Bitcoin transaction confirmed within 20 minutes

[Pursuer]

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.

when you make a withdrawal from a service, like what you did and withdrawn from your exchange Kraken, the service takes a fee from you and pays a different amount of fee on the transition. you paid 0.0005BTC to Kraken, your transaction fee may have been different depending on the size of it, it may have even been bigger.

for example when I make a withdrawal from bittrex they still take 0.0002BTC from me but they pay a much higher fee on transactions like 0.0007BTC

[DoublerHunter]

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 also experienced faster transactions now compared to the past few days that takes even a week for my transaction to confirm and now i can received my withdrawals from bittrex to my wallet without waiting a lot of time, i think this is the proof that the team is working on the network and soon we will experience a smooth transaction when the rumors will be true like the segwit.

[Taki]

All of my last transactions which were made during this month took 4-3 days. Above there were a lot of opinions why your transaction was so fast, but I think you just could catch the luck. We all loose our money waiting for the transaction to be confirmed.
Is there a chance that your short time transaction wasn't just sudden luck? I wish to try with my bitcoins as soon as possible to see it my own eyes.

[Dimelord]

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.

Well there is nothing to get surprise in that.Most of the well known exchanges charge only very low fee for transactions.For example,poloneix charges only 0.0001 btc for a transaction.For that reason,i even store my bitcoins in exchange so that i could send bitcoin at a very low transaction fee and quickly.But its not advisable to store bitcoins in exchange.Better store it in your wallet.

[deisik]

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

I don't think that the reality is that simple

I don't deny that the processing company (Visa, Mastercard, etc) charges the corresponding costs which are paid by the merchant, though I don't think it is anywhere near 10% but I may be wrong, after all. So that's not my point. What I basically disagree with is that it is the buyer who always and necessarily overpays. In other words, just because the merchant pays extra costs to the processing company, this alone doesn't give you an opportunity to buy that item cheaper elsewhere (by approximately the amount of costs). The merchant may be earning via volume while still keeping prices at the same level with his competitors which do not pay such costs at all. Therefore, it is a win-win situation for every party involved

[27QVUTZj8rgZP1]

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

Thank you for thinking about us, poor people who rarely transact over 50USD. Yea, you read right 50USD is considerable amount for some.

[Freezingel]

The transaction from exhange always faster in my opinion because maybe we pay a quite significant withdrawal fee and they use quite high satoshi/byte. It's different when using block chain wallet because even when i use the recommended fee sometime the fee fall below 120 Satoshi /byte.

[Nevis]

Good to hear youre experiencing that fast transactions,sometimes i also experience fast transaction more faster than what you have experienced but with a low fee also,this means the block size still do matter for faster transactions

[stompix]

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.

Probably it's not even that.
 A lot of exchanges are doing mass payments and it's far cheaper to send 10 payments at once that one by one

https://blockchain.info/en/tx/8f41437da1567449e57f4390ee44ce4280471a8e8944e61e7a46eccf1c608b26

 vs

https://blockchain.info/en/tx/d2d75d58be3f7d2c681d0ec34a14ccb97377bddc1cb7f50cc873a2b5815c404c

The good news is that the mempool is down by more than 25% lately.
Only (lol) 160k waiting.

[stomachgrowls]

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

Seconded,since i do observes the confirmation times between sending on an exchange wallet compared to blockchain wallet itself. They do really differ on confirmation times i dont know what things do affect the duration but most users do use blockchain than exchange wallet.Its case to case basis actually and its quiet surprising that 2 bitcoin with low fee confirms on 20 minutes. Its amazing

[Mumbeeptind1963]

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.

just wait, your money will go to you , just be patience youre lucky because you money is ready the only thing you must do is to wait for the transactions, it will take a little bit longer but it is worth the wait when it reaches you.

[infer]

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.

exchange wallets are in the miners's priority so they confirm the money very fast. I am using bittrex wallet and it takes only 15 minutes for a transaction to be confirmed. You can try it yourself and see

[bamboylee]

50K sats is quite large enough if you only have a single input. I made a transaction last monday with 54K sats fee and it was 286 sat/byte and was confirmed within 10 minutes. I just timed it that the mempool only have 140K unconfirmed transaction. But if I am going to make that transaction today, I may need to double the fee.

[Ayiranorea]

Bitcoin transaction getting confirmed in a short is not a big surprise. Now too most of the transactions were taking place in a very short time period as stated by the wallet service providers. Few gets stuck to the network which most of the time happens even when the fee is provided high.

[Doofus]

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

[nightxglow]

Wow that's fast, nice of you. I often read posts that theyir transaction took a long time to be confirmed, even it can take one or two days but yours is only 20 minutes? Now i wonder what usually difference the lenght of time to be confirmed? But if bitcoin confirmation really is that fast, it will be great so not many people will complain again about how long they wait, or how high the fees they need to pay. But in my opinion it's just normal, like we won't expect a fast and free transaction right?

[bigmaq]

OK .. second transaction done today .. from Blockchain wallet to Polo trading account .. amount 2 Bitcoins

Transaction submitted at 8:50am and Completed at 10:32am (UK Time) - 1hr 42 minutes

Fee paid 0.0008976 BTC which works out at 240 sat/B -- This was the recommended fee by Blockchain

the recommended fee on on bitcoinfees.21.co for a quick transaction was 330 sat/B (I checked after I had already completed the transaction)



Note to self:  Check at bitcoinfees.21.co before sending lol

[beerlover]

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.

Wow. Good for you! It’s always nice when you are transferring that amount of money for the process to be quick. It always feels a little scary when your money is in the middle of being confirmed but hasn’t been confirmed yet. That is a good time, 20 minutes for that amount too. I would have expected at least an hour too so that is really good!

[SwagGirl]

Still sucks for me. It has been 4 hours and still NO confirmations. Will check tomorrow.

[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.