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Author Topic: Payment Processing Time  (Read 122 times)
margotcoins
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April 14, 2019, 10:05:19 PM
 #1

Hi all,

can anybody shed some light on why this payment is taking so long?

c598453d0f29df354b7291be90b51e0f2ccfc07e25b3550cdf0715aa79114367

Many thanks
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TryNinja
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April 14, 2019, 10:10:07 PM
Last edit: April 14, 2019, 11:00:51 PM by TryNinja
 #2

You chose a fee of 2.7 sat/byte and the mempool is current catching up 5 sat/byte fee transactions. Just wait. It will get confirmed pretty soon.

margotcoins
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April 14, 2019, 10:15:19 PM
 #3

Thank you so much!

The thing is I left the regular fee against priority.

Should I have used custom fee? Or maybe priority?

Many thanks!
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April 14, 2019, 10:23:53 PM
Merited by OgNasty (1)
 #4

Thank you so much!

The thing is I left the regular fee against priority.

Should I have used custom fee? Or maybe priority?

Many thanks!
It really depends. I guess you sent your tx at a moment where 2.7 sat/byte would be confirmed, but right after, there was a spike of transactions and yours got blurred by them.

I always check these websites for the best fee when I’m going to make a tx:

https://coinb.in/#fees
http://core.jochen-hoenicke.de/queue/#0,24h

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April 14, 2019, 10:48:53 PM
Last edit: April 15, 2019, 08:48:43 AM by margotcoins
 #5

awesome!

one more thing, would you advise using priority commissions or go all the way customs using the resources you gave me? or was I just unlucky and using the regular fee processed by blockchain is allrigh?

thanks again
BitMaxz
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April 14, 2019, 10:49:43 PM
 #6

Should I have used custom fee?

For me, this one is much better to do but always check the fee from coinb.in already mentioned above and from this one https://bitcoinfees.earn.com/

they gave you the idea of which fee is recommended.

Anyway, I already rebroadcast the transaction to other broadcasting sites so that more miners will see your transaction and let them notify "to don't forget your transaction". This is not accelerator but it sometimes speeds up to confirm the transaction.


margotcoins
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April 14, 2019, 10:59:06 PM
 #7

thanks, I'll try to do that.

[/quote]
Anyway, I already rebroadcast the transaction to other broadcasting sites so that more miners will see your transaction and let them notify "to don't forget your transaction". This is not accelerator but it sometimes speeds up to confirm the transaction.
[/quote]

wow thank you so much!!!!!!!!

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April 15, 2019, 01:32:12 AM
Merited by bones261 (3), OgNasty (1), ETFbitcoin (1), TryNinja (1)
 #8

Note that in probably 99.99% of cases, "rebroadcasting --> quicker confirmation" is a fallacy and it is just the result of pure coincidence. It's not like it pushes you up a queue, or marks your transaction as important or in any way alters the priority of your transaction.

If your transaction is showing up on block explorers like blockchain.com, blockcypher, blockchair etc... then rebroadcasting is generally not necessary, especially if the transaction is less than 3 days old and even then, it is more likely to hang around for up to 14 days on a lot of nodes.

The "old" default mempool expiry time was 72 hours (3 days)... but because of incidents of the mempool getting "flooded", there were times when 3 days wasn't enough and transactions were being dropped and it was causing a lot of confusion, so the default mempool expiry time was pushed out to 14 days.

Of course, this is just the "default" setting... and individual "nodes" are free to set whatever they like... but generally speaking, the vast majority of nodes will hold your transaction for a minimum of 3 days.

Rebroadcasting is really only needed if your transaction is no longer found on block explorers... once that starts to occur, then rebroadcasting is not only helpful, but probably necessary.

As for OPs transaction, sadly... it looks like they walked into a "Bitcoin price increase", that naturally comes with increased network activity as people move Bitcoin around to buy/sell etc. The graphs on https://jochen-hoenicke.de/queue/#0,24h really show that quite well... currently (@0130 UTC 2019-04-15), the mempool is up over 8 megabytes (around 8 blocks worth)... and OPs fee puts their transaction in the bottom 2/3's of that pile.

TL/DR; your transaction is STILL going to take a while to confirm! Undecided

ETFbitcoin
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April 15, 2019, 03:00:12 AM
 #9

For me, this one is much better to do but always check the fee from coinb.in already mentioned above and from this one https://bitcoinfees.earn.com/

they gave you the idea of which fee is recommended.

