What happens if I set very low transaction fees

[BitcoinGirl.Club]

I made a transaction setting a very low transaction fee (6 Sat/B). I thought it was enough but it's been over an hour and I can see my transaction is not still confirmed.

Question in my head is: What if the transaction never confirms? When will it be back to my wallet in that case?


Thanks in advance

[1715196871]

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[1715196871]

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[1715196871]

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[Pmalek]

You can check this site for the approximate fees that you should use at any given time.
https://bitcoinfees.earn.com/#delay

Have you tried using a transaction accelerator to speed it up? I have heard people mention viabtc's accelerator several times on the forum > https://pool.viabtc.com/tools/txaccelerator/

Also have a look at this thread with more links for BTC accelerators.
https://bitcointalk.org/index.php?topic=2510862.0

[seoincorporation]

I made a transaction setting a very low transaction fee (6 Sat/B). I thought it was enough but it's been over an hour and I can see my transaction is not still confirmed.

Question in my head is: What if the transaction never confirms? When will it be back to my wallet in that case?


Thanks in advance

Your transaction will confirm, but is low priority, so miners will give priority and will confirm first the transactions with high fees.

If you want to see the unconfirmed transactions and the fees they pay you can take a look to https://bitcoinfees.earn.com/

So, your transaction will confirm, but will take some blocks for it, so, no rush

[dothebeats]

Transaction will be placed in low priority, though there are rare cases in which miners would include your tx in a block, which is lucky for most occasions.

As for your transaction getting stuck in the mempool for far too long, it wouldn't disappear; the money will just be returned to you after two weeks since the date of transaction after the mempool is cleaned. Anyone can send anything for nothing, really, but just keep in mind that there's a huge tendency that you'll not be seeing any confirmations on your transactions sooner.

[Pagoda.to]

You can check this site for the approximate fees that you should use at any given time.
https://bitcoinfees.earn.com/#delay

Have you tried using a transaction accelerator to speed it up? I have heard people mention viabtc's accelerator several times on the forum > https://pool.viabtc.com/tools/txaccelerator/

Also have a look at this thread with more links for BTC accelerators.
https://bitcointalk.org/index.php?topic=2510862.0

Thanks for this, I've always wanted to know what fees equaled how much wait time. 

[shamc]

I often wondered what happened as well, the default fees can be rather high but I was too worried to push it down. If there is no urgency i'll lower the fees if they won't be lost

[zenrol28]

~snip

It'll just be stuck in the mempool until it gets back to your wallet. Or, if you made your transaction fee replaceable (if your wallet supports "Replace By Fee" function), you can bump up your transaction fee so it will get confirmed faster.

[Lilmon]

is too low, if I badly remember (I do not have my wallet open) normal would be about 40 sats / b and the highest are 72 sats / b that would be in the next block, remember that everything depends on the block being mined, now have about 30 min in deciphering each block, so depending on the fee you put in the next block or in the next 5.

[hugeblack]

I made a transaction setting a very low transaction fee (6 Sat/B). I thought it was enough but it's been over an hour and I can see my transaction is not still confirmed.
Question in my head is: What if the transaction never confirms? When will it be back to my wallet in that case?

I wonder how a member Hero Member spent more than 900 days in this forum and does not know such basic information?
The answer to your question is in this post [ All about "stuck" transactions and what you can do to fix them], you can make a "Google search" for  "stuck" transaction and you will find more information.

Every transaction need a gas to push -snip-

@OP talk about (Sat/B) Not ETH. Stop providing misleading information

[o_e_l_e_o]

You can check this site for the approximate fees that you should use at any given time.
https://bitcoinfees.earn.com/#delay

I find that bitcoinfees.earn.com tends to overestimate the fees required, and as it always calculates fees based on the next block, if you don't need your transaction in the very] next block but within the next hour or two, then you will definitely end up over-paying. This site (https://www.coinb.in/#fees) provides a nice calculator which will recommend much cheaper fees, but you need to have a little bit of knowledge to use it properly.

