bitcoin transfer, electrum says low fee?

[Larry21]

Hi folks! 

I'm new to this bitcoin thing. Someone sent me 0.07bc to my electrum wallet, but it says 'low fee'.... does that mean the transaction isn't big enough for electrum to take their cut... we are talking like $40 here....  it's been with that warning for 8 hours.

please help.

Larry

[NeuroticFish]

Hi.
Just take a look here: https://btc.com/stats/unconfirmed-tx
There are a lot of transaction in the queue. Much more than usual.
This means that if you want your transaction go through in a normal time, you'll have to pay much more than usual.

[Larry21]

thank you, so it means I will receive the bitcoin eventually?

[NeuroticFish]

thank you, so it means I will receive the bitcoin eventually?

The money is never lost.
It can go through and then you receive it.
The sender wallet may re-broadcast it from time to time and if the fee was not awfully low, it may go through sooner or later.
Or it can be rejected and it will go back to sender.

[Larry21]

thank you, so it means I will receive the bitcoin eventually?

The money is never lost.
It can go through and then you receive it.
The sender wallet may re-broadcast it from time to time and if the fee was not awfully low, it may go through sooner or later.
Or it can be rejected and it will go back to sender.

thank you for your help! :-)  I shall wait with baited breath!

[Abdussamad]

electrum doesn't take a cut btw. transaction fees go to miners in the bitcoin network.

[Larry21]

ah, ok, thank you!

[Larry21]

also looking on Blockchain info it says the transaction fee is lower than recommended? Will that stop the transaction? It does state it's high priority though.

[steven0021]

also looking on Blockchain info it says the transaction fee is lower than recommended? Will that stop the transaction? It does state it's high priority though.

No it won't stop the transaction. In the first place there's no way to stop a transaction. You can let the network forget about a transaction on its own, but you can't stop it.

As said above, the bitcoins will be returned to the sender's wallet if it doesn't get included in a block for a long time. To prevent this you need to push the hex from time to time using the sites listed here. To get the hex of a transaction just view it in blockchain.info and add "?format=hex" at the end of the URL (example: blockchain.info/tx/yourtxid?format=hex).

You can also try sending the unconfirmed transaction with higher fees than usual (if you're unsure what fee to include please post the txID). Or contact the users I mentioned here.

[Larry21]

I tried the hex thing, thank you for the tip. It just states transaction already exists?

[steven0021]

I tried the hex thing, thank you for the tip. It just states transaction already exists?

Yes. If a site you pushed the tx to have dropped it it'll get added back to their mempool (and they will relay it). If they haven't dropped it then nothing happens and you'll get that message.

Also I miss-typed something in my previous post, I'll just post it here so you don't miss it.

You can also try sending the unconfirmed transaction bitcoins with higher fees than usual (if you're unsure what fee to include please post the txID).

[Larry21]

cool, thank you!

 

[Larry21]

is this the transaction ID?
https://blockchain.info/tx/6e055282d609137dfe5a3b3741120f8203b924441c65fdd2aeccd5235eb1336f ?   how do I up the fees?

[Larry21]

I use Electrum. If I manually up the transaction fee say to 1 mBTC per kb will that help? at the mo it's at 0.5

[Larry21]

finally went through, wow! Thank you for all the help guys!