Help with Bitcoin Core Transaction

[TallblokeUK]

Hi guys!

N00b help here!

I'm trying to send some BTC from my Bitcoin Core wallet to coinbase.

Coinbase have the transaction as sending but core says 0/unconfirmed, in memory pool and I can't find it in the blockchain at all!

What do you need info wise to be able to give me some help and advice?

Thanks in advance!

[jackg]

When did you send the transaction, do you know what fee you are using, and is core fully synced?

Can you right click the transaction and get it's transaction ID and post it here?

[TallblokeUK]

Yup it's fully synced.

The ID is : ecb4d354df52519538a47f930e5b715a097c07fa4863b06a2eaa74d253f50f58

I sent it at 18:47 GMT so about 3 hours ago.

Fee...

Debit: -0.05172646 BTC
Transaction fee: -0.00015183 BTC
Net amount: -0.05187829 BTC

[bob123]

Your transactions pays the lowest possible fee rate of 1sat/B.

This is fine and not a problem. But with the current mempool status, your transaction won't confirm within the next few hours or even days.

Luckily, RBF (Replace-by-fee) is enabled which means you can "bump" the fee to get it confirmed faster.
If you don't want to wait, you can either use the bitcoin-cli to bump the fee by using the bumpfee command (replace TXID with your transaction id):

bumpfee TXID

Or, the 2nd more easy option would be to export the private key(s) of the sending address(es) and import them into electrum. Then you can simply check the history tab and right-click the transaction to bump the fee.

[TallblokeUK]

What fee would you recommend?

[bob123]

What fee would you recommend?

This is very dependent on the current mempool status.

How fast do you want your transaction to be confirmed?
Check out https://core.jochen-hoenicke.de/queue/#0,24h. Scroll to the 3rd graph. The fee should be less than 1MB from the tip if you want it to confirm within the next few blocks.

For a confirmation in the next block a fee of roughly 140 sat/vB would be recommended.
If the next few blocks are enough, 60-90 sat/vB might be enough.

Please keep in mind that these numbers are just an estimation. It heavily depends on how the network behaves. How many blocks get mined how fast and how much transactions with what fee will be added to the mempool.

[TallblokeUK]

90 sat/vB would cost me how much?

[khaled0111]

Coinbase will show your transacion as "pending" until it gets 1 confirmation.
A 90 sat/vb would cost 0.0136647btc (if am not mistaken). 90 times the fee you paid with 1 sat/vb.
Your transaction size is too big because it consumes too many inputs (103).
Paying 1/4th in fees seems a bit too much and I wouldn't bump the fees right now, if I were you, unless am really in a hurry.

[BitMaxz]

As the above calculation 0.0136647 fee is very high it's around 314.1USD in preev.

If you are not in hurry I suggest you wait for a day or more and wait for your transaction to be confirmed.
Or if the transaction is rejected after a day you can consolidate all of your inputs it means that combine them into one. If you have a single input you can get less transaction fee.

You can follow the guide from LoyceV here https://bitcointalk.org/index.php?topic=2848987.0

If I were you It's better to wait until the mempool size drop than paying 314.1USD.

[LoyceV]

I'm trying to send some BTC from my Bitcoin Core wallet to coinbase.

You've been collecting Bitcoin dust. This isn't the moment to consolidate 15,000 bytes of small inputs. If you really want to make a transaction now, you should first Enable coin control features in Bitcoin Core Settings, then select Inputs on the Send tab, sort them by Amount, and manually choose the highest inputs only.

Look at these inputs:

(source)

I've set it to show USD instead of BTC because it's easier to see low amounts. The 17.06 USD and 33.27 USD are perfectly fine to send right now. If you select those, you pay a reasonable fee.
However, all those inputs less than a dollar can easily eat up more in fees than they're worth. So leave them out, or select them in a separate transaction that will consolidate maybe even weeks later (as long as Bitcoin Core keeps broadcasting the transaction).

In the future, if possible: switch to using a Bech32 Segwit address (the one starting with bcq1). It reduces your sending fees.

N00b help here!

Lol
Just so you know: after you've secured your Bitcoin, you also own about $22 worth of Forkcoins. Getting them is a bit above n00b level though, and you shouldn't try to get them before all your Bitcoins are confirmed on a new address.

[o_e_l_e_o]

-snip-

So it's not quite as bad as your picture makes it out to be. The USD value showed in that picture is based on the price of the coins when OP received then, which was generally back in 2016. Those 10 cent outputs are now worth around $4.

In the future, if possible: switch to using a Bech32 Segwit address (the one starting with bcq1). It reduces your sending fees.

While this is obviously true, it is probably not the most important thing for OP to focus on. Reducing the number of inputs he is using will provide a far greater fee saving than switching 100 inputs from Legacy to SegWit.

Two suggestions for OP:

• These coins have sat dormant for 4 years. They can sit dormant for another few days until the mempool empties down to 1 sat/vbyte. Just be patient, otherwise you will lose hundreds of dollars worth of BTC in fees.
• Stop accepting such small outputs. I don't know where you were withdrawing such small amounts of coins from at the time (I assume faucets because the majority of exchanges, casinos, etc. have a minimum withdrawal amount), but it makes far more sense to wait until you have a reasonable amount of bitcoin and then withdraw it all at once. If you were spending 1 input here rather than 100, your transaction could have confirmed in minutes for a fraction of the fee you are paying.

[LoyceV]

So it's not quite as bad as your picture makes it out to be. The USD value showed in that picture is based on the price of the coins when OP received then, which was generally back in 2016. Those 10 cent outputs are now worth around $4.

