[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 49.

nc50lc

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Quote from: gentlemand on July 29, 2020, 06:00:12 AM

I can't quite remember but I think that'll take 10-14 days to play out.

It's 14 days by default but the user can change his node's mempool configuration depending on his preferences.
Bitcoin Conf: mempoolexpiry=360 (hours).

Quote from: Erumo on July 29, 2020, 05:54:46 AM

For example if I send 1 bitcoin with transaction fee of 1sat/byte is there an opportunity for me to lost it for ever? Or it will take hour/day/month/year to get it transferred, but in the end the receiver will get it?

There is also a chance that your transaction will get dropped by most nodes earlier than expected because higher fee transactions were prioritized and their mempool maximum size was reached.
Again, not all nodes would do that since it's also configurable in bitcoin.conf: maxmempool=300 (megabytes).

When it was dropped by all nodes, you can send another transaction again using the same unspent transaction output(s).
But will depend on your client, Electrum for example will keep it as a "local transaction" which wont let you spend those outputs unless you delete it in the history.

gentlemand

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Welt Am Draht

Quote from: Erumo on July 29, 2020, 05:54:46 AM

I see you talk a lot about transaction fee of 1sat/byte. Is there a possibility of transaction to stuck or get lost?
For example if I send 1 bitcoin with transaction fee of 1sat/byte is there an opportunity for me to lost it for ever? Or it will take hour/day/month/year to get it transferred, but in the end the receiver will get it?

Nope. Worst case scenario is that it won't get picked up and processed by a miner. It will return to your wallet, not that it ever left. I can't quite remember but I think that'll take 10-14 days to play out.

Even with fees as they are it's quite possible someone will process it during that time. There would be many peaks and troughs during a couple of weeks. I've had some lengthy waits whilst skimping but I've never had one fail to get there eventually.

Erumo

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Sorry for a bug like me bothering giants, but can someone of you help me few questions and overall understanding.

I see you talk a lot about transaction fee of 1sat/byte. Is there a possibility of transaction to stuck or get lost?
For example if I send 1 bitcoin with transaction fee of 1sat/byte is there an opportunity for me to lost it for ever? Or it will take hour/day/month/year to get it transferred, but in the end the receiver will get it?

RapTarX

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Quote from: BrewMaster on July 26, 2020, 10:48:07 AM

right now it is again around 17 sat/byte.

It has been increased now to 44sat/byte. Instantly after observing thread, I have bumped fee of one of my tx to 2 sat/byte instead of 1sat/byte but this is still pending and probably will be pending again for a long time.

BrewMaster

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Quote from: tranthidung on July 26, 2020, 07:47:37 AM

Quote from: ?? on ??

1 sat/byte is enough.

Correct. I moved (not consolidated - but who care consolidation is kinda transaction) my coin about less than 4 hours ago at 1 satoshi / byte and it was confirmed at the latest dump in mempool size.

it was mainly the end of the week effect that happens around sundays where fees stay down otherwise with the price rise that we had recently there should have been a bigger fee jump than this. right now it is again around 17 sat/byte.

tranthidung

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Farewell o_e_l_e_o

Quote from: ?? on ??

1 sat/byte is enough.

Correct. I moved (not consolidated - but who care consolidation is kinda transaction) my coin about less than 4 hours ago at 1 satoshi / byte and it was confirmed at the latest dump in mempool size.

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

I found another example of why I created this topic:

Quote from: kerncc1 on July 22, 2020, 03:58:29 PM

I sent $11 and received $0.60...

Transaction ID: 85329b9ff63ee1a2ab7602a338b857d3427e6d2d44b10ddb25591605a1b04ffa

See transaction on Blockchair.com:
Image loading...

What makes it worse is that several of the inputs were worth more than the total output before sending it. So it's like the opposite of consolidating.

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: ?? on ??

Which of the two options do you think is the best?

It depends: on mobile, I consolidate funds each time I receive a payment, so it's accessible at the lowest fee whenever I need it.
For other addresses I can wait months and use coin control (which I can't do on mobile) when needed. Or when I have to make a payment, I use that to consolidate funds too.

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

In this topic, I found this transaction: 463 legacy inputs, 1000 sat each, 1 SegWit output (380080 sat), 82913 bytes and 82920 sat fee. It confirmed 65 blocks ago.
That's the proper way to consolidate small inputs!

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: OcTradism on June 25, 2020, 06:34:15 AM

It works again: https://coinb.in/#fees. The recommended fee is 34 sat/byte.

