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MartinL
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October 26, 2016, 06:41:37 AM |
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blockchain.info is very bad at determining the priority of a transaction. If you divide the transaction fee by the size of the transaction in bytes, you will find that it has a fee rate of ~23 satoshis/byte. According to 21.co a fee rate of 100 satoshis/byte is currently necessary for a transaction to be included in the next block, so the fee is actually quite low. The good news is that your money cannot be lost. Eventually it will either reach its destination or revert to the sender (you). |
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zend7 (OP)
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October 26, 2016, 06:45:49 AM |
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blockchain.info is very bad at determining the priority of a transaction. If you divide the transaction fee by the size of the transaction in bytes, you will find that it has a fee rate of ~23 satoshis/byte. According to 21.co a fee rate of 100 satoshis/byte is currently necessary for a transaction to be included in the next block, so the fee is actually quite low. The good news is that your money cannot be lost. Eventually it will either reach its destination or revert to the sender (you). Ok it's a good thing in the worst case the money will be back to me. Why is 0.00028 btc a low fee for a 0.062 btc transaction ? Can you explain to me how to make 100satoshi/byte fee in Ledger HW.1 hardware wallet as that's what I am using and send the 0.062btc via this wallet ? |
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MartinL
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October 26, 2016, 06:59:59 AM |
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Ok it's a good thing in the worst case the money will be back to me. Why is 0.00028 btc a low fee for a 0.062 btc transaction ?
I suppose talking about the transaction size is somewhat ambiguous. In this case it does not refer to the amount of money being transferred (0.0652 BTC), but the space the transaction takes up on the blockchain (926 bytes). There is no relation between these two sizes, so a transaction many hundred bytes big could only transfer a small amount of money. Vice versa, a transaction could transfer millions with very few bytes. Whether a transaction fee is sufficient depends on the size of a transaction in bytes. Because the Bitcoin network currently cannot keep up with the number of transactions, miners only process the transactions with the largest fees, which is the most profitable for them. 100 satoshis/byte is not a special value, it is just what the market is currently paying for transactions. Most of the time that value is a little lower, sometimes it is a little higher. Can you explain to me how to make 100satoshi/byte fee in Ledger HW.1 hardware wallet as that's what I am using and send the 0.062btc via this wallet ?
Unfortunately I am not familiar with your wallet, so I cannot help you there. Most wallets do not require you to set the fee rate manually. Instead they allow you to choose a priority (e.g. "Economy", "Standard", "Priority" or similar) and then determine an appropriate fee rate at the time. Try increasing that setting if your wallet offers it. |
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pedrog
Legendary
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Activity: 2786
Merit: 1031
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October 26, 2016, 08:15:38 AM |
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Most probably your transaction will eventually be dropped, never confirmed. I advise not to make transactions right now but if you really need to do it you have to double spend your coins with a bigger fee. Check out this site for current network fees: https://btc.com/stats/unconfirmed-tx |
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pedrog
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Activity: 2786
Merit: 1031
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October 26, 2016, 08:21:16 AM |
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Also not confirming anytime soon. I think you need Bitcoin Core to double spend your coins, but someone more knowledgeable can elucidate on this matter. |
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zend7 (OP)
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October 26, 2016, 09:09:21 AM |
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I don't have these wallets in bitcoin core, nor I am willing to take the time to import these addresses there. I will wait until the funds are returned back to me or if accepted by network.
Any new ideas from more experienced users with such problems ?
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zend7 (OP)
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October 26, 2016, 10:53:24 AM |
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OK clearly my error. Now how many days should I wait until it is rejected by the network and the amount is back in my wallet ? I mean an approximate time. And thanks for letting me know the 0.0005BTC/kb, I will try to double that fee from now on to be sure. |
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LoyceV
Legendary
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Activity: 3304
Merit: 16634
Thick-Skinned Gang Leader and Golden Feather 2021
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October 26, 2016, 11:23:44 AM
Last edit: October 26, 2016, 02:55:30 PM by LoyceV |
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I think you need Bitcoin Core to double spend your coins, but someone more knowledgeable can elucidate on this matter.
I just did this  Not from Ledger HW, but from Electrum. If you can extract the private key, you can do this. Simply import the private key into Bitcoin Core, select "Enable coin control features" under Options>Wallet, and manually choose the Input you used for the unconfirmed transaction. After this you can make the same transaction again, with a higher fee. This is of course only useful if you already have Bitcoin Core with a full chain installed on your computer. Otherwise you'll have to download 90 GB first, and in that case just waiting for a confirmation is probably faster. Is it something wrong with the blockchain (not blockchain.info) ?
