Why is the transaction fee and mempool congestion increasing ?

[o_e_l_e_o]

I have one transaction that got stuck for more than 2 days https://mempool.space/tx/ffa077a61be9539ea6276463cd5f80429b2009dc6132981fa5386fafd31add6e
usually, I use the same fee and it's got confirmed just within 2 hours but because the unconfirmed transaction reached 210k it got over 2 days and is still not unconfirmed.

Two comments I would make on this:

First, always using the same fee is a bit dumb. Half the time you will overpay far more than you need to, and the other half you'll end up with a stuck transaction needing to bump the fee. It takes 5 seconds to load https://mempool.space/ and choose an appropriate fee.

Secondly, it seems that you used RBF to replace that transaction you linked, sent your coins back to yourself, and then immediately made another transaction to send those coins to the first address you initially tried to pay in your first transaction. This middle transaction (sending the coins back to yourself first) was an entirely unnecessary transaction. You could simply have directly replaced the first transaction with your third transaction, without the need for this intermediate transaction. All that transaction did was cost you a few thousand sats in fees.

[entebah]

Secondly, it seems that you used RBF to replace that transaction you linked, sent your coins back to yourself, and then immediately made another transaction to send those coins to the first address you initially tried to pay in your first transaction. This middle transaction (sending the coins back to yourself first) was an entirely unnecessary transaction. You could simply have directly replaced the first transaction with your third transaction, without the need for this intermediate transaction. All that transaction did was cost you a few thousand sats in fees.

really, I have been trying to do the RBF but I don't know how I can add the output of my transaction so I just cancel my transaction and then made another transaction.
i just read the RBF thread but it seems the RBF is works only if the output is same but in my transaction I need to add 1 extra output.

[o_e_l_e_o]

really, I have been trying to do the RBF but I don't know how I can add the output of my transaction so I just cancel my transaction and then made another transaction.

Which wallet software are you using? The exact process will differ.

i just read the RBF thread but it seems the RBF is works only if the output is same but in my transaction I need to add 1 extra output.

Not at all. An RBF transaction can completely change any or all of the outputs of the transaction it is replacing, including adding new outputs or taking some outputs away.

[Flexystar]

This is not new when it comes to congested network. We have been to this situation back in 2017 and after that it continued like crazy shit.

Fellow members on the forum also started free services and paid services to boost the transaction using their pools and mining power. I think we will need those threads back again so that we can optimal confirmation at least to the forum members.

That’s generous. Being regular user of bitcoin transaction that’s much needed and let’s thank those guys in advance.

[Jawhead999]

This is not new when it comes to congested network. We have been to this situation back in 2017 and after that it continued like crazy shit.

Fellow members on the forum also started free services and paid services to boost the transaction using their pools and mining power. I think we will need those threads back again so that we can optimal confirmation at least to the forum members.

I don't think it's same, transactions fee become expensive during bull market is obvious, but now Bitcoin isn't in bull market and the fee is already expensive. The transactions fee become expensive not because people are buy and sell Bitcoin, but it's due to buy and sell NFT.

A free service about boosting transaction isn't legit anymore when solo miner isn't profitable and they control quite huge hash rate. It's just a physiological effect where you think your transaction is helped by them, the truth isn't.

[YUriy1991]

im more concerned about the storage space needed for running the full node.  it will keep increasing due to ordinals and make it harder for people to run a full node. 

Besides that The increase in transaction fees and mempool congestion in the Bitcoin network can be attributed to several factors and one of the other factors that also contributes to this congestion is the limited block size of the Bitcoin network, which can only accommodate a limited number of transactions at a time certain. When the number of transactions exceeds network capacity, some transactions must wait longer to be included in a block, which can result in higher fees.

[dunfida]

AFAIK, it's related to Bitcoin ordinals[1]. If you're transacting on a regular basis, then maybe it's better to try and stick to the lightning network for now.

[1] https://decrypt.co/138668/bitcoin-daily-fees-hit-all-time-high-with-3-million-ordinals-inscriptions

Got it, so its all about ordinals making this happen. Although, I do like the lightening network, but I think not many services support it yet?
I have one of my tx stuck from a few days. I paid 5.98sat/vB in fee thinking the fee rate would come down soon, my bad.
Tx: https://mempool.space/tx/428784a3370461b0504a2cae425c297cd5194fcf96501f2375b1b1cd9d810334

So most likely I will have to wait 14days for this to get dropped and get back to my wallet.
Will this ordinals thing have any impact on Bitcoin's price as well? Thoughts?

