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Author Topic: How much time do free transactions take on average these days?  (Read 807 times)
ripper234
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Ron Gross


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June 05, 2011, 06:28:10 PM
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I had a few transactions lately that took over an hour to get confirmations.
What is your experience with the expected delay of transactions without a TX fee?

Is the minimum TX fee 0.01? (which is almost 20 cents, a huge amount!)
Rephrasing, what is the recommended TX fee to get a few confirmations within X minutes?

Please do not pm me, use ron@bitcoin.org.il instead
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June 06, 2011, 09:10:10 AM
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I had a few transactions lately that took over an hour to get confirmations.
What is your experience with the expected delay of transactions without a TX fee?
If it appears as a "low priority" transaction and the queue is big, it could take hours, or days even.  Thought at this moment, there are under 100 low priority transactions queued up: http://bitcoincharts.com/bitcoin/  So an hour to two is a reasonable  guesstimate.

Is the minimum TX fee 0.01? (which is almost 20 cents, a huge amount!)

When that feature was being added for v0.3.21 the BTC/USD was near or before parity, if I remember correctly.  Thus at the time that 0.01 BTC amount represented $0.01 USD. 

Once v0.3.23 is released, you will be able to set a fee lower than 0.01 BTC, ... as low as 0.0005 BTC.

I would suspect that even 0.0005 will cause it to be included nearly always in the next available block, at least while the mining reward is 50 BTC yet.

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