They're now recommending 0 Sat/Byte. I now use Johoe's site most of the time.

pooya87

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Quote from: OcTradism on June 25, 2020, 06:34:15 AM

It works again: https://coinb.in/#fees. The recommended fee is 34 sat/byte.

the problem with this site is that it gives an estimation of fee based on previous block instead of doing it based on memory pool. it is somewhat like trying to predict the weather based on yesterday's weather instead of analyzing the sky, clouds, wind,... right now.
so usually the fees they suggest is close to reality but there are always times when it is either higher or lower if the mempool had grown or shrank ever since last block was found. not to mention that last block's transactions might have been overpaying (eg. a block with little number of transactions all paying the highest fees) or underpaying (eg. mining pool paying its miners with 0 fee transactions).

OcTradism

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Quote from: LoyceV on January 30, 2018, 05:34:05 AM

Fee estimators

~~https://coinb.in/#fees~~ (The recommended fee seems "stuck" at a high value, don't rely on this site! But it also lets you manually select inputs and outputs to see the transaction size (in bytes), so I don't remove it from this list yet)

It works again: https://coinb.in/#fees. The recommended fee is 34 sat/byte.

I check on another site: https://www.buybitcoinworldwide.com/fee-calculator/ and see the fee estimator to confirm within 6 blocks (~ 60 minutes) is 30 satoshis/ byte. (I choose 1 input, and 2 outputs, transaction type: Legacy)

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Pmalek on June 21, 2020, 10:19:52 AM

I wonder how you came across it?

Google

Quote

that Medium user has probably plagiarized other content as well.

Just report it to Medium, that's what I did and it worked.

Pmalek

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Quote from: LoyceV on June 09, 2020, 05:33:16 AM

Snip

It got removed, I can't find the article on Medium anymore. I wonder how you came across it?

It is a bit off-topic but that Medium user has probably plagiarized other content as well. Part of this article > https://medium.com/@rogermagno/how-to-check-if-your-electrum-wallet-is-legit-before-using-for-linux-aa987ea69e34 was copy/pasted from here > https://www.reddit.com/r/Bitcoin/comments/aa3l6n/how_to_check_if_your_electrum_wallet_is_legit/
Unless it is the same user who wrote the post on reddit, which I doubt is the case here.

jackg

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https://bit.ly/387FXHi lightning theory

Just used 1 sat per byte and it confirmed pretty quickly. I wasn't keeping an eye on it but it was within the hour! From a legacy one input address.

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

I found plagiarism: my topic was copied on medium.com!
They want my full contact information to report plagiarism, so naturally I reported it without providing my details. Let's see if they remove the stolen article (archived).

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Timelord2067 on June 06, 2020, 06:37:47 AM

(why they can't just say 1sat per byte is beyond me)

Maybe they don't like fractions if it's slightly more than 1 sat/byte.

I just paid around 1.5 sat/byte, and got confirmed in the next block. Sundays are the best

Timelord2067

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Quote from: LoyceV on June 06, 2020, 06:31:24 AM

See https://coinb.in/#fees for the effect of each input (note: the recommended fee on that site has been stuck on 191 Sat/Byte for a long time, don't believe it anymore).

I used to have a link to another site that showed a more comprehensive break down of fees and an estimated time to confirm. Most of my transactions aren't time sensitive, so I go for the 1,000 sats per Kb and like today usually end up paying e.g. 111sats (why they can't just say 1sat per byte is beyond me)

LoyceV

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Quote from: Timelord2067 on June 06, 2020, 06:21:04 AM

Would it help if you had a couple of very low amounts e.g. 4867sats 1234sats 5234sats or similar (on stand-by / just held onto them) and used them to pay the TX fee when you want to send some funds from time to time utalising the coin-control feature?

Not really, an additional input increases the transaction size and thus the required fee. See https://coinb.in/#fees for the effect of each input (note: the recommended fee on that site has been stuck on 191 Sat/Byte for a long time, don't believe it anymore).

Timelord2067

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💲🏎️💨🚓

Would it help if you had a couple of very low amounts e.g. 4867sats 1234sats 5234sats or similar (on stand-by / just held onto them) and used them to pay the TX fee when you want to send some funds from time to time utalising the coin-control feature?

I was able to do a couple of transactions today and paid just a couple of hundred sats in TX fees when traffic was calm this afternoon.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 49. (Read 88281 times)