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Author Topic: What is the logic of working at blockonomics.co?  (Read 256 times)
Deep BTC
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February 28, 2017, 07:49:17 PM
 #1

Does anyone know how this site works? You enter the bitcoin address or TX ID value. The site provides information about the approval status of the transfer process. For example, it gives information about how much time has passed through the process and how long the process will be approved as an estimate.

How to find estimate how long a transaction will be approved? How does the site calculate this?

https://www.blockonomics.co
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February 28, 2017, 09:38:50 PM
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How to find estimate how long a transaction will be approved? How does the site calculate this?

I'm guessing that the site takes the number of unconfirmed transactions, hashing power of the collective miners, the fee of the transaction, plus a few other factors, and plugs them all into a rough equation.

Cool tool. It's currently estimating one of my unconfirmed transactions to be ~3d left until confirmation, which sounds about right with the delays going on currently.
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March 01, 2017, 12:26:40 PM
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Transaction approval process is with my best educated guess is going to be on the amount of time that the transaction takes to receive a specified number of confirmations on the bitcoin network, most usually this number is set to one confirmation and that could take a good amount of time depending on the fee paid for by the buyer.

The estimate is simply what it is, an estimate and that is all they can really say about it, they're just going to be waiting on that one confirmation to be able to accept the transaction. Could you send your TX in order for us to see if it's been confirmed and resolved, by this amount of time waited it really should be.

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March 01, 2017, 12:35:09 PM
 #4

How to find estimate how long a transaction will be approved? How does the site calculate this?

https://www.blockonomics.co
I think they use api from https://bitcoinfees.21.co/api
to estimate waiting time to get confirmation.

https://bitcoinfees.21.co/ estimate how long a transaction will be in mempool (unconfirmed) using average time transaction with similar type of fee had waited in real time. How much a transaction have to wait to get confirmation depends solely upon fee per byte of the transaction.

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