I'm Glad With This Blockchain Technology

[Gozie51]

Blockchain is the best technology to have visited humanity, this is honest affirmation. It is certain that when you do a transaction of bitcoin to another party, despite the delay or low fees paid, if it is reflecting on blockchain through your TX, you just need to go sleep on your water bed because it must delivered eventually.

If about doing P2P transfer and you don't use escrow, this is risky if the other party is fraudulent to scam you, he may photoshop, edit or send the TX of another transaction and you may be gullible to send fiat without checking blockchain first. So always confirm from blockchain using TX, if it not scam, you must see the transaction there as unconfirmed. In such instance, you just have to wait for it to confirm.

The need for this glad story, information and eye opening is because I recently had the experience of a transaction that took a look of time to deliver, maybe close to 3 weeks and 1 month , it later got deliver at last. However, it has always been in blockchain there as unconfirmed. It actually got my nerves raising because it is the first time to have such delay, before now I have had lesser delay like 2/3 days but not a month.... Finally it got confirmed.

The point here is blockchain will always reflect a genuine transaction as unconfirmed, you just have to wait.

It will always deliver despite low fee paid once reflected in blockchain.

Miners must process it at there own time

Major reason I can confirm for my transaction delay

I did the transaction at a time bitcoin was highly volatile and bullish and immediately I sent out coins (with low fee), I observe that price skyrocketed and this could mean fees also increased So, I think the miners left my request to process higher fees transaction and they kept processing such coins that were coming in high fees...lol. Who doesn't want additional pay  

But I was seeing my transaction on blockchain. Therefore, relax if you see your transaction on blockchain despite the delay. Try and take your mind of it and look for other money you have or that you can , so you don't worry too much.

[SquirrelJulietGarden]

It will always deliver despite low fee paid once reflected in blockchain.

Miners must process it at there own time

The default time nodes will drop unconfirmed transactions to their own mempool is 14 days but each node owner can customize the time. Miners don't must to mine blocks and confirm your transactions. Node can add your transaction to their mempool or drop it and miners in that node can confirm your transaction or skip it.

So, I think the miners left my request to process higher fees transaction and they kept processing such coins that were coming in high fees...lol. Who doesn't want additional pay

Miners don't require anything. They and their mining rigs simply solve math and mine blocks. People who broadcast their bitcoin transactions set up fees for miners. They are responsible for their high transaction fees, not the miners.

But I was seeing my transaction on blockchain. Therefore, relax if you see your transaction on blockchain despite the delay.

You only can relax if you are sender and are sending your bitcoin from one wallet to another wallet of yours. If you are trading with another person, you can not relax if you already go first and make your payment for the trade partner.

[Gozie51]

But I was seeing my transaction on blockchain. Therefore, relax if you see your transaction on blockchain despite the delay.

You only can relax if you are sender and are sending your bitcoin from one wallet to another wallet of yours. If you are trading with another person, you can not relax if you already go first and make your payment for the trade partner.

Yes I said it about escrow. If you doing a P2P transaction, you may need escrow to be sure that you don't lose your money, when anything go wrong that is not your fault, you can get back your fund from the escrow. So in this case you can relax, that is the point to that.

[joniboini]

Yes I said it about escrow. If you doing a P2P transaction, you may need escrow to be sure that you don't lose your money, when anything go wrong that is not your fault, you can get back your fund from the escrow. So in this case you can relax, that is the point to that.

By escrow, you mean entrusting your funds to a third-party? If that's the case, you'll add another risk. Instead of doing that, you can do a 2-of-3 multi-sig with a neutral third-party (basically an escrow but with a different mechanism).

[cryptoaddictchie]

Yes I said it about escrow. If you doing a P2P transaction, you may need escrow to be sure that you don't lose your money, when anything go wrong that is not your fault, you can get back your fund from the escrow. So in this case you can relax, that is the point to that.

Unless your dealing with your friend in real life who wanted to buy cryptocurrency. Yes and that's for sure safe and sound, Binance p2p served as one of the best p2p service out there. Transaction may not be broadcast but the payment can be easily confirmed via bank or your accepted payment address.

[Welsh]

I would recommend not getting to complacent with sending Bitcoin, whether its small or large. Remember, that there's no conventional "safety nets", that exist in fiat based systems, and therefore by design you cannot reverse the transaction if you do mess up.

I personally, even after handling Bitcoin for years triple check my transactions before sending them, since the only real safety net you have is the confirmation window that your wallet software usually spits out, asking you to confirm you want to send x amount to x address. Getting complacent here could mean you misplace a decimal point, which is much easier than with fiat, because you are usually dealing with decimal points more regularly, due to prices not being tied to values such as $9.99. Instead, its something like 0.00057 which can be easily mistaken.

Also, whenever you are dealing with someone person to person, and you don't actually know them, or have enough trust of them , you need to be seeking out alternative ways to protect both parties from loss of coins. Basically, always use some sort of escrow, and by that I mean a trusted escrow, or even better a multi sig system.

By escrow, you mean entrusting your funds to a third-party? If that's the case, you'll add another risk. Instead of doing that, you can do a 2-of-3 multi-sig with a neutral third-party (basically an escrow but with a different mechanism).

From my observations, this isn't used nearly as much as it should be. I honestly, thought this would have become a standard within the industry by now, and I do understand it has its caveats, especially on time sensitive matters, but its by far one of the better ways of dealing with an escrow. I don't like that some P2P exchanges, still insist on using that site as an escrow, basically eliminating the very purpose of using a P2P exchange.