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

[LoyceV]

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

You're right. I was (mistakingly) under de impression it's 2k sats. What was I thinking.

Wanna hear something funny? Kraken charges 1k sats. And LN-withdrawals are FREE!
Wanna hear something stupid? Binance (the scam site that tries to trick people by offering 3 different made-up tokens as Bitcoin) charges 50k sats for Bitcoin Segwit withdrawals!

[1715466175]

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[1715466175]

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[1715466175]

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[mynonce]

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?

confirmed now

[BlackHatCoiner]

[...]

Wanna hear something tragic? Most people use Binance.

[Get-Paid.com]

confirmed now

It is confirmed because we paid for the acceleration and we're glad we did - next time we would only withdraw from Binance via BTC to a cold wallet where WE control the fee and not a 3rd party, lesson learned.

[mynonce]

confirmed now

It is confirmed because we paid for the acceleration and we're glad we did - next time we would only withdraw from Binance via BTC to a cold wallet where WE control the fee and not a 3rd party, lesson learned.

If you want to tell ... how much did you pay for the acceleration?

[Get-Paid.com]

If you want to tell ... how much did you pay for the acceleration?

Around 10 LTC.

[dkbit98]

It is confirmed because we paid for the acceleration and we're glad we did - next time we would only withdraw from Binance via BTC to a cold wallet where WE control the fee and not a 3rd party, lesson learned.

You are ''lucky'' because Binance totally stopped withdrawing Bitcoin from their exchange, and they only allowed to withdraw it as fake bitcoin tokens on other blockchains.
I think you overpaid acceleration with 10 ltc (but you probably didn't have any other options), and if you want to have full control use some non-custodial wallet with RBF option in future.
Solid centralized alternative for Binance could be FTX exchange, but I honestly don't trust very much any centralized exchange.

[hosseinimr93]

Binance (the scam site that tries to trick people by offering 3 different made-up tokens as Bitcoin) charges 50k sats for Bitcoin Segwit withdrawals!

The information shown there is wrong.
Before, they had two different options for withdrawing real bitcoin. One was "Bitcoin" and the other one was "BTC(SegWit)".
Now, they have only one option for withdrawing real bitcoin which includes both legacy and segwit addresses. The withdrawal fee for that is 0.0002 BTC.

I am not saying the withdrawal fee on binance is low. They are charging very high fee.

[Get-Paid.com]

https://www.google.com/amp/s/www.coindesk.com/business/2022/06/13/binance-clarifies-what-caused-earlier-bitcoin-withdrawal-issues/%3foutputType=amp

[nc50lc]

https://www.google.com/amp/s/www.coindesk.com/business/2022/06/13/binance-clarifies-what-caused-earlier-bitcoin-withdrawal-issues/%3foutputType=amp

That makes sense.
Your transaction's parent transaction has a fee rate of 1sat/B which was the optimal fee before the "surge".
That should be one of their "pending consolidation transactions" (100in->1out) that got broadcasted after the repair.

[Get-Paid.com]

https://www.google.com/amp/s/www.coindesk.com/business/2022/06/13/binance-clarifies-what-caused-earlier-bitcoin-withdrawal-issues/%3foutputType=amp

That makes sense.
Your transaction's parent transaction has a fee rate of 1sat/B which was the optimal fee before the "surge".
That should be one of their "pending consolidation transactions" (100in->1out) that got broadcasted after the repair.

That "repair" was costly but moving $5,000 when BTC was $25,000 (0.2 BTC) and now it's under $22,000 (less than $4,400) - we sold it at $24,000 ($200 loss) + extra 10 LTC fee to ViaBTC.

Was it worth it? It's worth the peace of mind.

Currently our faith in Bitcoin has gone downhill, the raise of interest rates + global rising costs / inflation would hamper lenders like Celsius and Tether (USDT) could be next, hopefully it won't ... but there's going to be a "financial war" between Tether, Binance and the US govt - it's already happening now. Who knows what the future holds. We hope the good side will win.

