planetyuyu (OP)
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October 29, 2020, 12:47:35 AM |
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Hello guys! Since august blockchain network fee increase prices faster but I have an unusual situation, today I try to send BTC to another wallet and Fee is $134 (0.0101384) or 240 satochis aprox. I'm very disappointed with this situation because obviously, I can't move my BTC out of blockchain with this absurd fee. Someone know why I have this problem and how I can fix, thank u! https://i.ibb.co/K09xGFF/absurd-btc-fee.jpg
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DaveF
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October 29, 2020, 01:42:16 AM |
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Looking at https://mempool.space at the moment you are looking at about 240/sat byte at the moment for next block conformation. You can probably drop that down a bit and still have it confirmed in the next few hours. Much lower then that it might take a bit longer. It looks like you have a lot of inputs that you are consolidating in this transaction. If you are not in a rush keep on eye on this thread: https://bitcointalk.org/index.php?topic=2848987.0And consolidate when fees are low. -Dave
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bitmover
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bitcoindata.science
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October 29, 2020, 02:03:28 AM |
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Hello guys! Since august blockchain network fee increase prices faster but I have an unusual situation, today I try to send BTC to another wallet and Fee is $134 (0.0101384) or 240 satochis aprox. I'm very disappointed with this situation because obviously, I can't move my BTC out of blockchain with this absurd fee. Someone know why I have this problem and how I can fix, thank u! Do you need to get your transaction confirmed within 10 minutes? Or can you wait 5 hours? or a day or two? The longer you can wait, the cheaper your transction fee will be. You need to understand the system, how it works. You don't need to get into the next block all the time. Which software are you using? The fee is still very high, even to get into the next block. This is problably a bad software problem. Can you share your transaction ID?
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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planetyuyu (OP)
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October 29, 2020, 02:19:19 AM |
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NotATether
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October 29, 2020, 02:51:46 AM |
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You need to click on the "Customize" button under Network fee on the Send page to change the fee to an arbitrary amount. Ignore the warning from Blockchain that says that low fees aren't recommended, and don't click on the Minimum button because that still generates a large fee. According to https://jochen-hoenicke.de/queue/#0,1w, use somewhere around 3 or 10 or 20 sats/byte so that your transaction doesn't sit around in the mempool. If you're moving a large amount of bitcoin then use one of the smaller fees.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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bitmover
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October 29, 2020, 12:07:16 PM |
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The problem is that you are using a bad wallet, which doesn't let you configure the fees. You can click Customize as NotATether suggested and set a low fee such as 10-20 sat/byte, which will be cheap but will take some days to get confirmed. If you send to just one address it will be cheaper. The more addresses you want to send to, more expansive the transaction will be. You can read about it here https://bitcointalk.org/index.php?topic=2848987.0
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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stompix
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October 29, 2020, 12:47:12 PM |
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Doesn't sit around at3 or 10 satoshi ? More like it doesn't get booted from the mempool There are currently +90k transactions before that fee will ever be considered that if nobody sends another transaction in the next 8 hours! We're averaging fewer blocks than normal by almost 13% that is almost close to a pace of 5 blocks per hour instead of 6 and it's already afternoon in Europe, a 10 satoshi tx has no chance unless a miracle happens to get confirmed before spending two nights at least hanging in the mempool. The best thing to do right now would be to simply wait and hope that as usual, the weekend will take care of this. Oh, and of course, switch wallets after this.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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Findingnemo
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October 29, 2020, 07:37:29 PM |
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240 sats/byte even is not going to be enough for now because people are pushing the fees more because they are rushing to exchange to cashout the profits made on the bitcoin investment. I advice you to use 100 sats/ byte as transaction which may lower the fee greatly and also you have chances for your transaction to get confirmed in the next few days.
Don't set it too low.
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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carlfebz2
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October 29, 2020, 10:45:59 PM |
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240 sats/byte even is not going to be enough for now because people are pushing the fees more because they are rushing to exchange to cashout the profits made on the bitcoin investment. I advice you to use 100 sats/ byte as transaction which may lower the fee greatly and also you have chances for your transaction to get confirmed in the next few days.
Don't set it too low.
I had some stuck problems too when i do set 90 sats/byte which had been unconfirmed or not broadcasted to the network for almost 24 hours and that was 2 days ago and now the price is starts to cling up once again then 240 wont really be that on average but if we arent on a hurry then this wont really be an issue but as said where majority is been rushing up to make transactions then its already anticipated for this to happen.
