Title: Low transaction fees Post by: ICanSeeForever on January 09, 2021, 03:00:20 PM Hello everyone,
I've recently made a bitcoin transaction with very low fees (10 sat/byte). I though I would've to wait around 10 hours for the transaction to be confirmed... Unfortunately ETA from blockstream.info is still marked as "unknown" even after 10+hours. Do you think I'll be able to live until the transaction is confirmed? Thanks for your answer - note that I'm very new to bitcoin and I know a few. ??? Have a nice day ! Title: Re: Low transaction fees Post by: jackg on January 09, 2021, 03:02:33 PM 10 sats per byte is VERY low. I'd wait 72 hours to see if it confirms if I were you and then try to bump it (if you enabled rbf or if you own the address it was sent to or know who does)?
Title: Re: Low transaction fees Post by: GbitG on January 09, 2021, 03:04:11 PM Hello everyone, This will confirmed after very long time because few days back I also done same mistake its take nearly 60 to 65 hours for first confirmation or Sometime these type transactions cancelled and back in your wallet after 72 hours now just wait until completion of this.I've recently made a bitcoin transaction with very low fees (10 sat/byte). I though I would've to wait around 10 hours for the transaction to be confirmed... Unfortunately ETA from blockstream.info is still marked as "unknown" even after 10+hours. Do you think I'll be able to live until the transaction is confirmed? Thanks for your answer, I precise i'm very new to bitcoin and I know a few. Have a nice day ! Title: Re: Low transaction fees Post by: ICanSeeForever on January 09, 2021, 03:08:08 PM Thanks for your reactivity guys !
Problem is that I only have about 0.00015xbt left- not really able to bump up the fees atm.. Quote its take nearly 60 to 65 hours for first confirmation or Sometime these type transactions cancelled and back in your wallet after 72 hours now just wait until completion of this. Okey thanks, I note that. Title: Re: Low transaction fees Post by: sheenshane on January 09, 2021, 03:10:27 PM You might wait a few days for this transaction since you are paying 10 sats which pretty low transaction. The recommended by mempool as of now is 54 sats in a low priority transaction, it seems you need to wait until it will be confirmed.
Check always the mempool once you are planning to have a transaction because the speed is varied to the fee that you include, you might check it here. https://mempool.emzy.de/ and there, https://jochen-hoenicke.de/queue/#0,24h for the graph stats. It could help you with these methods to boost transactions if you can.
Title: Re: Low transaction fees Post by: bitadelco on January 09, 2021, 07:18:31 PM To earlier points, that's a bit on the lower side right now for sure. Another useful website I've used is: https://bitcoinfees.earn.com/
If you scroll down a bit below the chart, there's a 'Which fees should I use?' section. As of this instance for example, this is what it reflects: Quote Which fee should I use? The fastest and cheapest transaction fee is currently 102 satoshis/byte, shown in green at the top. For the median transaction size of 224 bytes, this results in a fee of 22,848 satoshis. Title: Re: Low transaction fees Post by: JeromeTash on January 09, 2021, 07:53:54 PM Try using http://blockchair.com/ and see what the explorer says about your transaction, in terms of priority.
It's not possible to accurately predict the ETA at the moment for transactions with low fee rates since the number of unconfirmed transactions has been rising since the beginning of this week https://talkimg.com/images/2023/05/14/blobcd288a5b00ecd581.png Title: Re: Low transaction fees Post by: OcTradism on January 10, 2021, 06:55:17 AM The screenshot was taken from mempool.space (https://mempool.space/graphs). If OP want to get estimated fee from mempool size, then the jochen-hoenicke.de (https://jochen-hoenicke.de/queue/#1,24h) is better as OP can hovering mouse on the third chart and get details at any point of time on the graph.
With that site and that chart, 1 block will take a maximum of 1 MB from the tip of mempool. Use it to get estimate of waiting blocks and correspondent fee. Mempool changes and you can only get fee estimates, that can be correct or inaccurate. Title: Re: Low transaction fees Post by: Peanutswar on January 10, 2021, 03:34:49 PM On the previous days if you are trying to check the mempool is still congested I try to make a transaction with a 50 sat/byte and it takes almost a days before it transfer As far as I remember there are 70k unconfirmed transaction on that they well just hoping to become faster on the next block.
