Bitcoin Forum

hello

i have question, why bitcoin transaction fee is to high at this time? i should add 172 sat/B for my transaction to confirm in 20 minutes, 10 days ago my transactions confirmed only with 10sat/B
and can i speed up my transactions? i found a website : bitaccelerate.com that says they speedup transactions, is it really work?

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it is because there are currently a lot more transactions in the memory pool waiting to be included in a block than there is block size. and that increase is probably because of the price rise that we had recently.

there is no way to "speed up" your transaction apart from paying a higher fee to get a higher priority. the sites you see called "accelerator" are either scammers or mining pools that are asking for an even higher amount of money (compared to the fee that you would have paid for high priority tx) to include your tx in the block they find.

He asking "why bitcoin transaction fee is to high", don't need Accelerate transaction or anything service. Your accelerator does't make fee become low,

There are several reasons why blockchain fees are so high, among them, as explained by pooya87.
Here I quote a few other explanations:

A somewhat technical answer requires an understanding of how the bitcoin network works.
You can read it in the book of Mastering Bitcoin 2nd Edition (see "Transaction Fees" on page 126) by Andreas M. Antonopoulos (https://aantonop.com/)

---

Reference:
https://aantonop.com/
https://wirexapp.com/help/article/my-blockchain-fee-is-too-high-why-what-should-i-do-0079
https://support.bitpay.com/hc/en-us/articles/115004439366-Why-is-my-recommended-bitcoin-miner-fee-so-high-

This is now a pain. I have a facebook group about bitcoin in my local and I have seen a lot of users are posting about this.
Due to a lot of people moving coins here and there, and bitcoin has a limited block size which is not enough to include all the tx in the block (can be included 1 MB maximum), people are fighting to get their tx included in a block. That's why the fee is high.

Actually, he was talking about accelerator too.

No, they just rebroadcast your transaction, there's no acceleration happened at all.
Simply broadcasting your transaction to your peers (if your using a full node) or your wallet's servers (if it's SPV/custodial) is enough to propagate a standard transaction.

You can safely say that it's well propagated (the tx is all over the network) the moment that you can view it on most blockexplorers.

Here's how that service accelerates transactions:

This can be considered as real transaction accelerator (but have issues):

• https://www.viabtc.com/tools/txaccelerator/ - issues: Limited to 100 free submissions per hour | minimum of 10sat/B

What wallet you are using?

I tried the free service online but it seems not working to me, when my transaction is stuck, I will just increase the fee and rebroadcast it.

This kind of features is present in Electrum Wallet.

You cant simply compared the fees of eth to bitcoin now, if you havent noticed bitcoin just recently concluded the halving and the miners are probably decreased by now so the mempool was saturated leaving a huge drop om hash rate. Well no arguement if eth transaction speed is faster since they are not calculating their fees based on transaction but using the gas limit system. But I believe bitcoin case of high transaction fee right now will drop sometime. But if you are familiar with the lightning network you can use that to have a cheaper transaction fee.

The halving happened and the difficulty didn't adjust correctly to show the drop in mining hash rate as it happened close to the middle of the period.
That's why in the last 24 hours we have 127 blocks mined (https://blockchair.com/bitcoin/blocks?q=time(2020-05-20%2007:41:10..2020-05-21%2007:41:10)#) out of 144 normally, a decrease in capacity by 17 blocks or 30k transactions.


Without paying a bigger fee as others suggested or if you can't grab a place at viabtc free accelerator, nope, there is no other way.


There are only two ways to accelerate your transactions:
- pay a higher fee, directly or indirectly
- convince a miner or mining pool to include your transaction in his next block even if you pay less than others (viabtc is doing this for 100 tx an hour)

LE:
Oh, and if the transaction is nothing important or urgent, wait for the weekend, usually it drops to 2-3/sat level.

Increasing the fee is possible if you want to do a faster transactions.
Right now the fees is too much for bitcoin maybe because of the halving and the cost of mining might increase because of the update. This is normal when the miners decided to stop mining for a while and there's a lot of blocks that needs to be solve, the result is increased on the transactions fees.

Recently halving just got over, that is why we are seeing a big difference of fees.Miners added more blocks to the database also.There are some wallets charges some fees as well.

Today we are now facing a huge problem which is the transaction fees after the halving most of them are rapidly increasing and it is not favorable to the whole economy and users who make bitcoin as the payment transaction. One of the factors of this is the miners some of them are going to stop mining for a while because of the halving block they half the earning of the miners and also because of this kind of pandemic outbreak there are a lot of miners cannot pay their electric bills because of having less opportunity to make work outside their houses. But this is not the limitation. Still, there are some miners to continue their job because they want to make more earnings.


Due to some process because of choosing the less transaction fee the OP is asking too how to make more the procedure even the transaction is slow.  With the help of those services the OP does not need to wait for a long time.

They actually do nothing. viabtc is the one who will include low fee tx if anyone applies for but still you have to pay minimum fee to get your tx confirmed through viabtc. Most of the so called tx accelarator are fake and can do nothing.

Agreed that most tx accelerator are fake since there is no such services like that because most miners are prioritising high fee transaction unless a mining company itself offer that services. They are just rebroadcasting the tx so that it will not left behind on the queue of the miners list of pending transactions.

