Bitcoin transaction confirmed within 20 minutes

[LuanX3]

OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..

I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)

Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.

LOL, it's sad that we are celebrating 20 minute txns this day and age, maybe it's time to implement SegWit dammit .  But I am happy for you, this is rare occurrence nowadays unless you want to pay ten percent on a ten dollar transaction.

He got lucky or krken placed a higher fee than 0.0005. Actually fees are not calculated by how much you transact, but how many inputs and outputs are there. Kraken, like other sites, asks their users to pay a fixed amount in fees and they will likely put a 150-250 sat/kb fee, which will be 1-5 blocks. Luckily you got in the 1 block.

[GreenBits]

OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..

I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)

Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.

LOL, it's sad that we are celebrating 20 minute txns this day and age, maybe it's time to implement SegWit dammit .  But I am happy for you, this is rare occurrence nowadays unless you want to pay ten percent on a ten dollar transaction.

He got lucky or krken placed a higher fee than 0.0005. Actually fees are not calculated by how much you transact, but how many inputs and outputs are there. Kraken, like other sites, asks their users to pay a fixed amount in fees and they will likely put a 150-250 sat/kb fee, which will be 1-5 blocks. Luckily you got in the 1 block.

My bad, wasn't insinuating that the fee was proportional, was pointing out an excessive fee is the only way to get the job done at the moment (ironically, in Mycelium, this recently resulted in a greater than a dollar fee an a roughly 10 dollar transaction. It was priority, but damn.)

[mangez]

$3 fee on a $20 transaction and still not confirmed after almost 24 hours

https://blockchain.info/tx/bc19104e615ba441c0aeed6a144239ffcb075d6e409305ca5a7a4df1142c3cb7

[bigmaq]

Transferred 1.76471664 Bitcoin from my Poloniex account to Kraken this morning at 7:30am (UK Time) transactions were confirmed and funds available in my kraken account at 8:38am (UK Time) ... fee paid 0.0001 BTC

Poloniex wouldn't allow me to adjust the fee payment so had to pay what they asked for.


So over past few days done 3 transactions:

Kraken - Blockchain Wallet

Blockchain - Poloniex

Poloniex - Kraken

All transactions in my opinion completed in a reasonable amount of time ... what do you think?

[Amph]

still i have my two transactions stuck there forever, i know i piad less than the average but i was expecting it to confirm at soem point anyway

now those money are ther eunusuable, there is a way to retrieve those little 0.04 btc? i can't do zapwallettxes, because i'm on prune mode and it tell me that you need tor edownload the blockchain? abandon TX don't work, what i can do to get back my coins?

someone can rebroadcast it at least? 92690b02403237b8681b7e9804fddb6e82f6ebcdde68cf355673f184449e6d81 17d5403074cda1822ee1622555824529a37454f471293de927569683b0b00a3a

[Minecache]

OP still paid $1

yea in america some think moving funds for $1 is good

here in england i can do a bank transfer FREE
i can use an ATM FREE
i can get a cashiers cheque FREE

in third world developing countries $1= upto 20 hour minimum wage

so in many ways in the non american mindset $1 is bad..
but some people are stuck in their american 'richguy' mindset

remember the tx fee has no relevance to the amount moved. i think the OP would complain if he was moving just 0.01btc and still needing to pay $1

if you think bitcoin is ok for the rich and nothing needs to change. then bitcoins ethos of helping the unbanked has been lost

Actually banking is not FREE. Your fiat loses value each and every day.

[samuraijin]

Not always you have to spend a lot of money in the future for the cost of each of your transactions

[Seville]

some of my transactions take 20 mins and some take 3 days even with the same fee.. sometimes theres just a huge backlog

[SvenBomvolen]

That's really cool for you.  it took me 2.5 hours to get a transaction confirmed last night. and i paid the fees!

I hadn't any transactions on this week, so I'm pretty surprised to hear that transactions became fast again. Those one that I provided this month was very slow, like 3-4 days.

[davis196]

OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..

I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)

Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.

I have one 0.00448 btc transaction which still has 0 confirmations after 72 hours.
You are lucky....
I can`t use my bitcoins for anything,rigth now.

[Dudeperfect]

Yes, I have the same experience. Actually I wanted to post it here but then I thought to wait for few more days and let's check if it was an accident or what. In last week it happened with me 2 times. It took less than 10 minutes for transactions to get confirmed and that too without using ViaBtc transaction accelerator service. This is very good sign and more people would join us if this situation continues.

[audaciousbeing]

OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..

I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)

Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.

Good for you that you get your transaction confirmed in that little time so to say but you also need to understand that if the same transaction had been carried out in the last 6months, it might not take up to 5 minutes for it to confirm. Also, you also need to understand that most trading site in other to maximise the clients experience monitor the bockchain network in other to make transactions faster than normal bitcoin wallet providers. So those complaining are not joking around as its what they have experienced they are sharing.

[deisik]

Transferred 1.76471664 Bitcoin from my Poloniex account to Kraken this morning at 7:30am (UK Time) transactions were confirmed and funds available in my kraken account at 8:38am (UK Time) ... fee paid 0.0001 BTC

Poloniex wouldn't allow me to adjust the fee payment so had to pay what they asked for.


So over past few days done 3 transactions:

Kraken - Blockchain Wallet

Blockchain - Poloniex

Poloniex - Kraken

All transactions in my opinion completed in a reasonable amount of time ... what do you think?

