Bitcoin Forum

OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..

I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)

Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.

It all depends on how many transaction the person receives.  Your transaction was made up of only one input so it was small and you payed a moderately low fee.

However, if someone receives several transactions to spend one - for example, a merchant takes 10 payments of 0.001 and then sends a transaction of 0.01 - their fee becomes extremely high.

Also, 0.0005 is only practical if you're sending fairly big transactions.  With smaller ones, it's a no-go.

I do agree that the FUD has gone too far though.

Transactions usually get confirmed with a transaction fee of that amount. If the whole Blockchain is just stuck because of the amount of delayed transactions there is then the process would require more of a wait. Some people do wait for more than 3 days while spending a fee such as the amount you had today though.

Constant number of large number (over 150.000 ATM) unconfirmed transactions is no picnic.
Op, you were lucky with your transaction confirmed within 20 minutes and that your tx was small sized.
Try sending multiple small transactions next time - you will cry when your fee will be $1.5 when sending $10 worth BTC.

I also think you were lucky and your transaction slipped through the cracks, so to speak. Lately I had a transaction stuck for 3 days with a fee of 0.0007.
You could say my fee wasn't big enough, but it was big enough a week ago, and when I sent my transaction suddenly the number of unconfirmed ones rose and transactions with a higher fee started piling up in the mempool. Sending transactions with a moderate fee, that would allow them to confirm in 24h is starting to be very risky, because situation can change while you're waiting.

Thats a good thing but only in you i have so many transaction in the blockchain the got stacked i have almost 1.7bitcoin stack in the blockchain that almost take up to 3days before it confirmed but i guess that was okey atleast i receive it even dough it takes 3 days .

Aside from the fees, luck is a major aspect as well as you still depend on miners to solve a block.

I have had situations where my transaction got 3 confirmations within 10 minutes, but also situations where it took nearly a full hour to get just one confirmation.

Problem here is that even though I find the fees quite steep, that this whole situation is a bit exaggerated due to complaining penny pinchers and big block trolls ~ people shouldn't take everything for granted so easily.

I never had that, guess I'm unlucky. My transactions always get stuck and especially now in the last 2 or 3 weeks, it's been a nightmare. I sent my last transaction on thursday and on monday it was still unconfirmed. It had not dropped from the mempool so I rebroadcasted it and we shall see if it goes through by the end of the week.

I don't know how you got lucky, but recently I have transferred around 150 USD from my blockchain account to localbitcoins account as I needed some urgent fund. The transaction fees was dynamic and I actually paid around 5 USD fees for transacting that amount. Since it is a very minor portion of my bitcoin holdings, I didn't feel bad. Also the transaction was confirmed withing 25 minutes.

However, if I had transferred a big amount, then the transaction fees would have been much bigger in value. This system needs improvement and adoption of better technology. Otherwise, many people like me will start investing in ETH along with bitcoin.

OP still paid $1

yea in america some think moving funds for $1 is good

here in england i can do a bank transfer FREE
i can use an ATM FREE
i can get a cashiers cheque FREE

in third world developing countries $1= upto 20 hour minimum wage

so in many ways in the non american mindset $1 is bad..
but some people are stuck in their american 'richguy' mindset

remember the tx fee has no relevance to the amount moved. i think the OP would complain if he was moving just 0.01btc and still needing to pay $1

if you think bitcoin is ok for the rich and nothing needs to change. then bitcoins ethos of helping the unbanked has been lost

because sending fee is very high
you can see tx id transaction, how much sending fee per bytes i think is over 250 satoshi/bytes

I'm in America and I expect zero cost transactions as well...

In fact for purchasing at a store, I expect to be paid by the credit card companies...

I guess zero fee transactions aren't getting processed quickly these days anymore?  Bummer!

Is an alt coin taking the lead here?

Exactly, $1 for fee it's really big it might just a little money for some people but for me and for those who living in 3rd country, not at all . $1 it such a big amount since all of activities that you've just mentioned above is totally free in here. I don't blame bitcoin cause i realize that bitcoin isn't suitable for small transaction, big thanks for those who have created altcoins now i can move my coins from one exchanger to another exchanger without worried about the fee.

TANSTAAFL

Transactions in America aren't zero cost.  The cost is just hidden from you.

