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Author Topic: I am waiting for a low sat/tx to confirm, can I proceed to send payments?  (Read 73 times)
22_UK
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December 26, 2017, 11:43:44 PM
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I am currently waiting for a transaction to send from my hardware device to an exchange and I sent a low fee so it is taking a while, can I proceed to send payments with high fees like normal or do I have to wait for this transaction to confirm?
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December 27, 2017, 03:04:53 AM
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If you can make any other payment, that does not mean that your previous transaction is not solved; it's just that it takes time to go through the blockchain
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December 27, 2017, 05:52:17 AM
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I am currently waiting for a transaction to send from my hardware device to an exchange and I sent a low fee so it is taking a while, can I proceed to send payments with high fees like normal or do I have to wait for this transaction to confirm?
The issue will be if any new transaction uses unconfirmed "change" from your low fee transaction, then the new transaction will also get stuck... as it cannot get confirmed until the low fee one does. This "chain" could continue for each new transaction that you make depending on how your wallet handles unconfirmed inputs, some wallets allow you to configure them so they will NOT try and spend unconfirmed inputs so you don't end up with a chain of unconfirmed transactions all waiting on one low fee transaction.

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December 27, 2017, 11:50:00 AM
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Thanks, really appreciated. Looks like i'm holding for a while. Lets hope the miners all upgrade quick with their profits from this year!
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December 27, 2017, 12:44:10 PM
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I am currently waiting for a transaction to send from my hardware device to an exchange and I sent a low fee so it is taking a while, can I proceed to send payments with high fees like normal or do I have to wait for this transaction to confirm?
The issue will be if any new transaction uses unconfirmed "change" from your low fee transaction, then the new transaction will also get stuck... as it cannot get confirmed until the low fee one does. This "chain" could continue for each new transaction that you make depending on how your wallet handles unconfirmed inputs, some wallets allow you to configure them so they will NOT try and spend unconfirmed inputs so you don't end up with a chain of unconfirmed transactions all waiting on one low fee transaction.

No, not if the fees of the second transaction are high enough ( preferably 2x the recommended)

Miners will simply mine the first transaction to get the fees from the second transaction, in which case you're essentially doing a CPFP transaction.

https://themerkle.com/what-is-child-pay-for-parent/

Thanks, really appreciated. Looks like i'm holding for a while. Lets hope the miners all upgrade quick with their profits from this year!

It has nothing to do with the miners not mining fast enough, it's simply that the blockchain is limited to X amount of normal non-segwit and segwit transactions.

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December 27, 2017, 01:02:32 PM
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I am currently waiting for a transaction to send from my hardware device to an exchange and I sent a low fee so it is taking a while, can I proceed to send payments with high fees like normal or do I have to wait for this transaction to confirm?
The issue will be if any new transaction uses unconfirmed "change" from your low fee transaction, then the new transaction will also get stuck... as it cannot get confirmed until the low fee one does. This "chain" could continue for each new transaction that you make depending on how your wallet handles unconfirmed inputs, some wallets allow you to configure them so they will NOT try and spend unconfirmed inputs so you don't end up with a chain of unconfirmed transactions all waiting on one low fee transaction.

No, not if the fees of the second transaction are high enough ( preferably 2x the recommended)

Miners will simply mine the first transaction to get the fees from the second transaction, in which case you're essentially doing a CPFP transaction.

https://themerkle.com/what-is-child-pay-for-parent/

Thanks, really appreciated. Looks like i'm holding for a while. Lets hope the miners all upgrade quick with their profits from this year!

It has nothing to do with the miners not mining fast enough, it's simply that the blockchain is limited to X amount of normal non-segwit and segwit transactions.



Thanks, would you mind clearly this up for me.. I'm getting increasingly worried and confused.

When I hit refresh on my ledger nano the unconfirmed transaction keeps disappearing and reappearing when I hit refresh/reset app data etc.

So this is the transaction I have stuck currently.. (I have received one transaction to my ledger since sending this, but I have not sent any yet).

Total Input   0.00729549 BTC
Total Output   0.00692549 BTC
Fees   0.00037 BTC
Fee per byte   98.93 sat/B
Fee per weight unit   24.733 sat/WU
Estimated BTC Transacted   0.00645 BTC

Could you recommend a transaction to send to get back to normal and explain why I am safe from loosing any money? cause ATM as I understand it if I send any further transactions my BTC is stuck forever or until BTC is updated.
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December 27, 2017, 05:14:41 PM
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Could you recommend a transaction to send to get back to normal and explain why I am safe from loosing any money? cause ATM as I understand it if I send any further transactions my BTC is stuck forever or until BTC is updated.

If you want to get 'back to normal' i assume you mean that every transaction should be confirmed?
If this is the case you can do a child-pays-for-parent as others already mentioned.
You have to use the change-output of your unconfirmed transaction as a new input for a new transaction (to yourself).
The fee of this transaction has to be high enough to cover the fee for both of your transactions.
Unfortunately you can't explicitely do this in ledgers chrome app. But you can use electrum (https://electrum.org/#home) together with your nano s
to create such a transaction.

Your money is never lost.
You are still in control of your btc's until the transaction gets confirmed.
You can either wait until the transaction gets dropped out of the nodes mempool or perform a child-pays-for-parent.
A double-spending would be another options. But this would require to get this TX relayed to a miner who accepts 'conflicting' transactions.

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