Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 54. (Read 88277 times)
September 05, 2019, 07:08:48 AM
1 sat per byte is confirming really quickly this afternoon if you need to consolidate dust, now's your chance.
August 09, 2019, 09:50:09 AM
With 5000 sat fee, it took 211 minutes to confirm my transaction with 17 uncompressed legacy inputs. I signed the transactoin on an offline system (LIVE Linux DVD) with coinb.in.
Not bad for consolidating just over 3 kB of data
If fees ever reach their peak again, this same transaction would cost like $500.
Not bad for consolidating just over 3 kB of data
If fees ever reach their peak again, this same transaction would cost like $500.Yeah I have dropped to 3-5 sats.
It is all good.
August 09, 2019, 09:01:06 AM
With 5000 sat fee, it took 211 minutes to confirm my transaction with 17 uncompressed legacy inputs. I signed the transactoin on an offline system (LIVE Linux DVD) with coinb.in.
Not bad for consolidating just over 3 kB of data If fees ever reach their peak again, this same transaction would cost like $500.
Not bad for consolidating just over 3 kB of data
If fees ever reach their peak again, this same transaction would cost like $500. August 07, 2019, 09:11:16 AM
It is weird, I was trying to send a payment today and had the slider on 25 blocks and it predicted 1.1 sat per byte, within the next block it was hundredfold at about 100 sat per byte...
If you send a 1 sat per byte transaction now, it'll likely clear within six hours.
If you send a 1 sat per byte transaction now, it'll likely clear within six hours.
August 07, 2019, 03:22:41 AM
Today I was in a hurry, making a few payments for hosting. To prepare, I consolidated my 2 inputs into 1 at 1 sat/byte yesterday.
Even though coinb.in recommended 1 or 2 sat/byte, I went as high as 4 sat/byte. My transactions got confirmed in the next block.
Low fees can work! Meanwhile, Bitcoin Core and Mycelium recommended a 6 times higher fee.
I paid the first 2 services in 1 transaction. I could have saved more on fees if I would have sent all 3 outgoing payments at once, but the last one wasn't ready yet when I started.
Even though coinb.in recommended 1 or 2 sat/byte, I went as high as 4 sat/byte. My transactions got confirmed in the next block.
Low fees can work! Meanwhile, Bitcoin Core and Mycelium recommended a 6 times higher fee.
I paid the first 2 services in 1 transaction. I could have saved more on fees if I would have sent all 3 outgoing payments at once, but the last one wasn't ready yet when I started.
August 04, 2019, 11:49:43 PM
It depends on the wallet, if it keeps broadcasting (like Bitcoin Core does) it needs manual intervention if you want it to return to your wallet.
How about Electrum?as it was said, Electrum doesn't automatically broadcast transactions, user must do it.
as for transactions that drop out of memory pool, in older versions your wallet removed them from its database so it would have looked like as if the transaction never happened and you had to create it again from scratch.
ever since version 3.2.0 if a transaction is dropped from mempool or simply if the Electrum node you are connecting to doesn't have the transaction, your wallet won't remove it. instead it marks it as "local" so you still have access to it and can decide to remove it or rebroadcast the same thing again.
August 04, 2019, 02:34:27 PM
To sign an rbf transaction, you don't have to support it. You can merely flick a zero to a one and sign the new value (rbf is literally one byte if you check the bitcoin wiki spec). It makes more sense to sign it as an rbf if not just for debugging purposes.
August 04, 2019, 02:19:55 PM
They have stated "not yet supported" but I am not sure for how long that statement have been on their wiki page.
At least a year and a half judging by this Github issue.
What about Ledger or KeepKey?
KeepKey is far behind Trezor and Ledger, so you can guess what the answer is. It looks like Ledger does not support it either, but you can see such an option on one of the preview images. The only way is to pair all of these hardware wallets with Electrum. What a shame.
August 04, 2019, 02:02:06 PM
Unfortunately, they are not. I am sure that Trezor team is well aware of this since there is a wiki entry about it.
They have stated "not yet supported" but I am not sure for how long that statement have been on their wiki page.
Not sure if any other hardware wallet supports RBF in their native wallet without connecting to third party like Electrum.
What about Ledger or KeepKey?
August 04, 2019, 12:45:03 PM
Doesn't core automatically expire transactions after 7 days or sonething (or it used to)?
Bitcoin Core nodes used to drop transactions after 72 hours, but it has been extended to 2 weeks. Keep in mind that these are the default values and some nodes might keep transactions for a longer or shorter periods of time. -zapwallettxes parameter can be used to forget the unconfirmed transaction locally which allows you to create a new one. Technically, transactions never expire once you sign them. They become invalid once you spend previously signed inputs.
On online trezor are they marked rbf by default, if not we should suggest that?
Unfortunately, they are not. I am sure that Trezor team is well aware of this since there is a wiki entry about it.
August 04, 2019, 12:29:50 PM
How about Electrum?