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Bitcoin_Arena
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฿itcoin for all, All for ฿itcoin.
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October 29, 2020, 11:17:49 PM |
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Are these all the transactions you carried out when transferring BTC to you your current address? If yes, then we are already looking at 8 inputs (incoming bitcoin transactions) and inputs carry a lot of data in virtual bytes. So when you are making an outgoing transaction. It's going to consist of 8 inputs which means the size of your transaction in virtual bytes is going to be huge, porbably above 1000 bytes The size of transaction x the fee rate in vbytes is the total fee you have to pay in BTC but I believe it should be in the range of $40 with the current optimal fee rate. This still means that blockchain wallet has exaggerated your optimal fee. IS there a chance that you backed up your blockchain wallet's recovery phrase?
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bitmover
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October 30, 2020, 05:02:03 PM Last edit: November 11, 2020, 05:38:35 PM by bitmover Merited by Bitcoin_Arena (1) |
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I made this tool where you can plot your unconfirmed transaction and see how far it is from the next block. https://bitcoindata.science/plot-your-transaction-in-mempool.htmlAdditionally, if you didn't make a transaction yet, you can just look at mempool size grouped by fee rate and see how far a transaction with a fee rate selected by you would be from the next block size. It might be useful now, the network is very congested.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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error08
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October 31, 2020, 07:30:58 PM |
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Since august blockchain network fee increase prices faster but I have an unusual situation, today I try to send BTC to another wallet and Fee is $134 (0.0101384) or 240 satochis aprox. I'm very disappointed with this situation because obviously, I can't move my BTC out of blockchain with this absurd fee. Someone know why I have this problem and how I can fix, thank u!
When bitcoin prices arise and many transactions waiting on the mempool, higher fees are unavoidable. What kind of wallet do you use? Obviously, you need to change your wallet which allows you to customize the fee and using segwit address will be better because you can lower the suggested fee by 40%. Currently, the fastest estimated fee is 322 satoshis/byte but if you manage to adjust the fee to 155 sat/vB, it will be confirmed within 6 hours, if you're willing to wait.
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NeuroticFish
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October 31, 2020, 07:37:53 PM |
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When bitcoin prices arise and many transactions waiting on the mempool, higher fees are unavoidable.
I guess that at the point all the big exchanges will allow LN deposits and withdrawals this situation may not happen again. But somehow I think that this will not happen this bull run/cycle. Maybe in the next, at least... In less than 3 days the miners' difficulty will go down by a great deal. That should help with faster blocks, for a while. But overall, indeed, the situation doesn't look great... (and indeed the rise of fees is unavoidable for now)
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. .HUGE. | | | | | | █▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . CASINO & SPORTSBOOK ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄█ | | |
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planetyuyu (OP)
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October 31, 2020, 08:24:27 PM |
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I made this tool where you can plot your unconfirmed transaction and see how far it is from the next block. https://bitcoindata.science/bitcoin-fee-size-calculator.htmlAdditionally, if you didn't make a transaction yet, you can just look at mempool size grouped by fee rate and see how far a transaction with a fee rate selected by you would be from the next block size. It might be useful now, the network is very congested. Awesome! now I check my transaction and is: "Transaction not confirmed! 58.73 vMb (59 blocks) from the top of the mempool."according to this how many days I'll take aprox.? My txID: 2658f08e205cf233fe6bc205c510489000d6537fafefb6aa7b5dc87ef03bed28
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bitbollo
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October 31, 2020, 08:31:19 PM |
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Hi I will suggest to use this free resource online (also very easy to check)... https://bitcoinfees.earn.com/2658f08e205cf233fe6bc205c510489000d6537fafefb6aa7b5dc87ef03bed28 your transaction has been sent with a fee of 10 satoshi per byte. Take a look on this site, left there is a list of satoshi/byte, in your case it should supposed you have to wait between 3-73 blocks (between 55-1080 minutes so far), list on right column. Right now fastest transactions requires around 300 satoshi per byte (confirmed in next 3 blocks). this is why you have to wait a bit more
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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TryNinja
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October 31, 2020, 08:31:26 PM |
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Awesome! now I check my transaction and is: "Transaction not confirmed! 58.73 vMb (59 blocks) from the top of the mempool."
according to this how many days I'll take aprox.?