There is nothing special to think about

It should be obvious that your transactions weren't alone, i.e. they were included in a bunch of other transactions, and this complex transaction might have had enough fees set to get confirmed on time. Apart from that, some rogue exchanges set very high transaction fees while in fact paying only a tiny portion of that (thereby, essentially stealing money from their clients), while other, more benevolent exchanges set lower fees and may even pay for you what should suffice for the transaction to get confirmed fast. Bitfinex just outright pays the fees for you, i.e. cryptocurrency withdrawals are free of charge there

[roomfirst]

I think it's all about fee and what wallet that the sender and the receiver use, more higher you pay the fee more faster you transaction get confirmed. Actually i'm surprised OP can get fast confirmation with 0.0005 fee, i'm sure OP not sent to/from the blockchain wallet. Blockchain is really hard to get confirmed on a transaction nowdays, if you want fast to get confirmed, you must pay the fee at least 0.0012+ (based on my experience on blockchain).

[Happydd]

OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..

I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)

Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.

This shows that the bitcoin transactions are completely fast, the stuck only occurs when too many transactions are made at the same time. But, even with so many transactions happening, bitcoins will certainly not face any obstacle when they do 2mb segwit. I'm waiting for it.

[Preclus]

I'm in America and I expect zero cost transactions as well...

In fact for purchasing at a store, I expect to be paid by the credit card companies...
- snip -

TANSTAAFL

Transactions in America aren't zero cost.  The cost is just hidden from you.

You use a credit card that pays you 1% in "rewards", and the credit card company charges the merchant 10% in "transaction fees".  To cover this cost, the merchant charges 10% more for the item he is selling than he otherwise would have if he didn't accept credit cards.

One, when you buy something with a credit card, you aren't buying with your own money. You are borrowing money and spending it. At the end of the month, you can choose to pay the loan off or you can choose to roll most of it to the next month. You can't compare buying something with someone else's money to buying something with your own money.

Two, merchants do not have 2 different prices, one for credit cards and one for other methods of payment. Merchants like when people use credit card because people don't need money to buy things and the merchant still gets paid. If you are selling a $100 widget and people can just borrow money to buy it, you can make a lot more widget sales than if people need cash to buy it. Show me any large merchant that has different prices for debit cards vs. credit cards vs. cash vs. check. When I go to the store, it is the same price for any of them.

Three, there is no 10% charge to merchants. There is a fee they pay but the better position the merchant is in to negotiate with the banks, the lower fees the merchant pays. Amazon, for example, pays just about nothing to credit card merchants.

[milewilda]

Transferred 1.76471664 Bitcoin from my Poloniex account to Kraken this morning at 7:30am (UK Time) transactions were confirmed and funds available in my kraken account at 8:38am (UK Time) ... fee paid 0.0001 BTC

Poloniex wouldn't allow me to adjust the fee payment so had to pay what they asked for.


So over past few days done 3 transactions:

Kraken - Blockchain Wallet

Blockchain - Poloniex

Poloniex - Kraken

All transactions in my opinion completed in a reasonable amount of time ... what do you think?

There is nothing special to think about

It should be obvious that your transactions weren't alone, i.e. they were included in a bunch of other transactions, and this complex transaction might have had enough fees set to get confirmed on time. Apart from that, some rogue exchanges set very high transaction fees while in fact paying only a tiny portion of that (thereby, essentially stealing money from their clients), while other, more benevolent exchanges set lower fees and may even pay for you what should suffice for the transaction to get confirmed fast. Bitfinex just outright pays the fees for you, i.e. cryptocurrency withdrawals are free of charge there

Very well said theres nothing special on here thinking off on using exchanges to fasten up transaction times. We can able to say that because when a certain transfer of ours is usually included on bunch of transaction of others and very lucky of us that they do really put up huge fees thats why it confirms fast and i did also this thing too but a little bit hassle because you would need to log in everytime on where your bitcoins have been transferred thats why sometime i do decide to put up high fee to avoid those transferring habits.

[Preclus]

Actually banking is not FREE. Your fiat loses value each and every day.

In the U.S. the currency is the dollar. Nobody keeps their money in dollars. Dollars are what things are priced in because dollars are the currency used in the United States. It is a means of exchange, it is not an investment.

Again, dollars are what things are priced in. That is the difference between a currency and an asset.

I live in the U.S. I do not have dollars. I have stocks, bonds, real estate, bank deposits, etc. None of those are dollars. They have a value that is priced in dollars. A house is not dollars. Many people in the U.S. are short dollars. They have borrowed dollars to buy a house, for example. They have a mortgage. They have bought an asset with dollars they don't have, they have borrowed those dollars, and they need to pay the dollars back over time. They hope their house will be priced more in dollars in the future.

Bitcoin is not a currency because things are not priced in bitcoins. If most things were priced in bitcoin, you could consider bitcoin a currency. When I look at buying a house, car or other item, I am not looking at a price in bitcoins. Bitcoin is an asset. When buying bitcoins, you are betting the current price of bitcoins will go up. The price put on bitcoin is based on the last price someone paid on an exchange. For bitcoin to rise in price, you must find buyers willing to pay those higher prices.  This is different from a currency. A currency does not require buyers to pay higher prices as it is what things are priced in. Market liquidity in bitcoins is determined by how many buyers are available.

[johnwest]

Right now

167245 Unconfirmed Transactions

and counting.

I dont know how your transaction got confirmation so fast but for most of us its still same or a little less. I was just thinking whether the segwit integration will be a solution for this or not.

[Ucy]

I think it's all about fee and what wallet that the sender and the receiver use, more higher you pay the fee more faster you transaction get confirmed. Actually i'm surprised OP can get fast confirmation with 0.0005 fee, i'm sure OP not sent to/from the blockchain wallet. Blockchain is really hard to get confirmed on a transaction nowdays, if you want fast to get confirmed, you must pay the fee at least 0.0012+ (based on my experience on blockchain).

Unfortunately Blockchain.info has a fixed default transaction fee no one can adjust. There is no option to adjust fee (or maybe there is?). They should make it well visible if there is