When I explored with the block number in the explorer, I can see #0 is the coinbase tx (mining reward) and then 2903 more tx. Out of these 2903 tx, my tx index is 2803, is that correct?
Correct. If so, how is this indexing works?
I am not sure, but I think miners are free to place transactions in the block in any order they want. |
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The first number is the number of block in which the coin has been created.
The second number indicates the location of the transaction in the block. (It starts from 0)
The third number indicates the location of the output in the transaction. (It starts from 0)
790548x208x4 means that the coin has been created in block number 790548, in the transaction number 208 with output index of 4.
790551x2803x0 means that the coin has been created in block number 790551 in the transaction number 2803 with output index of 0.
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i try to follow the steps from that tweet but i can't even open the website from that thread
I also tried that, but couldn't open the webpage. The tweet says "here's a demo of our upcoming Mempool Accelerator". Maybe, they haven't launched their service yet. |
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What interests me is the fact that you didn't win a single lottery ticket in that roll, but the rules say that you get 2 lottery tickets for each roll - and it doesn't make much sense to me that they canceled that for the biggest prizes?
That's because Betwrong has disabled getting lottery tickets. You can go to your profile and check "Disable lottery" option. With doing so, you will get reward points instead of lottery tickets.  |
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A thing you should know is that you can pay lower fee with using segwit addresses.
You made your transaction from a legacy address and it had the virtual size of 188 vbytes.
You could decrease the (virtual) size of your transaction to around 130 vbyte with using a nested segwit address (an address starting with 3) and to around 110 vbytes with using a native segwit address (an address starting with bc1q).
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Note that electrum versions older than 3.3.4 are vulnerable to a phishing attack in which the server can display a message and ask you to download a fake version of electrum. So, ignore any message you see on electrum asking you to update the wallet. If you want to update electrum, go to its official website. Download electrum from there and don't forget to verify your download. Is it safe to upgrade Electrum on the same machine?
If you want to be completely secure, you should have your electrum wallet on an airgapped device. If your wallet has been already connected to the internet, I don't think that makes much difference whether you install the new version on the same device or not. If you have two devices and you think one of them is more secure than the other one, it's obvious that you should use the more secure one. |
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Go to Electrum, on the history tab, click on the transaction and pump the fee to the priority you wish on the https://mempool.space/The transaction stayed unconfirmed for 14 days and most nodes have probably dropped it from their mempool. It should be a local transaction now. OP, if you no longer want to make that transaction, just right-click on your transaction and remove it. For lower fee, increase the fee to 16 sat/vbyte on Electrum and use ViaBTC to accelerate it. Your transaction will be confirmed anytime that ViaBTC mine a block. If OP wants to set the fee rate to an amount so that he/she can use ViaBTC free accelerator, 10 sat/vbyte should be enough. Note that the transaction is legacy and 10 sat/byte = 10 sat/vbyte. |
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So you say it is purely a greedy algorithm?
It's not that there's a certain algorithm which miners have to follow that. Miners are free to include any valid transaction they want. They can even include a transaction with zero fee, but they include transactions with highest fee rates to maximize their profit. |
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My question is what is the algorithm that a miner picks a transaction from the mempool to include it to a block?
Miners prioritize transactions based on their fee rate. The more fee rate you use for your transaction, the faster it can be included in the blockchain. Is it a greedy algorithm which just picks the ones with highest fees? Is the "age" of a transaction in the mempool also a factor? Or is it just a combination of fee and a random choice?
It doesn't matter when you have broadcasted your transaction. It all depends on the fee rate. |
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Being a new member of the forum, I need more information on how coin base transactions operate and how they vary from regular bitcoin transactions.
A difference is that coins that have been received in a coinbase transaction can't be spent until 100 more blocks are mined. Regular transactions have inputs and outputs, but coinbase transaction does not have any inputs and are basically created out of thin air.
The newly generated coins aren't created out of the thin air. Miners work for them. The bitcoins involved are higher valued cause they are newly minted and have never been involved in any other transaction prior to that.
No. There is no difference between the value of newly generated coins and value of other coins. When you want to sell your bitcoin, no one will ask you whether you have mined them or you have purchased them. |
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is this then perhaps also different with taproot or how does the 'dust' behave with the p2tr (bc1p...) addresses?
