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Author Topic: Low fee transaction  (Read 516 times)
Potatoes
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January 24, 2017, 07:38:44 AM
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Hey guys,

Im fairly new to the Bitcoin thing and didnt quite realize that low fee meant slow processing time. I sent some bitcoin yesterday and it still hasnt been confirmed yet. cf700b19e142c627fadace5ea81c9c91bb6fff6026d24af4c715f5259d883748 this is the transaction ID. Could anyone help me out with how long this could take to be confirmed? Or if there is a way to cancel this transaction and resend the bitcoin again with a higher fee so it will be processed more quickly?

Many thanks in advance Smiley
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Potatoes
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January 24, 2017, 07:53:18 AM
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Oh ok, i think i understand. Is there a time limit on how long it can take to be picked up in a block? It says expected confirmation time is 25 blocks...would that mean theoretically that it could be in the order of 25x10min/block= 250mins? It has been over 24 hours now and still nothing...

Thanks for your help btw Smiley
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January 24, 2017, 08:11:28 AM
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Oh ok, i think i understand. Is there a time limit on how long it can take to be picked up in a block? It says expected confirmation time is 25 blocks...would that mean theoretically that it could be in the order of 25x10min/block= 250mins? It has been over 24 hours now and still nothing...

Thanks for your help btw Smiley

https://blockchain.info/tx/cf700b19e142c627fadace5ea81c9c91bb6fff6026d24af4c715f5259d883748
Size = 191 bytes
Fee = 7535 satoshi

Fee in satoshi/byte = 39 satoshi's/byte.

https://bitcoinfees.21.co/ teaches us that at the time of writing you'll have a 90% chance of getting into the next 5-inf blocks.

The way this works: you added a certain fee per byte of transaction. On average, 1 block is added to the blockchain every 10 minutes. One block has a fixed size of max 1 Mb.
The miners are completely free to pick any unconfirmed transaction residing in their mempool to fill the block they're currently working on. Usually, the miners will fill their blocks with the transactions having the biggest fee per kilobyte, because that way, they'll earn the most from the fees.
But, because they're completely free to chose which unconfirmed tx's they add to their blocks, it's possible that with your fee, you'll be added to the very next block, or you might never be added at all.
It's just odds, averages and luck... bitcoinfees.21.co indicates which interval has a 90% chance of getting your tx in a block, but there is no certainty.
Theoretically, you could send a tx having a 0.1BTC per byte fee, and it might never be added to a block (for example: because the funds come from a BTC heist, and all bitcoin miners decide together that they'll never include the tx stealing BTC to any block ever again)

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January 24, 2017, 08:43:34 AM
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Well thanks a lot for the information. I very much appreciate it Smiley I guess live and learn aye. Next time i will be more careful with the fee I pay :p
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