Has Bitcoin become a victim of it's own success...?

[where_are_mybitcoinz]

3 weeks ago I was a massive fan of bitcoins but now I feel like I have lost confidence and respect in it..

This is due to a transaction that has been unconfirmed for nearly three weeks.

transaction id:
https://blockchain.info/tx-index/60c125ad41aa8db424e3852716ae263089b096e475906a4e3e03eb8c18a0d6b4

When asking for support no one seems to know what to do.  The general consensus seems to be just wait and the bitcoins will be returned.

But that leaves me with a pretty shit feeling in my stomach!

Also the rest of my balance is now unavailable due to the unconfirmed transaction.

pfft... its a joke..

Imagine if a business was waiting for an invoice to be paid or bitcoin was used to pay someones wages.

I used to want bitcoin to be a success and I would recommend it to everyone spoke to. But now I don't feel the same way.

Really Bitcoin has no value other than the confidence and trust that is given to it by those who use it and with more and more stories like mine circulating, how long will it be before bitcoin becomes associated being unreliable and slow?

[TryNinja]

You used a fee 19 sat/byte in your transaction and now you are complaining about the long time your bitcoins are taking to confirm? Just so you can know, the fastest and cheapest transaction fee recommended is currently 420 satoshis/byte. You should search more before sending such big amount with that kind of fee.

This relatively high fee is current caused by the increase of unconfirmed transaction in the blockchain, which will be corrected when we find a definitive fix for the scalability problems.

Sending $844.57 worth of Bitcoin with a fee worth $0.24. What a joke...

[where_are_mybitcoinz]

Yh the fees added thats my point,

Im new to bitcoin so I used my Multibit wallets default setting and sent some btc.  Plus I only sent .07 BTC.

But if I used a credit card to make a payment I would expect the fees to be handled as part of the transaction, not to set the fees myself.

The joke is all the complication involved in using bitcoins and not having anywhere to go when shit goes wrong. 

Back to my Credit card example, any problems I can call them on the phone and be like "Sort my shit out".

But with bitcoin, I'm having to post on reddit and stackexchange for help...  hmmm not convince

[hookthem]

@TryNinja Yes, the OP did use a fee that is low.  However, wouldn't this have been perfectly OK a couple years ago?  Excuse my ignorance, but how does the OP get the BTC back to his account?  If you think that Bitcoin will go "mainstream", consider the fact that the OP is probably a lot more educated on BTC than the average consumer.  I had to wait in line today (doing a foreign exchange) at Chase and had to listen to a customer that called Chase a "scam" because he had to wait a day for the balance of a check to clear his account.  Even though depositing a check is FREE to him, he thought a day was unacceptable.  I'm not saying he is correct -- I just think that a lot of people would share is sentiment.

I transferred 0.04110081 BTC to myself (different address), and used a fee that was at least 1/4 of what was recommended.  A $98.64 transaction cost me $2.17 (2.2%).  My $2.17 fee took 37 HOURS to confirm.  Fine, 2.2% could be less than what a credit card company would charge.  However, I can tell you that my NGO gets a fee that is lower than that.  For a percentage that is lower than bitcoin, I get a transaction that is confirmed INSTANTLY, an automated mechanism to route the money into my bank account the next day, and a company that works with me to resolve any disputes.  Credit card sounds great to me compared to BTC bullshit... something needs to change or it will collapse.  

[hookthem]

But if I used a credit card to make a payment I would expect the fees to be handled as part of the transaction, not to set the fees myself.

The joke is all the complication involved in using bitcoins and not having anywhere to go when shit goes wrong. 

Back to my Credit card example, any problems I can call them on the phone and be like "Sort my shit out".

But with bitcoin, I'm having to post on reddit and stackexchange for help...  hmmm not convince

I would have explained differently, but that is EXACTLY how I feel    I can pay a lower % fee and have someone else accountable for making transactions successful.

[European Central Bank]

I would have explained differently, but that is EXACTLY how I feel    I can pay a lower % fee and have someone else accountable for making transactions successful.

then both of you should get rid of your bitcoin and move on.

that's not how it works or will ever work. it's different in almost every way compared to using a card and that's the entire point of it.

yep, it's potentially expensive and risky. it's early days. if you didn't know that then it's best to leave it alone.

[moviebuff777]

3 weeks ago I was a massive fan of bitcoins but now I feel like I have lost confidence and respect in it..

This is due to a transaction that has been unconfirmed for nearly three weeks.

transaction id:
https://blockchain.info/tx-index/60c125ad41aa8db424e3852716ae263089b096e475906a4e3e03eb8c18a0d6b4

When asking for support no one seems to know what to do.  The general consensus seems to be just wait and the bitcoins will be returned.

But that leaves me with a pretty shit feeling in my stomach!

Also the rest of my balance is now unavailable due to the unconfirmed transaction.

pfft... its a joke..