Yes, that's different. The 294 satoshi is the dust limit for segwit version 0. The dust limit for segwit version 1 (taproot) is 330 satoshi. |
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For example, right now, in my signature campaign address, I have 4 unspent outputs(0.0015, 0.004, 0.005, 0.005). I tried to send 0.001 BTC in normal mode without selecting any coins(inputs) and the fee with 1 sat/byte was a total of 400 sats. It's because it was either taking all the unspent output as input or most of them while with my first UTXO, I could send 0.001 BTC. In that case, there would be only 1 input. I tried and it was asking for a fee of 200 sats in total.
I will do the same thing as you if fees are high, but will consolidate the inputs if fees are low. Assuming the network isn't congested and the fee rate of 1 sat/vbyte is enough, with using 1 UTXO instead of all 4 UTXOs, you save around 200 satoshi, but you will still have 4 UTXOs after your transaction and this may cause you to have to pay high fee for your next transactions. When the network isn't congested and you can make transaction with the fee rate of only 1 sat/vbyte, it's better to use all the UTXOs, even if one of them is enough for making a payment. |
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If you are using the free service of ViaBTC, you might need a transaction of between 15-16sat/bytes and above before they can help you accelerate it for free.
I feel you are confusing byte with vbyte. The minimum fee rate to be eligible to use their free accelerator is 10 sat/byte (note that it's 10 sat/byte, not 10 sat/vbyte.) For a normal segwit transaction with 1 input and 2 outputs, the minimum required fee rate would be around 16 sat/vbyte. and I'm unable to use their service because I used 10.13sat/vbyte for it, which makes it practical as they alerted me that the fee was too low.
That's because your fee rate was below 10 sat/byte. |
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originally Bitcoin dust (an amount of 546 satoshis) was not necessarily a problem for crypto users.
Note that the 546 satoshi is the dust limit for legacy outputs. If the output is segwit, the dust limit would be 294 satoshi for that. |
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If we check the block that was empty in the post then the above scenarios are also not valid for such empty blocks because currently there are many transactions awaiting to be added in the next block and even in this case the block was mined without any transactions.
I didn't say the block was empty because there was no transaction. As I already said, that block was mined only 11 seconds after its previous block and that's why it was empty. The miner didn't have enough time to remove outputs from UTXO set and add transactions to the candidate block. |
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It's also a possibility that a miner would mine empty blocks when the network is highly congested. With a congested network miners might face delays in getting new transactions, and in that case the miners also mine empty blocks of blocks with very few transactions.
This is wrong. When the network is congested, miners have so many transactions in their mempool and they always try to include as many transactions as possible to maximize their profit. You would see empty blocks when there is no new transaction (which is almost impossible nowadays) or the block is mined in a very short time after the previous block. |
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The block was mined only 11 seconds after its previous block and the miner hadn't added any transaction to the candidate block yet.
Note that AntPool didn't get any transaction fee in that block, but they got the newly generated coins (6.25 BTC) and that's a success.
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I know what is UTXO but how many UTXO should it create to make a huge difference in transaction fees?
The size of a normal transaction including 1 input and 2 outputs is around 225 byte. If you add an input to your transaction, so that it includes 2 inputs and 2 outputs, it size would increase to around 375 byte. That's around 67% increase in transaction size. If you increase the inputs to 3, the total size would be around 520 byte. BC generated wallet, the sender wallet was always different and it usually had one input and two outputs but here I found a transaction that has 3 inputs and 2 outputs, I have no idea why.
You had three inputs because you had received that fund in three different transactions. I'm not a fan of blockchain.com wallet and due to obvious reasons, I would never recommended anyone to use it, but what you said isn't really their fault. |
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I almost lost some USDT to the wallet upgrade today.
You shouldn't lose your fund even if you have made deposit to expired addresses. According to their announcement, you should be able to credit the deposits made to old addresses manually. For more information, visit the following article. Existing Deposit Addresses to Be Retired (2023-04-18)Funds deposited into expired addresses are safe and will not be lost. Users can manually credit the deposits via the "Transaction History" page. Do note that deposits made into expired deposit addresses would not be automatically credited. The attached link shows an error 404 once I click to visit it.
Sorry. I edited the link. |
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