Bitcoin Forum

TXID = cd65cbe2a7a6fc1ee41f9bba3c2d06891f8f5e373bda14d5eaa0c6970056f9f7

https://blockchair.com/bitcoin/transaction/cd65cbe2a7a6fc1ee41f9bba3c2d06891f8f5e373bda14d5eaa0c6970056f9f7

With all the panic in the market today - is there a way to accelerate this transaction somehow or just "wait"?

ViaBTC shows 12.5 LTC price to accelerate ($525) which seems too much - any other suggestions what to do in order to get this confirmed?

If it's coming to a wallet you control you can do a CPFP with a high (but not crazy) fee.
If it's just going to another exchange you just have to wait.
Since there are a ton of payments in that TX you can hope that someone else wants it quick and does their own CPFP.

CPFP = https://bitcoinops.org/en/topics/cpfp/

-Dave

Mempool is becoming congested, 36 sat/vbyte to make the transaction gotten into the next block by a miner and be confirmed, but you transaction is having 14.343 sat/vbyte, the reason it is not confirmed.

Make use of free ViaBTC (https://www.viabtc.com/tools/txaccelerator) accelerator if it will work. I guess it should work as long as the fee is higher than 10 sat/vbyte. But you will have to keep on trying, it take time, or wait for the mempool to become less congested.

It is coming from an exchange, having over 30 inputs outputs. CPFP is not advisable.

It doesn't work - it says it cannot accelerate it for free, only for a paid option that costs $525 - any other idea?

Just be patient and wait for the mempool to become less congested.

If the Bitcoin price wouldn't fall like the way it is now - then no problem being patient, but right now it's losing lots of value...  Hence - you got similar panic from other people globally now.

This would be very very expensive.
The virtual size of the transaction in question is 1345 vbytes. It has also an unconfirmed parent (https://blockchair.com/bitcoin/transaction/332f19311498029c755dff2559ba08f85fc9732efa7432921bbaa40dc2755761?o=0) with the size of 14791 vbytes.
The fee rate used for the unconfirmed parent is only 1 sat/vbyte.

Given that the fee required for a fast confirmation is now around 16 sat/vbtye, OP has to pay around 0.0026 sat for the new transaction.

It has only one input, and 39 outputs. CPFP isn't that bad for 1340 vbyte (but still a waste of money for something Binance charges a withdrawal fee for).

I didn't see the unconfirmed parent. Shame on Binance!

I've asked Binance to look into it and accelerate the fee from their end - they said they would get back to me via email about it as they have informed the relevant team about this.

---

I'm happy to pay you now 0.0026 BTC in order to accelerate this transaction ($60 - $70), totally mean it.


[moderator's note: consecutive posts merged]

Thanks LoyceV, I have corrected that.

This will be the best to do. Also, do not panic sell this time is my advice.

Did you send the coin to a noncustododial wallet that you have its seed phrase or private key with you? Avoid people that will pm you that will say they can help you, avoid scammers.

Seems that you misunderstood me. You shouldn't pay that to me. You should pay that to miners.
If you want a fast confirmation, you can make a new transaction and spend the fund received from binance with that high fee.
Note that you can do so, only if you have full control over the fund. If the fund in on an exchange or any other custodial service, the only thing you can do is wait.

Unfortunately not, and it's all clear.
Just have to wait now, thanks alot.

I missed that to, in truth I didn't even look to miss it. Is this common for Binance to do this?
I don't use them anymore so I don't pay attention but it just seems odd to have an exchange sending coins like that.
One would think that it's easier to spend a few extra sats then deal with the customer complaints....

-Dave

Up until not so long ago, Binance used to charge ridiculously high withdrawal fees, and made transactions with ridiculously high fees. More recently, they've reduced withdrawal fees, and it looks like they're now on the other end of the spectrum being cheap on fees.

Binance has now replied with a very generic and unhelpful response, this is what they said:

Thank you for waiting patiently. You may refer to this link https://www.binance.com/en/support/announcement/8437dfd1c7bf49c2a4bf124bd03b0624. Kindly be advised your assets is safe with us. If the transaction is failed on the blockchain we will surely retrieve back to your wallet.

Your transaction may be removed from the mempool if it stays unconfirmed in the next 14 days.
It can also be removed from the mempool if the mempool size reaches 300 vMB. (As the current mempool size is around 96 vMB and is far from that limit, it's very unlikely that it happens.)

I think your transaction will be finally confirmed and as already said there's nothing you can do other than wait.

Hope reality proves me wrong, I've accelerated the transaction.... Bitcoin is truly shit when it's transferred between 3rd party wallets.