Assuming no new transaction is broadcasted and the next blocks were mined in a rate of 1 block every ~10 minutes, it would take approximately 10 hours. Unfortunately, the mempool hasn't slowed down yet and the hash rate of the network has dropped by ~12%, so blocks are coming out much slower now. The next difficulty adjustment is only happening in 2.5 days, so they won't go back to the normal "1 block every 10 minutes" rate until them. I would say your transaction will probably take at least another 2~3 days to get confirmed.
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. .HUGE. | | | | | | █▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . CASINO & SPORTSBOOK ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄█ | | |
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bitmover
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bitcoindata.science
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November 01, 2020, 02:52:51 AM |
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Awesome! now I check my transaction and is: "Transaction not confirmed! 58.73 vMb (59 blocks) from the top of the mempool."
according to this how many days I'll take aprox.?
My txID: 2658f08e205cf233fe6bc205c510489000d6537fafefb6aa7b5dc87ef03bed28
Your transaction is now 28.94 vMb (29 blocks) from the top of the mempool. 5 hours later, and you are 30 blocks closer. It is hard to say how many days because there are new transactions coming everytime, and we don;t know how many will come per hour. But the mempool is getting smaller now again. THe tool cannot predict when your transaction is going to get confirmed, because no one can. No one can predict if a lot of new transactions will come in a near future. The network is not that congested anymore. If the situation remains like that, probably tomorrow you will get your transaction confirmed.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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Saisher
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November 07, 2020, 12:51:19 PM |
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The network is not that congested anymore. If the situation remains like that, probably tomorrow you will get your transaction confirmed.
The best action is to wait patiently for the network fee to get better, just the other day I tried to transfer $70 worth of Bitcoin only and network fee was $12 but after 24 hours it was reduced to $5 I thought that if I wait more it could go down $3 but I have to settle for $5, it's something that has been going on so schedule your transaction or wait patiently.
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Findingnemo
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November 07, 2020, 05:45:04 PM |
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The network is not that congested anymore. If the situation remains like that, probably tomorrow you will get your transaction confirmed.
The best action is to wait patiently for the network fee to get better, just the other day I tried to transfer $70 worth of Bitcoin only and network fee was $12 but after 24 hours it was reduced to $5 I thought that if I wait more it could go down $3 but I have to settle for $5, it's something that has been going on so schedule your transaction or wait patiently. No need to wait anymore because the transactions was confirmed already five days ago. If anyone wants to make a transaction then it is the right time for you because mempool got cleared in the past few hours and you can make the fastest transaction at 49sats and cheaper/fastest at 8sats. ref: https://bitcoinfees.net/
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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joniboini
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November 07, 2020, 05:52:44 PM Merited by Findingnemo (2) |
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Is this a new website or an updated version of the bitcoinfeesearn (cmiiw) site? It looks like the calculation is still not that good since you can send 4 sats/vbyte just fine if you take a look at the mempool. If you follow the suggestion of that site you'd overpay close to 10 times. https://mempool.space/
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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Findingnemo
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Is this a new website or an updated version of the bitcoinfeesearn (cmiiw) site? It looks like the calculation is still not that good since you can send 4 sats/vbyte just fine if you take a look at the mempool. If you follow the suggestion of that site you'd overpay close to 10 times. https://mempool.space/Its a separate website not the shitty bitcoinfeesearn but this website also doesn't look good?! Its a decent website and I follow most of the time with the recommended fee in this site but I think its time to go with something better. https://mempool.space/ this site shows the transactions stats in real time?
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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o_e_l_e_o
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November 08, 2020, 07:42:59 PM |
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Yeah, it is real time. Its low/medium/high priority suggestions are some of the most accurate that I have found, so if you are looking for a site to just tell you a fee to use, then it's probably your best bet. They seem to correspond to somewhere around 1.2 MB from the tip, 0.8 MB from the tip, and 0.3 MB from the tip, respectively. Having said all that, I still think there is no real substitution for learning how to read the mempool yourself and decide where you want your transaction to go. Fee estimators generally only estimate based on a current snapshot of the mempool and do not take in to account the recent mempool trend. If I want to be in the next block or two and the mempool is rapidly filling, then I might want to aim 0.1 MB or even less from the tip. If, on the other hand, there are very few transactions being broadcast at the moment, then I might be happy to go 1 MB or more from the tip. At the moment, that difference is between 80 sats/vbyte and 15 sats/vbyte, but could be even more pronounced, which could translate to a saving of several dollars or more.
