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Author Topic: HOW MUCH?? exactly should we pay in fees???  (Read 126 times)
Sentfromouterspace
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December 08, 2017, 08:32:40 PM
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]I have two transactions pending almost two days now. Here they are below:

Now I am a beginner, but I literally am doing my best to figure this stuff out!

on one transaction I have paid 96sat/perbyte and the other 426sat/perbyte

I can't understand why these transactions are so slow to confirm

Am I wrong to think that these are a decent rate for a transaction fee???

https://blockchain.info/tx/72c2fad58ebefa240666509e78e6d06c56419a4411a688650cd36cb16f36c3de

https://blockchain.info/tx/b4116cb4294f8812ca312758b3d70f22693914ac2f352ee2bd05f80340404c08

Some constructive advice please!! where am i going wrong???
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bob123
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December 08, 2017, 09:13:39 PM
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The network is congested at the moment. There are 210.000+ unconfirmed transactions sitting in the mempool waiting to get confirmed.
Your 426 sat/B fee should be enough for your transation going through in an relatively short amount of time.
I submitted both of your TX's into a free accelerator. You mostly just can wait, but if you want to get it confirmed faster there are some techniques like CPFP or Replace-by-Fee.
But this would just cost quite a lot in transaction fees. So if its not necessary its better to just wait until the mempool calms and fees go down.

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December 08, 2017, 09:14:39 PM
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According to the following website:
https://bitcoinfees.earn.com/

The fees necessary for fast confirmation right now are approximately 490 sat per byte.

Your fee of 96 sat per byte is clearly too low.

The other transaction can NOT confirm until the earlier transaction confirms.

Paying a higher fee on a later transaction when spending unconfirmed bitcoins is called Child Pays For Parent (CPFP).  The idea is that the fee on the second transaction can be high enough to pay for BOTH transactions.

Total bytes for the two transactions together is 1337 bytes.
Total fees for the two transactions together is 203237 satoshis.

203237 / 1337 = 152 satoshis per byte for the two transactions together.  Still to low for the current network conditions.

Hopefully the acceleration from bob123 will help.

Sentfromouterspace
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December 08, 2017, 09:28:30 PM
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Thank you both for the response and to Bob for taking the time to input my transactions intern accelerator.

I am not really in a rush for the transaction to complete, but if it has the potential to take almost a week id be concerned!

In such case will it not just drop out and return to my wallet?
Thanks again everyone btw

Your info is greatly appreciated
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December 08, 2017, 09:33:43 PM
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In such case will it not just drop out and return to my wallet?

That depends on your wallet.

Some wallets (such as Bitcoin Core) will continue to re-broadcast the transaction indefinitely until it either confirms or you take some action to remove the transaction from your wallet.

Other wallets may choose to forget about the transaction if it hasn't confirmed after a few days.

Sentfromouterspace
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December 08, 2017, 09:53:40 PM
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am I correct in saying that CPFP won't work if I am sending coins to somebody else? it will only work if I am attempting to collect coins being sent to me....

Also, how will i know if my wallet is automatically rebroadcasting??
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December 08, 2017, 09:55:30 PM
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am I correct in saying that CPFP won't work if I am sending coins to somebody else?

That is not true.

The miners do not know who is sending the bitcoins, or where they are going.

As long as you have access to an output from the transaction, you can spend that output and include a fee large enough to pay for both transactions.  In that case any miner (or pool) that has implemented CPFP will consider the increased fees when choosing which transactions to include in their block.

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December 08, 2017, 10:24:56 PM
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I was in the middle of attempting cpfp, I found the unspent amounts in both of my transactions, but I bottled it when it came to the output side, I have absolutely no idea what address to put in there.

Can i just carry out another transaction within my wallet, say sending money to myself and provide a large fee for this, will this be automatically bundled with my other two transactions??
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December 08, 2017, 11:25:38 PM
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am I correct in saying that CPFP won't work if I am sending coins to somebody else?

That is not true.

The miners do not know who is sending the bitcoins, or where they are going.

As long as you have access to an output from the transaction, you can spend that output and include a fee large enough to pay for both transactions.  In that case any miner (or pool) that has implemented CPFP will consider the increased fees when choosing which transactions to include in their block.
Hello Danny
When you say "access to an output from transaction", what does it mean.
If you don't mind could you please explain.
Thanks

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