This happened to me recently when I input the cheapest amount of transaction fee using electrum wallet. My mistake was I did not check that the mem pool are too clogged that's the block confirmation was too slow. Because of that, I missed the opportunity to short BTC while it's on 9800 mark price.  :'(


EDIT: I used this https://bitaccelerate.com/ accelarator website in my previous pending transaction. It will rebroadcast your transaction to the 10 mining pool that they have connection. You can use the site every 6 hours until it receives 1 confirmation.

If I am not wrong this problems happening after the Halving. Most likely some miners stop mining since reward become half as a result hash rate dropped rapidly and transaction become high. That's the reason it's taking time to confirm your transaction and fees become more higher. I don't know which wallet are you using, if you have control of your private keys then likely you could speedup your transaction by increasing fees. For that you have to use the wallet who support increse fees like Electrum.

Agreed. This would work for OP if he have problem but have to continues try since it's free.

People are to worried about getting a quick confirmation and go into panic mode if their transaction hasn't confirmed fast enough. Only a small part of the people actually need that fast confirmation, the rest can just use lower fees and wait 3-4 days. It's not the ideal solution but why the hurry if you are just moving the coins to one of you private wallets meant for storage?! 

I can't ever leave Bitcoin even if the fee is high I can store it, but this pandemic made me trade it on fiat and the fee that I incur is way too high from the past transactions I've had in the past to my local exchanger, I have to add more fee or I have to wait for hours and even a day to get my transaction to confirm, I hope things will be better in the next few days.

Halving caused it with more interest for Bitcoin and with instability with block times because of hash rate drop.  I dont understand why developers dont make difficulty adjustment more often then once every two weeks.

Difficulty adjustment happens every 2016 blocks, it's not at 2 weeks and if the things will continue like now it may very well take more than 2 weeks this time.

And every time there are big fluctuations in the price the mempool gets more crowded. Still nobody seems to blame the arbitrage bots.

Not the ideal time to buy stuff now, you'll have to add more fee to confirm it fast or wait for hours to get it confirm, I minimize my Bitcoin transaction now because of the very high fee, when I need fiat badly I just go for Ethereum and Doge two coins that you can easily liquidate in real time, it's really worth to keep coins like these.

6*24*14= 2 weeks  or 14 days or 336 hours or 2016 ten minutes. It should happen more often than it is right now.

It's not 10 minutes, hence it's better to tell by number of blocks, especially if you talk about devs.


Maybe. I don't deny it. And also maybe it should be changed to be based on something else than number of blocks, to cover any case of sudden huge leave of the miners (although, debatable, the chance for that is small).

That's what he was saying, you should have used a block number, not a period, as bitcoin doesn't care about that.
Like 1008 blocks or 505 or 666.

Right now, even if we are already two days in this period at its worse the retarget will happen in 16 days and 19h (https://diff.cryptothis.com/).
It should have been split in half at least...but...I have a feeling nothing is going to change and the next halving we're going to have the same discussion.

The good news is that 10sat/b have been confirmed for a while last night and weekend is coming so most likely the mempool will be drained by Monday.


What happened to the bitcoin is faster and cheaper than banks?  ;D
Just a few weeks ago everyone was overjoyed how you can move 1 million with 10 cents and look where we are now, forget the cup of coffee, a 1st block transaction fee went over the cost of Big Mac menu.

One of the beauties of shitforks is that we can see the effect of their pisspoor tweaks. The emergency difficulty adjustment thing has massively warped Bcash at times and mining on it is basically a strategy game these days, if anyone can be bothered at all.

As ever there's a balance to be found and Bitcoin errs on the side of caution and sustainability. The way it's set up can foster short term grind sometimes but at least it remains dependable.

I clearly don't want a derailed shitfork :) I am aware that the perfect balance is difficult to find, hence my wording with maybe.
Also I know how difficult is any change to get accepted, so I don't expect ... anything. The devs did a great job so far keeping the right balance and so far I trust them.
Still, I think it never hurts to give them ideas now and then. They have a better overview and they can make their decision.

the purpose of each characteristic in a cryptocurrency always justifies the results.
for example in bitcoin we use the current design because it is the safest and that is the goal of bitcoin. but in an altcoin like bcash the purpose of its difficulty design was merely survival and manipulation. specifically during the early days to give miners a huge amount of reward to incentivize them into mining a chain they were sure is going to die or at the very least be 51% attacked easily.

1000+ blocks/day * 12.5 bcash reward/block = 12,500 bcash *   $450 = $5,625,000
 144  blocks/day * 12.5 btc   reward/block =  1,800 btc   *  $2600 = $4,680,000

I'll bet that they thought they were ever so clever introducing that and this was the first step in proving that they were making a superior Bitcoin. Then good old unintended consequences took hold and never let go because they couldn't look past the next few weeks and were in a hurry to get one over on the supposed dinosaur they were leaving behind.

Ego, desperation and hubris pushed sense and foresight to the side.

That's the perfect encapsulation of Bitcoin's development vs most others.

I've been using the viabtc accelerator for a long time and it's always been effective and quick. Just remember whenever you send bitcoin, pay always the average fee.

Because viabtc won't accept low fee txs to accelerate.

If it says submission is not available.

You have to wait until the time goes 00:00 or at least start on XX:59