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bitmover
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November 09, 2020, 12:42:02 PM Last edit: November 09, 2020, 12:53:17 PM by bitmover |
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Yeah, it is real time. Its low/medium/high priority suggestions are some of the most accurate that I have found, so if you are looking for a site to just tell you a fee to use, then it's probably your best bet. They seem to correspond to somewhere around 1.2 MB from the tip, 0.8 MB from the tip, and 0.3 MB from the tip, respectively. Having said all that, I still think there is no real substitution for learning how to read the mempool yourself and decide where you want your transaction to go. Fee estimators generally only estimate based on a current snapshot of the mempool and do not take in to account the recent mempool trend. If I want to be in the next block or two and the mempool is rapidly filling, then I might want to aim 0.1 MB or even less from the tip. If, on the other hand, there are very few transactions being broadcast at the moment, then I might be happy to go 1 MB or more from the tip. At the moment, that difference is between 80 sats/vbyte and 15 sats/vbyte, but could be even more pronounced, which could translate to a saving of several dollars or more. This website is very good. I agree that the most important thing is to learn how to read the mempool. This is why observing the mempool in a chart like that, with the transactions grouped by fee rate, is the best way to determine what is the most cost-effective fee to pay. I did something very similar to what mempool.observer did here. You can select a fee per byte and plot your transaction in the mempool. Then you will see how many blocks (or bytes) you are away from confirmation. The mempool is very quiet now, and a 1-2 sat/byte fee would be enough for a quick conffirmation Yes, in real time. But it is important to notice that there is no such thing as "the mempool" (as the website says). What does this means? That some other nodes might have a differnet mempool, with other transactions that the node from mempool.observer don't have. But overall it is enough precision. Edit: If you look at the graphic, you can see that there are still a lot of people paying more than 50 sat/byte in a transaction (even 176 sat/byte). They could get a next block confirmation with 3 sat/byte, but their software somehow told them to use a higher fee. There is a big problem with education regarding fees imo. People don't know what fee to use.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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o_e_l_e_o
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November 09, 2020, 01:33:30 PM |
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If you look at the graphic, you can see that there are still a lot of people paying more than 50 sat/byte in a transaction (even 176 sat/byte). They could get a next block confirmation with 3 sat/byte, but their software somehow told them to use a higher fee.
This is why I always encourage people to look at the mempool themselves and not just accept the fee given to them by a website or, even worse, their wallet. Whenever the mempool fills up, these automatic fee algorithms tend to constantly try to "one up" each other and end up pushing their suggested fee higher and higher. This positive feedback loop ends up with everyone paying higher fees than they need to. Later, when the mempool empties, these algorithms are still stuck in this loop, and continue to rapidly escalate their suggested fee completely unnecessarily. If we look at the mempool when the last block was mined, then 4 sats/vbyte would put you 0.1 MB from the tip. 5 minutes later and with only 0.5 MB of new transactions, it is now 250 sats/vbyte to get 0.1 MB from the tip. This is completely stupid. Every single one of those transactions could have paid 4 sats/vbyte and confirm just as quickly. If everyone took 30 seconds to look at the mempool, it would save them and everybody else a lot in fees.
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bitmover
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November 09, 2020, 01:55:53 PM |
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If we look at the mempool when the last block was mined, then 4 sats/vbyte would put you 0.1 MB from the tip. 5 minutes later and with only 0.5 MB of new transactions, it is now 250 sats/vbyte to get 0.1 MB from the tip. This is completely stupid. Every single one of those transactions could have paid 4 sats/vbyte and confirm just as quickly.
I believe those closed source and newbie-friendly wallets, such as blockchain.info, might receive some benefit from miners to suggest those fees. They usually add a bunch of warnings and alerts saying that fee customization is an advanced feature and unless he is an "advanced user" he should use the suggest fee (which might be like 10-20 times higher than the safe confirmation fee) Customize your transaction fee (for advanced users only) Custom transaction fees should only be set by users with an advanced understanding of transactions and bitcoin fees. Setting too low of a fee may cause your transaction to remain unconfirmed for days or weeks. Please customize your transaction fee at your own risk.
