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Author Topic: my transaction fee is too low . what should i do now?  (Read 144 times)
ninche
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September 03, 2018, 08:02:58 AM
 #1

i used blockchain wallet default fees and i after i paid i discovered the fee was too low
i am worried my transaction will never get confirmed
60f2e9148c2c21f2aa23fbbba188693436e0996f03985c8f73c57445ba67478c
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September 03, 2018, 08:09:00 AM
 #2

This transaction was broadcasted less than 2 minutes ago.
And the mempool is quite empty at the moment.

There hasn't been any block mined in the meantime.. you'll have to wait a bit.

Your fee is not too low. It is appropriate considering the amount of transactions in the mempool currently.
Your transaction should confirm within the next (few) block(s).

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September 03, 2018, 08:14:49 AM
 #3

i discovered the fee was too low

No, over 2 sat/byte is not low nowadays in most of the cases. Stop listening to bad advertising telling that bitcoin fees are big and look at pages like https://btc.com/stats/unconfirmed-tx and https://bitcoinfees.earn.com/
Of course, you should check those sites before sending so you don't worry afterwards Wink

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nc50lc
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September 03, 2018, 09:03:31 AM
 #4

i am worried my transaction will never get confirmed
60f2e9148c2c21f2aa23fbbba188693436e0996f03985c8f73c57445ba67478c
Better start praying for confirmations.... just joking.
It (tx 60f2e9148c2c21f2aa23fbbba188693436e0996f03985c8f73c57445ba67478c) already have 7 confirmations as of now and counting.
That's roughly an hour of horror  Cheesy

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September 03, 2018, 09:32:57 AM
 #5

Since the transaction already confirmed, there's few things you want to consider next time :
1. Make sure you set fee which is suitable for your needs (1 sat/byte for non-important TX and higher for important TX). Website such as https://coinb.in/#fees and https://bitcoinfees.earn.com/ should be good, however https://bitcoinfees.earn.com/ tends to over-estimate fees for next-block/fast confirmation.
2. If you still unsure/confused, you should use wallet which support RBF (Replace-by-fee) which make and broadcast your transaction, but with higher fees.
3. If you accidentally sent TX with low-fee again and your wallet don't support RBF, you could try contact the receiver to spend the bitcoin/input to make your TX could confirmed faster.

But generally you don't need to worry about set low fees, unless time/speed is important in your case Smiley

Use SegWit and enjoy lower fees
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September 03, 2018, 01:24:47 PM
 #6

i used blockchain wallet default fees and i after i paid i discovered the fee was too low
i am worried my transaction will never get confirmed
60f2e9148c2c21f2aa23fbbba188693436e0996f03985c8f73c57445ba67478c

As other people say, your transaction is already confirmed, but i would like to explain what happen when you use low fees... In that scenario the transaction could take some blocks to be confirmed, but at end it will confirm, it could take a long time because that transaction will be low priority for miners, but it can't get stuck in the limbo for ever. So if you want to pay low fees you can if you don't care how long it take to confirm, other way if you need confirmation in the next block, remember to use the right fees to make from your transaction a high priority one.

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September 10, 2018, 12:46:48 PM
 #7

Since the transaction already confirmed, there's few things you want to consider next time :
1. Make sure you set fee which is suitable for your needs (1 sat/byte for non-important TX and higher for important TX). Website such as https://coinb.in/#fees and https://bitcoinfees.earn.com/ should be good, however https://bitcoinfees.earn.com/ tends to over-estimate fees for next-block/fast confirmation.
2. If you still unsure/confused, you should use wallet which support RBF (Replace-by-fee) which make and broadcast your transaction, but with higher fees.
3. If you accidentally sent TX with low-fee again and your wallet don't support RBF, you could try contact the receiver to spend the bitcoin/input to make your TX could confirmed faster.

But generally you don't need to worry about set low fees, unless time/speed is important in your case Smiley

I've never understood what these 2 lines are on https://bitcoinfees.earn.com/

I assumed the lines that contain a number are the number of transactions in a queue with that given amount of sats per byte. Is this correct?

For instance, 1-2 and then the 2 lines, 2783 in orange is number of transactions on 1say/byte and 39729 grey is number of transacting on the 2says/byte.

What I find confusing is.. why would people pay 2 sats instead of 1 when 1 is way less crowded?

Pesonally I just use whatever is in 0-3 delay so around 5 sats these days.


