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Author Topic: What is bitcoin Lock time?  (Read 61 times)
Belayer
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December 20, 2017, 03:21:35 PM
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Hi there,

I'm curious as to what lock time means? Also you can see from my transaction as listed below, it has a lock time, and a mining block. However i'm not sure what this means, as its been unconfirmed for over a day.

https://blockchain.info/tx/7cf0883a4a24664a1c77fdd465782f0d7c962b7942daa4408f3083ea659aef6a

Thanks in advance to any explanations
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AdolfinWolf
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December 20, 2017, 03:55:02 PM
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Hi there,

I'm curious as to what lock time means? Also you can see from my transaction as listed below, it has a lock time, and a mining block. However i'm not sure what this means, as its been unconfirmed for over a day.

https://blockchain.info/tx/7cf0883a4a24664a1c77fdd465782f0d7c962b7942daa4408f3083ea659aef6a

Thanks in advance to any explanations
Lock time basically means that that is the first moment it could possibly be added into the blockchain.

It basically cannot be accepted by miners before that block is reached.

Which in your case is block 500114, that block has passed a long time ago, so your transaction should now be able to confirm.

Belayer
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December 20, 2017, 04:05:28 PM
 #3

Hi there,

I'm curious as to what lock time means? Also you can see from my transaction as listed below, it has a lock time, and a mining block. However i'm not sure what this means, as its been unconfirmed for over a day.

https://blockchain.info/tx/7cf0883a4a24664a1c77fdd465782f0d7c962b7942daa4408f3083ea659aef6a

Thanks in advance to any explanations
Lock time basically means that that is the first moment it could possibly be added into the blockchain.

It basically cannot be accepted by miners before that block is reached.

Which in your case is block 500114, that block has passed a long time ago, so your transaction should now be able to confirm.

Oooh, i see, that clarifies the whole situation, thanks so much! However, it has a relatively low transaction fee of 200 satoshis per byte, so no miner has picked it up yet right? Do you think it would get picked up within the next day or so?
AdolfinWolf
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December 20, 2017, 04:09:05 PM
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Hi there,

I'm curious as to what lock time means? Also you can see from my transaction as listed below, it has a lock time, and a mining block. However i'm not sure what this means, as its been unconfirmed for over a day.

https://blockchain.info/tx/7cf0883a4a24664a1c77fdd465782f0d7c962b7942daa4408f3083ea659aef6a

Thanks in advance to any explanations
Lock time basically means that that is the first moment it could possibly be added into the blockchain.

It basically cannot be accepted by miners before that block is reached.

Which in your case is block 500114, that block has passed a long time ago, so your transaction should now be able to confirm.

Oooh, i see, that clarifies the whole situation, thanks so much! However, it has a relatively low transaction fee of 200 satoshis per byte, so no miner has picked it up yet right? Do you think it would get picked up within the next day or so?

200 is indeed quite low. The current average fee is around 600 i believe?

Using this website, https://bitcoinfees.earn.com/, it's telling me that your transaction should indeed confirm within half a day, but with the current state of the mempool, i don't think that's accurate anymore.

You might get lucky, and it will be confirmed, otherwise you will either need to wait, accelerate, or do a CPFP / RBF transaction.

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