As reminder, fee recommendation on FAQ ("Which fee should I use?") is extremely high and only recommended when you need your confirmed as fast as possible/on next mined block.
There's no problem if you use it to get overall mempool condition, even though website such as https://jochen-hoenicke.de/queue/#1,8h give more advance information or https://www.coinb.in/#fees if you need calculator.

margotcoins
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April 15, 2019, 07:00:55 AM
 #10

I never really knew that was such a priority system in place to process all transactions.

I did know there was a queue and a wait involved but I had no idea it had such variables.

What do you think of the priority fee you can choose calculated by your wallet? Is it something one should consider, or all you guys just either see what the Sat/Byte is at the moment and calculate your processing fee?

I mean do a lot of people wait hours/days? (and if I am reading the graph right I think I have the answer right in front of me when looking at the Mempool you guys gave me! and yes they do!)

djhomeschool
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April 15, 2019, 07:08:14 AM
 #11

I never really knew that was such a priority system in place to process all transactions.

I did know there was a queue and a wait involved but I had no idea it had such variables.

What do you think of the priority fee you can choose calculated by your wallet? Is it something one should consider, or all you guys just either see what the Sat/Byte is at the moment and calculate your processing fee?

I mean do a lot of people wait hours/days? (and if I am reading the graph right I think I have the answer right in front of me when looking at the Mempool you guys gave me! and yes they do!)



I use Electrum and set the fee manually for each transaction.

I check and set about 5 sat higher if i need the transaction to go fast or 10 lower if time isn't a factor.

Electrum also has a feature to increase the fee for a transaction if it is already in the mempool.
margotcoins
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April 15, 2019, 07:19:58 AM
 #12

I am using blockchain .. not sure what to make of it beside very user friendly ..


[/quote]
Electrum also has a feature to increase the fee for a transaction if it is already in the mempool.
[/quote]


That is a really nice feature!
djhomeschool
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April 15, 2019, 07:30:19 AM
 #13

I am using blockchain .. not sure what to make of it beside very user friendly ..


Electrum also has a feature to increase the fee for a transaction if it is already in the mempool.
[/quote]


That is a really nice feature!
[/quote]

One tip: Never use a "web wallet" or "online wallet".

Beter to take FULL control of your coins with a wallet stored on your own device and secure it.
margotcoins
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April 15, 2019, 07:41:13 AM
Last edit: April 15, 2019, 08:29:58 AM by margotcoins
 #14


One tip: Never use a "web wallet" or "online wallet".

Beter to take FULL control of your coins with a wallet stored on your own device and secure it.


Awesome, I'll make sure I do that! Thank you for the tip!!!
margotcoins
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April 15, 2019, 08:52:46 AM
 #15

Note that in probably 99.99% of cases, "rebroadcasting --> quicker confirmation" is a fallacy and it is just the result of pure coincidence. It's not like it pushes you up a queue, or marks your transaction as important or in any way alters the priority of your transaction.

If your transaction is showing up on block explorers like blockchain.com, blockcypher, blockchair etc... then rebroadcasting is generally not necessary, especially if the transaction is less than 3 days old and even then, it is more likely to hang around for up to 14 days on a lot of nodes.

The "old" default mempool expiry time was 72 hours (3 days)... but because of incidents of the mempool getting "flooded", there were times when 3 days wasn't enough and transactions were being dropped and it was causing a lot of confusion, so the default mempool expiry time was pushed out to 14 days.

Of course, this is just the "default" setting... and individual "nodes" are free to set whatever they like... but generally speaking, the vast majority of nodes will hold your transaction for a minimum of 3 days.

Rebroadcasting is really only needed if your transaction is no longer found on block explorers... once that starts to occur, then rebroadcasting is not only helpful, but probably necessary.

As for OPs transaction, sadly... it looks like they walked into a "Bitcoin price increase", that naturally comes with increased network activity as people move Bitcoin around to buy/sell etc. The graphs on https://jochen-hoenicke.de/queue/#0,24h really show that quite well... currently (@0130 UTC 2019-04-15), the mempool is up over 8 megabytes (around 8 blocks worth)... and OPs fee puts their transaction in the bottom 2/3's of that pile.

TL/DR; your transaction is STILL going to take a while to confirm! Undecided

somehow I completely missed your post, I am so sorry.

Thank you for a very clear and thorough explanation!!!!
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