I have one transaction that got stuck for more than 2 days https://mempool.space/tx/ffa077a61be9539ea6276463cd5f80429b2009dc6132981fa5386fafd31add6e
usually, I use the same fee and it's got confirmed just within 2 hours but because the unconfirmed transaction reached 210k it got over 2 days and is still not unconfirmed.

Whenever you do make use of electrum then you could really be having the option RBF function which you could always adjust the sat/byte thing and sliding or modifying on how much you would
really be paying up for the transaction fees but if we do speak about centralized platforms or exchangers where fees might be fix or dynamic then it would really be that depending
on how fast it would be included on a block.

If there's a sudden network congestion due to lots of transactions then expect that fees would really be going high and of course miners would really be definitely be prioritizing into those
transactions on which does have higher fees and if you do see yours on lower then it would be included or moved out farther and this is why transaction confirmatio
would really be that longer.

[entebah]

really, I have been trying to do the RBF but I don't know how I can add the output of my transaction so I just cancel my transaction and then made another transaction.

Which wallet software are you using? The exact process will differ.

I use electrum wallet to send my transaction that got stuck before because of low fees

i just read the RBF thread but it seems the RBF is works only if the output is same but in my transaction I need to add 1 extra output.

Not at all. An RBF transaction can completely change any or all of the outputs of the transaction it is replacing, including adding new outputs or taking some outputs away.

before I do the double spend on my transaction and send it again, I try to do RBF and add the outputs but sadly I don't know how to do it.
can you share the link/thread about the RBF transaction on Electrum?

[Dunamisx]

Since the past few days (probably a week), Im observing that the bitcoin transaction fee (for a tx to get confirmed and included in the next block) has increased to an unreasonable level and is not ready to come down. My tx used to get confirmed at 1sat/vB in the past months. I was just curious to know as to what has caused this sudden congestion in the mempool? I cant find a reason.

This is no more a news that everyone into bitcoin have bee aware of this happenings about bitcoin ordinals, try to google it or search the forum for more threads on this area of discussion, i believe there will soon arrived the lasting solution to this since many had been complaining of such before now on increasing transaction fee beyond they could bear all of a sudden, but all you can do for now is to use mempool.space in tracking the period with the least transaction fee on low priority in other to have a cheaper rate for your transactions.

[o_e_l_e_o]

before I do the double spend on my transaction and send it again, I try to do RBF and add the outputs but sadly I don't know how to do it.

First go to the history tab in Electrum, right click on your unconfirmed transaction you want to replace, and click on "View Transaction". Copy the Transaction ID (TXID) from the box at the top.
Then you need to delete this transaction from your Electrum wallet by going to the console and running the following command (replacing TXID with the TXID you just copied):

Code:

wallet.remove_transaction("TXID")

By doing this, the coins that this transaction spends will appear back on your addresses in Electrum, as if the previous transaction never existed.
Then create a brand new transaction from scratch which spends at least one of the same inputs and has a high enough fee to replace the unconfirmed transaction.

If you feel that's too complex then the way you did it obviously still works, but you end up paying the fees for an unnecessary transaction.

[Edwardard]

I am assuming that the receiving address does not belong to you, so this is not an option unless you can convince the receiving party to do so.

You're right, the receiving address doesn't belong to me and the receiving party is not a person but an exchange. So, I guess CPFP isnt possible here.

Why did you not opt in to RBF?

I performed the transaction using mycelium mobile wallet which unfortunately doesn't support RBF.
Meanwhile, the tx is still unconfirmed after 3days, I think theres no way around now.

[mailsats]

Call them NFTs or Ordinals... I see this as a type of ddos attack

[karmamiu]

I have one of my tx stuck from a few days. I paid 5.98sat/vB in fee thinking the fee rate would come down soon, my bad.
Tx: https://mempool.space/tx/428784a3370461b0504a2cae425c297cd5194fcf96501f2375b1b1cd9d810334

So most likely I will have to wait 14days for this to get dropped and get back to my wallet.

As there is only a single output, and the transaction is not opted in to RBF, then the only realistic possibility to speed this transaction up would be for whoever owns the receiving address to utilize a CPFP transaction. I am assuming that the receiving address does not belong to you, so this is not an option unless you can convince the receiving party to do so.

Why did you not opt in to RBF? Silly not to, especially when the mempool is as it is. RBF would allow you to bump the fee at any time. As it stands, your options are to either wait for the mempool to empty down to 6 sats/vbyte, or if that hasn't happened within 14 days, then you correct in saying your transaction will drop.