You use a credit card that pays you 1% in "rewards", and the credit card company charges the merchant 10% in "transaction fees".  To cover this cost, the merchant charges 10% more for the item he is selling than he otherwise would have if he didn't accept credit cards.

So, you pay an extra 10% more than you should have to in order to get 1% paid to you from the credit card company, and they've tricked you into thinking that you are coming out ahead.

I typically have confirmation tomes somewhat similar to this even with some smaller transactions, nothing big like nearly 2 BTC moving at once. I pay about $0.75CAD and it gets there within an hour most of the time, but I fairly consistently get transactions at 3-ish confirmations by an hour, maybe two on off days.

If there's a spam attack it takes longer, but I'm also not consistently experiencing these long transaction times. I don't know why.

I usually do small transactions once a week and it has been a while since I was able to have a confirmation as quick as yours. I only use the recommended fees since I am in no hurry, but still 3 hours of confirmation is not something that I am willing to get used to when in fact there are faster ways in which I can do my other transactions.

This is a very complex problem. The delay of bitcoin transactions can reduce the bourge of bitcoin in the world market.
One that we can do now is by increasing the amount of delivery fee. Because this can overcome the delay of each transaction.

Because you have only 1 input that is why it is fast with your paid fees. With My experience though I send $8 worth of bitcoin and paying almost $2 of transaction fees because I have 6 inputs that resulted to a 1kb size and I don't know why did it happen even though I receive it from a single withdrawal.

The miners are becoming very greedy. That price of Bitcoin has already tripled in a year yet the will not include your transaction with a "low" fee. How is it still low if Bitcoin is already at $2000 per coin?

They should do the hard fork to BU already if that is what they really want.

that is why i prefer to send bitcoin from exchanger ( usually on bittrex ) it only need a few hours to confirm and it is not like when i use blockchain it take a couple days to my transaction get confirmed

when you make a withdrawal from a service, like what you did and withdrawn from your exchange Kraken, the service takes a fee from you and pays a different amount of fee on the transition. you paid 0.0005BTC to Kraken, your transaction fee may have been different depending on the size of it, it may have even been bigger.

for example when I make a withdrawal from bittrex they still take 0.0002BTC from me but they pay a much higher fee on transactions like 0.0007BTC

I also experienced faster transactions now compared to the past few days that takes even a week for my transaction to confirm and now i can received my withdrawals from bittrex to my wallet without waiting a lot of time, i think this is the proof that the team is working on the network and soon we will experience a smooth transaction when the rumors will be true like the segwit.

All of my last transactions which were made during this month took 4-3 days. Above there were a lot of opinions why your transaction was so fast, but I think you just could catch the luck. We all loose our money waiting for the transaction to be confirmed.
Is there a chance that your short time transaction wasn't just sudden luck? I wish to try with my bitcoins as soon as possible to see it my own eyes.

Well there is nothing to get surprise in that.Most of the well known exchanges charge only very low fee for transactions.For example,poloneix charges only 0.0001 btc for a transaction.For that reason,i even store my bitcoins in exchange so that i could send bitcoin at a very low transaction fee and quickly.But its not advisable to store bitcoins in exchange.Better store it in your wallet.

I don't think that the reality is that simple

I don't deny that the processing company (Visa, Mastercard, etc) charges the corresponding costs which are paid by the merchant, though I don't think it is anywhere near 10% but I may be wrong, after all. So that's not my point. What I basically disagree with is that it is the buyer who always and necessarily overpays. In other words, just because the merchant pays extra costs to the processing company, this alone doesn't give you an opportunity to buy that item cheaper elsewhere (by approximately the amount of costs). The merchant may be earning via volume while still keeping prices at the same level with his competitors which do not pay such costs at all. Therefore, it is a win-win situation for every party involved

Thank you for thinking about us, poor people who rarely transact over 50USD. Yea, you read right 50USD is considerable amount for some.

The transaction from exhange always faster in my opinion because maybe we pay a quite significant withdrawal fee and they use quite high satoshi/byte. It's different when using block chain wallet because even when i use the recommended fee sometime the fee fall below 120 Satoshi /byte.