To specify a custom transaction fee, click Customize Fee in the bitcoin send screen and enter your chosen fee in sat/b. https://support.blockchain.com/hc/en-us/articles/209283686-Sending-Bitcoin#:~:text=Customize%20your%20transaction%20fee%20(for%20advanced%20users%20only)&text=Please%20customize%20your%20transaction%20fee,chosen%20fee%20in%20sat%2Fb. If everyone took 30 seconds to look at the mempool, it would save them and everybody else a lot in fees. The problem is that it is not that easy for newbies to look at the mempool. There aren't a lot of websites that show the mempool. I know about 5 or 10 (at the most). It would be cool to see a wallet that somehow showed the mempool before sending
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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favebook
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November 10, 2020, 12:54:46 PM |
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It would be cool to see a wallet that somehow showed the mempool before sending.
This would be a great feature. Although, an easier one would be like Exodus did: I'd like them to explain how they choose their description for fees. Or maybe they should show a graph or something. That would be much more useful for newbies. They could even add explanation of description for custom fees in their FAQ. I'll send them feedback, they might consider it.
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bitmover
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November 10, 2020, 01:06:21 PM |
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This would be a great feature. Although, an easier one would be like Exodus did: The problem is that estimation is not correct. This has been discussed over and over. Those algorithm always overestimate fees... The mempool was cleared last night, anyone could get a confirmation with 1 sat byte and every estimator was suggestions 200 fees, even electrum.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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favebook
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November 10, 2020, 01:30:40 PM |
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The problem is that estimation is not correct. This has been discussed over and over. Those algorithm always overestimate fees...
The mempool was cleared last night, anyone could get a confirmation with 1 sat byte and every estimator was suggestions 200 fees, even electrum.
I am well aware that their estimation is overestimated and way too high. I saw the mempool last night, it was a dream come true for consolidating transactions. Exodus currently puts "recommended fee" at 79 sats/byte even though current mempool average is ~40 sats/byte but that is because in last 20mins we had 6 blocks (they were found in 10 mins tho). Last few hour average was actually around 80sats/byte which I guess is why they take that number even though that fee is currently too high (overestimated) as you can get into next block with much much lower fee. That is why I said, I'd like them to explain how they get those descriptions and how they choose their "recommended fee". Sadly, I haven't checked recommended fee for exodus last night so I cannot say how good of recommended fee they had at that time. EDIT: 2 minutes after this post, estimated fee dropped to 76 sats/byte which I assume was due to algorithm taking last few blocks into account. If that algorithm changes it's recommended fee (average of transaction fee during X amount of time) every 10 mins that would be okay. If X is 24h then it's not really useful, however if X is 4h than it is much better but still not perfect.
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joniboini
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November 11, 2020, 07:59:40 AM |
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That is why I said, I'd like them to explain how they get those descriptions and how they choose their "recommended fee".
You can probably check the code to see how they calculate it or ask them to explain on their social media such as Reddit. Not sure if they're going to respond though. From what I can tell is that they either grab it from another source or calculate it from the last few blocks with priority on the last block.
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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nc50lc
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November 11, 2020, 08:31:38 AM |
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-snip- From what I can tell is that they either grab it from another source or calculate it from the last few blocks with priority on the last block.
Is it about blockchain.com? Yes? Their fee rate is based on their own api, you can check it in action here: https://api.blockchain.info/mempool/feesThose are the same result that the " send" window will show you for 'regular' and 'priority' fee rates. And the priority fee ( even regular) is indeed an overestimation.
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. .HUGE. | | | | | | █▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . CASINO & SPORTSBOOK ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄█ | | |
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Rahar02
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November 11, 2020, 09:55:15 PM |
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-snip- From what I can tell is that they either grab it from another source or calculate it from the last few blocks with priority on the last block.
Is it about blockchain.com? Yes? Their fee rate is based on their own api, you can check it in action here: https://api.blockchain.info/mempool/feesThose are the same result that the " send" window will show you for 'regular' and 'priority' fee rates. And the priority fee ( even regular) is indeed an overestimation. The estimated fee for electrum right now is 62 sats/byte although less than 6K unconfirmed transactions on the mempool. Look at the mempool, 95% of them set the fee at 1-6 sats/byte and 2% pay 109-114 sats/byte, most likely wallet's automated fee. The way of the wallet's suggesting a suitable fee based on fee market conditions, if all the transactions pay the same amount, the wallet should be able to adjust to cheaper fees, but if there are some people who pay higher fees, then the wallet's API will calculate overestimate fees based on 'min-max-regular-priority'.