Your fee is once again too low for a fast transaction. Whether or not something is wrong with blockchain is debated: blocks are full, blocks don't get larger any time soon, so you'll have to compete with other transactions. That's awesome, didn't now Electrum also had coin control.
It doesn't. |
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pedrog
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Activity: 2786
Merit: 1031
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October 26, 2016, 01:58:01 PM |
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I think you need Bitcoin Core to double spend your coins, but someone more knowledgeable can elucidate on this matter.
I just did this Not from Ledger HW, but from Electrum. If you can extract the private key, you can do this. Simply import the private key into Bitcoin Core, select "Enable coin control features" under Options>Wallet, and manually choose the Input you used for the unconfirmed transaction. After this you can make the same transaction again, with a higher fee. This is of course only useful if you already have Bitcoin Core with a full chain installed on your computer. Otherwise you'll have to download 90 GB first, and in that case just waiting for a confirmation is probably faster. That's awesome, didn't now Electrum also had coin control. |
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zend7 (OP)
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October 26, 2016, 04:00:11 PM |
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I still see my transactions as unconfirmed. Unfortunately I don't have time to download 90 GB of blockchain as that it will take a few days for bitcoin core and beside that I don't want to double spend. Lesson learned now, I will place a fee of 0.001 btc every time I send a transaction and this problems will never happen again.
So in how many days approximately the money will be back in my wallet, like 2 ,3,5 or 7 days from the time of the transaction ?
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zend7 (OP)
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October 26, 2016, 04:29:45 PM |
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Should be some problem with the network as I send a transaction of only 0.0009 and paid the fee 0.0001 as per 0.0005 btc per kb. Transaction is only 192 bytes so I think I did everything right this time and it's still unconfirmed after 1 hour almost.
I don't use coinbase as that's the most stupid choice anyone can make, why should I choose a third party to hold coins for me, I am using Ledger HW.1 hardware wallet and electrum desktop wallet.
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achow101
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Activity: 3388
Merit: 6635
Just writing some code
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October 26, 2016, 06:37:58 PM |
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Should be some problem with the network as I send a transaction of only 0.0009 and paid the fee 0.0001 as per 0.0005 btc per kb. Transaction is only 192 bytes so I think I did everything right this time and it's still unconfirmed after 1 hour almost.
I don't use coinbase as that's the most stupid choice anyone can make, why should I choose a third party to hold coins for me, I am using Ledger HW.1 hardware wallet and electrum desktop wallet.
IIRC You should be able to get rid of the transaction by changing the server you connect to a few times and restart Electrum each time. It should disappear from your wallet and then you can send the Bitcoin again. |
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zend7 (OP)
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October 26, 2016, 06:44:26 PM |
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Should be some problem with the network as I send a transaction of only 0.0009 and paid the fee 0.0001 as per 0.0005 btc per kb. Transaction is only 192 bytes so I think I did everything right this time and it's still unconfirmed after 1 hour almost.
I don't use coinbase as that's the most stupid choice anyone can make, why should I choose a third party to hold coins for me, I am using Ledger HW.1 hardware wallet and electrum desktop wallet.
IIRC You should be able to get rid of the transaction by changing the server you connect to a few times and restart Electrum each time. It should disappear from your wallet and then you can send the Bitcoin again. I am not worried regarding the 2.4 USD transaction of the Electrum wallet, if it gets confirmed ok, if it doesn't not a problem for me. I am worried about the 0.062 BTC or almost 44 USD transaction, 1st one in this thread and I have done it with Ledger HW.1 hardware wallet and not electrum. |
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zend7 (OP)
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October 27, 2016, 06:54:44 AM |
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Strange things continuing to happen. My electrum transaction of 0.0034 btc has already 17 confirmations now although the fee were lower and priority medium while my Ledger HW.1 wallet which had high priority and better fee although not the recommended is still unconfirmed now. What can be the problem except lower fees ?
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achow101
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Activity: 3388
Merit: 6635
Just writing some code
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October 27, 2016, 12:28:34 PM |
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Strange things continuing to happen. My electrum transaction of 0.0034 btc has already 17 confirmations now although the fee were lower and priority medium while my Ledger HW.1 wallet which had high priority and better fee although not the recommended is still unconfirmed now. What can be the problem except lower fees ?
Miners can choose whatever transactions they want to include in a block, and apparently most pools have not been choosing the optimal transactions to include to maximize their fees. So you just got lucky. |
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zend7 (OP)
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October 27, 2016, 07:54:33 PM |
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In the end a few hours ago also my main transaction just got confirmed, right now 39 confirmations and I am happy about it.
What I learn from this is, that experience is the sum of our errors(will be very careful to the fees from now on). Finally can lock this topic up.
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