Good to hear youre experiencing that fast transactions,sometimes i also experience fast transaction more faster than what you have experienced but with a low fee also,this means the block size still do matter for faster transactions

Probably it's not even that.
 A lot of exchanges are doing mass payments and it's far cheaper to send 10 payments at once that one by one

https://blockchain.info/en/tx/8f41437da1567449e57f4390ee44ce4280471a8e8944e61e7a46eccf1c608b26

 vs

https://blockchain.info/en/tx/d2d75d58be3f7d2c681d0ec34a14ccb97377bddc1cb7f50cc873a2b5815c404c

The good news is that the mempool is down by more than 25% lately.
Only (lol) 160k waiting.

Seconded,since i do observes the confirmation times between sending on an exchange wallet compared to blockchain wallet itself. They do really differ on confirmation times i dont know what things do affect the duration but most users do use blockchain than exchange wallet.Its case to case basis actually and its quiet surprising that 2 bitcoin with low fee confirms on 20 minutes. Its amazing ;D

just wait, your money will go to you , just be patience youre lucky because you money is ready the only thing you must do is to wait for the transactions, it will take a little bit longer but it is worth the wait when it reaches you.

exchange wallets are in the miners's priority so they confirm the money very fast. I am using bittrex wallet and it takes only 15 minutes for a transaction to be confirmed. You can try it yourself and see

50K sats is quite large enough if you only have a single input. I made a transaction last monday with 54K sats fee and it was 286 sat/byte and was confirmed within 10 minutes. I just timed it that the mempool only have 140K unconfirmed transaction. But if I am going to make that transaction today, I may need to double the fee.

Bitcoin transaction getting confirmed in a short is not a big surprise. Now too most of the transactions were taking place in a very short time period as stated by the wallet service providers. Few gets stuck to the network which most of the time happens even when the fee is provided high.

That's really cool for you.  it took me 2.5 hours to get a transaction confirmed last night. and i paid the fees!

Wow that's fast, nice of you. I often read posts that theyir transaction took a long time to be confirmed, even it can take one or two days but yours is only 20 minutes? Now i wonder what usually difference the lenght of time to be confirmed? But if bitcoin confirmation really is that fast, it will be great so not many people will complain again about how long they wait, or how high the fees they need to pay. But in my opinion it's just normal, like we won't expect a fast and free transaction right?

OK .. second transaction done today .. from Blockchain wallet to Polo trading account .. amount 2 Bitcoins

Transaction submitted at 8:50am and Completed at 10:32am (UK Time) - 1hr 42 minutes ;)

Fee paid 0.0008976 BTC which works out at 240 sat/B -- This was the recommended fee by Blockchain

the recommended fee on on bitcoinfees.21.co for a quick transaction was 330 sat/B (I checked after I had already completed the transaction)



Note to self:  Check at bitcoinfees.21.co before sending lol

Wow. Good for you! It’s always nice when you are transferring that amount of money for the process to be quick. It always feels a little scary when your money is in the middle of being confirmed but hasn’t been confirmed yet. That is a good time, 20 minutes for that amount too. I would have expected at least an hour too so that is really good!

Still sucks for me. It has been 4 hours and still NO confirmations. Will check tomorrow.

LOL, it's sad that we are celebrating 20 minute txns this day and age, maybe it's time to implement SegWit dammit .  But I am happy for you, this is rare occurrence nowadays ;) unless you want to pay ten percent on a ten dollar transaction.

He got lucky or krken placed a higher fee than 0.0005. Actually fees are not calculated by how much you transact, but how many inputs and outputs are there. Kraken, like other sites, asks their users to pay a fixed amount in fees and they will likely put a 150-250 sat/kb fee, which will be 1-5 blocks. Luckily you got in the 1 block.

My bad, wasn't insinuating that the fee was proportional, was pointing out an excessive fee is the only way to get the job done at the moment (ironically, in Mycelium, this recently resulted in a greater than a dollar fee an a roughly 10 dollar transaction. It was priority, but damn.)

