|
Title: UNCOFIRMED TRANSACTION! - ESTIMATE CONFIRMATION TIME - VERY SOON Post by: danzel91 on March 27, 2016, 10:12:10 PM Hi Guys,
Made a transfer today but around 7pm(GMT) and the transaction is still on uncofirmed tansaction and the estimation time is still very soon. Can someone please tell me on average how long these transfers can take to process? Pretty new to the process but first time I have been faced with this issue :/ PLUS i did make the transaction using MultiBit HD and did use a 0.00005000 transaction fee - the lowest Link to transaction overview below https://blockchain.info/tx-index/35751cd59f189c7211d92511919e8d3c894f087c4161db29c3628d351bee3b80 I appreciate your help, many thanks in advance Dan Title: Re: UNCOFIRMED TRANSACTION! - ESTIMATE CONFIRMATION TIME - VERY SOON Post by: achow101 on March 27, 2016, 10:16:11 PM First of all, please ignore the blockchain.info's confirmation time estimate, it is not accurate at all.
The problem with your transaction is the low fee. You are paying a fee of about 9.5 Satoshis per byte. This is not optimal. According to https://bitcoinfees.21.co/ (which IMO is fairly accurate) you need a fee of 40 Satoshis per byte in order to have a transaction that confirms within 1 block. Title: Re: UNCOFIRMED TRANSACTION! - ESTIMATE CONFIRMATION TIME - VERY SOON Post by: danzel91 on March 27, 2016, 11:04:20 PM First of all, please ignore the blockchain.info's confirmation time estimate, it is not accurate at all. The problem with your transaction is the low fee. You are paying a fee of about 9.5 Satoshis per byte. This is not optimal. According to https://bitcoinfees.21.co/ (which IMO is fairly accurate) you need a fee of 40 Satoshis per byte in order to have a transaction that confirms within 1 block. Thanks you KnightDK - The transaction has gone through now and I will increase my transaction fees in the future :) Title: Re: UNCOFIRMED TRANSACTION! - ESTIMATE CONFIRMATION TIME - VERY SOON Post by: n691309 on March 27, 2016, 11:11:15 PM Hi Guys, Made a transfer today but around 7pm(GMT) and the transaction is still on uncofirmed tansaction and the estimation time is still very soon. Can someone please tell me on average how long these transfers can take to process? Pretty new to the process but first time I have been faced with this issue :/ PLUS i did make the transaction using MultiBit HD and did use a 0.00005000 transaction fee - the lowest Link to transaction overview below https://blockchain.info/tx-index/35751cd59f189c7211d92511919e8d3c894f087c4161db29c3628d351bee3b80 I appreciate your help, many thanks in advance Dan The transaction has now 6 confirmation (after ~5 hours), i have seen in the past that large transactions (>$200) sometimes get confirmed even without or low fees. Title: Re: UNCOFIRMED TRANSACTION! - ESTIMATE CONFIRMATION TIME - VERY SOON Post by: jrpatking on March 29, 2016, 02:11:15 PM This transaction has gone through now. As you are aware now, transaction fees decides the time of transactions to happen. Miners always choose higher fee transactions first to process. To understand how much fee to add to your transaction, you can use https://blockchain.info/unconfirmed-transactions (https://blockchain.info/unconfirmed-transactions). If there are 1000's of pending transactions you may need higher fees that you can afford. Even if you don't add fee, it will get confirmed at the least.
|