Binance BTC Withdrawal getting stuck - what's the best thing to do?

[Get-Paid.com]

TXID = cd65cbe2a7a6fc1ee41f9bba3c2d06891f8f5e373bda14d5eaa0c6970056f9f7

https://blockchair.com/bitcoin/transaction/cd65cbe2a7a6fc1ee41f9bba3c2d06891f8f5e373bda14d5eaa0c6970056f9f7

With all the panic in the market today - is there a way to accelerate this transaction somehow or just "wait"?

ViaBTC shows 12.5 LTC price to accelerate ($525) which seems too much - any other suggestions what to do in order to get this confirmed?

[DaveF]

If it's coming to a wallet you control you can do a CPFP with a high (but not crazy) fee.
If it's just going to another exchange you just have to wait.
Since there are a ton of payments in that TX you can hope that someone else wants it quick and does their own CPFP.

CPFP = https://bitcoinops.org/en/topics/cpfp/

-Dave

[Charles-Tim]

Mempool is becoming congested, 36 sat/vbyte to make the transaction gotten into the next block by a miner and be confirmed, but you transaction is having 14.343 sat/vbyte, the reason it is not confirmed.

Make use of free ViaBTC accelerator if it will work. I guess it should work as long as the fee is higher than 10 sat/vbyte. But you will have to keep on trying, it take time, or wait for the mempool to become less congested.

---snipped---

It is coming from an exchange, having over 30 inputs outputs. CPFP is not advisable.

[Get-Paid.com]

Make use of free ViaBTC accelerator if it will work.

It doesn't work - it says it cannot accelerate it for free, only for a paid option that costs $525 - any other idea?

[Charles-Tim]

It doesn't work - it says it cannot accelerate it for free, only for a paid option that costs $525 - any other idea?

Just be patient and wait for the mempool to become less congested.

[Get-Paid.com]

Just be patient and wait for the mempool to become less congested.

If the Bitcoin price wouldn't fall like the way it is now - then no problem being patient, but right now it's losing lots of value...  Hence - you got similar panic from other people globally now.

[hosseinimr93]

If it's coming to a wallet you control you can do a CPFP with a high (but not crazy) fee.

This would be very very expensive.
The virtual size of the transaction in question is 1345 vbytes. It has also an unconfirmed parent with the size of 14791 vbytes.
The fee rate used for the unconfirmed parent is only 1 sat/vbyte.

Given that the fee required for a fast confirmation is now around 16 sat/vbtye, OP has to pay around 0.0026 sat for the new transaction.

[LoyceV]

It is coming from an exchange, having over 30 inputs. CPFP is not advisable.

It has only one input, and 39 outputs. CPFP isn't that bad for 1340 vbyte (but still a waste of money for something Binance charges a withdrawal fee for).

It has also an unconfirmed parent with the size of 14791 vbytes.

I didn't see the unconfirmed parent. Shame on Binance!

[Get-Paid.com]

It has only one input, and 39 outputs. CPFP isn't that bad for 1340 vbyte (but still a waste of money for something Binance charges a withdrawal fee for).

I've asked Binance to look into it and accelerate the fee from their end - they said they would get back to me via email about it as they have informed the relevant team about this.

Given that the fee required for a fast confirmation is now around 16 sat/vbtye, OP has to pay around 0.0026 sat for the new transaction.

I'm happy to pay you now 0.0026 BTC in order to accelerate this transaction ($60 - $70), totally mean it.


[moderator's note: consecutive posts merged]

[Charles-Tim]

It has only one input, and 39 outputs. CPFP isn't that bad for 1340 vbyte (but still a waste of money for something Binance charges a withdrawal fee for).

Thanks LoyceV, I have corrected that.

I've asked Binance to look into it and accelerate the fee from their end - they said they would get back to me via email about it as they have informed the relevant team about this.

This will be the best to do. Also, do not panic sell this time is my advice.

I'm happy to pay you now 0.0026 BTC in order to accelerate this transaction ($60 - $70), totally mean it.

Did you send the coin to a noncustododial wallet that you have its seed phrase or private key with you? Avoid people that will pm you that will say they can help you, avoid scammers.

