Confirmation Time

[Sourceofmagic]

Hi All,
  New here.   I've been playing with BitCoin over the last couple of weeks just to learn the basic.   Bought a few bitcoins and transferring them and building my own secure wallet, etc...

However, I have a transaction I did a little over 19 hours ago (at the time of this post):
https://blockchain.info/tx-index/7e3d4868b332169f16b19296695cd69bfe9fc8159bf809987d5c972546671144


However, when I look at this website, it appears the fee associated is much higher than anything I'm seeing here:
http://bitcoinfees.21.co/

Is my fee appropriately high enough or how do I read the recommend fee chart?

If I'm reading my transaction correct, the fee is 0.0005 bitcoin, correct?  Any my transaction size is 373 bytes.   Which is 0.000001340482574 btc/byte.

According to the chart, that falls in the  0.0000012-0.0000015 btc/byte and the current estimates is 50 minutes.

I had done a similar transaction earlier yesterday and it took an hour (which is closer to the 50 minutes ETA).

Thanks!

[SFR10]

Is my fee appropriately high enough or how do I read the recommend fee chart?

No, your fee is actually pretty low.

This is what you should've used (if you make a transaction now, not sure what was the recommended fee 19 hrs ago):

The fastest and cheapest transaction fee is currently 360 satoshis/byte, shown in green at the top.

And you used only:

Fee per byte   134.048 sat/B

There's a big difference, and it's going to take a long time (normally) for such transaction to receive a confirmation.

According to the chart, that falls in the  0.0000012-0.0000015 btc/byte and the current estimates is 50 minutes.

Just checked and it's 40-Inf, meaning 40 minutes to infinite time (just so you get the picture).
Luckily there's a service called "ViaBTC Transaction Accelerator" that you can submit you're transaction there (as long as there's the minimum fee of 0.0001BTC/KB), and they include your transaction, on the next block that they mine: https://www.viabtc.com/tools/txaccelerator/
Take note: There's a 100 Tx's per hour limit, so use it on hour resets (UTC format).

[HCP]

you need to read the bit that says "The fastest and cheapest transaction fee is currently XXX satoshis/byte, shown in green at the top."

Currently, that is 360 sats/byte... you paid 130 sats/byte...

Your math for figuring out your fee is correct, but you're misinterpreting the information being given. The chart is showing that the estimate for your range is "45-INF" (that means a minimum of at least 45 minutes ~5blocks... and a maximum time of "Infinity"... aka. never)

It is important to realise that these estimates are based on the current state of the network and how many transactions are waiting "right now"... if another 20,000 transactions are added to the mempool in the next 10 minutes, these numbers and estimates will change.... if they all have bigger fees than you, that will push your transaction further back in the queue.

The moral of the story is, if you want fast confirmation times... pay "appropriate" fees...

[Sourceofmagic]

Is my fee appropriately high enough or how do I read the recommend fee chart?

No, your fee is actually pretty low.

Thanks for responding.   I choose the local software wallet Multibit HD.   It appears to only have the ability to set a specific fee amount and not adjust to market conditions.     I didn't know the features I would like when looking at wallets.  Are there wallets that adjust the fee based upon market conditions?

Luckily there's a service called "ViaBTC Transaction Accelerator" that you can submit you're transaction there (as long as there's the minimum fee of 0.0001BTC/KB), and they include your transaction, on the next block that they mine: https://www.viabtc.com/tools/txaccelerator/
Take note: There's a 100 Tx's per hour limit, so use it on hour resets (UTC format).

I read about that moments ago in other posts.    Before the top of the hour, the website was responding fine.  And then coincidentally at the top of the hour it is no longer responding.  I assume this is because they are getting hit heavy with folks trying to get their transaction added.

Thanks for the info.  I keep learning more and more.   

[HCP]

Thanks for responding.   I choose the local software wallet Multibit HD.   It appears to only have the ability to set a specific fee amount and not adjust to market conditions.     I didn't know the features I would like when looking at wallets.  Are there wallets that adjust the fee based upon market conditions?

Electrum. It is a light weight (aka "SPV") wallet, so you don't have to download the whole 150gigs of blockchain... it is an HD wallet as well, so you can backup and restore just using the 12 word seed... and it is actively maintained and developed.

If you do use Electrum, go into the Preferences and under fees make sure "Dynamic Fees" is checked. This system actively monitors fees required to get decent confirmation times.

I read about that moments ago in other posts.    Before the top of the hour, the website was responding fine.  And then coincidentally at the top of the hour it is no longer responding.  I assume this is because they are getting hit heavy with folks trying to get their transaction added.

Pretty much... hit it up right at the top of the hour... if you don't do it within the first minute these days... you'll probably just get "Submissions beyond limit"

[Sourceofmagic]

Thanks for responding.   I choose the local software wallet Multibit HD.   It appears to only have the ability to set a specific fee amount and not adjust to market conditions.     I didn't know the features I would like when looking at wallets.  Are there wallets that adjust the fee based upon market conditions?

Electrum. It is a light weight (aka "SPV") wallet, so you don't have to download the whole 150gigs of blockchain... it is an HD wallet as well, so you can backup and restore just using the 12 word seed... and it is actively maintained and developed.

If you do use Electrum, go into the Preferences and under fees make sure "Dynamic Fees" is checked. This system actively monitors fees required to get decent confirmation times.

Thanks!   I'll check out Electrum.   However, I would like to get my transaction cleaned up so that it's not hanging out there.  Infinity is a long time ya know?

I'm going to assume that I will be very unlikely to get on the viabtc 100 transaction limit.   
I also found this:
https://pushtx.btc.com/#/

but they use Alipay and I was hoping it would have integrated with Apple's payment method but instead they wanted me to add a Credit Card and that's just not happening.

Other there other options to pay to get the transaction bumped up on priority?

[HCP]

Well... it looks like the ViaBTC TX Accelerator worked out after all... mined in block 467920 by ViaBTC

For future reference, ViaBTC have a paid service... but it ain't cheap!

Do you have paid accelerator service?
ViaBTC’s Transaction Accelerator is a FREE service for the community. We also provide manual accelerator service for special cases (dire urgency, extremely low transaction fee etc.) and require a donation of 0.01BTC for each transaction. Please contact support@viabtc.com for details.