Imagine if a business was waiting for an invoice to be paid or bitcoin was used to pay someones wages.

I used to want bitcoin to be a success and I would recommend it to everyone spoke to. But now I don't feel the same way.

Really Bitcoin has no value other than the confidence and trust that is given to it by those who use it and with more and more stories like mine circulating, how long will it be before bitcoin becomes associated being unreliable and slow?

High fees could be a problem but I think in the future, bitcoin will only be used for large transactions for this reason. The this leaves small transactions to altcoins.

[TryNinja]

Yh the fees added thats my point,

Im new to bitcoin so I used my Multibit wallets default setting and sent some btc.  Plus I only sent .07 BTC.
But if I used a credit card to make a payment I would expect the fees to be handled as part of the transaction, not to set the fees myself.

Well, your wallet should have set your fees automatically based on calculations of the network. I'm not using MultiBit at the moment so I don't know what could have hapened, but your wallet shouldn't be recommending such low fee. Anyway, I don't think your tx is getting confirmed with that fee, so you can expect to get your coins back at your wallet soon.

Maybe try https://www.viabtc.com/tools/txaccelerator/ and see if you can submit your tx?

However, wouldn't this have been perfectly OK a couple years ago?

Yes, sadly this is a real issue which we didn't have a few years ago and may discourage new Bitcoin adopters.

Excuse my ignorance, but how does the OP get the BTC back to his account?  If you think that Bitcoin will go "mainstream", consider the fact that the OP is probably a lot more educated on BTC than the average consumer.

If his transaction doesn't get confirmed after ~14 days, his transaction will be dropped from the mempool and his Bitcoins will return to his wallet.
And you are correct about this being a issue for Bitcoin to become mainstream. I already pointed out in another thread how this can difficult Bitcoin adoption by the regular population.

I also don't really like paying $2 in fees and still need to wait almost 2 days for my transaction to get confirmed. But at the moment this is Bitcoin's reality. Just pray that our community can come to an agreement to fix those issues and make Bitcoin great again.

[hookthem]

I would have explained differently, but that is EXACTLY how I feel    I can pay a lower % fee and have someone else accountable for making transactions successful.

then both of you should get rid of your bitcoin and move on.

that's not how it works or will ever work. it's different in almost every way compared to using a card and that's the entire point of it.

yep, it's potentially expensive and risky. it's early days. if you didn't know that then it's best to leave it alone.

We're trying to adopt it and are pointing out flaws that drastically impede our usage of the currency.  I have been a fan for the last few years.  Yes, I think myself and the OP understand that it is DIFFERENT (thanks for this?).  You have added absolutely nothing to this conversation except for encouraging less adoption of a currency that you would like to increase in value.  You sound like a dimwit.

[hookthem]

I also don't really like paying $2 in fees and still need to wait almost 2 days for my transaction to get confirmed. But at the moment this is Bitcoin's reality. Just pray that our community can come to an agreement to fix those issues and make Bitcoin great again.

Well stated.  Thanks for this... makes me a little more optimistic!

[European Central Bank]

We're trying to adopt it and are pointing out flaws that drastically impede our usage of the currency.  I have been a fan for the last few years.  Yes, I think myself and the OP understand that it is DIFFERENT (thanks for this?).  You have added absolutely nothing to this conversation except for encouraging less adoption of a currency that you would like to increase in value.  You sound like a dimwit.

ok. so what are you yourself going to do about the flaws?

they're here. they're a fact. it is what it is. either wait until they're addressed or leave it alone.

end of.

there are no shortage of explanations of why things are the way they are.

and manners are free.

[eaLiTy]

Im new to bitcoin so I used my Multibit wallets default setting and sent some btc.  Plus I only sent .07 BTC.
But if I used a credit card to make a payment I would expect the fees to be handled as part of the transaction, not to set the fees myself.
The joke is all the complication involved in using bitcoins and not having anywhere to go when shit goes wrong. 
Back to my Credit card example, any problems I can call them on the phone and be like "Sort my shit out".
But with bitcoin, I'm having to post on reddit and stackexchange for help...  hmmm not convince

The freedom of bitcoin is that you really do not need a third person to keep your asset,since you are new to bitcoin you must always understand that the transaction fees is important in getting the process done and since you have given a really low fees .with the network congestion we have now it looks like they will reject your transaction after sometime and if so it will get returned in your wallet.Just rebroadcast the transaction with the appropriate fees .

[where_are_mybitcoinz]

We're trying to adopt it and are pointing out flaws that drastically impede our usage of the currency.  I have been a fan for the last few years.  Yes, I think myself and the OP understand that it is DIFFERENT (thanks for this?).  You have added absolutely nothing to this conversation except for encouraging less adoption of a currency that you would like to increase in value.  You sound like a dimwit.

Haha.. I sound like a dimwit, thats funny.

It just seems that every individual who has bitcoin is secretly just crossing there fingers and hoping for massive gains in the years to come.