$3 fee on a $20 transaction and still not confirmed after almost 24 hours

https://blockchain.info/tx/bc19104e615ba441c0aeed6a144239ffcb075d6e409305ca5a7a4df1142c3cb7

Transferred 1.76471664 Bitcoin from my Poloniex account to Kraken this morning at 7:30am (UK Time) transactions were confirmed and funds available in my kraken account at 8:38am (UK Time) ... fee paid 0.0001 BTC

Poloniex wouldn't allow me to adjust the fee payment so had to pay what they asked for.


So over past few days done 3 transactions:

Kraken - Blockchain Wallet

Blockchain - Poloniex

Poloniex - Kraken

All transactions in my opinion completed in a reasonable amount of time ... what do you think?

still i have my two transactions stuck there forever, i know i piad less than the average but i was expecting it to confirm at soem point anyway

now those money are ther eunusuable, there is a way to retrieve those little 0.04 btc? i can't do zapwallettxes, because i'm on prune mode and it tell me that you need tor edownload the blockchain? abandon TX don't work, what i can do to get back my coins?

someone can rebroadcast it at least? 92690b02403237b8681b7e9804fddb6e82f6ebcdde68cf355673f184449e6d81 17d5403074cda1822ee1622555824529a37454f471293de927569683b0b00a3a

Actually banking is not FREE. Your fiat loses value each and every day.

Not always you have to spend a lot of money in the future for the cost of each of your transactions

some of my transactions take 20 mins and some take 3 days even with the same fee.. sometimes theres just a huge backlog

I hadn't any transactions on this week, so I'm pretty surprised to hear that transactions became fast again. Those one that I provided this month was very slow, like 3-4 days.

I have one 0.00448 btc transaction which still has 0 confirmations after 72 hours.
You are lucky....
I can`t use my bitcoins for anything,rigth now.

Yes, I have the same experience. Actually I wanted to post it here but then I thought to wait for few more days and let's check if it was an accident or what. In last week it happened with me 2 times. It took less than 10 minutes for transactions to get confirmed and that too without using ViaBtc transaction accelerator service. This is very good sign and more people would join us if this situation continues.

Good for you that you get your transaction confirmed in that little time so to say but you also need to understand that if the same transaction had been carried out in the last 6months, it might not take up to 5 minutes for it to confirm. Also, you also need to understand that most trading site in other to maximise the clients experience monitor the bockchain network in other to make transactions faster than normal bitcoin wallet providers. So those complaining are not joking around as its what they have experienced they are sharing.

There is nothing special to think about

It should be obvious that your transactions weren't alone, i.e. they were included in a bunch of other transactions, and this complex transaction might have had enough fees set to get confirmed on time. Apart from that, some rogue exchanges set very high transaction fees while in fact paying only a tiny portion of that (thereby, essentially stealing money from their clients), while other, more benevolent exchanges set lower fees and may even pay for you what should suffice for the transaction to get confirmed fast. Bitfinex just outright pays the fees for you, i.e. cryptocurrency withdrawals are free of charge there

I think it's all about fee and what wallet that the sender and the receiver use, more higher you pay the fee more faster you transaction get confirmed. Actually i'm surprised OP can get fast confirmation with 0.0005 fee, i'm sure OP not sent to/from the blockchain wallet. Blockchain is really hard to get confirmed on a transaction nowdays, if you want fast to get confirmed, you must pay the fee at least 0.0012+ (based on my experience on blockchain).

This shows that the bitcoin transactions are completely fast, the stuck only occurs when too many transactions are made at the same time. But, even with so many transactions happening, bitcoins will certainly not face any obstacle when they do 2mb segwit. I'm waiting for it.

One, when you buy something with a credit card, you aren't buying with your own money. You are borrowing money and spending it. At the end of the month, you can choose to pay the loan off or you can choose to roll most of it to the next month. You can't compare buying something with someone else's money to buying something with your own money.

Two, merchants do not have 2 different prices, one for credit cards and one for other methods of payment. Merchants like when people use credit card because people don't need money to buy things and the merchant still gets paid. If you are selling a $100 widget and people can just borrow money to buy it, you can make a lot more widget sales than if people need cash to buy it. Show me any large merchant that has different prices for debit cards vs. credit cards vs. cash vs. check. When I go to the store, it is the same price for any of them.

Three, there is no 10% charge to merchants. There is a fee they pay but the better position the merchant is in to negotiate with the banks, the lower fees the merchant pays. Amazon, for example, pays just about nothing to credit card merchants.

