Is the default fee too low?

[TCM]

Hi,

I sent a transaction using 0.11.2 and the recommended fee for "normal" confirmation time over 6 hours ago and it's still unconfirmed.

Has the default fee become too low somehow?

Cheers

[cr1776]

Hi,

I sent a transaction using 0.11.2 and the recommended fee for "normal" confirmation time over 6 hours ago and it's still unconfirmed.

Has the default fee become too low somehow?

Cheers

What wallet software are you using?  Bitcoin Core?  What version?

If so, did you let it run for a while so it could determine what the optimal fee was?

[TCM]

Yes, Core 0.11.2. I start it on and off when I need to do something with my wallet. Usually it catches up several days and then I do a transaction. This particular transaction was sent with 0.00013 BTC fee which seems reasonable?

Edit: 0.000013 BTC fee, not 0.00013.

[RodeoX]

Could you post the Tx ? It may help us to see what the status of this transaction is.

[cr1776]

Yes, Core 0.11.2. I start it on and off when I need to do something with my wallet. Usually it catches up several days and then I do a transaction. This particular transaction was sent with 0.00013 BTC fee which seems reasonable?

It does in the abstract, but that is just abstract.

Currently, Bitcoin Core uses an algorithm to monitor the network and see how long transactions take to confirm and then uses that to determine what fee is needed to get a transaction to confirm quickly.  If it doesn't have sufficient information since it had just been started, it could be miscalculating.

If you have the tx id, that might be helpful ;-)

[bitbollo]

Yes, Core 0.11.2. I start it on and off when I need to do something with my wallet. Usually it catches up several days and then I do a transaction. This particular transaction was sent with 0.00013 BTC fee which seems reasonable?

Edit: 0.000013 BTC fee, not 0.00013.

I make the same mistake with multibit classic... I have waited so far 2 weeks and I am not joking

https://bitcointalk.org/index.php?topic=1304586.msg13377808#msg13377808

But probably was a period full of spam txs.

[TCM]

Currently, Bitcoin Core uses an algorithm to monitor the network and see how long transactions take to confirm and then uses that to determine what fee is needed to get a transaction to confirm quickly.  If it doesn't have sufficient information since it had just been started, it could be miscalculating.

Since syncing takes quite a long time, depending on the last sync upto half an hour, is that included in the fee determination or do I have to let it sync and _then_ let it determine the fee on top of that?

If you have the tx id, that might be helpful ;-)

I have but I don't want to create data points.

[HITTI2]

It is, without notification luckily I had no payments to be made on a time limit. If I had a payment due, due to a loan, payment might have defaulted because of this.

https://bitcointalk.org/index.php?topic=1318056.msg13475585#msg13475585