[nc50lc]

Currently our faith in Bitcoin has gone downhill, the raise of interest rates + global rising costs / inflation would hamper lenders like Celsius and Tether (USDT) could be next, -snip-

Take note that it was Binance's system that had a "repair" not Bitcoin in general.
If they didn't broadcasted those pending consolidation 1sat/B-transactions but either make replacement with proper fee rate or halt consolidation for later,
it wouldn't have happened; thankfully that article mentioned that they've change their consolidation and withdrawal logic.

Without that unconfirmed parent, your transaction would have been confirmed by now without accelerating it (about 9~10 hours ago).

[Get-Paid.com]

Take note that it was Binance's system that had a "repair" not Bitcoin in general.
If they didn't broadcasted those pending consolidation 1sat/B-transactions but either make replacement with proper fee rate or halt consolidation for later,
it wouldn't have happened; thankfully that article mentioned that they've change their consolidation and withdrawal logic.

Without that unconfirmed parent, your transaction would have been confirmed by now without accelerating it (about 9~10 hours ago).

Take note it was Luna that started this downfall, and now Celsius, and if Binance becomes next then what would the future hold?

What if Tether (USDT) becomes $0.95 again (it happened when Luna crashed) and then it keeps on going south?!

No trust = Prices falling

Bitcoin is a great creation, but so was LibertyReserve, e-gold and probably others that no one has heard of ...

The system must have trust in order to function well, right now we're seeing bubbles bursting one after another, and Celsius/Luna are definitely not the last ones here.

[nc50lc]

Take note that it was Binance's system that had a "repair" not Bitcoin in general.
If they didn't broadcasted those pending consolidation 1sat/B-transactions but either make replacement with proper fee rate or halt consolidation for later,
it wouldn't have happened; thankfully that article mentioned that they've change their consolidation and withdrawal logic.

Without that unconfirmed parent, your transaction would have been confirmed by now without accelerating it (about 9~10 hours ago).

Take note it was Luna that started this downfall, and now Celsius, and if Binance becomes next then what would the future hold?

I was talking about this thread's topic: the unconfirmed transaction's relation to the article that you've linked.
I cannot comment on speculations specially in this board.

regards,

[LoyceV]

https://www.coindesk.com/business/2022/06/13/binance-clarifies-what-caused-earlier-bitcoin-withdrawal-issues/

The amount of BS in that article really annoys me:

The company said that “these pending consolidation transactions had a low gas fee,

There is no "gas fee" in Bitcoin! They do all they can to make Bitcoin sound like their shitcoins.

The company emphasized that users could still withdraw bitcoin on other networks

There they go again, that's a lie. It's never been possible to withdraw Bitcoin on other networks, and it will never be possible. There's only one Bitcoin, and there are countless shitcoins designed to scam people out of their Bitcoins. The sooner people understand that, the stronger Bitcoin gets.

Currently our faith in Bitcoin has gone downhill, the raise of interest rates + global rising costs / inflation would hamper lenders like Celsius and Tether (USDT) could be next

None of that has any power over Bitcoin. Bitcoin is fine, and long-term, a great hedge against inflation. But only if you keep it in your own wallet, so don't "lend it out"!
Short-term, central banks seem to rule the economy nowadays, but long-term, their money only loses value.

Take note it was Luna that started this downfall, and now Celsius, and if Binance becomes next then what would the future hold?

Luna gambled. Celsius (which I didn't know until yesterday) gambled. Binance should be earning a lot of money from facilitating trades. If they're gambling, they deserve to go under.

What if Tether (USDT) becomes $0.95 again (it happened when Luna crashed) and then it keeps on going south?!

If you don't trust a centralized company to keep up their promises, don't use it

Bitcoin is a great creation, but so was LibertyReserve, e-gold and probably others that no one has heard of ...

Bitcoin is fine. You seem to confuse it with all kinds of things people build around Bitcoin to make themselves rich.