Electrum does not rebroadcast transactions automatically. Nodes will keep the transaction for a couple of days and eventually drop it. All transactions are now marked as replacable by default if you use Electrum 3.1 or newer.
Doesn't core automatically expire transactions after 7 days or sonething (or it used to)?
On online trezor are they marked rbf by default, if not we should suggest that?
If so, it's really easy to connect hardware to mycelium as it scans all 3 derivation paths so you can use segwit and legacy...
August 04, 2019, 12:12:46 PM
How about Electrum?
Electrum does not rebroadcast transactions automatically. Nodes will keep the transaction for a couple of days and eventually drop it. All transactions are now marked as replacable by default if you use Electrum 3.1 or newer.
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August 04, 2019, 11:53:02 AM
It depends on the wallet, if it keeps broadcasting (like Bitcoin Core does) it needs manual intervention if you want it to return to your wallet.
How about Electrum? August 04, 2019, 10:43:22 AM
Worst case is that your coins return to the wallet after several days
It depends on the wallet, if it keeps broadcasting (like Bitcoin Core does) it needs manual intervention if you want it to return to your wallet. legendary
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August 04, 2019, 10:33:36 AM
Worst case is that your coins return to the wallet after several days, but at the moment despite the odd spike there've been plenty of periods of time where the mempool has been empty.
I never had this experience although most of the time I use very low fees, not caring about mempool's congestion. Is there any specific days for the payment to be reversed or it's just random?only way to use Replace-by-fee (RBF) would be to connect Trezor to Electrum wallet to secure low fee transaction from going to limbo 
Then use it with Electrum. Is must not be too much hassle. I know connecting Ledger is very easy like 1, 2, 3... 
August 04, 2019, 09:56:52 AM
Regarding this transactions of 1 satoshi/Byte, did your transactions ever get stuck permanently with so low fees? 
I see that Trezor hardware wallet still doesn't support RBF in their native BTC wallet, only way to use Replace-by-fee (RBF) would be to connect Trezor to Electrum wallet to secure low fee transaction from going to limbo
I see that Trezor hardware wallet still doesn't support RBF in their native BTC wallet, only way to use Replace-by-fee (RBF) would be to connect Trezor to Electrum wallet to secure low fee transaction from going to limbo
Worst case is that your coins return to the wallet after several days, but at the moment despite the odd spike there've been plenty of periods of time where the mempool has been empty. A 1 sat transaction may sit there and do nothing for a few hours or days if things briefly heat up but it'll get through.
If time is any type of consideration then you need to be monitoring the fee situation and cough up accordingly.
August 04, 2019, 09:12:55 AM
Earlier this morning I had a transaction of 1 sat/Byte was confirmed in less than 10 minutes then I made another transaction and that was again confirmed in less then 10 mins then again I made another transaction and this one is still unconfirmed LOL. Only few hours gone I think. However I know it will be confirmed sooner or later.
There is no point to spend 50x or 100x times for transaction fees if you are really not in hurry. One in a thousand time I end up using 20 sat/Byte :-P
There is no point to spend 50x or 100x times for transaction fees if you are really not in hurry. One in a thousand time I end up using 20 sat/Byte :-P
Regarding this transactions of 1 satoshi/Byte, did your transactions ever get stuck permanently with so low fees?
I see that Trezor hardware wallet still doesn't support RBF in their native BTC wallet, only way to use Replace-by-fee (RBF) would be to connect Trezor to Electrum wallet to secure low fee transaction from going to limbo
August 01, 2019, 02:28:58 AM
@gentlemand, that $500 million spike looks really weird (around 1/1/18)... Must have been when a lot of people pulled out as their money hasn't returned to this market yet (since we aren't at $20k).
It's more likely it was caused by the very high fees at that time, 800 sat/byte was "normal", resulting in $25 or more in fees for a small transaction, and many thousands of dollars for a transaction with a lot of inputs and outputs. July 30, 2019, 06:57:48 PM
@gentlemand, that $500 million spike looks really weird (around 1/1/18)... Must have been when a lot of people pulled out as their money hasn't returned to this market yet (since we aren't at $20k).
I've had 20 sats per byte confirm quickly so it's quite nice at the moment (we probably won't see one of those spikes again for a while).
I've had 20 sats per byte confirm quickly so it's quite nice at the moment (we probably won't see one of those spikes again for a while).
July 30, 2019, 05:41:31 PM
Here's an interesting stat - https://twitter.com/nic__carter/status/1156212615095492609
At some point later this year Bitcoin fees will total $1 billion in expenditure since inception, that figure is adjusted for the cost on the day.
As for fees right now they're still doing well. My last cleared in less than an hour at 4 sats per byte.
At some point later this year Bitcoin fees will total $1 billion in expenditure since inception, that figure is adjusted for the cost on the day.
As for fees right now they're still doing well. My last cleared in less than an hour at 4 sats per byte.
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