[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 23.

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Quote from: NeuroticFish on February 02, 2022, 10:50:07 AM

Quote from: pawanjain on February 02, 2022, 10:40:29 AM

Do they ? I once read that a user had put a very low amount of fee for his transaction and the transaction remained unconfirmed like forever.
How much time do you mean when you say "after a while" ?

I think that normally the mempools would start dropping the transaction after 2 weeks, but some may have different settings (longer or shorter period).

I understand him, because when I discovered this thread I started consolidating and in one case I had a transaction stuck for about a month. I can't remember if I had RBF enabled because I was even dumber than I am now regarding technical issues. I wasn't in a hurry to consolidate but having your money in a limbo for a month is not cool.

Best solution enable RBF as it has been mentioned previously.

PrimeNumber7

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Quote from: LoyceV on February 02, 2022, 12:29:28 PM

Quote from: NeuroticFish on February 02, 2022, 10:50:07 AM

So unless you use some odd online wallet that would maybe re-broadcast your tx, from what I know, in 2-3 weeks it should be forgotten if not processed.

I've had this with Mycelium (on Android) too: it kept broadcasting my transactions, and when I deleted it, it picked it up again. Bitcoin Core also keeps broadcasting a transaction until you manually tell it to drop it. It really depends on the wallet, and that's why CPFP or RBF is much easier.

Once you broadcast a transaction, it is public, and there is the risk that someone will rebroadcast it if it gets "dropped". This means that if you are sending coin to yourself, you should keep backups of the private key of the receiving address, and if you are sending coin to someone else, you should either double-spend the transaction or be sure that the person you are sending coin to is trustworthy enough to return any duplicate transactions.

pooya87

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The thing about transactions and mempool is that each node has its own mempool and each node can receive a certain transaction at a certain (different) time, on top of that they can have different rules.
For example if you sent your transaction yesterday and my node came online today and asked for mempool from another node, I would receive your transaction today so 14 days later when by default other nodes drop your transaction, I still keep it for another day and will continue relaying it to other nodes. I may also not have the 14 day limit and instead keep the transaction for 30 days.

This means when you send a transaction, technically speaking, it will never "drop out of mempool" and can still be mined/confirmed if it remains valid. Which is why the only real way to get rid of a transaction is to double spend its inputs to make it invalid (eg. using RBF).

NeuroticFish

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Quote from: LoyceV on February 02, 2022, 12:29:28 PM

Quote from: NeuroticFish on February 02, 2022, 10:50:07 AM

So unless you use some odd online wallet that would maybe re-broadcast your tx, from what I know, in 2-3 weeks it should be forgotten if not processed.

I've had this with Mycelium (on Android) too: it kept broadcasting my transactions, and when I deleted it, it picked it up again. Bitcoin Core also keeps broadcasting a transaction until you manually tell it to drop it. It really depends on the wallet, and that's why CPFP or RBF is much easier.

From what I read here, in case of Mycelium you can "reload account" and try to use those funds. This would mean that it's not re-broadcasting by itself...

Clearly RBF/CPFP are easier, but some just don't use the right wallet for that (RBF not available) or simply send to others/services and no longer have the choice for CPFP.
On the other hand, if you have to RBF a consolidation transaction... it kinda lost the purpose, so just waiting it to either confirm, either get dropped can become the better option.

LoyceV

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Quote from: NeuroticFish on February 02, 2022, 10:50:07 AM

So unless you use some odd online wallet that would maybe re-broadcast your tx, from what I know, in 2-3 weeks it should be forgotten if not processed.

I've had this with Mycelium (on Android) too: it kept broadcasting my transactions, and when I deleted it, it picked it up again. Bitcoin Core also keeps broadcasting a transaction until you manually tell it to drop it. It really depends on the wallet, and that's why CPFP or RBF is much easier.

NeuroticFish

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Quote from: pawanjain on February 02, 2022, 10:40:29 AM

Do they ? I once read that a user had put a very low amount of fee for his transaction and the transaction remained unconfirmed like forever.
How much time do you mean when you say "after a while" ?

