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Author Topic: Bitcoin really is going down the toilet.  (Read 1165 times)
SFR10
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April 02, 2016, 05:15:59 AM
 #21

From what I see, many up until now, don't know yet how to calculate transaction fee's and as result always tend to blame the way network reacts to each transaction. Just because a transaction is consist of 0.0001 BTC as a fee, doesn't mean that, it's enough for it to be confirmed in the next block. I'll try to explain the process of transaction size estimation:

For reference, let's take your transaction into example: https://blockchain.info/tx-index/5bc33bf29987c995cb9c11f052c5b2792b5890e414806fc27df7a7fe93101c45
There is 6 inputs and 2 outputs (most transactions automatically give you 2 outputs if your sending to one person)
Number of inputs should be multiplied by 148 (the number changes sometimes) + the number of outputs multiplied by 34 +10 or -10 (mostly it's +10)
6 x 148 (888) + 2 x 34 (68) +10 or -10
888 + 68 +10 = 966 bytes (close estimation as in your transaction was 964)

On a side note: For fast confirmation a 60 Satoshi is recommended per byte

Best possible way to know the inputs is to know and calculate the transactions on your account and see how many inputs will be needed from the remaining unspent one's in order to calculate the inputs prior to sending (not sure if there's a wallet that does this automatically but I'm saying this base on my experience of using blockchain.info only)

There's another thing that would help in most cases and that is the feature in blockchain.info (not sure if it exist on others too) that You would choose the fee from normal to generous and automatically each transaction will have a fee of 0.001 as base fee.

The fee for your transaction should have been 0.0005784 to be as high priority transaction that would get confirm within the next block.

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jak1
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April 02, 2016, 06:03:06 AM
 #22


Ya, you're right on the line as far as transaction size and fee cost.  If you had paid a 0.00013 BTC fee I suspect it would have gone through within minutes.  Like theymos says above, use a wallet with dynamically adjusted fees.  It will actually save you money, as smaller transactions would use a fee less than the current 0.0001 BTC you are paying.

For the transaction to complete quickly and on time, you should not change the Default fee which is being deducted by the client. If you put to low a fee, you know it will takes ages to complete the transaction.
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April 21, 2016, 01:32:02 PM
 #23

No I still believe in Bitcoin and so do many other Bitcoin users. The price is now rising so this is attracting people again to come and use Bitcoin. Bitcoin is heading the good way and I am looking forward to the future. 
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April 21, 2016, 02:10:25 PM
 #24


Ya, you're right on the line as far as transaction size and fee cost.  If you had paid a 0.00013 BTC fee I suspect it would have gone through within minutes.  Like theymos says above, use a wallet with dynamically adjusted fees.  It will actually save you money, as smaller transactions would use a fee less than the current 0.0001 BTC you are paying.

For the transaction to complete quickly and on time, you should not change the Default fee which is being deducted by the client. If you put to low a fee, you know it will takes ages to complete the transaction.

Sometimes, default fee by client isn't good, especially if you use old version of client.
If i'm right, default tx fee now should be 0.0005BTC/KN, so he should pay 0.0005BTC because his transaction size is almost reached 1KB.

He should blame himself, not bitcoin network because his fault.

Agree. For a 964 byte transaction he should have used .0005 fee instead of the .0001 actually used according to bitcoinfees. I use .0005 fee for all transactions. Since many wallets still default to .0001 I always get confirmed fast.

Bitcoinpro
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April 21, 2016, 02:17:33 PM
 #25

It really is getting ridiculous. When sending any meaningful amounts of BTC the TX's get ignored for hours, it has gotten so bad that at this point i would take any damn solution, call it Bip 9000 and have NSA put backdoors in it if you want but this god damn snail pace coin confirming needs to stop.
Someone make a service to push TX through, i would happily pay for it.

/Rant

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April 21, 2016, 02:19:27 PM
 #26

It really is getting ridiculous. When sending any meaningful amounts of BTC the TX's get ignored for hours, it has gotten so bad that at this point i would take any damn solution, call it Bip 9000 and have NSA put backdoors in it if you want but this god damn snail pace coin confirming needs to stop.
Someone make a service to push TX through, i would happily pay for it.

/Rant
The price of bitcoin is now reaching $445, how is that really going down to toilet? it just a confirmation, you can wait for it, than paying high fee from banks
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