[hosseinimr93]

I'm happy to pay you now 0.0026 BTC in order to accelerate this transaction ($60 - $70), totally mean it.

Seems that you misunderstood me. You shouldn't pay that to me. You should pay that to miners.
If you want a fast confirmation, you can make a new transaction and spend the fund received from binance with that high fee.
Note that you can do so, only if you have full control over the fund. If the fund in on an exchange or any other custodial service, the only thing you can do is wait.

[Get-Paid.com]

Did you send the coin to a noncustododial wallet that you have its seed phrase or private key with you? Avoid people that will pm you that will say they can help you, avoid scammers.

Unfortunately not, and it's all clear.
Just have to wait now, thanks alot.

[DaveF]

It has also an an unconfirmed parent with the size of 14791 vbytes.
The fee rate used for the unconfirmed parent is only 1 sat/vbyte.

I didn't see the unconfirmed parent. Shame on Binance!

I missed that to, in truth I didn't even look to miss it. Is this common for Binance to do this?
I don't use them anymore so I don't pay attention but it just seems odd to have an exchange sending coins like that.
One would think that it's easier to spend a few extra sats then deal with the customer complaints....

-Dave

[LoyceV]

I missed that to, in truth I didn't even look to miss it. Is this common for Binance to do this?
I don't use them anymore so I don't pay attention but it just seems odd to have an exchange sending coins like that.
One would think that it's easier to spend a few extra sats then deal with the customer complaints....

Up until not so long ago, Binance used to charge ridiculously high withdrawal fees, and made transactions with ridiculously high fees. More recently, they've reduced withdrawal fees, and it looks like they're now on the other end of the spectrum being cheap on fees.

[Get-Paid.com]

Binance has now replied with a very generic and unhelpful response, this is what they said:

Thank you for waiting patiently. You may refer to this link https://www.binance.com/en/support/announcement/8437dfd1c7bf49c2a4bf124bd03b0624. Kindly be advised your assets is safe with us. If the transaction is failed on the blockchain we will surely retrieve back to your wallet.

[hosseinimr93]

Kindly be advised your assets is safe with us. If the transaction is failed on the blockchain we will surely retrieve back to your wallet.

Your transaction may be removed from the mempool if it stays unconfirmed in the next 14 days.
It can also be removed from the mempool if the mempool size reaches 300 vMB. (As the current mempool size is around 96 vMB and is far from that limit, it's very unlikely that it happens.)

I think your transaction will be finally confirmed and as already said there's nothing you can do other than wait.

[Get-Paid.com]

Hope reality proves me wrong, I've accelerated the transaction.... Bitcoin is truly shit when it's transferred between 3rd party wallets.

[hosseinimr93]

Bitcoin is truly shit when it's transferred between 3rd party wallets.

The problem is not with bitcoin. The problem is with how binance made the transaction.
At the time I am writing this post, a transaction paying fee of 20 sat/vbyte should be confirmed in the next block.
This means that a normal transaction (1 input, 2 outputs) can be confirmed very fast with fee of around 2840 satoshi ($0.65).

[LoyceV]

Bitcoin is truly shit when it's transferred between 3rd party wallets.

I'm going to state the obvious: be your own bank. Even if you have to use a third party, send funds to your own wallet before sending it elsewhere.

[BlackHatCoiner]

https://www.binance.com/en/support/announcement/8437dfd1c7bf49c2a4bf124bd03b0624.

Binance, as always, misinforms everybody:

Withdrawals on Bitcoin (BTC) Network Temporarily Suspended

There isn't such thing as "withdrawal" on the Bitcoin network to be suspended. The only thing that's interrupted, beyond their users' privacy, is the withdrawal option in their platform.

More recently, they've reduced withdrawal fees, and it looks like they're now on the other end of the spectrum being cheap on fees.

I wouldn't say so. Charging 20k sats and broadcasting a 1 sat/byte transaction makes it even more ridiculous.

I'm happy to pay you now 0.0026 BTC in order to accelerate this transaction ($60 - $70), totally mean it.

You have to create another transaction wherein you pay yourself all of your money minus 0.0026 BTC, which will go to the miner.