[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 50.

Erumo

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Quote from: LoyceV on July 29, 2020, 06:50:00 AM

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

Sorry for a bug like me bothering giants

There's no need for such a disclaimer, at least in my topics. How did you go from "I'm Erumo - Master of the Universe" to being humble?

Too many Universes around, I'm just the master of my own Cheesy

In the world of humans and this particular forum, my knowledge of bitcoin technology (i.e. transactions) equals bugs life cycle eat-sleep-repeat (receive-send bitcoin). Looking how you communicate and operate with knowledge, I made a comparison of me being a bug, and others being giants.

Maybe this is not the best topic to ask, but I would be really grateful if someone would explain how fee and transaction time are calculated.

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.

For example how he calculated recommended amount here ? Or how can I calculate approximate transaction time using https://jochen-hoenicke.de/queue/#0,24h with this recommended 34 sat fee ?

Or another question. If I send bitcoin at 08:00, and wish to receive it on other address at 08:00 next day, which amount of Satoshi per byte should I use?

LoyceV

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

Sorry for a bug like me bothering giants

There's no need for such a disclaimer, at least in my topics. How did you go from "I'm Erumo - Master of the Universe" to being humble?

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

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.

It depends on the wallet. Bitcoin Core keeps broadcasting the transaction, so it will never expire and never "return" to the wallet (unless you manually intervene). Years ago, I had to double spend a transaction that was "stuck" for 2 weeks with 0 fee (zero fee transactions were still possible at the time).
If the wallet doesn't keep broadcasting, I think it varies a bit per service/miner/mempool/block explorer. Take this transaction for example: I made it from Electrum, but instantly closed the wallet so it can't broadcast it again. Blockchair.com still remembers it was broadcasted 5 days ago, Blockchain.com says it was received yesterday, and BlockCypher.com doesn't know the transaction at all. I manually keep broadcasting it until it confirms.

On Mycelium (Android mobile) I've had a low-fee (consolidation) transaction "stuck" for a few weeks, and I couldn't easily stop it from broadcasting to spend the funds elsewhere. I could have taken drastic measures like uninstalling the app, but it wasn't worth it at the time. Eventually, it confirmed.

Quote

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.

It will get interesting when mempool grows to several GB in size. I expect transactions with the lowest fees to be dropped first.
Update: nc50lc beat me to it Tongue

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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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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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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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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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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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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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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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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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)

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 50. (Read 89029 times)