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Title: Why does a tx with sufficient fee not confirm? Is there luck involved? Post by: monbux on December 28, 2016, 02:58:19 AM The transaction in question: https://blockchain.info/tx/04ff05224a13553211c48a3c55f54fc5bc0363644504e92d3368008228894962
You'll have to keep it to layman terms with me, why hasn't this transaction confirmed? The 0.0002 BTC fee is pretty good considering its size, correct? Thanks in advance! Also: I've read this https://bitcointalk.org/index.php?topic=232979.0 but am still curious Edit: The transaction has confirmed but I'm still curious as to why this happens. Is it because there was the unlikely chance that a TON of bitcoin transactions occurred with higher fees than this one? Title: Re: Why does a tx with sufficient fee not confirm? Is there luck involved? Post by: achow101 on December 28, 2016, 03:02:11 AM The fee was not sufficient. It was a bit low at ~45 satoshis per byte whereas the recommended is ~70 satoshis per byte.
Title: Re: Why does a tx with sufficient fee not confirm? Is there luck involved? Post by: DannyHamilton on December 28, 2016, 03:33:39 AM You'll have to keep it to layman terms with me, Laymans terms... There is a limit on how many transactions a miner can confirm when they solve a block. The miner gets to choose which transactions the miner will confirm, and which ones they will leave for a later block. The miner gets to keep the transaction fees of the transactions that are included in his block. Given those facts, if you were a miner, would you choose to include the transactions in your block that pay higher transaction fees, or would you choose to include the transactions that won't earn you as much money? Most miners want to make a profit. That's why they choose to be miners. Therefore, out of ALL the transactions that are waiting to be confirmed, they will typically choose the transactions that pay the highest fee per byte. They will leave the cheaper transactions for some other miner to get stuck confirming later. |