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Fatunad
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November 12, 2020, 07:27:00 PM |
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-snip- From what I can tell is that they either grab it from another source or calculate it from the last few blocks with priority on the last block.
Is it about blockchain.com? Yes? Their fee rate is based on their own api, you can check it in action here: https://api.blockchain.info/mempool/feesThose are the same result that the " send" window will show you for 'regular' and 'priority' fee rates. And the priority fee ( even regular) is indeed an overestimation. The estimated fee for electrum right now is 62 sats/byte although less than 6K unconfirmed transactions on the mempool. Look at the mempool, 95% of them set the fee at 1-6 sats/byte and 2% pay 109-114 sats/byte, most likely wallet's automated fee. The way of the wallet's suggesting a suitable fee based on fee market conditions, if all the transactions pay the same amount, the wallet should be able to adjust to cheaper fees, but if there are some people who pay higher fees, then the wallet's API will calculate overestimate fees based on 'min-max-regular-priority'. Im no in confidence on putting up 1-6 sats/byte per transaction due to im really that afraid for some transactions get stuck. At the moment i had used electrum and used up 30 sats/byte which is lower on the 62 bytes of yours but getting some confirmation isnt really that too long. Its just there are people who do pay more even though the mempool isnt already clogged anymore.I agree into the word about adjustments basing of on mi max regular priority API.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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joniboini
Legendary
Offline
Activity: 2170
Merit: 1789
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November 13, 2020, 07:27:39 AM |
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^ There is no need to be that afraid. Just make sure to check out the mempool before you make a transaction and use the RBF option so you can increase the fee later on.
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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Pffrt
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November 14, 2020, 04:10:01 AM |
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^ There is no need to be that afraid. Just make sure to check out the mempool before you make a transaction and use the RBF option so you can increase the fee later on.
OP is using blockchain.com wallet and it doesn’t have the option of enabling RBF and there's no way you can increase fee for such tx as I had faced (my friend actually) such an issue and looked for a solution bud didn’t get any at that moment.
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bitmover
Legendary
Online
Activity: 2282
Merit: 5889
bitcoindata.science
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November 14, 2020, 07:21:06 PM |
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OP is using blockchain.com wallet and it doesn’t have the option of enabling RBF and there's no way you can increase fee for such tx as I had faced (my friend actually) such an issue and looked for a solution bud didn’t get any at that moment.
There is a solution to this problem: just move to another wallet. and that solution will solve another, much more serious problem that you did not mention: the security of blockchain.com. Blockchain.com is one of the worst wallets out there. It is easy to use and good for newbies, but everyone who used it should just move on to a safer wallet. Suggestions: Electrum.org ledger nano Trezor
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Danslip
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November 16, 2020, 11:25:11 PM Last edit: November 17, 2020, 12:08:49 AM by Danslip |
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^ There is no need to be that afraid. Just make sure to check out the mempool before you make a transaction and use the RBF option so you can increase the fee later on.
OP is using blockchain.com wallet and it doesn’t have the option of enabling RBF and there's no way you can increase fee for such tx as I had faced (my friend actually) such an issue and looked for a solution bud didn’t get any at that moment. Just curious, isn't it possible to take seed from Blockchain wallet and import to Electrum for accelerating the transaction? I have withdrawn my coins from the Blockchain wallet in the mentioned way and no problem has happened in the process. I have extracted the seed from the settings and copy-pasted the seed after downloading the BIP32 offline browser page.
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o_e_l_e_o
In memoriam
Legendary
Offline
Activity: 2268
Merit: 18507
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November 17, 2020, 10:00:00 AM |
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Just curious, isn't it possible to take seed from Blockchain wallet and import to Electrum for accelerating the transaction? Yes, it is possible to take your 12 word seed from Blockchain and import it in to any other BIP39 supporting wallet you like. The issue is that to be able to bump a transaction's fee after it has been broadcast, you need to flag the transaction as opting in to RBF prior to it being broadcast. Once it has been broadcast it is too late. Since the transaction has already been broadcast from Blockchain wallet without opting in to RBF, even importing your seed in to Electrum won't help as you still wouldn't be able to bump the fee. Also worth noting that even if you import your seed from Blockchain in to a better wallet, the coins on that wallet remain inherently insecure the seed you are using was generated by a third party and transmitted over the internet. If you want to use a good wallet, then it is better to set up a new seed phrase in that wallet and send all coins from Blockchain to the new wallet.
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