[Charles-Tim]

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

Binance is not even a wallet, it is an exchange, exchange can be hacked, they are centralized and can suspend withdrawal, freeze your account or do anything possible that can frustrates you at times, also custodial wallet are not excluded, you do not have complete control.  The reason I point to this is because it is like you are sending from Binance (a centralized exchange) to an exchange where you will exchange your coin to fiat. It is better you make use of noncustododial wallet instead of Binance, noncustododial wallet like open source hardware wallet or wallet on airgapped device for that high amount of bitcoin.

[Get-Paid.com]

Short-term, central banks seem to rule the economy nowadays, but long-term, their money only loses value.

What makes you believe they won't win long term? They have more tools than we can imagine.
It's like one local resident going against the local municipality where he lives - they have more power than he does alone.

Bitcoin without proper use (e.g. Binance) - would be a trouble.
Clearly regulation is what most governments look for - but what if the entire economy will be digitalized like Bitcoin (yes, no more "Swift" for wire transfers) - and still the 21st Bitcoin so many talked about could bring the end of Bitcoin? Then what do you have left? Ethereum?

The centeral banks cannot be underestimated, they are the ones with unlimited supply of cash to do whatever floats their boats.

Bitcoin is fine. You seem to confuse it with all kinds of things people build around Bitcoin to make themselves rich.

Say you can get a Passport from some island across the ocean, but you can't use it at all, no country in the world would accept you with this Passport, not even for travel - then what good use can you make out of this Passport? (ask the same about Bitcoin/Binance etc.)

[LoyceV]

Short-term, central banks seem to rule the economy nowadays, but long-term, their money only loses value.

What makes you believe they won't win long term? They have more tools than we can imagine.

This is what "winning" looks like for central banks:

(source)

Bitcoin without proper use (e.g. Binance) - would be a trouble.

Bitcoin existed before Binance, and will still exist long after Binance is gone and forgotten. Bitcoin doesn't need Binance.
Proper use is explained in the title of the Bitcoin whitepaper: Bitcoin: A Peer-to-Peer Electronic Cash System.

Clearly regulation is what most governments look for - but what if the entire economy will be digitalized like Bitcoin (yes, no more "Swift" for wire transfers) - and still the 21st Bitcoin so many talked about could bring the end of Bitcoin?

Who talked about the end of Bitcoin? And have you asked yourself why they feel the need to talk about it?

Then what do you have left? Ethereum?

Lol. Another centrally controlled shitcoin that abanoned their USP (Code is law) the moment it was convenient to protect their own interests.

The centeral banks cannot be underestimated, they are the ones with unlimited supply of cash to do whatever floats their boats.

And they truely fear Bitcoin's potential to take that power away from them.

Say you can get a Passport from some island across the ocean, but you can't use it at all, no country in the world would accept you with this Passport, not even for travel - then what good use can you make out of this Passport? (ask the same about Bitcoin/Binance etc.)

That's a bad example. Bitcoin knows no borders, and there's always someone willing to accept it.
Binance on the other hand: I couldn't care less. I don't use them, I don't like them, and clearly their own financial interests are different than the interests of the Bitcoin community.

[Get-Paid.com]

That's a bad example. Bitcoin knows no borders, and there's always someone willing to accept it.
Binance on the other hand: I couldn't care less. I don't use them, I don't like them, and clearly their own financial interests are different than the interests of the Bitcoin community.

What you say is fair enough.
Only time will tell how the future would look with Bitcoin.

[NeuroticFish]

Bitcoin without proper use (e.g. Binance) - would be a trouble.

I think that putting the "this is the use of Bitcoin" on Binance is very dangerous.
There are plenty of bitcoin exchanges, Binance is, by far, one of the very many. And if Binance falls, FTX is preparing for more than a year now to take over the job.

And Bitcoin role is not to be the main coin in centralized exchanges, no. I find one of Bitcoin's main use cases to be used as a coin, in the way it's used in El Salvador or on this very forum. I find one of Bitcoin's main use cases to be exchanged in a decentralized manner without the need to trust a third party. And, although it should diminish in time, one important use case of Bitcoin, whether we like it or not, is as investment or store of value. None of these need Binance, actually.