Today, I sent Bitcoin using Segwit eligible address (Bench32), with minimum fees.
I often sent my bitcoin out of Electrum with fee option set at minimum, because I don't have reason to hurry too much that put me to increase transaction fees.
Transactions via Bench32 addresses often finished in less than 30 minutes, or even faster.
However, it has not been confirmed fastly like usual today.
My transaction has still been unconfirmed around one hour and a half of hour.
On the other hand, there are more than 8000 unconfirmed transactions on the Bitcoin legacy network.
https://www.blockchain.com/btc/unconfirmed-transactions
To conclude, I would like to announce this current situation for someone who wanted to make transactions via Bench32 addresses today, they should inrease fees much higher than minimum figures if they have urgent needs.
- First its bech not bench, Bech32.
- Second transactions will go according to current traffic. Always check the traffic to guess how long will it take. The 3rd of Jan the Bitcoin network was slow as well, because people were taking all their coins out from exchanges etc, and then back again in.
- Third the actual option in Electrum needs to be set to "mempool", so you can actually specify 1 sat/byte.
Electrum is nice to tell you "how many people" are ahead of you by showing you the "memblock size" above you. Anyone using higher fees will cut in line ahead of you; those using the same fees or less than you, will go behind you. This is a waiting queue. If you see this mb number shrink, you are getting closer to getting confirmed, once you get 1 confirmation you don't have to worry about it anymore, the following confirmations will come quick.
If you check Jochen's site and specify, say 1 sat/b, all that is painted above the 1 sat/b region is that mb number, plus those that used 1 sat/b like you but have been waiting longer than you.