I think that normally the mempools would start dropping the transaction after 2 weeks, but some may have different settings (longer or shorter period).
Also some nodes will drop the transaction if they are getting crowded (too many transactions, too much memory used, only the more expensive are kept)
So unless you use some odd online wallet that would maybe re-broadcast your tx, from what I know, in 2-3 weeks it should be forgotten if not processed.
And when it's forgotten, you can also tell your wallet forget it, hence getting access to those coins.

I don't have my own experience in this, but there were discussions on this when the mempool was full for long (especially in 2017/2018, and back then the period for getting dropped has been even changed). I hope that I've remembered the things correctly.

pawanjain

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Quote from: LoyceV on February 02, 2022, 04:32:31 AM

Quote from: pawanjain on February 02, 2022, 03:07:25 AM

You are probably correct but I didn't wanted to risk the amount getting stuck in limbo for the sake of $1 Roll Eyes

It happened once when I put a low fee and the transaction was unconfirmed for more than 18 hours.

I've had transactions that remained unconfirmed for weeks. As long as it's between your own addresses, and as long as you don't need the funds, it doesn't matter. Worst case, you can use RBF or CPFP to raise the fee a bit. Best case (and currently quite likely), it confirms quickly anyway.

I wonder why didn't I think of that. I will keep this in mind the next time I am consolidating inputs. Thanks for the tip anyway.

Quote from: NeuroticFish on February 02, 2022, 04:36:52 AM

1. Your funds don't "get stuck". They return to you after a while.

Do they ? I once read that a user had put a very low amount of fee for his transaction and the transaction remained unconfirmed like forever.
How much time do you mean when you say "after a while" ?

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Quote from: pawanjain on February 02, 2022, 03:07:25 AM

You are probably correct but I didn't wanted to risk the amount getting stuck in limbo for the sake of $1 Roll Eyes

It happened once when I put a low fee and the transaction was unconfirmed for more than 18 hours.
So I am kinda paranoid when it comes to transaction confirmations and don't mind spending a few dollars extra to get faster confirmations.
But I do get your point and at the same time I feel its okay to spend 2000 satoshis extra while bitcoin is still under $1million per coin Tongue

1. Your funds don't "get stuck". They return to you after a while.
2. (Since I'm slow, OP already wrote this too) For cases of emergency you may have options like RBF (if the flag is on) or CPFP (when spending the resulted transaction)
3. If you look now and then at sites like mempool.space you'll see that the risk of not getting your transaction confirmed in max 24h is very low lately.

Of course, you didn't pay much for consolidating the funds. But the purpose of this thread is to also teach the newbies do the things correctly, hence these things have to be said over and over again.

LoyceV

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Quote from: pawanjain on February 02, 2022, 03:07:25 AM

You are probably correct but I didn't wanted to risk the amount getting stuck in limbo for the sake of $1 Roll Eyes

It happened once when I put a low fee and the transaction was unconfirmed for more than 18 hours.

I've had transactions that remained unconfirmed for weeks. As long as it's between your own addresses, and as long as you don't need the funds, it doesn't matter. Worst case, you can use RBF or CPFP to raise the fee a bit. Best case (and currently quite likely), it confirms quickly anyway.

pawanjain

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Quote from: pooya87 on February 02, 2022, 01:18:31 AM

Quote from: pawanjain on February 01, 2022, 12:52:57 PM

With the fees of 3 sats per byte the total transaction fees was 0.00003248BTC which was around $1.25

You overpaid by a factor of 3 Tongue

If you are consolidating outputs, almost always you are in no rush to get the transaction confirmed. Nowadays 1 satoshi/vbyte is possible 99% of days so you could have gotten away with paying 0.00001082BTC which is roughly 0.4$ with today's price.