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September 10, 2018, 02:31:58 PM
 #8

Since the transaction already confirmed, there's few things you want to consider next time :
1. Make sure you set fee which is suitable for your needs (1 sat/byte for non-important TX and higher for important TX). Website such as https://coinb.in/#fees and https://bitcoinfees.earn.com/ should be good, however https://bitcoinfees.earn.com/ tends to over-estimate fees for next-block/fast confirmation.
2. If you still unsure/confused, you should use wallet which support RBF (Replace-by-fee) which make and broadcast your transaction, but with higher fees.
3. If you accidentally sent TX with low-fee again and your wallet don't support RBF, you could try contact the receiver to spend the bitcoin/input to make your TX could confirmed faster.

But generally you don't need to worry about set low fees, unless time/speed is important in your case Smiley

I've never understood what these 2 lines are on https://bitcoinfees.earn.com/

I assumed the lines that contain a number are the number of transactions in a queue with that given amount of sats per byte. Is this correct?

For instance, 1-2 and then the 2 lines, 2783 in orange is number of transactions on 1say/byte and 39729 grey is number of transacting on the 2says/byte.

What I find confusing is.. why would people pay 2 sats instead of 1 when 1 is way less crowded?

Pesonally I just use whatever is in 0-3 delay so around 5 sats these days.



Frankly i'm not sure either between :
1. Unconfirmed transactions and Transactions today
2. Transactions in mempool in last 336 hours or transactions in last 24 hours

But according to mempool size and daily bitcoin transaction count, most likely the 2 lines on bitcoinfees.earn.com represent 2nd option. Honestly i just take a look at "Fees" and "Delay" fields since those 2 information is good enough to determine how much fees should i set.

Use SegWit and enjoy lower fees
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September 10, 2018, 02:53:17 PM
 #9

Since the transaction already confirmed, there's few things you want to consider next time :
1. Make sure you set fee which is suitable for your needs (1 sat/byte for non-important TX and higher for important TX). Website such as https://coinb.in/#fees and https://bitcoinfees.earn.com/ should be good, however https://bitcoinfees.earn.com/ tends to over-estimate fees for next-block/fast confirmation.
2. If you still unsure/confused, you should use wallet which support RBF (Replace-by-fee) which make and broadcast your transaction, but with higher fees.
3. If you accidentally sent TX with low-fee again and your wallet don't support RBF, you could try contact the receiver to spend the bitcoin/input to make your TX could confirmed faster.

But generally you don't need to worry about set low fees, unless time/speed is important in your case Smiley

I've never understood what these 2 lines are on https://bitcoinfees.earn.com/

I assumed the lines that contain a number are the number of transactions in a queue with that given amount of sats per byte. Is this correct?

For instance, 1-2 and then the 2 lines, 2783 in orange is number of transactions on 1say/byte and 39729 grey is number of transacting on the 2says/byte.

What I find confusing is.. why would people pay 2 sats instead of 1 when 1 is way less crowded?

Pesonally I just use whatever is in 0-3 delay so around 5 sats these days.



Frankly i'm not sure either between :
1. Unconfirmed transactions and Transactions today
2. Transactions in mempool in last 336 hours or transactions in last 24 hours

But according to mempool size and daily bitcoin transaction count, most likely the 2 lines on bitcoinfees.earn.com represent 2nd option. Honestly i just take a look at "Fees" and "Delay" fields since those 2 information is good enough to determine how much fees should i set.

Yeah probably the second option, it just does an average I guess.

Im not sure, I will just keep using 0-3 delay or whatever is next to the huge crowded options. Bitcoin Core is recommending really cheap fees these days, so I guess you can't really go wrong as long as you pay above the minimum of 1000 sats. I think nowadays even with 1000 sats your transaction will eventually confirm, mempool is really empty. So much for big blockers predicting the end of the world.. there's clearly not that much transactional demand for bitcoin, most people are just buying and holding.

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September 12, 2018, 06:42:07 AM
 #10

I've never understood what these 2 lines are on https://bitcoinfees.earn.com/

Imho the information is better structured and easier to read at https://btc.com/stats/unconfirmed-tx, although they work with too big fee increments in their graph.
But since the size of the mempool is there, it's pretty clear. The only big missing thing there is that it's not shown the time of the last ~3 blocks, since it should help estimating better the required fee (ok, it is on that site, but on another page and you need to check both of them).

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