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Author Topic: Blockchain fees lie - What is the fact?  (Read 258 times)
RoMeiRo
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May 11, 2017, 05:43:54 PM
 #1

Hi all,

I know, here is the many and many similar topics, but I want to know one thing! Today I sent this transaction ->

https://blockchain.info/tx/e3777609f19f4bb6e7dda89a9c1951010bf24a06f6918807afbc1fb963eb9d28

Total Input - 0.00165629 BTC
Total Output - 0.00064892 BTC
Fees - 0.00100737 BTC

Fee per byte    108.436 sat/B

So... This fee was automatically set by Blockchain (0.00100737 BTC) and before sending, it showed me, that this transaction will be approved within 2 blocks (approx 20 min.).

How is it possible that the Blockchain so lying?

Now, I'm waiting more than 4 hours! I believed that this fee would ensure trouble-free transaction.

So what is the fact?

Thank you all....

//edit: Sorry, it's about Blockchain.info wallet
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May 11, 2017, 06:00:43 PM
 #2

Presuming you are talking about blockchain.info here, and if so you would have to ask them why their software is inaccurate. 

Your best course of action is to use a different wallet since they have trouble all the time.



Hi all,

I know, here is the many and many similar topics, but I want to know one thing! Today I sent this transaction ->

https://blockchain.info/tx/e3777609f19f4bb6e7dda89a9c1951010bf24a06f6918807afbc1fb963eb9d28

Total Input - 0.00165629 BTC
Total Output - 0.00064892 BTC
Fees - 0.00100737 BTC

Fee per byte    108.436 sat/B

So... This fee was automatically set by Blockchain (0.00100737 BTC) and before sending, it showed me, that this transaction will be approved within 2 blocks (approx 20 min.).

How is it possible that the Blockchain so lying?

Now, I'm waiting more than 4 hours! I believed that this fee would ensure trouble-free transaction.

So what is the fact?

Thank you all....


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May 11, 2017, 06:16:40 PM
 #3

Presuming you are talking about blockchain.info here, and if so you would have to ask them why their software is inaccurate.  

Your best course of action is to use a different wallet since they have trouble all the time.

Sorry, yes it's a Blockchain.info wallet... I know, I registered a Coinbase and now I want to transfer my funds, but I made 3 transactions and all of them were rejected. And now it looks like the same situation with the recommended fee.
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May 11, 2017, 07:48:58 PM
 #4

Presuming you are talking about blockchain.info here, and if so you would have to ask them why their software is inaccurate.  

Your best course of action is to use a different wallet since they have trouble all the time.

Sorry, yes it's a Blockchain.info wallet... I know, I registered a Coinbase and now I want to transfer my funds, but I made 3 transactions and all of them were rejected. And now it looks like the same situation with the recommended fee.
It seems blockchain.info haven't updated their software to  calculate accurate recommended fee. These days mempools are full with thousands of transactions so recommend fee is way higher than what it was few weeks ago so blockchain.info script failed to calculate enough fees. You can increase those fee manually going through advanced send, just increase fees so that it shows you it will get confirmation within 1 block.


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aubert
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May 12, 2017, 01:34:32 AM
 #5

As repeatedly discussed, the blockchain.info's fee policy is outdated that if you use their auto fee feature, you'll more likely to get trapped into the low-fee transaction and the confirmation will arrive within more than a day.
I've been trapped with this and it's really depressing, actually, there's some way to speed up the confirmation even if the fee is too small(CPFP, Replace by fee, using accelerator such as viabtc.com) but it's better to prevent this from happening. Better to always check the currently recommended fee and use it instead of using what blockchain.info has recommended.
And yeah, blockchain.info is actually lying, such a bad experience given by them to their users. wrecking their users directly.

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RoommateAgreement
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May 12, 2017, 03:32:38 AM
 #6

Presuming you are talking about blockchain.info here, and if so you would have to ask them why their software is inaccurate. 

Your best course of action is to use a different wallet since they have trouble all the time.

Sorry, yes it's a Blockchain.info wallet... I know, I registered a Coinbase and now I want to transfer my funds, but I made 3 transactions and all of them were rejected. And now it looks like the same situation with the recommended fee.
It seems blockchain.info haven't updated their software to  calculate accurate recommended fee. These days mempools are full with thousands of transactions so recommend fee is way higher than what it was few weeks ago so blockchain.info script failed to calculate enough fees. You can increase those fee manually going through advanced send, just increase fees so that it shows you it will get confirmation within 1 block.

you don't update the software to get the updated fee, it is a code that is written to analyze some stuff and suggest the fee, like what other wallets like bitcoin core are doing.
the problem with blockchain.info is that they have always been bad and buggy in these areas. you can even see it in their blockexploere. it has a lot of small bugs and they are there for years before they fix it!
for some reason they have not improved their fee either, which means the estimation is always far off the mark.


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