Bitcoin is not serving its purpose ANYMORE transfer waiting 48hr even paid high

[bryant.coleman]

Calculating the appropriate transaction fee is also getting difficult now. Earlier I used to check websites such as earn.com, but they are also not very accurate nowadays. I am in a tricky position right now because I need to transfer BTC0.038 to a third party website for some purchases. And I don't wan to spend $30 or $40 as fee. If I put in a fee of 30 Sat/Byte, is it possible to get a confirmation within 24 hours?

[slaman29]

Calculating the appropriate transaction fee is also getting difficult now. Earlier I used to check websites such as earn.com, but they are also not very accurate nowadays. I am in a tricky position right now because I need to transfer BTC0.038 to a third party website for some purchases. And I don't wan to spend $30 or $40 as fee. If I put in a fee of 30 Sat/Byte, is it possible to get a confirmation within 24 hours?

Earn has not been a good estimate for a long time. It's time you just use a good client like Electrum, it's had a fairly good estimate built in, and if you switch on RBF, then you can always replace your fee if you need something urgently.

30 sats/byte now doesn't look like a good fee. I think you should always check your ID on blockchair and it can tell you how far you are away from the line.

Keep consolidating inputs too in low fee periods... then you avoid these situations.

[maculeth]

but it's status has been confirmed, so just wait. but the fee was high too, $ 222 and had to pay $ 30. I think this is unnatural and increasingly makes Bitcoin inappropriate as a transaction tool. paypal is better, the fee is low.

[stompix]

Transaction confirmation delay doesn't mean Bitcoin did not serve it purpose anymore if you follow the right procedure before sending your transaction and paying a huge transaction doesn't matter either if you don't check the mempool condition.

And you can check the mempool conditions four hundred million times, can you people just stop with this non-sense?
You can look at that mempool all day long, it won't change the fact that if you want to send now even the smallest transactions (in size) you have to pay 8$.
Everyone is saying look at your inputs, look at the mepool size look at whatever!

It's about time you understand the average Joe doesn't care about this!
The normal consumer doesn't give a damn Visa settlement happens in 30 days from the payment he knows one thing, he swipes his card he has paid he can go out with his merchandise. When he look at Bitcoin right now he understands one thing, you either pay some huge fees or, ..you use something else!

1. Fast money transfer is not necessarily means within minutes. Although in this unlucky case it took rather long for that fee, it's still much faster than ... international bank transfers.

The way things are going in 100 years we're going to argue that it's still faster than intergalactic bank transfers.

[dothebeats]

Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?

It sure was one of the initial main selling points. Unfortunately(or fortunately?) bitcoin's adoption and price just grew a bit too fast for everyone to adjust. Layer 2 solutions such as Lightning are what's going to fix the speed and fee problem, but they're unfortunately not that ready yet. It's going to take time.

And it would be best if Layer 2 solutions, once available, would be viable for single-use. Else, it would be another problem that a lot of people would know that they have even if it isn't really one of their main concerns. I do have high hopes for LN, but at the current state of things it's really not viable, moreso sensible, to recommend it to people who just wants to make quick transfers and would probably not be doing any transfers in bitcoin any time sooner.

[NeuroticFish]

The way things are going in 100 years we're going to argue that it's still faster than intergalactic bank transfers.

You've just confused apples with oranges.
A blockchain cannot compete in speed with a centralized database (VISA). Whoever expects that has misunderstood... everything.

Bank transfer is different than card payment. National bank transfers take 1-3 days. International takes sometimes +1 day.
Intergalactic ones will be trickier unless faster than speed of light communication is developed so I won't take them into discussion for now, since blockchain will suffer from the same impediment.
Back to reality: just read about people trying to transfer fiat from their bank account (for example to Kraken) and wait for days.

[bryant.coleman]

Calculating the appropriate transaction fee is also getting difficult now. Earlier I used to check websites such as earn.com, but they are also not very accurate nowadays. I am in a tricky position right now because I need to transfer BTC0.038 to a third party website for some purchases. And I don't wan to spend $30 or $40 as fee. If I put in a fee of 30 Sat/Byte, is it possible to get a confirmation within 24 hours?

Earn has not been a good estimate for a long time. It's time you just use a good client like Electrum, it's had a fairly good estimate built in, and if you switch on RBF, then you can always replace your fee if you need something urgently.

30 sats/byte now doesn't look like a good fee. I think you should always check your ID on blockchair and it can tell you how far you are away from the line.

Keep consolidating inputs too in low fee periods... then you avoid these situations.

Thanks for the reply. I guess I will wait for some more time to transfer my coins. Don't want to move my coins now and get stuck for another week. I am checking the Mempool size from time to time. It shows no sign of reducing. Another option I have is to make the payment with BCH or ETH. But the BCH prices are too low nowadays and I don't want to sell my coins now. And for ETH, the transaction fee is as worse as BTC.

[NeuroticFish]

I am checking the Mempool size from time to time. It shows no sign of reducing.

Keep in mind that mempool size alone can be misleading. There are still being added plenty of low fee transactions.
For my surprise (too) the last 3 blocks (671958..671960) have included transactions at 30-40 sat/vbyte.
The point is to watch a proper bitcoin fee related website too (https://mempool.space/ or the 3rd chart at https://jochen-hoenicke.de/queue) , not only the mempool size.

[davis196]

Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?

That was the purpose of Bitcoin before 2013.After 2017,almost every Bitcoiner realized that the main purpose of Bitcoin will be investing-buy BTC and HODL,then sell at a higher price and get the profit.Sad but true...
Nobody cares about transaction fees and confirmation time anymore.You are too late whining about that.
You could use some offchain solutions like the Lightning Network,if you want fast transactions and low fees,but LN isn't accepted everywhere and it isn't very user friendly.