I thought it was due to some congestion, but it was this case. Now that I think about it, the other week during lenten  season it also happened where my transaction was stuck for 3 whole days, while yesterday I had noticed that the fees are high, I thought I just needed to ignore it since it isn't very relevant and I am also in a hurry doing somrthing and forgot later that day.

Bumping your transaction was also recommended to me the other week if ever I still couldn't find my appropriate block and get stucked. I guess I should be trying that tomorrow if ever I get stucked again.

[o_e_l_e_o]

I performed the transaction using mycelium mobile wallet which unfortunately doesn't support RBF.

Well, too late for this transaction, but in future you could migrate to a better wallet which does support RBF. There really is no excuse for wallets not to support RBF when it's been around for 8 years.

Meanwhile, the tx is still unconfirmed after 3days, I think theres no way around now.

None. You'll either need to wait for it to be confirmed, or wait for it to drop from the majority of mempools altogether.

[Franctoshi]

I could remember years back when I experienced this kind of stuff, the transaction fee for Bitcoin and Ethereum was this high too. I used to think that it's as result of Bitcoin and ETH price increase that usually brings about this high cost in gas fees, and or too many people trying to carry out transaction within a set period of time. But nice to see we can navigate our way out using the Bitcoin lightning network in such a situation like this.

[Edwardard]

Well, too late for this transaction, but in future you could migrate to a better wallet which does support RBF. There really is no excuse for wallets not to support RBF when it's been around for 8 years.

Could you suggest some best wallets which got RBF support on android ? AFAIK, my favourite ones like bluewallet and mycelium both doesnt have it unfortunately.

None. You'll either need to wait for it to be confirmed, or wait for it to drop from the majority of mempools altogether.

Just a quick update, I didn't have to wait for 14days for this. Surprisingly, the transaction got dropped off (maybe coz mempool was showing that it purged tx under ~7sat/vB?) and my balance got returned. I just made another transaction with a higher fee (~75sat/vB) and it just got 8confirmations already. A relief finally.

[Haunebu]

Didn't know that the TX times and fees went through the roof recently. This seriously sucks big-time. Bitcoinfees.net states that it requires 111 sat/vB to process the transaction under an hour which is absolutely messed up.

Screw those NFT fools who caused this humungous issue. I thought this silly gimmick died already.

[Asuspawer09]

Just did a transaction and it taking too long to confirm on my Electrum wallet, I did lower the fees but I didn't know that it was going to take this long. Any advice?

The transaction is still unconfirmed on the explorer https://blockstream.info/tx/ce55fbcf02c5339255ca3c474f5875b25c22e7240c0d34adab82cd49f741c0e9.

Am I going to encounter issues on this transaction I don't mind waiting just worried if the transaction will continue or not.

[Edwardard]

Just did a transaction and it taking too long to confirm on my Electrum wallet, I did lower the fees but I didn't know that it was going to take this long. Any advice?

The transaction is still unconfirmed on the explorer https://blockstream.info/tx/ce55fbcf02c5339255ca3c474f5875b25c22e7240c0d34adab82cd49f741c0e9.

Am I going to encounter issues on this transaction I don't mind waiting just worried if the transaction will continue or not.

Haha, you just got yourself into a similar situation like mine mate. Mempool suggests you should have paid atleast ~50sats/vB in fee even for low priority transaction (while you just paid ~10.7sats/vB).
But I guess your transaction can be accelerated through viabtc accelerator since it meets their conditions.

[Asuspawer09]

Just did a transaction and it taking too long to confirm on my Electrum wallet, I did lower the fees but I didn't know that it was going to take this long. Any advice?

The transaction is still unconfirmed on the explorer https://blockstream.info/tx/ce55fbcf02c5339255ca3c474f5875b25c22e7240c0d34adab82cd49f741c0e9.

Am I going to encounter issues on this transaction I don't mind waiting just worried if the transaction will continue or not.

Haha, you just got yourself into a similar situation like mine mate. Mempool suggests you should have paid atleast ~50sats/vB in fee even for low priority transaction (while you just paid ~10.7sats/vB).
But I guess your transaction can be accelerated through viabtc accelerator since it meets their conditions.

Does btc accelerator actually work? I thought It was just some kind of joke...

I'm not really in a hurry I can wait even for a week I'm just worried about issues on this transaction. This transaction is still gonna continue right?

And if it failed the sent amount will still go back into my wallet right? This actually sucks Im not aware of the network congestion didn't know it would take a long time to confirm.