You are probably correct but I didn't wanted to risk the amount getting stuck in limbo for the sake of $1 Roll Eyes

It happened once when I put a low fee and the transaction was unconfirmed for more than 18 hours.
So I am kinda paranoid when it comes to transaction confirmations and don't mind spending a few dollars extra to get faster confirmations.
But I do get your point and at the same time I feel its okay to spend 2000 satoshis extra while bitcoin is still under $1million per coin Tongue

pooya87

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Quote from: pawanjain on February 01, 2022, 12:52:57 PM

With the fees of 3 sats per byte the total transaction fees was 0.00003248BTC which was around $1.25

You overpaid by a factor of 3 Tongue

If you are consolidating outputs, almost always you are in no rush to get the transaction confirmed. Nowadays 1 satoshi/vbyte is possible 99% of days so you could have gotten away with paying 0.00001082BTC which is roughly 0.4$ with today's price.

pawanjain

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(small bump)

I remember reading this post last year and was waiting for a good time to consolidate all my inputs.
Today, I used all my unspent inputs (12 inputs) and consolidated them into 1 unspent output.
With the fees of 3 sats per byte the total transaction fees was 0.00003248BTC which was around $1.25 for consolidating around $800+ as per current prices.
I guess it was worth it. Better to use this opportunity now than to keep paying large fees when the price increase again.
Thanks @LoyceV for making this post and making us aware of using such tips for our benefits.

LoyceV

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Mods: I'm not removing this bump, since it got Merited.

New Years Consolidate Bump!
Consolidate this small pocket change!

For several months, mempool has been mostly empty, but does fill up once in a while. This means 1 sat/vbyte is most of the time high enough for a fast confirmation, but sometimes makes you wait a day.

Consolidate your small inputs while you can, low fees won't last forever!
When you are in a rush, it saves a lot in fees if you can use only one input address (and ideally use native SegWit: bc1q......).

get2business

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thanks man!
great link to coinbin!

LoyceV

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Quote from: get2business on December 26, 2021, 07:49:52 AM

is the formula to calculate tx size still this(for legacy addresses):

in*180 + out*34 + 10 plus or minus 'in'

That seems about right. I don't think that can change, unless you use a compressed address, in that case it's a bit less. Coinb.in is convenient to get a quick estimate.

get2business

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Hi!
is the formula to calculate tx size still this(for legacy addresses):

in*180 + out*34 + 10 plus or minus 'in'

or it has changed into something else?
thanks.

LoyceV

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Quote from: PawGo on December 10, 2021, 04:15:44 AM

Hash rate is on it's top (level from May '21) so probably we may expect some adaptations soon.

I like Bitcoin Difficulty Estimator for this: it shows there's 8.3% more new blocks found than expected, which means difficulty will go up soon indeed, which means less blocks will be found after that.

PawGo

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After 24 hours of increased fees, now we are again back to situation we all love so much. Hash rate is on it's top (level from May '21) so probably we may expect some adaptations soon.

https://www.blockchain.com/charts/hash-rate

dkbit98

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Quote from: n0nce on December 05, 2021, 12:27:22 PM

If you want to observe it better, I would recommend using https://jochen-hoenicke.de/queue/#BTC,8h,weight and https://mempool.space/.

The latter nicely displays the amount of incoming transactions (actually it's not about amount, it's about size - hence the vB) like follows.

I would also add this new graphical experimental website bits.monospace.live that is showing bitcoin transaction and mempool state with value or in vbyte mode (change in settings).
This could be interesting tool for any newbies and everyone else to better understand mempool and transactions.
https://bits.monospace.live/

pooya87

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Quote from: n0nce on December 05, 2021, 12:27:22 PM

On average, the number of transactions that can be processed stays constant,

Actually the "number" of transactions that can be included in a block varies because there is no count limit, there is only a size (or more accurately weight) limit for each block. So in an extreme example you could create 10x 4 MB weight transactions and fill 10 blocks (1 tx per block) or you could create 60 byte transactions and fill a block with ~16660 transactions.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 23. (Read 83494 times)