Returning to bitcoin after 2 years! shocked at confirmation time!

[itsallpc]

This was not the bitcoin i had seen!

What in the world has happened to bitcoin


It is almost one day and the transaction has not been confirmed and as a result i am not able to trade in any exchange..

i have heard that the transaction confirmation time has increased but never expected this worst case.. at this rate everyone will soon abandon bitcoin and this is the reason perhaps bitcoin dominance has come down significantly in the crypto space

No one would abandon bitcoin for this reason and bitcoin is still attracting world wide investors.It depends on the transaction amount to pay fee.Higher the amount,higher the fee.But transaction fee is still low in case of remittances from abroad.

[haroldtee]

Welcome back! That's how we have all seen it. I don't really see that as a problem anyway, if you are transacting huge amount in dollars of bitcoin except for micro transaction like how it used to be. No one has because of that abandoned BTC and I don't see that coming in years to come and since you have been away, there has been a lot of progress as you can see. Once again, you are welcome back.

[Periodik]

Welcome back to bitcoinland. Surprised with the very slow transaction and higher fees? You'd be also shocked to bitcoin's price despite these problems surrounding it. We hope segwit and lightning stike be done successfully. If not good luck and thumbs up to the coming altcoin party.

[javalemcgee]

Simply pay the proper fee. Most clients include that functionality by now.

I paid $3 fee for $150 bitcoin transfer and it completed in 2-3 hours. Do you see the fee like %2 ??

You would say bitcoin had the advantage. Where is it?

[btxu]

I have a similar issue.

Been holding a bitcoin in MultibitHD.

Have tried to send a week ago using the default transaction fee that worked in the past. (0.00001) - I don't think it support dynamic fees.
It didn't work - and has been stuck as unconfirmed.

The address I was sending to was another from the same wallet (I was doing this for the Byteball sync a few days ago)

I have since tried to send again to another separate wallet - and upped the transaction fee to the default setting in Multibit (0.00005)

This still hasn't gone through.


I'm concerned my BTC will just be stuck in some weird perpetual limbo - I don't really understand what to do in this situation, if the transactions will time out, or what to expect.

If anyone here has any advice I'd really appreciate it.

[Wa(t)ch_night()]

Simply pay the proper fee. Most clients include that functionality by now.

I paid $3 fee for $150 bitcoin transfer and it completed in 2-3 hours. Do you see the fee like %2 ??

You would say bitcoin had the advantage. Where is it?

I also would not mind if you can buy Bitcoin with a low percentage. Today this is a very rare rarity, since Bitcoin has a stable demand. Everyone hopes for a huge price in the future and therefore reluctantly implements the crypto currency.

[Vishnu.Reang]

Welcome back to bitcoinland. Surprised with the very slow transaction and higher fees? You'd be also shocked to bitcoin's price despite these problems surrounding it. We hope segwit and lightning stike be done successfully. If not good luck and thumbs up to the coming altcoin party.

Is SegWit the only solution which is available right now? I am asking this because I don't think that it will be possible to attain a 95% consensus, which is needed to implement the SegWit proposal. Are there any other solutions available currently?

[amacl1n]

You probably used the old fees of 0.0001 btc which is not sufficient at all right now, the fees are more dynamic nowadays and the best methods is using a fees calculator to guarantee getting included in the next few blocks, developers are considering possible options to solve this problem now, but for now at least 200s/b for a quick confirmation.

[bitcoinisbest]

Well yes the old fees is now actually takes forever and new fees is way beyond the normal. It becoming more expensive to transfer from one address to another with the new fees. And if you want to send with lesser fees the transaction does not get confirmed for days only.

[keithers]

If I am hearing/reading correctly, it looks like there has been some small progress made on the scaling debate right?  Aren't a lot of the miners signaling towards a version of segwit to help with the scaling?

As stands to make a transaction go fast enough, the fees are like equivalent to credit card or PayPal fees which partially defeats one of the original major use cases for bitcoin

Don't get me wrong, I'm still a firm believer that it is going to be a major long term storage of value, but micro transactions will probably be taken over by Ethereum or maybe even Litecoin.

[TastyChillySauce00]

From what i know, the speed is roughly the same, the difference is the price or fee you have to pay. Now it's more expensive to send bitcoin because the demand and number of transactions is increasing compared to 2 years ago.

You’re right, the amount of time required for the transaction to get confirmed is pretty much the same as a couple of years ago. People were complaining about the transaction fees then too and a little bit of progress was made from the complaints (Viabtc was built so the transactions could get accelerated causing a bunch transactions getting confirmed much faster than normal).

We are seeing a little bit of progress of the years, if only more miners applied a free transaction accelerator for the people.

Don't expect that to happen in the future, Viabtc was created in purpose of supporting bitcoin unlimited if I'm not mistaken, the miners will not going to make a free BTC accelerator because it'll reduce their profit.
If you want to see the reality, just look at Bitcoin accelerator other than Viabtc, they'll require you to pay a high amount of money, that's what miners actually want from you.