[kush02]

I paid $30.03 for fee

[electronicash]

so every time you are to send coins to someone you have to watch out for the mempoolsize and then wait a bit for the timing?  it looks like a tedious job for someone who is pressured by someone to send the payments. somehow it failed when it comes to faster confirmation and also high fees but BTC still is efficient than our bank transactions today. every newbie i think should just be introduced to LN wallets.

[stompix]

You've just confused apples with oranges.
A blockchain cannot compete in speed with a centralized database (VISA). Whoever expects that has misunderstood... everything.

Nope, you're the one mistaking things,  that's the page from sending money via Western Union.  
International transfer (EU>Lesotho), pick-up in minutes, cheaper than what the OP has paid for a lower sum!

Back to reality: just read about people trying to transfer fiat from their bank account (for example to Kraken) and wait for days.

Just as I was saying, from competing with Visa we dropped expectations to competing with MG and WU, then with national bank transfers, then with international bank transfers, and so on and on. While every one of those options is evolving and getting faster we're stuck at looking at the mempool and counting inputs.

Another option I have is to make the payment with BCH or ETH..

No Doge? and no LTC?
I don't see the reason why somebody would be accepting BCH and not any of those two!

[imstillthebest]

not the highest fee but it was nice fee for medium to fast transfer of btc but why you havent recieved your btc with you .
 are you sure that you send the bitcoins on its correct destinations .

bitcoins purpose is not only for money transfer but the description of btc for fast money transfers can be false because there is a waiting time for every btc transactions  .
delayed transfers in btc dont mean that btc is not serving its purposes anymore because not all btc users  having inconviences upon using thier btc's  .
please dont get mad at btc

[bryant.coleman]

Another option I have is to make the payment with BCH or ETH..

No Doge? and no LTC?
I don't see the reason why somebody would be accepting BCH and not any of those two!

They do accept DOGE and LTC, but I don't have any of these coins in my wallet. I had some LTC until 2019, but those coins were stored in Cryptopia. When Cryptopia got hacked, I lost those coins. And regarding DOGE, I never had any of that coin with me. I have always considered DOGE as a scam, and despite the recent increase in exchange rates my opinion regarding DOGE hasn't changed.

[NeuroticFish]

Nope, you're the one mistaking things,  that's the page from sending money via Western Union.  
International transfer (EU>Lesotho), pick-up in minutes, cheaper than what the OP has paid for a lower sum!

OK, I stand corrected. I didn't know you can pay with VISA and then get transferred via WU.

Just as I was saying, from competing with Visa we dropped expectations to competing with MG and WU, then with national bank transfers, then with international bank transfers, and so on and on. While every one of those options is evolving and getting faster we're stuck at looking at the mempool and counting inputs.

It's not dropping expectations, is more like facing the truth.
When LN (or similar) will be available, we will lead the game. Until then we should be aware of the problems such a decentralized database implementation (blockchain) has.
LN is an evolution imho. Not 100% ready for the public audience? Pretty bad. Sooner or later a proper second layer will be available. It has to.

[BurtW]

OK, everyone probably knows about this site but it is the coolest thing I have found in a long time.  It visually shows the mem pool statistics, size, the fees people are paying, etc. over time.  Click here and see the beautiful color graphics for the last three months:

https://jochen-hoenicke.de/queue/#BTC,3m

Donating to the site author now...

[Sithara007]

OK, everyone probably knows about this site but it is the coolest thing I have found in a long time.  It visually shows the mem pool statistics, size, the fees people are paying, etc. over time.  Click here and see the beautiful color graphics for the last three months:

https://jochen-hoenicke.de/queue/#BTC,3m

Donating to the site author now...

Very useful site. Earlier I was using online calculators such as bitcoinfees.net to calculate the fee, and these sites used to be very inaccurate. But this particular site shows the number of transactions that are in queue, by fee bins. You can accurately set the fee, depending on the time you have. I have checked the charts for other coins (ETH, BCH, DOGE.etc) as well, and they are also very helpful.
 

[BIN-BIN]

I faced this same challenge some couple of days ago when I try transferring my bitcoin it got stuck for days before finally getting confirmed.  The network is highly congested right now and transaction take hours and even days to go through.

[bryant.coleman]

Calculating the appropriate transaction fee is also getting difficult now. Earlier I used to check websites such as earn.com, but they are also not very accurate nowadays. I am in a tricky position right now because I need to transfer BTC0.038 to a third party website for some purchases. And I don't wan to spend $30 or $40 as fee. If I put in a fee of 30 Sat/Byte, is it possible to get a confirmation within 24 hours?

Earn has not been a good estimate for a long time. It's time you just use a good client like Electrum, it's had a fairly good estimate built in, and if you switch on RBF, then you can always replace your fee if you need something urgently.

30 sats/byte now doesn't look like a good fee. I think you should always check your ID on blockchair and it can tell you how far you are away from the line.

Keep consolidating inputs too in low fee periods... then you avoid these situations.

I was constantly watching the site that was originally posted by user NeuroticFish. Today morning I noticed that most of the Mempool is composed of transactions with fee of 10-20 Sat/Byte. I immediately moved my coins, after putting a fee of 16 Sat/Byte and it got confirmed in around 30 minutes. This is what happens when you have the patience to wait for 2-3 days. If I had gone for the transaction earlier, then it would have cost me at least 150 Sat/Byte. In total, I paid a fee of BTC0.00015, when it could have been easily 10 times that much.

[Jet Cash]

I have often posted that I don't believe that Bitcoin was created to be a mass payment method. The 10 minute block generation time, and the 21 million cap are evidence of this. I feel it was a banking experiment that exceeded their expectations. It has become a valuable store of wealth, and they are now taking advantage of that.