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Author Topic: Transaction fee too low  (Read 280 times)
Alcpone
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August 14, 2018, 04:12:03 PM
 #1

Hi all,

I have stupidly sent a transaction with too low a fee. I know I'm stupid. I have tried using viabtc transaction accelerator but I still have no confirmations.

The ID is

c866c3c0234fa57f12b214f7824636d29d5689e929d5313fa2d658058e6c243d

Can anyone help or will I have to wait? I am abit new to this and I've messed up.

Please help,

Alcpone
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TryNinja
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August 14, 2018, 04:14:30 PM
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Don't worry. It's going to be confirmed soon. We had a spike in the number of unconfirmed transactions[1] (probably because of the price drop), but it's going clear out soon.

[1] https://jochen-hoenicke.de/queue/#1,24h

Alcpone
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August 14, 2018, 04:26:53 PM
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Thanks for the reply. Do you think it will be in the next few hours?
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August 14, 2018, 04:31:09 PM
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Thanks for the reply. Do you think it will be in the next few hours?
Yes. It should get confirmed in 5~10 blocks (or approximately 50 min ~ 1 hour, 30 min).

Alcpone
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August 14, 2018, 04:40:40 PM
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Superb. Thanks alot, my anxiety has gone down abit 👍
r1s2g3
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August 19, 2018, 06:20:08 PM
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I saw you paid 3 satoshi per byte for a transaction that is not a low fees.
I see your transaction is already processed but fees are really so low that transaction having fees .5 staoshi per byte are also getting through. (so 3 is a kind of high  Smiley  )

https://www.blockchain.com/btc/tx/5af6f8810b7620d3af58c97d6405bf704761e50778831e378381feebf7797c97

BitMaxz
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August 19, 2018, 11:29:00 PM
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I saw you paid 3 satoshi per byte for a transaction that is not a low fees.
I see your transaction is already processed but fees are really so low that transaction having fees .5 staoshi per byte are also getting through. (so 3 is a kind of high  Smiley  )

~snip~
There is a website where you can check the estimated time let me share it to you here https://bitcoinfees.earn.com/

If you don't know if what is the fastest and cheaper transaction fee today? You can check it from bitcoinfees.

Possibly in that time, the network traffic is low that is why the transaction he made is confirmed in 10 minutes. The speed of transaction always depends on the fee and network so, if you don't want a slow transaction always use the default fee recommended from bitcoinfees.earn.com.

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August 21, 2018, 01:12:10 AM
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I saw you paid 3 satoshi per byte for a transaction that is not a low fees.
I see your transaction is already processed but fees are really so low that transaction having fees .5 staoshi per byte are also getting through. (so 3 is a kind of high  Smiley  )

https://www.blockchain.com/btc/tx/5af6f8810b7620d3af58c97d6405bf704761e50778831e378381feebf7797c97

It's technically not 0.5 satoshis/byte. That's a SegWit transaction with witness data. It's virtual size is only 174 bytes, so it actually pays a fee of 1 sat/byte.

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August 21, 2018, 12:21:39 PM
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Most wallets nowadays support RBF (Replace By Fee) transactions. Without going into detail an RBF transaction allows you to re broadcast the transaction with a higher fee. It will replace your original transaction. I can't post links here so google for how this works with the wallet you are using.
mladen
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August 29, 2018, 12:14:14 AM
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Hi, my transaction stuck, I wass sent 0.00003 btc from electrum to localbitcoin.com wallet for test but after 2 day still nothing
here is block explorer  https://www.blocktrail.com/BTC/tx/960afa42fb1026bedf34010cfd64e1c4ef134c9ed9809ed75b40fc5a9d73e8bf
can you tell me what is problem here, I want to send much more btc but this test transaction doesnt pass, thanks
pooya87
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August 29, 2018, 03:37:07 AM
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Hi, my transaction stuck, I wass sent 0.00003 btc from electrum to localbitcoin.com wallet for test but after 2 day still nothing
here is block explorer  https://www.blocktrail.com/BTC/tx/960afa42fb1026bedf34010cfd64e1c4ef134c9ed9809ed75b40fc5a9d73e8bf
can you tell me what is problem here, I want to send much more btc but this test transaction doesnt pass, thanks

this transaction, as you can already see in that link, was confirmed 2 days ago when you sent it about 35 seconds after it was sent! and the 0.00003 BTC is also already spent.

note that confirmation in the bitcoin network is different from some service confirming your deposit in your account. it is possible that localbitcoins ignores small amounts and accepts them as donation instead of crediting your account. in any case you should check LBC's rules and contact support if they have no minimum rule for deposits.

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August 31, 2018, 01:43:45 AM
 #12

Can I ask? We have the same situation. Is it a good thing or a bad thing for the transaction? I am confused because some of my friends said it was okay and some say that I should transact high value as much as possible
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August 31, 2018, 07:35:28 AM
 #13

Can I ask? We have the same situation.

A lot of people occasionally have the same situation where a transaction isn't instantly confirmed.
That's nothing unusual.



Is it a good thing or a bad thing for the transaction?

Uhm.. depends on how you look at it.
The transaction is not confirmed yet. So it is not fully completed yet.

It has been broadcasted, but has not been yet settled on the blockchain. Consider it as not final yet.



I am confused because some of my friends said it was okay and some say that I should transact high value as much as possible

This is fine. Your transaction will confirm earlier or later.
Even if it doesn't get confirmed, you still have the possibility to bump the fee (if you had RBF enabled when sending the transaction).

The 'friends' who say you should transact 'high value as much as possible' probably don't have a clue at all.
The value you transact is completely unrelated to the time it takes for your TX to be confirmed. This only depends on the fee rate (sat/B) and the amount of TX waiting to get confirmed)


Mark my words:
Most people talking to you.. don't have a clue at all what they are talking about.
It is always up to you to filter senseless rubbish out from actual true information.

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