I am in the same boat, but that doesn't mean that I shouldn't highlight it's shortcomings.

Fear and greed are two of the biggest motivators (Warren Buffet) but are people getting blinded by the lights..?

Bitcoin seems to me like what Linux is to operating systems.  Great for the enterprise and the technically minded but too complicated and vague for the everyday user.

I hope it does go large, but more importantly for myself I hope my freaking bitcoin transaction goes through!

[Skarner21]

3 weeks ago I was a massive fan of bitcoins but now I feel like I have lost confidence and respect in it..

This is due to a transaction that has been unconfirmed for nearly three weeks.

transaction id:
https://blockchain.info/tx-index/60c125ad41aa8db424e3852716ae263089b096e475906a4e3e03eb8c18a0d6b4

When asking for support no one seems to know what to do.  The general consensus seems to be just wait and the bitcoins will be returned.

But that leaves me with a pretty shit feeling in my stomach!

Also the rest of my balance is now unavailable due to the unconfirmed transaction.

pfft... its a joke..

Imagine if a business was waiting for an invoice to be paid or bitcoin was used to pay someones wages.

I used to want bitcoin to be a success and I would recommend it to everyone spoke to. But now I don't feel the same way.

Really Bitcoin has no value other than the confidence and trust that is given to it by those who use it and with more and more stories like mine circulating, how long will it be before bitcoin becomes associated being unreliable and slow?

Honestly you are paying very small fee in your transaction and i think viabtc can be still help you may try send it here viabtc.com/tools/txaccelerator/
You are outdated in the news about bitcoin when sending bitcoin and what are the enough fee to get confirm of couple of minutes or hours..
Many people experience the same as yours and i know what are the feelings if you have  a large money stuck in the blockchain.
the best that you can do right now is to find a miner to push your transaction.. or try viabtc.com to help you push maybe even below 10k sat per kb they can be still accepted.. just wait to confirm your transaction..

[CyberKuro]

I don't think so, as many people still treat bitcoin as store of value. But, I do agree that unconfirmed transaction take a long time to be confirmed which is a major problems right now followed by high fees. I've ever wait for 4, almost 5 days for one transaction but I understand that, different story for new adopters like Op. High fees and long time confirmation make bitcoin become unacttractive for new users. In order to prevent long time confirmation, user should pay higher fee for every transaction, or you can use fee bumping https://en.bitcoin.it/wiki/Fee_bumping

[DOGE12321]

The reason for the unconfirmed transaction is your terribly low fee. 19 Satoshi per byte is definitely not sufficient for such a transaction. The fastest and most economical is around 480 Satoshi per byte. In future, I would recommend that you use a higher fee. However, I too do see an increase in transaction fees. In 2014, it was a much smaller value. Such a volatile increase is not efficient.

[SamMurphy]

The reason for the unconfirmed transaction is your terribly low fee. 19 Satoshi per byte is definitely not sufficient for such a transaction. The fastest and most economical is around 480 Satoshi per byte. In future, I would recommend that you use a higher fee. However, I too do see an increase in transaction fees. In 2014, it was a much smaller value. Such a volatile increase is not efficient.

Try being more careful next time, and don't worry about your bitcoins, worst case scenario: your transaction doesn't get confirmed after a week or 2 and you'll get them back in your wallet. Also you can try pushing the transaction but idk for 19 satoshi you should try contacting miners or something.

[talkbitcoin]

everything has a cost, and bitcoin is no exception.
it is like you wanting to travel some place else and instead of paying for a high class airplane ride you pay for a decrepit bus ride and now you are complaining about the smell in that bus and the chicken that the person sitting next to you is carrying and then why is it taking too long to get there compared to the plane ride!

if you want to use bitcoin then you have to pay a higher fee for the time being until the problems are solved, which they will eventually. 19 satoshi/byte even in old days would have been way too low

[ethereumhunter]

The reason for the unconfirmed transaction is your terribly low fee. 19 Satoshi per byte is definitely not sufficient for such a transaction. The fastest and most economical is around 480 Satoshi per byte. In future, I would recommend that you use a higher fee. However, I too do see an increase in transaction fees. In 2014, it was a much smaller value. Such a volatile increase is not efficient.

Try being more careful next time, and don't worry about your bitcoins, worst case scenario: your transaction doesn't get confirmed after a week or 2 and you'll get them back in your wallet. Also you can try pushing the transaction but idk for 19 satoshi you should try contacting miners or something.

i think its happen to every one and it seems they can learn from their mistake and not using the small fees but they used minimal fees or above to send the bitcoin amount. i still believe that bitcoin can be a ways for our success but we need to do step by step and continue until we can reach our goals.

[Kanapka]

Just for your information, credit cards transactions aren't free, they are hidden. The merchants/sellers pay for them, and add them to the costs, so in the end you'll end up paying, and you have no information about how much this hidden cost will be.