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Author Topic: Bitcoin fees - transaction cancelled  (Read 222 times)
Ojima-ojo
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May 06, 2023, 02:25:14 PM
 #21

I am having same issues currently I made a transfer of 0.00142BTC and the transaction fee was charged about $4 so I had to readjust the fee to about $1.7 since then till now there have been no confirmation but when I scanned through tx id, saying payment received but not yet confirmed. This has kept me worried for over 6 to 7 hours now and does this mean it won't be confirmed again anymore?

Your transaction may take a longer time to be confirmed since your transaction already broadcast and received 1/6 confirmation, but certainly, it won't be cancelled since it has already been broadcast the minner is just waiting for the network to become less congested before the transaction goes through.

But Op's own situation is different from yours since he uses low fees and that results in no availability of any miner to broadcast the transactions and after the duration of the stipulated waiting time the transaction has to be cancelled, If you use Bluewallet you have a point where you may boost the transactions fees by adding more fees to get the transaction accelerated with high priority.

R


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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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May 07, 2023, 03:38:02 PM
Last edit: May 07, 2023, 04:02:08 PM by o_e_l_e_o
Merited by hosseinimr93 (2)
 #22

Your transaction may take a longer time to be confirmed since your transaction already broadcast and received 1/6 confirmation, but certainly, it won't be cancelled since it has already been broadcast the minner is just waiting for the network to become less congested before the transaction goes through.
You sound confused. Once a transaction has its first confirmation, the fee it pays and how congested the mempool is are both irrelevant. It will gain one more confirmation with each and every block which is found from that point on.

But Op's own situation is different from yours since he uses low fees and that results in no availability of any miner to broadcast the transactions
Miners do not broadcast transactions. Nodes broadcast transactions to other nodes, while miners use the data from their node to generate a block to attempt to mine.



Now that (unfortunately in my opinion) there are ordinals and taproot, what if in 20 years from now the network is congested and the fees are much higher than the transaction I have signed?
I'll link here my response in another thread for anyone else who is interested: https://bitcointalk.org/index.php?topic=5451060.msg62205489#msg62205489

In addition to hosseinimr93's suggestions above, there is also package relay in development which would allow you to use CPFP even when the parent's fee is too low to be accepted to the mempool, and you can sign the timelocked transaction with a specific SIGHASH which would allow the recipient to add an extra input in order to pay a higher fee.
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May 07, 2023, 03:48:30 PM
 #23

Your transaction may take a longer time to be confirmed since your transaction already broadcast and received 1/6 confirmation, but certainly, it won't be cancelled since it has already been broadcast the minner is just waiting for the network to become less congested before the transaction goes through.

Your transaction will be in queue in mempools before it gets a first confirmation. The first confirmation is a hardest one to get but after that, it is on the blockchain and you will never have to mind about its fee rate or how congested mempools are.

In average block needs 10 minutes to be found and if it needs longer time, it won't be like 30 minutes or 1 hour likely. Your transaction will get its second, third confirmations in next 10 to 30 minutes or 1 hour but will not have to wait like 24 hours as a first confirmation. Because new block will be added after about 10 minutes for each.

Except if something really massive happens with Bitcoin blockchain like majority of miners turn off their rigs.

It is different with a first confirmation. If you use very low fee rate, your transaction might not be confirmed after 1 or 2 days or longer while on the blockchain, many blocks were found and many transactions with higher fee rates were confirmed by miners.
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