The Backlog in the Blockchain

[jackg]

Or just pay a higher fee?
If you have to transfer enough bitcoin, I don't see a problem in a fee of 10satoshi/byte if you use an accelerator such as: https://www.viabtc.com/tools/txaccelerator/

In most cases paying a higher fee does the job, but with pools cherry picking it's difficult to constantly include $0.50-$1 in fees just to get your transaction confirmed with the next block.

Using that accelerator may help but you still depend on them to solve a block and to pick up your transaction. In normal circumstances it takes a block or 5-10 to see them solve at least 1 block.

Currently according to https://bitcoinfees.21.co the ratio should be 160sat/byte. If you quickly browse through all transactions you'll see that people include fees of like 0.0005BTC-0.002BTC to get the attention of pools.

The pools don't search for the transactions with the highest fee, the actual software from the developers does.
There is no option (to my understanding) to try to reverse engineer this that can easily be done without requiring editing a large amount of code from both the bitcoin node and the mining software used. If you look at the accelerator information, you'll see that they publish a new block once every four hours max so it should be included in that. It does take a large number of blocks for itto be spendable. I think the amount for the confirmations of a transaction in order for it to actually be spendabl is somethng greater than 100 (not sure though). Services obviously require much less than this as the block is unlikely to be orphoned after say 3 confirmations (2 blocks after).

IF you're all really against paying for your transactions to confirm, try to use an exchange that covers the ost of transaction fees such as coinbase (BUT ONLY KEEP A SMALL AMOUNT IN THERE - DAILY USAGE AMOUNTS ARE RECOMMEDED).

The main point is that they filter everything mostly based on their own financial benefit, and not about actual priority of a certain transaction. That's what bothers me.

Other than that, making use of certain online wallet services just for the sake of sending transactions without actually including fees is no option either. Especially not when you're privacy minded.

Only option for now is that people include proper fees, or simply quit moaning about their transactions taking hours to confirm when including poor fees. Only thing we can do is deal with the situation and act accordingly.

Exactly. I think segwit is supposed to be added to the network shortly (once some stupide miners stop rejecting it because "all of our transactions are confirmed fine - we're confirming them" - is probably one of the main ideas!
Not sure that'll help as the fees will probably increase more after that.
It'd be great to have a subscription service where a company mined blocks based on it's users' payments for monthly subscription maybe (but not sure if that'd work or not).

[dothebeats]

-snip-

Or just pay a higher fee?
If you have to transfer enough bitcoin, I don't see a problem in a fee of 10satoshi/byte if you use an accelerator such as: https://www.viabtc.com/tools/txaccelerator/

The thing is, even if we are to use these kind of third-party services to help us have better confirmation times on our transactions, still it cannot deny the inevitable fact that transactions fees are ever increasing and it defeats the purpose of bitcoin being the champion in micro-transactions, It still is faster than most bank/wire transfers but really, we would need something more than just a workaround but rather a permanent fix or a long-term solution for this concern.

[jackg]

-snip-

Or just pay a higher fee?
If you have to transfer enough bitcoin, I don't see a problem in a fee of 10satoshi/byte if you use an accelerator such as: https://www.viabtc.com/tools/txaccelerator/

The thing is, even if we are to use these kind of third-party services to help us have better confirmation times on our transactions, still it cannot deny the inevitable fact that transactions fees are ever increasing and it defeats the purpose of bitcoin being the champion in micro-transactions, It still is faster than most bank/wire transfers but really, we would need something more than just a workaround but rather a permanent fix or a long-term solution for this concern.

Isn't the transaction fee incresed by the comunity and by the sheer number of transactions that are sent.
There are also still blocks that aren't being filled to the exact limit and are slightly below (more than 500 bytes which could be used).
The only two possiblesolutions are increasing the blocksize limit or increaseing the size of the blockchain blocks. And based on the fits that current miners are having about using SegWit, they're not going to be happy with increasing the block size or increasing the frequency of blocks.

[CyberKuro]

If you want a smaller fees in bitcoin stay overnight before your bitcoin goes inside your wallet. Anyway it's cheaper to send btc using blockchain.info wallets this is according to my experience. That site also has a lightning fast transaction compared to other sites. So when you are doing business ask your client to use blockchain.info wallets so you can receive their payments very fast.

There is no significance what ever wallet you use in sending bitcoin. What matters is your fee per bytes. It will get thru whether you use electrum, blockchain or whatever wallet as long as you put large enough fees for miners to prioritize your transactions.

Some can afford to increase the fees,  but that's the problem for others.
Bitcoin attracted people, one of the advantages is lower fees for worldwide transaction and consider as fastest trasaction.
But, now it seems such as false promise for users if we should always pay higher fees but still need hours to get the transaction include to the next block. And they argue whether/when to increase the block size, we need it immediately.

[NattyLiteCoin]

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

[michkima]

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

Try using viabtc's transaction accelerator. That's what I do to speed up the process. If it is stuck for a long time already and it has more than 0.0001 btc as transaction fee then it will definitely work for you. I accelerated a transaction that was stuck for 10 hours already with 0.0001 btc transaction fee and it when from 0 to 3 confirmation in 5 minutes.