The problem is not with bitcoin. The problem is with how binance made the transaction.
At the time I am writing this post, a transaction paying fee of 20 sat/vbyte should be confirmed in the next block.
This means that a normal transaction (1 input, 2 outputs) can be confirmed very fast with fee of around 2840 satoshi ($0.65).

I'm going to state the obvious: be your own bank. Even if you have to use a third party, send funds to your own wallet before sending it elsewhere.

Binance, as always, misinforms everybody:
There isn't such thing as "withdrawal" on the Bitcoin network to be suspended. The only thing that's interrupted, beyond their users' privacy, is the withdrawal option in their platform.

I wouldn't say so. Charging 20k sats and broadcasting a 1 sat/byte transaction makes it even more ridiculous.

You have to create another transaction wherein you pay yourself all of your money minus 0.0026 BTC, which will go to the miner.

You're right. I was (mistakingly) under de impression it's 2k sats. What was I thinking.

Wanna hear something funny? Kraken charges 1k sats (https://support.kraken.com/hc/en-us/articles/360000767986-Cryptocurrency-withdrawal-fees-and-minimums). And LN-withdrawals are FREE!
Wanna hear something stupid? Binance (the scam site (https://bitcointalk.org/index.php?topic=5370726.msg59540906#msg59540906) that tries to trick people by offering 3 different made-up tokens as Bitcoin) charges 50k sats (https://www.binance.com/en/fee/cryptoFee) for Bitcoin Segwit withdrawals!

confirmed now

Wanna hear something tragic? Most people use Binance.

It is confirmed because we paid for the acceleration and we're glad we did - next time we would only withdraw from Binance via BTC to a cold wallet where WE control the fee and not a 3rd party, lesson learned.

If you want to tell ... how much did you pay for the acceleration?

Around 10 LTC.

You are ''lucky'' because Binance totally stopped withdrawing Bitcoin from their exchange, and they only allowed to withdraw it as fake bitcoin tokens on other blockchains.
I think you overpaid acceleration with 10 ltc (but you probably didn't have any other options), and if you want to have full control use some non-custodial wallet with RBF option in future.
Solid centralized alternative for Binance could be FTX exchange, but I honestly don't trust very much any centralized exchange.

The information shown there is wrong.
Before, they had two different options for withdrawing real bitcoin. One was "Bitcoin" and the other one was "BTC(SegWit)".
Now, they have only one option for withdrawing real bitcoin which includes both legacy and segwit addresses. The withdrawal fee for that is 0.0002 BTC.

I am not saying the withdrawal fee on binance is low. They are charging very high fee.

https://www.google.com/amp/s/www.coindesk.com/business/2022/06/13/binance-clarifies-what-caused-earlier-bitcoin-withdrawal-issues/%3foutputType=amp

That makes sense.
Your transaction's parent transaction has a fee rate of 1sat/B which was the optimal fee before the "surge".
That should be one of their "pending consolidation transactions" (100in->1out) that got broadcasted after the repair.

That "repair" was costly but moving $5,000 when BTC was $25,000 (0.2 BTC) and now it's under $22,000 (less than $4,400) - we sold it at $24,000 ($200 loss) + extra 10 LTC fee to ViaBTC.

Was it worth it? It's worth the peace of mind.

Currently our faith in Bitcoin has gone downhill, the raise of interest rates + global rising costs / inflation would hamper lenders like Celsius and Tether (USDT) could be next, hopefully it won't ... but there's going to be a "financial war" between Tether, Binance and the US govt - it's already happening now. Who knows what the future holds. We hope the good side will win.

Take note that it was Binance's system that had a "repair" not Bitcoin in general.
If they didn't broadcasted those pending consolidation 1sat/B-transactions but either make replacement with proper fee rate or halt consolidation for later,
it wouldn't have happened; thankfully that article mentioned that they've change their consolidation and withdrawal logic.

Without that unconfirmed parent, your transaction would have been confirmed by now without accelerating it (about 9~10 hours ago).

Take note it was Luna that started this downfall, and now Celsius, and if Binance becomes next then what would the future hold?

What if Tether (USDT) becomes $0.95 again (it happened when Luna crashed) and then it keeps on going south?!

No trust = Prices falling

Bitcoin is a great creation, but so was LibertyReserve, e-gold and probably others that no one has heard of ...

The system must have trust in order to function well, right now we're seeing bubbles bursting one after another, and Celsius/Luna are definitely not the last ones here.

I was talking about this thread's topic: the unconfirmed transaction's relation to the article that you've linked.
I cannot comment on speculations specially in this board.

regards,

The amount of BS in that article really annoys me:
There is no "gas fee" in Bitcoin! They do all they can to make Bitcoin sound like their shitcoins.