I also like to use this site for a visual representation of current unconfirmed transactions in the mempool: https://jochen-hoenicke.de/queue/#0,8h

As we can see, when OP made the post, you were looking at requiring fees of >50 sat/byte to guarantee inclusion in the next block. We are now currently chipping away at transactions with fees of 5 sat/byte, so it is likely that OP's transaction has now confirmed.

[Pmalek]

I find that bitcoinfees.earn.com tends to overestimate the fees required, and as it always calculates fees based on the next block, if you don't need your transaction in the very] next block but within the next hour or two, then you will definitely end up over-paying. This site (https://www.coinb.in/#fees) provides a nice calculator which will recommend much cheaper fees, but you need to have a little bit of knowledge to use it properly.

Hmm, the coinb.in calculator recommends 3 Sat/Byte atm and bitcoinfees recommends 34 Sat/Byte. That is a big difference.

[o_e_l_e_o]

Hmm, the coinb.in calculator recommends 3 Sat/Byte atm and bitcoinfees recommends 34 Sat/Byte. That is a big difference.

As I mentioned, bitcoinfees.earn gives you the fees to try to guarantee placement in the next block, whereas coinb.in gives you the fee required to be included within the "next few blocks", which explains some of the difference. Still, if we look in the last block, we can see plenty of transactions with fees of 12 and 13 sat/byte, and a handful down at 2 or 3 sat/byte. So while 34 sat/byte would certainly be likely to get you included in the next block, it is somewhat overkill. I'd pay that if I absolutely needed my transaction to go in the next block, but somewhere between the two prices may still get you in the next block, and the lower of the two will get you in the next handful of blocks.

[nellakarisma]

if that's true. transaction costs are cheap. surely there will be many people who have to buy these coins. because I personally always consider the price and transaction costs. because it's very important in the digital world of bitcoin

[squatter]

I made a transaction setting a very low transaction fee (6 Sat/B). I thought it was enough but it's been over an hour and I can see my transaction is not still confirmed.

Question in my head is: What if the transaction never confirms? When will it be back to my wallet in that case?

Thanks in advance

It's likely the transaction will be confirmed during a period when average block time drops. If not, depending on your wallet, the inputs are usually spendable again within 24 hours.

You can check this site for the approximate fees that you should use at any given time.
https://bitcoinfees.earn.com/#delay

I recommend against this estimator. It causes people to overpay. I much prefer this tool.

Have you tried using a transaction accelerator to speed it up?

Rather than using transaction accelerators -- especially where you need to pay -- I recommend using opt-in RBF (replace-by-fee). Electrum is a great wallet which features RBF. If you send a transaction with low fees, you can easily bump the fee right in the wallet UI.

[Pmalek]

Rather than using transaction accelerators -- especially where you need to pay -- I recommend using opt-in RBF (replace-by-fee). Electrum is a great wallet which features RBF. If you send a transaction with low fees, you can easily bump the fee right in the wallet UI.

This is a list of free BTC Tx Accelerators compiled by Zepher.
https://bitcointalk.org/index.php?topic=2510862.0
And yes you are right about the RBF option with Electrum.

[loveinberlin]

I think it will be confirmed. Don't worry much ! I have never set low transaction fees but i think it won't be too horrible. Just believe me! Or consult experts who had same experience

[ralle14]

Worst case it can last for a day or two without a confirmation. I had a 7sat/byte transaction few days ago and took me nearly 3 hours for a confirmation.

You can check this site for the approximate fees that you should use at any given time.
https://bitcoinfees.earn.com/#delay

I recommend against this estimator. It causes people to overpay. I much prefer this tool.

Same. I've used them for a long time and someone here told me to avoid them because their recommended transaction fee can be misleading for not including segwit tx.

I always check this page to determine the fee

[Nnedaddy1]

Nothing will happen except that the transaction would be delayed before confirmation is done.
I could remember trying it...the transaction took whole one week to confirm.
I nearly cried because I was supposed to use it for something urgent which requires the confirmation to be done fast.
I was feeling smart not knowing I was being stupid actually.

[biskitop]

if it hasn't been confirmed for a long time, then your rate fees will increase. sometimes if it's low, it's a bit longer.

[Eirecoin]

OMG Stop being so cheap xd and pay the fees  or use a transaction accelerator, There is a guy here in the forum that does it for free I will try to find the link for you.