I'm planning to send another one to increase the fees but when I checked the mempool it's next on the block so I wait for it it's better is you set it to 50-100 sat per byte to avoid too much long waiting also consider to check the mempool too. So you can adjust to lower than 50. Title: Re: Low transaction fees Post by: Findingnemo on January 10, 2021, 03:51:22 PM On the previous days if you are trying to check the mempool is still congested I try to make a transaction with a 50 sat/byte and it takes almost a days before it transfer As far as I remember there are 70k unconfirmed transaction on that they well just hoping to become faster on the next block. Even your transactions might stuck for days if you set 50 sat/byte because I can constantly see transaction fee gets over 100+ sat/s byte too often and average at 60 to 70 sat so its better to take a look at the mempool before setting your transaction fee so that you can avoid waiting time and also can get fastest and cheapest fee for your transaction.I'm planning to send another one to increase the fees but when I checked the mempool it's next on the block so I wait for it it's better is you set it to 50-100 sat per byte to avoid too much long waiting also consider to check the mempool too. So you can adjust to lower than 50. Title: Re: Low transaction fees Post by: sujonali1819 on January 10, 2021, 05:39:10 PM It's already some hours gone. what about the condition of your transaction OP? It already confirmed or still pending? Share your condition and lock this thread if it already confirmed.
Btw if it is still pending you may try to accelerate your transaction through Viabtc. (https://www.viabtc.com/tools/txaccelerator) ( I tried it very long ago :) ) Title: Re: Low transaction fees Post by: passwordnow on January 10, 2021, 06:23:18 PM It's more than 24 hours have passed. Is your transaction still unconfirmed OP? you should have make it at least 30-40 sats for a faster confirmation time and that's not much of an increase for a fee.
Btw if it is still pending you may try to accelerate your transaction through Viabtc. (https://www.viabtc.com/tools/txaccelerator) ( I tried it very long ago :) ) I second this suggestion. I think with that fee, you should be able to use the accelerator just follow the steps below when you should accelerate it if it's not yet confirmed.Title: Re: Low transaction fees Post by: Bttzed03 on January 11, 2021, 04:46:46 PM ^ I bet OP's transaction is still stuck unless he's able to successfully replaced the fee or got lucky with the push tx services.
When you come to think of it, this is probably the first weekend in recent months/years that the mempool didn't clear as we often see. A 10 sats/byte would usually clear by Sunday. Title: Re: Low transaction fees Post by: Eureka_07 on January 11, 2021, 05:01:28 PM 10 sats per byte is VERY low. I'd wait 72 hours to see if it confirms if I were you and then try to bump it (if you enabled rbf or if you own the address it was sent to or know who does)? Sometimes 10 sats per byte is enough, whenever I choose this kind of transaction fee, usually it only takes a day for ot to be confirmed, 2 days is the maximum from my experience. It depends highly on the mempool status. Title: Re: Low transaction fees Post by: ICanSeeForever on January 19, 2021, 12:26:42 PM Hello guys, sorry I didnt come back to inform you
It took around 16 hours for the transaction to be confirmed with 10sat/byte. Now that I have to do another transaction, I'll use your links to know what fee I should set up Thanks for your help Title: Re: Low transaction fees Post by: tranthidung on January 19, 2021, 12:43:57 PM Now that I have to do another transaction, I'll use your links to know what fee I should set up Now, if you want to do your transaction and want to get quick confirmation in next 1 or 2 blocks, the fee to use is 50 satoshi/vbyte. Fortunately, if you can wait from 1 hour to 3 hours, you can try with the fee rate from 5 satoshi/vbyte to 7 satoshi/vbyte. Of course, it is applied with the condition that mempool won't be suddenly loaded up too much.Check mempool (the third chart) there: https://jochen-hoenicke.de/queue/#1,24h
Further advice, you need to make your plans: weekly (weekends tend to have cheaper transaction fees), then hourly.
Title: Re: Low transaction fees Post by: mike2077 on January 19, 2021, 07:29:13 PM Is any of the wallets - Core or Electrum or any else have lower transaction fees or I can send with either of the wallets for lower transaction fees.
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