0/3 Confirmation on priority xfer | Bitcointalksearch.org

pooya87

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Quote from: o_e_l_e_o on December 24, 2019, 10:55:16 AM

They don't specify their exact algorithms, but I can also vouch for the fact that bitcoinfees.earn often grossly overestimates the fee required.

i suppose they are using the same algorithm as everyone else, but the difference is in their policy in reporting the fees. from what i can see, they are aiming to report a fee that if you pay it, your transaction would be high priority with a 99.9999% chance which is why they add a certain percentage to minimum fee required for high priority.
the confusion i believe is because they call it "The fastest and cheapest transaction fee" whereas it is "the highest chance of getting high priority"

o_e_l_e_o

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They don't specify their exact algorithms, but I can also vouch for the fact that bitcoinfees.earn often grossly overestimates the fee required.

For example, at the time of me writing this comment, going by jochen-hoenicke, I would pay a fee of 3 sats/byte, which would put me less than 0.1 MB from the tip. coinb.in recommends a fee of 4 sat/byte, for a similar placement. bitcoinfees.earn, on the other hand, is currently recommending 18 sats/byte, which would put you around 0.01 MB from the tip, which is completely unnecessary.

The fee recommended by bitcoinfees.earn will almost certainly get you in to the next block (assuming there isn't an hour long wait to the next block), but so will a fee much lower than this, and a fee much much lower than this will still get you confirmed within a few blocks.

Dabs

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So,

jochen-
coinb.in
Electrum
bitcoinfees

All of them look at the mempool and recent blocks, so why would bitcoinfees be worse than everyone else? They just estimate, they don't guarantee, although for all of them, if you put a higher than recommended fee, you'll get into the next block. For the most part, when I use the fastest cheapest fee on bitcoinfees, it gets within 1 to 3 blocks. Sometimes when I use the cheaper / slower fee, it still gets into a block quickly.

It's the 1 sat fee that could be a gamble on how long it takes, but generally that's what I use when I'm in no hurry and can wait a day. Still gets confirmed within 12 hours or so.

Pmalek

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Quote from: Dabs on December 23, 2019, 03:52:56 PM

Do you guys look at any other fee estimator websites? I primarily look first at bitcoinfees.earn.com or use their api to get a 1 hour number.

https://coinb.in/#fees always suggests lower fees compared to bitcoinfees.earn.com in my experience.

Analyzing the mempool with https://jochen-hoenicke.de/queue/#0,24h is the best option like the other users suggested but since I am generally not in a hurry I don't care much about it. The last transaction I sent was at 1 sat/vbyte and if confirmed in 1-2 hours. Good enough for me.

pooya87

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Quote from: Dabs on December 23, 2019, 03:52:56 PM

Do you guys look at any other fee estimator websites? I primarily look first at bitcoinfees.earn.com or use their api to get a 1 hour number. If it's single digit, and I'm not in a hurry, I just set it at 1 sat and wait. If I'm in a hurry, I set it to something in the middle.

you are basically looking at the worst estimator ever and then using a lower fee than they suggest so you negate some of their bad suggestions.

the easiest solution is simply finding a good wallet that does a decent mempool analysis and suggests the best fee for you. Electrum is doing a decent job.
but a more advanced solution is to look at the mempool yourself. as @HCP said https://jochen-hoenicke.de/queue/#0,24h is a good tool to use but remember that you should look at the chart at the bottom where it shows total transaction "size" since that is all that matters not the number of transactions. in other words there may be 10 txs in the mempool that take up 10 MB or there could be 3000 txs that take up 1 MB and in first case you have to pay a higher fee and in second you can consider the mempool empty.
and the size threshold is around 1.1 to 1.2 MB to get the absolute minimum fee that could get you high priority if the mempool doesn't grow a lot suddenly.

HCP

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Quote from: Dabs on December 23, 2019, 03:52:56 PM

Do you guys look at any other fee estimator websites?

I usually go to the jochen-hoenicke site and check the graphs there: https://jochen-hoenicke.de/queue/#0,24h

You get a pretty decent overview of what the network is doing... plus by hovering over the very right hand side of the graphs, you can see the numbers of transaction at each fee level... and on the bottom chart, the actual "size" of transactions at each fee level... and then I adjust my fee as necessary to suit my needs.

Generally, I'm never in much of a hurry, so just go with "1 sat/byte" stuff (with RBF enabled) and just wait Tongue

I've had one or two occasions where I needed something transferred in a hurry and wanted to get nextblock confirmation... so I set the fee to end up within the top 1meg of transactions and it worked.

But if the network is very busy/volatile, even that isn't a guarantee if 10,000+ transactions popup before the nextblock! Roll Eyes

For instance... if I saw this:

And needed nextblock or close to it... I'd probably aim for that ~0.5meg region... so I'd got 12 sats/byte

Dabs

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Do you guys look at any other fee estimator websites? I primarily look first at bitcoinfees.earn.com or use their api to get a 1 hour number. If it's single digit, and I'm not in a hurry, I just set it at 1 sat and wait. If I'm in a hurry, I set it to something in the middle.

o_e_l_e_o

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Quote from: Lucius on December 09, 2019, 06:15:01 AM

If a transaction with priority fee stays unconfirmed for hours, then there is something wrong on blockchain.com with their algorithm that calculates fees.

