Bitcoin transaction confirmed within 20 minutes

[bigmaq]

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.

[Iranus]

It all depends on how many transaction the person receives.  Your transaction was made up of only one input so it was small and you payed a moderately low fee.

However, if someone receives several transactions to spend one - for example, a merchant takes 10 payments of 0.001 and then sends a transaction of 0.01 - their fee becomes extremely high.

Also, 0.0005 is only practical if you're sending fairly big transactions.  With smaller ones, it's a no-go.

I do agree that the FUD has gone too far though.

[HongKong]

Transactions usually get confirmed with a transaction fee of that amount. If the whole Blockchain is just stuck because of the amount of delayed transactions there is then the process would require more of a wait. Some people do wait for more than 3 days while spending a fee such as the amount you had today though.

[Sundark]

I do agree that the FUD has gone too far though.

Constant number of large number (over 150.000 ATM) unconfirmed transactions is no picnic.
Op, you were lucky with your transaction confirmed within 20 minutes and that your tx was small sized.
Try sending multiple small transactions next time - you will cry when your fee will be $1.5 when sending $10 worth BTC.

[coolcoinz]

I also think you were lucky and your transaction slipped through the cracks, so to speak. Lately I had a transaction stuck for 3 days with a fee of 0.0007.
You could say my fee wasn't big enough, but it was big enough a week ago, and when I sent my transaction suddenly the number of unconfirmed ones rose and transactions with a higher fee started piling up in the mempool. Sending transactions with a moderate fee, that would allow them to confirm in 24h is starting to be very risky, because situation can change while you're waiting.

[emezh10]

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.

Thats a good thing but only in you i have so many transaction in the blockchain the got stacked i have almost 1.7bitcoin stack in the blockchain that almost take up to 3days before it confirmed but i guess that was okey atleast i receive it even dough it takes 3 days .

[BitHodler]

Aside from the fees, luck is a major aspect as well as you still depend on miners to solve a block.

I have had situations where my transaction got 3 confirmations within 10 minutes, but also situations where it took nearly a full hour to get just one confirmation.

Problem here is that even though I find the fees quite steep, that this whole situation is a bit exaggerated due to complaining penny pinchers and big block trolls ~ people shouldn't take everything for granted so easily.

[darkangel11]

I never had that, guess I'm unlucky. My transactions always get stuck and especially now in the last 2 or 3 weeks, it's been a nightmare. I sent my last transaction on thursday and on monday it was still unconfirmed. It had not dropped from the mempool so I rebroadcasted it and we shall see if it goes through by the end of the week.

[avikz]

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 don't know how you got lucky, but recently I have transferred around 150 USD from my blockchain account to localbitcoins account as I needed some urgent fund. The transaction fees was dynamic and I actually paid around 5 USD fees for transacting that amount. Since it is a very minor portion of my bitcoin holdings, I didn't feel bad. Also the transaction was confirmed withing 25 minutes.

However, if I had transferred a big amount, then the transaction fees would have been much bigger in value. This system needs improvement and adoption of better technology. Otherwise, many people like me will start investing in ETH along with bitcoin.

[franky1]

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

[cengsuwuei]

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.

because sending fee is very high
you can see tx id transaction, how much sending fee per bytes i think is over 250 satoshi/bytes

[kjlimo]

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

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...

I guess zero fee transactions aren't getting processed quickly these days anymore?  Bummer!

Is an alt coin taking the lead here?

[btccashacc]

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

Exactly, $1 for fee it's really big it might just a little money for some people but for me and for those who living in 3rd country, not at all . $1 it such a big amount since all of activities that you've just mentioned above is totally free in here. I don't blame bitcoin cause i realize that bitcoin isn't suitable for small transaction, big thanks for those who have created altcoins now i can move my coins from one exchanger to another exchanger without worried about the fee.

[DannyHamilton]

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.

So, you pay an extra 10% more than you should have to in order to get 1% paid to you from the credit card company, and they've tricked you into thinking that you are coming out ahead.

[Yakamoto]

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 typically have confirmation tomes somewhat similar to this even with some smaller transactions, nothing big like nearly 2 BTC moving at once. I pay about $0.75CAD and it gets there within an hour most of the time, but I fairly consistently get transactions at 3-ish confirmations by an hour, maybe two on off days.

If there's a spam attack it takes longer, but I'm also not consistently experiencing these long transaction times. I don't know why.

[Doms]

I usually do small transactions once a week and it has been a while since I was able to have a confirmation as quick as yours. I only use the recommended fees since I am in no hurry, but still 3 hours of confirmation is not something that I am willing to get used to when in fact there are faster ways in which I can do my other transactions.

[iqlimasyadiqa]

This is a very complex problem. The delay of bitcoin transactions can reduce the bourge of bitcoin in the world market.
One that we can do now is by increasing the amount of delivery fee. Because this can overcome the delay of each transaction.

[jekjekman]

Because you have only 1 input that is why it is fast with your paid fees. With My experience though I send $8 worth of bitcoin and paying almost $2 of transaction fees because I have 6 inputs that resulted to a 1kb size and I don't know why did it happen even though I receive it from a single withdrawal.

[Wind_FURY]

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

The miners are becoming very greedy. That price of Bitcoin has already tripled in a year yet the will not include your transaction with a "low" fee. How is it still low if Bitcoin is already at $2000 per coin?

They should do the hard fork to BU already if that is what they really want.

[perla]

that is why i prefer to send bitcoin from exchanger ( usually on bittrex ) it only need a few hours to confirm and it is not like when i use blockchain it take a couple days to my transaction get confirmed