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Author Topic: What does lock time mean?  (Read 462 times)
meatmeat
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December 16, 2016, 02:18:23 AM
 #1

Ive been waiting a few hours on a transaction. Ive had later transactions already be confirmed.

This one says lock time and a block number:

https://blockchain.info/tx/1cde1f2fa264f8ab05c4f0386495ef2ec7d5259e8571245592a451610f85725d
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Jhanzo
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December 16, 2016, 02:49:39 AM
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It means that it can be added to the blockchain (AKA getting confirmed) after that block number but not before it.
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December 16, 2016, 05:27:24 AM
 #3

It means that it can be added to the blockchain (AKA getting confirmed) after that block number but not before it.

Thanks.

That block was a while ago...6 hours now and still not in a block. This is the kind of thing that will keep the mainstream from adopting bitcoin. Ive done transactions since...all are through.  Doesnt make sense and  this kind of thing certainly wont keep someone new to BTC around if it happened to them.
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December 16, 2016, 05:32:42 AM
 #4

I have experienced this before, and the block count is usually the next block mined after I made the transaction...

And 25000 satoshi for your 1698 byte transaction... This was higher than the average tx price back in 2015 but it is low for now (where almost every block is full and everyone is paying higher fees)... I'd recommend 1mBTC for this transaction which will make it confirm within 2 blocks after broadcasting it... It is just a ~0.4% fee for your volume, still much cheaper than traditional money transfers.

Goodbye bitcoin!
meatmeat
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December 16, 2016, 05:33:58 AM
 #5

I have experienced this before, and the block count is usually the next block mined after I made the transaction...

And 25000 satoshi for your 1698 byte transaction... This was higher than the average tx price back in 2015 but it is low for now (where almost every block is full and everyone is paying higher fees)... I'd recommend 1mBTC for this transaction which will make it confirm within 2 blocks after broadcasting it... It is just a ~0.4% fee for your volume, still much cheaper than traditional money transfers.

This was not a tx where I could set the fee myself...its BTC being sent to me
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December 16, 2016, 05:48:17 AM
 #6

I have experienced this before, and the block count is usually the next block mined after I made the transaction...

And 25000 satoshi for your 1698 byte transaction... This was higher than the average tx price back in 2015 but it is low for now (where almost every block is full and everyone is paying higher fees)... I'd recommend 1mBTC for this transaction which will make it confirm within 2 blocks after broadcasting it... It is just a ~0.4% fee for your volume, still much cheaper than traditional money transfers.

This was not a tx where I could set the fee myself...its BTC being sent to me

That won't change the fact that the required fee to get fast confirmation is much higher than 14 satoshi per byte. The recommended fee is 90-100 satoshi per byte (that's around 0.0015-0.0017 for 1698 bytes transaction) right now so your transaction might take quite a long time to get confirmed.

You have few options. You can wait, try CPFP by sending the bitcoins from that transaction with higher fee (0.002 should be enough if your transaction only use 1-2 input and output), or contact a miner and ask them to include your transaction in their block (try Quickseller or macbook-air).

                                                                       
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