21 (https://blockchain.info/block/0000000000000198b7aa4172cdd1e5d80207535da5a2d4acd80242c07729dc21)

The historical block 210000 was mined with higher fees than usual....

I've had transaction take over a day but I think it has more to do with the person on the other end of it than the blockchain than it does with the transaction size. I could be wrong though.  The reason I say this is that legitimate companies always are fairly responsive in that transactions process within 8 hours, but usually within a few minutes.  It's generally shady companies like gambling ones that takes forever.  Maybe they are just cheap and don't cover transaction fees to speed things up - I don't know.

I got my transaction bounced back... Yay.