You're right, I forgot about that. There's the current values:

(source)

The rest of the story stays the same

[TallblokeUK]

-snip-

So it's not quite as bad as your picture makes it out to be. The USD value showed in that picture is based on the price of the coins when OP received then, which was generally back in 2016. Those 10 cent outputs are now worth around $4.

In the future, if possible: switch to using a Bech32 Segwit address (the one starting with bcq1). It reduces your sending fees.

While this is obviously true, it is probably not the most important thing for OP to focus on. Reducing the number of inputs he is using will provide a far greater fee saving than switching 100 inputs from Legacy to SegWit.

Two suggestions for OP:

• These coins have sat dormant for 4 years. They can sit dormant for another few days until the mempool empties down to 1 sat/vbyte. Just be patient, otherwise you will lose hundreds of dollars worth of BTC in fees.
• Stop accepting such small outputs. I don't know where you were withdrawing such small amounts of coins from at the time (I assume faucets because the majority of exchanges, casinos, etc. have a minimum withdrawal amount), but it makes far more sense to wait until you have a reasonable amount of bitcoin and then withdraw it all at once. If you were spending 1 input here rather than 100, your transaction could have confirmed in minutes for a fraction of the fee you are paying.

Back in the day I spent $100 on Genesis Mining, got paid into my wallet like that pretty much daily.

I'm with you that it's worth waiting as I imagine the mempool will clear over Christmas!

[o_e_l_e_o]

Back in the day I spent $100 on Genesis Mining, got paid into my wallet like that pretty much daily.

It's obviously far too late to do anything about these outputs now, but if you are still involved in mining then you should wait until you have accumulated a much larger mining reward before withdrawing. Once a week or a couple of times a month is far more appropriate than daily.

I'm with you that it's worth waiting as I imagine the mempool will clear over Christmas!

Not necessarily. The period surrounding Christmas in previous years hasn't shown any noticeable change to whatever the mempool was doing at the time - if it was empty it remained empty, if it was full it remained full. Since unlike stocks, bitcoin is tradable 24/7/365, and large amounts of volume come from places like China which only have a very small Christian population, then commonly observed holidays in America and Europe often don't make any difference to the mempool.

The mempool has fallen from about 62 MB to about 42 MB in the last 24 hours, and I would expect it to fall a bit more over the coming 24 hours, but with the ongoing price surge in bitcoin it is unlikely the mempool will clear down to as low as 1 sat/vbyte for the foreseeable future. You could bump the fee up to 10-15 sats/vbyte or so (which would be in the region of $35-50) and that might get you confirmed over the weekend, but it could also mean paying 10x the fee and still having to wait a week or more anyway. To be reasonably sure of getting confirmed today you are probably looking at a fee of 50 sats/vbyte, which is almost $200. If it were me I would just wait.

[TallblokeUK]

Back in the day I spent $100 on Genesis Mining, got paid into my wallet like that pretty much daily.

It's obviously far too late to do anything about these outputs now, but if you are still involved in mining then you should wait until you have accumulated a much larger mining reward before withdrawing. Once a week or a couple of times a month is far more appropriate than daily.

I'm with you that it's worth waiting as I imagine the mempool will clear over Christmas!

Not necessarily. The period surrounding Christmas in previous years hasn't shown any noticeable change to whatever the mempool was doing at the time - if it was empty it remained empty, if it was full it remained full. Since unlike stocks, bitcoin is tradable 24/7/365, and large amounts of volume come from places like China which only have a very small Christian population, then commonly observed holidays in America and Europe often don't make any difference to the mempool.

The mempool has fallen from about 62 MB to about 42 MB in the last 24 hours, and I would expect it to fall a bit more over the coming 24 hours, but with the ongoing price surge in bitcoin it is unlikely the mempool will clear down to as low as 1 sat/vbyte for the foreseeable future. You could bump the fee up to 10-15 sats/vbyte or so (which would be in the region of $35-50) and that might get you confirmed over the weekend, but it could also mean paying 10x the fee and still having to wait a week or more anyway. To be reasonably sure of getting confirmed today you are probably looking at a fee of 50 sats/vbyte, which is almost $200. If it were me I would just wait.

IIRC the payouts were automatic, there wasn't a withdraw option.

Good point about Christmas, Chinese New Year it is then

I'm in no particular hurry!

[TallblokeUK]

Watching https://core.jochen-hoenicke.de/queue/#0,24h has become a new bad habit!

Perhaps tonight the transaction will confirm!

[nc50lc]

Perhaps tonight the transaction will confirm!

Unfortunately, the average mempool size rose higher since you've posted. If it's at least 2sat/vB, it would've been mined by now.
Wish you luck.

[TallblokeUK]

Looking at this https://blockchair.com/bitcoin/transaction/ecb4d354df52519538a47f930e5b715a097c07fa4863b06a2eaa74d253f50f58 I think I got close if priority is anything to go by... just going to sit tight and be patient I guess!

[joniboini]

Looking at this https://blockchair.com/bitcoin/transaction/ecb4d354df52519538a47f930e5b715a097c07fa4863b06a2eaa74d253f50f58 I think I got close if priority is anything to go by... just going to sit tight and be patient I guess!

Not sure if I understood you correctly, but that shows that your tx is placed nearly at the end of the priority list. My guess is that it would probably get confirmed on the weekend if you're lucky and there's no spike on the mempool.

[LoyceV]

I think I got close if priority is anything to go by...

You're #19218 out of 20120 waiting transactions. I think your interpretation was the opposite.