There they go again, that's a lie. It's never been possible to withdraw Bitcoin on other networks, and it will never be possible. There's only one Bitcoin, and there are countless shitcoins designed to scam people out of their Bitcoins. The sooner people understand that, the stronger Bitcoin gets.

None of that has any power over Bitcoin. Bitcoin is fine, and long-term, a great hedge against inflation. But only if you keep it in your own wallet, so don't "lend it out"!
Short-term, central banks seem to rule the economy nowadays, but long-term, their money only loses value.

Luna gambled. Celsius (which I didn't know until yesterday) gambled. Binance should be earning a lot of money from facilitating trades. If they're gambling, they deserve to go under.

If you don't trust a centralized company to keep up their promises, don't use it :)

Bitcoin is fine. You seem to confuse it with all kinds of things people build around Bitcoin to make themselves rich.

Binance is not even a wallet, it is an exchange, exchange can be hacked, they are centralized and can suspend withdrawal, freeze your account or do anything possible that can frustrates you at times, also custodial wallet are not excluded, you do not have complete control.  The reason I point to this is because it is like you are sending from Binance (a centralized exchange) to an exchange where you will exchange your coin to fiat. It is better you make use of noncustododial wallet instead of Binance, noncustododial wallet like open source hardware wallet (https://bitcointalk.org/index.php?topic=5288971.0) or wallet on airgapped device (https://electrum.readthedocs.io/en/latest/coldstorage.html) for that high amount of bitcoin.

What makes you believe they won't win long term? They have more tools than we can imagine.
It's like one local resident going against the local municipality where he lives - they have more power than he does alone.

Bitcoin without proper use (e.g. Binance) - would be a trouble.
Clearly regulation is what most governments look for - but what if the entire economy will be digitalized like Bitcoin (yes, no more "Swift" for wire transfers) - and still the 21st Bitcoin so many talked about could bring the end of Bitcoin? Then what do you have left? Ethereum?

The centeral banks cannot be underestimated, they are the ones with unlimited supply of cash to do whatever floats their boats.



Say you can get a Passport from some island across the ocean, but you can't use it at all, no country in the world would accept you with this Passport, not even for travel - then what good use can you make out of this Passport? (ask the same about Bitcoin/Binance etc.)

This is what "winning" looks like for central banks:
https://elements.visualcapitalist.com/wp-content/uploads/2021/04/VCE-Purchasing-Power-of-the-US-Dollar.jpg

Bitcoin existed before Binance, and will still exist long after Binance is gone and forgotten. Bitcoin doesn't need Binance.
Proper use is explained in the title of the Bitcoin whitepaper: Bitcoin: A Peer-to-Peer Electronic Cash System (https://bitcoin.org/bitcoin.pdf).

Who talked about the end of Bitcoin? And have you asked yourself why they feel the need to talk about it?

Lol. Another centrally controlled shitcoin that abanoned their USP (Code is law) the moment it was convenient to protect their own interests.

And they truely fear Bitcoin's potential to take that power away from them.

That's a bad example. Bitcoin knows no borders, and there's always someone willing to accept it.
Binance on the other hand: I couldn't care less. I don't use them, I don't like them, and clearly their own financial interests are different than the interests of the Bitcoin community.

What you say is fair enough.
Only time will tell how the future would look with Bitcoin.

I think that putting the "this is the use of Bitcoin" on Binance is very dangerous.
There are plenty of bitcoin exchanges, Binance is, by far, one of the very many. And if Binance falls, FTX is preparing for more than a year now to take over the job.

And Bitcoin role is not to be the main coin in centralized exchanges, no. I find one of Bitcoin's main use cases to be used as a coin, in the way it's used in El Salvador or on this very forum. I find one of Bitcoin's main use cases to be exchanged in a decentralized manner without the need to trust a third party. And, although it should diminish in time, one important use case of Bitcoin, whether we like it or not, is as investment or store of value. None of these need Binance, actually.

You have to be really naive to think that some worthless shitcoin like Luna started this downfall  :D
Bitcoin crash is obviously just a part of bigger crash, and you won't be safer in dollars or any other fiat currencies.
I actually think that most of fiat currencies will go to zero, and central banks already have nightmare CBDC shit ready to replace them, but with total tracking, surveillance and without cash.
This could be the time for Bitcoin to shine again and offer real usable alternative.

So what if it happens, and it will probably happen at some point.
All fiat currencies are worthless digit numbers and only fools believe they are better... but I guess they still work (for now).

So was us dollar when it was tied with gold and not with imaginary vaporware.