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1  Bitcoin / Bitcoin Technical Support / Dedicated block space for minimum fee transactions on: August 04, 2023, 02:57:32 AM
Hello so I recently did an experiment by sending btc to another address and making the fee as low as possible to monitor how long it takes for a transaction with the minimum set fee would take before it was finally confirmed by miners. And 3 weeks later it still has not received even one confirmation. Everyday for the last 3 weeks I would check on the status of confirmations of transaction, and everyday it would say estimated wait time 24hrs-1 day, and continues to reset its wait time to 24hrs. Everything I’ve read about maximum mempool wait times are all varied. But the consensus is that 2 weeks is the maximum wait limit until the transaction would be removed from a mempool. And yet here I am 3 weeks into it waiting for my transaction to finally fall off mempool, or be confirmed I started to feel disappointed that my transaction fee has caused it to become frozen. This seems like a pretty serious issue regarding prioritization of transactions with highest fees getting through first, allowing miners to confirm your transaction fastest. Sure this current system means that miners can set minimum prices based off of current value allowing transaction wait times to be a driving force in the valuation of a currency, however this process is starting to show some real concerning flaws btc, and every other crypto currencies possibly share. I’m not an expert on bitcoin by no means, but I do understand the basics of how blockchain works, and learning more everyday. I know that a block has a fixed size and weight, and every transaction has a unique weight and size. So eventually a block will reach maximum capacity of transactions, and a new block will be required to accommodate new transactions which is roughly every ten mins or so. So to incentivize miners to verify transactions a fee is offered like a tip to the miners for confirming that a transaction is valid. And since the block size is limited, the chance of getting your transaction verified can vary due to how many transactions have been initiated at any given time. So it’s in the best interest of sender to include a bigger fee to have their transaction guaranteed In the next block, otherwise you will have to wait in the mempool for it to be your turn. Miner fees prioritize transaction times.but what if someone isn’t in a hurry to have their transaction confirmed? Can a transaction be sent with little to no fee and eventually be picked up and confirmed by a miner? From what I have witnessed first hand the answer is no. I’m not sure if no fee is an option, but even the minimal fee I sent wasn’t enough for a miner to confirm my transaction. Although rare this exact situation has frozen my transaction indefinitely, I’m guessing this has been brought to the attention of the community, there still isn’t any solution to this situation except wait for the transaction to finally clear out of the mempool it’s in which there is no way of knowing when this will occur. So that being said, is there anyway that each new block could hold very small amount of space dedicated to minimum fee transactions which can become frozen? It would kind of be like welfare. Sure the amount of space would be really small, but should be enough to send 5-10 transactions on each new block first, then prioritized paid transactions next. 5-10 transactions isn’t a lot, and it would still have very long wait times, however it removes the chance that transactions like mine won’t ever freeze indefinitely with no hope of being returned which is a step in the right direction.
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