Not necessarily.

As I explained in my post above, there was a 36 minute block time just after the time that OP made his transaction, which caused a back log of transactions to fill up the mempool, and pushed the fees higher quite quickly. In fact, in the space of 1 hour and 26 minutes, only 3 new blocks were found, form blocks 607260 to 607263. This caused the mempol to go from practically empty (entire size 0.122 MB), to needing a fee of over 40 sats/vbyte to be within 0.1 MB of the tip. For blockchain.com to overcome this, they would have to have set their priority fee to somewhere around 40 sats/vbyte at times when doing so would put you less than 0.001 MB from the tip, which would be a gross overpayment 99.9% of the time.

I am a big advocate for learning how to judge the mempool and choose your own fees rather than simply relying on what your wallet or exchange tells you, but this wasn't blockchain.com's fault. If I was making a "priority" transaction at that time, I would only have chosen a fee of around 5 sats/vbyte myself and be in the exact same situation (excepting that I would have enabled RBF). This is simply due to block times not being set in stone rather than blockchain.com having a faulty algorithm.

Lucius

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Quote from: BitMaxz on December 08, 2019, 04:07:58 PM

Try to submit it from here https://pool.viabtc.com/tools/txaccelerator

Proposal to use ViaBTC accelerator doesn't make too much sense for at least two reasons. First is that this service (in the free version) can be used only if you pay at least 10 000 satoshi fee, and second is that even with priority option fee on blockchain.com he did not pay such a high fee based on very low fees these days.

If a transaction with priority fee stays unconfirmed for hours, then there is something wrong on blockchain.com with their algorithm that calculates fees.

DaveF

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As near as I can tell the mempool was cleared with block 607,270
If your transaction still has not been confirmed there is another issue.

If it cleared good, if not as I said before post your TXID so we can take a look at it.

-Dave

JeromeTash

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I think it would be better to just be a little patient. Your transaction will go through. No need to panic.

The Best other way right now would be to Perform a CPFP like o_e_l_e_o just said so long as you still have some change sent back to your blockchain.com wallet. In this case, you spend the change but make sure your transaction fee is doubled up so that the combined fee should be high enough to get both transactions confirmed at ago.
You can check out more details about fee bumping here if you need to learn more: https://en.bitcoin.it/wiki/Fee_bumping

o_e_l_e_o

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You can use this site to look at what the fees are doing at the moment: https://jochen-hoenicke.de/queue/#1,8h

A couple of hours ago (so likely just when you made your transaction), the mempool experienced a small spike and went from essentially empty to needing fees above 10 sats/vbyte to be in the next block. This wasn't helped by there being 36 minutes between blocks 607261 and 607262. It's on the way back down, and now anything with a fee above 2 sats/vbyte is likely to confirm in the next block, so you shouldn't be waiting much longer. If you want to share your transaction ID, we can take a closer look.

Blockchain.com doesn't allow you to perform RBF as pointed out above. If there was a change output, you could potentially perform a CPFP (child pays for parent) using the change. I suspect this won't be necessary however, given what I've just said above.

Rather than just accepting blockchain.com's "priority" fee in the future, it's better to learn how to judge the fee for yourself. Here's a good starting point: https://bitcointalksearch.org/topic/make-sure-to-avoid-wasting-btc-for-too-high-fees-step-by-step-guide-electrum-5182906

khaled0111

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Unfortunately blockchain.com does not support RBF feature.
Since you selected the high priority option then your transaction shouldn't take too long to confirm. the network isn't too congested right now.

However, you can contact the recipient and ask him to make a CPFP transaction to accelerate the confirmation (basically what he has to do is to include the unconfirmed output in a new transaction and send it to himself and make sure to add enough fees), both transactions will get confirmed together.

BitMaxz

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Quote from: TampaBayBucs on December 08, 2019, 03:45:32 PM

I use a Blockchain wallet & this xfer is outgoing from Blockchain yet still 0/3

Try to submit it from here https://pool.viabtc.com/tools/txaccelerator
Blockchain currently doesn't have RBF feature so acceleration like the above link is needed to speedup transaction.

Can you share the TXID let me try to check if you paid enough fee and let me rebroadcast the TXID and maybe it might help.

DaveF

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What is your txid? without that we cannot see what is happening.
There are some accelerator services some are free some are paid.
Also, as of now [4:05 PM EST] there are only about 6000 pending transactions.
So long as you are not at 1/sat byte it should clear soon.

-Dave

TampaBayBucs

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I use a Blockchain wallet & this xfer is outgoing from Blockchain yet still 0/3

Rath_

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Quote from: TampaBayBucs on December 08, 2019, 03:42:03 PM

I'm seeking assistance to potentially speed up a blockchain xfer that I made a couple hours ago that's still 0/3 confirmations despite being priority..Any help greatly appreciated

What wallet do you use? Some wallets support RBF which will allow you to bump the transaction fee. If it turns out that your wallet doesn't support it then you will have to wait.

TampaBayBucs

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I'm seeking assistance to potentially speed up a blockchain xfer that I made a couple hours ago that's still 0/3 confirmations despite being priority..Any help greatly appreciated

Topic: 0/3 Confirmation on priority xfer (Read 234 times)