Bitcoin Forum

Please i need answers to my questions
I made a bitcoin transaction of about 0.021btc and payed a fee of 0.0005btc. This transaction have not been pending  for over 16hours now.

Here is my transaction id: https://blockchain.info/tx/163507c4e20a6fd44d93af8cd329ed36fd5febaa8bbaa024e4202106f46a8fed

My question are:
1: was the fee too small?
2: if it was will I ever get a confirmation to my transaction
3: How do I fasten my confirmation.
4  Can I cancel the transaction?

(Note): The bitcon transfer was done from an exchange to another exchanger.
Thanks

The current recommended fee is over 500 sat/byte. Your transaction fee is only 134 sat/byte. The good news is that there is a possibility that your fee is high enough to luckily get included in a block. The bad news is that this likely won't happen until the network congestion has died down.

A great way to check to see what recommended fees are (before sending) would be https://bitcoinfees.earn.com/. Scroll down to underneath the chart, and you'll see the heading "Which fee should I use?". The current recommended fee is 510 sat/byte.

Here is some slightly good news. You can rebroadcast or accelerate your transaction to see if anyone is willing to include your transaction in the next block. Don't pay for any premium services; just visit this link and follow the steps: https://bitcointalk.org/index.php?topic=2510862.0

Be patient. I just had an unaccelerated BTC transaction with 280 sat/byte that took over 12 hours to get its first confirmation. You're not completely out of luck.

Cheers, and I hope this helps!

Just like I already wrote to you, I had to wait for the right moment and the coins passed. A colleague is right, the fee was not sufficient. I waited 72 hours.

Yes,the fee was too small you need to get higher fee to be able to get it confirmed fast,btc's network is congested and im afraid you cant cancel the transaction.

Probably you used a fee that was too low.. Looking at your transaction, you used a few of less than 50% of the recommended actual fee (0.001 btc) and you are going to get that transaction stucked for more than a few days if it doesn't get confirmed during the next few hours, you need to know this for the next time.

Transaction fee may be the number 1 culprit right there. Just like having transaction in ED before and didn't know the standard gas price is much higher than before so it took a couple of hours before it was confirmed. But my experience in hitbtc is way more awful than in ED when it took almost 5 days for my btc transaction to get confirmed.

Chances that you'll actually see my reply are slim, but please stop spreading misinformation. The 0.001BTC "minimum" fee isn't a "recommendation", as you call it. That's just the minimum fee for most acceleration services to even consider rebroadcasting the transaction. The fee structures for transactions have nothing to do with the final amount that you send. The fees are based on the size of your transaction, and it's recommended that you send a minimum amount of satoshi per byte of that size. In dollar amounts, your fee could be anything from $10 to $100, depending on the size of your transaction.

Defenitely you fee is not enough to have a fast transaction you can use accelerator for you bitcoin transaction.
https://pool.viabtc.com/tools/txaccelerator/ try this free bitcoin accelerator.

Yes, of course, 0.0005 for fees are a shit, i do not even understand why your transaction went through because you used less than $6 worth of bitcoin in order to pay those fees.

This is very interesting, maybe the miners finally decided to confirm those transactions? That is strange.