Very well said theres nothing special on here thinking off on using exchanges to fasten up transaction times. We can able to say that because when a certain transfer of ours is usually included on bunch of transaction of others and very lucky of us that they do really put up huge fees thats why it confirms fast and i did also this thing too but a little bit hassle because you would need to log in everytime on where your bitcoins have been transferred thats why sometime i do decide to put up high fee to avoid those transferring habits.

In the U.S. the currency is the dollar. Nobody keeps their money in dollars. Dollars are what things are priced in because dollars are the currency used in the United States. It is a means of exchange, it is not an investment.

Again, dollars are what things are priced in. That is the difference between a currency and an asset.

I live in the U.S. I do not have dollars. I have stocks, bonds, real estate, bank deposits, etc. None of those are dollars. They have a value that is priced in dollars. A house is not dollars. Many people in the U.S. are short dollars. They have borrowed dollars to buy a house, for example. They have a mortgage. They have bought an asset with dollars they don't have, they have borrowed those dollars, and they need to pay the dollars back over time. They hope their house will be priced more in dollars in the future.

Bitcoin is not a currency because things are not priced in bitcoins. If most things were priced in bitcoin, you could consider bitcoin a currency. When I look at buying a house, car or other item, I am not looking at a price in bitcoins. Bitcoin is an asset. When buying bitcoins, you are betting the current price of bitcoins will go up. The price put on bitcoin is based on the last price someone paid on an exchange. For bitcoin to rise in price, you must find buyers willing to pay those higher prices.  This is different from a currency. A currency does not require buyers to pay higher prices as it is what things are priced in. Market liquidity in bitcoins is determined by how many buyers are available.

Right now and counting.

I dont know how your transaction got confirmation so fast but for most of us its still same or a little less. I was just thinking whether the segwit integration will be a solution for this or not.

Unfortunately Blockchain.info has a fixed default transaction fee no one can adjust. There is no option to adjust fee (or maybe there is?). They should make it well visible if there is

OP, from what I have gathered so far it seems Trading Platforms have faster Transaction time. Same thing happened to me with Poloniex: it didn't take up to 7mins to get my transaction confirmed

I basically agree with all your points but with a little correction

And the correction is that I've seen it with my own eyes (and in fact actually made use of such an opportunity whenever possible) when merchants offered serious discounts if you paid using a certain mode of payment. For example, I've seen discounts on PayPal payments and payments made via certain payment cards (e.g. Visa) as well as some local payment systems like Yandex.Money. And yes, it is not uncommon to see merchants giving you a discount if you make an online payment or just make an advance payment. I guess that for the buyer this pretty well counts as different prices for different ways of payment. Obviously, merchants don't distinguish between debit and credit cards, but they certainly do between these cards and cash. In the latter case they might have to pay for the big guys with big guns in mighty vans with small windows

This is awesome because the speed of transaction of bitcoin is getting back to the normal span of confirmation. If the segwit will be successful i think it can lower up to 10 mins per confirmation and that will be the best for this year.

You don't have any idea on what you are saying since its not still back on the track. Bitcoin transaction was confirmed because he do make use of exchange wallet knowing that sometimes they do patched up or add up the fees for faster confirmations of such transaction.I had tried it once and I can say it does work but not all the times since it fully dependent on size of fees you would set up.

The problem isn't here.

No one ever said that btc was not great for those kind of transactions... But you pais 0.5mbtc so around 1.5$ at current rate.
Of course if you send 2 btc (so arounf 5000$) it's nothing!
But people are complaining because they want to do transactions of 20$ or something like this, and at this moment anyone wanting to do this must pay 5% of the amount sent in fees. And THAT is something that people don't really like ^^

Let me tell you something, people are even moving their faucet earnings worth like 50k satoshi. In order to spend these "earnings", people must likely include fees in the range of 0.001-0.002 BTC. And exactly that is something they obviously are not going to do, and thus they heavily spam the free transaction accelerator service from ViaBTC. Let these people directly also account for a major part of the people that complain....

I can say the delay has vastly improved for me as of yesterday. !st conf. took 5 hours then the rest came pretty fast. I was prepared to wait a couple of days too. ;)