[cammymack]

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

Try using viabtc's transaction accelerator. That's what I do to speed up the process. If it is stuck for a long time already and it has more than 0.0001 btc as transaction fee then it will definitely work for you. I accelerated a transaction that was stuck for 10 hours already with 0.0001 btc transaction fee and it when from 0 to 3 confirmation in 5 minutes.

Yeah accelerator works well. This is getting frustrating though even after paying higher fees it seems to becoming a daily occurrence.

If I  want to send money to the U.S.A from U.K for example it takes 3 days and a £10 fee roughly using a bank transfer. Btc used to be like 30 mins and a fee so minimum it was basically free.

Now i can wait up to a day sometimes with an increased fee. BTC still has an advantage in many ways over banks but slow transactions and high fees is not why I used to love BTC. Sure increasing value over times means BTC is a good investment if you do not spend more than you can afford, but still its worrying.

And there is no global team of people who can say ' yes lets hard fork ' yes Segwit ' e.t.c. But then that is why BTC stands out from banks. Everyone has their say. But it seems like the community and miners can't decide what to do.

It feels like BTC is kind of stuck.

[Senor.Bla]

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

To answer your question. Yes and no. Mines can chose what transaction they want to include. So the could only include transactions with no fees if they wanted, but as they want to earn, they prefer transactions with a higher fee. Now let us assume miners include transactions with the highest fees first and that everybody pay higher fees then you. Your transaction could still get confirmed. If there are so few transactions made that a miner can not fill up his block with high fees, then they go for the next best thing. Lower fees. So this is a way you could get in, but some miners could have an threshold and if your fees are below this, then miners might not pick up your transaction at all even if they have the space for it.

[jackg]

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

To answer your question. Yes and no. Mines can chose what transaction they want to include. So the could only include transactions with no fees if they wanted, but as they want to earn, they prefer transactions with a higher fee. Now let us assume miners include transactions with the highest fees first and that everybody pay higher fees then you. Your transaction could still get confirmed. If there are so few transactions made that a miner can not fill up his block with high fees, then they go for the next best thing. Lower fees. So this is a way you could get in, but some miners could have an threshold and if your fees are below this, then miners might not pick up your transaction at all even if they have the space for it.

Actually, the software for mining is developed to pick the transactions of highest fee (this is due to the bitcoin network preferring higher fees as it helps sthe network to function).
The miners can of course modify the software but the current software relies on both the maturity of the transaction, the size of the transaction, and the transaction fee included to cover the cost of the transaction.

[Vaskiy]

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

To answer your question. Yes and no. Mines can chose what transaction they want to include. So the could only include transactions with no fees if they wanted, but as they want to earn, they prefer transactions with a higher fee. Now let us assume miners include transactions with the highest fees first and that everybody pay higher fees then you. Your transaction could still get confirmed. If there are so few transactions made that a miner can not fill up his block with high fees, then they go for the next best thing. Lower fees. So this is a way you could get in, but some miners could have an threshold and if your fees are below this, then miners might not pick up your transaction at all even if they have the space for it.

Actually, the software for mining is developed to pick the transactions of highest fee (this is due to the bitcoin network preferring higher fees as it helps sthe network to function).
The miners can of course modify the software but the current software relies on both the maturity of the transaction, the size of the transaction, and the transaction fee included to cover the cost of the transaction.

What's been mentioned is true, right now the backlog is due to these updation delay. For a long discussions were going on about the implementation of segwit or the blocksize increase through fork. Technically skilled people have said that segwit will be a better option than forks, but it has got only 20% support from the miners who are the base for bitcoin's success.

[jackg]

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

To answer your question. Yes and no. Mines can chose what transaction they want to include. So the could only include transactions with no fees if they wanted, but as they want to earn, they prefer transactions with a higher fee. Now let us assume miners include transactions with the highest fees first and that everybody pay higher fees then you. Your transaction could still get confirmed. If there are so few transactions made that a miner can not fill up his block with high fees, then they go for the next best thing. Lower fees. So this is a way you could get in, but some miners could have an threshold and if your fees are below this, then miners might not pick up your transaction at all even if they have the space for it.

Actually, the software for mining is developed to pick the transactions of highest fee (this is due to the bitcoin network preferring higher fees as it helps sthe network to function).
The miners can of course modify the software but the current software relies on both the maturity of the transaction, the size of the transaction, and the transaction fee included to cover the cost of the transaction.

What's been mentioned is true, right now the backlog is due to these updation delay. For a long discussions were going on about the implementation of segwit or the blocksize increase through fork. Technically skilled people have said that segwit will be a better option than forks, but it has got only 20% support from the miners who are the base for bitcoin's success.

Indeed, segwit has been active for at least six months. The fact that so few miners are supporting it is the problem.
Im not sure what the main miners are saying about it (bitmain, bitfury and the others)...