Topic: Bitcoin is not serving its purpose ANYMORE transfer waiting 48hr even paid high (Read 361 times)
February 26, 2021, 04:09:40 PM
This is an issue that has surfaced ever since bitcoin reached really high values. Although in bitcoin's defense, it's not made to make cheap and fast transactions, but it is solely made to give the power back to the people, by means of decentralized transactions, hopefully in the future an aid is given to at least help everyone in terms of making all transactions cheap and fast.
February 26, 2021, 03:45:33 PM
Now most people use bitcoin as an investment asset, the initial idea of bitcoin - its widespread use, cannot be realized due to the high commission. Most altcoins are currently superior to bitcoin in all respects. Therefore, it is worth using altcoins for transfers.
February 26, 2021, 01:31:52 PM
Hello,
I was made a transfer yesterday
https://www.blockchain.com/btc/tx/c2f026d881fb1e927918f6dbb699636e4fc4591623ceadac80c09a1db07fc03b
I paid high fee:
Fee
$29.26
(176.366 sat/B - 44.091 sat/WU - 339 bytes)
But still didnt get confirmed.
Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?
High fee doesn't always mean your transaction will get include in the next block, who knows after you broadcasted your transaction the required fee increase considerably and your transaction will be more depth from Mempool so you need to wait until the right time comes.I was made a transfer yesterday
https://www.blockchain.com/btc/tx/c2f026d881fb1e927918f6dbb699636e4fc4591623ceadac80c09a1db07fc03b
I paid high fee:
Fee
$29.26
(176.366 sat/B - 44.091 sat/WU - 339 bytes)
But still didnt get confirmed.
Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?
But now your transaction was confirmed,and it happened after you said it is not happening so keep practicing patience.
February 26, 2021, 01:05:56 PM
Oh wow that's sure is so long, and i'm shocked to see the fee. I never used btc for any transaction before, since i never find the chance to use it, but i never knew that it will be that high!
But well i kinda understand your point. Btc is changing into "longterm investment" rather than being used as a currency. But it might be because, the place, or the chance for us to use btc is still very limited. Not all country accepted this currency yet, and many people still not be able to use btc as a currency, only able to use them as an investment instead
But well i kinda understand your point. Btc is changing into "longterm investment" rather than being used as a currency. But it might be because, the place, or the chance for us to use btc is still very limited. Not all country accepted this currency yet, and many people still not be able to use btc as a currency, only able to use them as an investment instead
February 26, 2021, 11:59:56 AM
I have often posted that I don't believe that Bitcoin was created to be a mass payment method. The 10 minute block generation time, and the 21 million cap are evidence of this. I feel it was a banking experiment that exceeded their expectations. It has become a valuable store of wealth, and they are now taking advantage of that.
But are you okay with Bitcoin being limited to a store of wealth? I realize that many people are focused on the price and profits, but I'm still kinda hoping that Bitcoin will be able to function as money. And of course, #1 issue with that is scalability. It's often not a visible issue when the traffic is pretty low, but if the price is changing a lot, there's a lot of traffic and the fees along with the time required to confirm a transaction spike too high for any daily transactions. However, I hope there will be a way to deal with it in the future, either by off-chain solutions or by accepting unconfirmed transactions. February 26, 2021, 10:16:37 AM
Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?
Yes, but even with higher fees, sometimes it gets delayed because of what we called "Bitcoin network traffic". If I'm not mistaken, every time Bitcoin's price surges, it's transaction demand per block also increases that causes your Transaction getting delayed even with a high transaction fee because the Bitcoin network size is still limited, meaning, your transaction fee is not the highest transaction fee that's being processed by the miners, that's why it is also getting delayed.
You might want to try to accelerate your transaction using any bitcoin accelerator. Anyways, you'll still going to receive your Bitcoin.
February 26, 2021, 10:02:48 AM
Many newbies are surprised by the high Bitcoin transaction fees, even though this is something that is normal when the price of Bitcoin is high.
Then it affects Bitcoin transaction fees and Bitcoin transaction speed. There is not much you can do, besides accepting this as one of
the weaknesses of Bitcoin. Or you want to get cheap fees when making transfers, my advice is to just convert the Bitcoin you have into altcoins.
Because some altcoins like TRX and DOGE have low transaction fees and fast transaction speeds.
Then it affects Bitcoin transaction fees and Bitcoin transaction speed. There is not much you can do, besides accepting this as one of
the weaknesses of Bitcoin. Or you want to get cheap fees when making transfers, my advice is to just convert the Bitcoin you have into altcoins.
Because some altcoins like TRX and DOGE have low transaction fees and fast transaction speeds.
February 26, 2021, 02:17:54 AM
This is a high fee transaction yet still unconfirmed. I've checked mempool and there's a lot of unconfirmed transactions.
Try your luck pushing that transaction through: https://www.viabtc.com/tools/txaccelerator
Try your luck pushing that transaction through: https://www.viabtc.com/tools/txaccelerator
Or use the bitaccelerate - https://bitaccelerate.com/. Whenever I make btc transaction, I use this free accelerator afterwards. OP's transaction will be soon confirmed. But 19 hrs and still waiting, paying 176 sat/byte, usually that payment amount before will only take few minutes.
Btw, @OP, congratulations your transaction got 24 confirmations already. I think the thread is already good enough to be closed.
Transaction confirmation delay doesn't mean Bitcoin did not serve it purpose anymore if you follow the right procedure before sending your transaction and paying a huge transaction doesn't matter either if you don't check the mempool condition.
And you can check the mempool conditions four hundred million times, can you people just stop with this non-sense?You can look at that mempool all day long, it won't change the fact that if you want to send now even the smallest transactions (in size) you have to pay 8$.
Everyone is saying look at your inputs, look at the mepool size look at whatever!
February 25, 2021, 10:21:37 AM
I feel OPs pain as I have had several bitcoin transfers yet to confirm for a couple weeks at this point. This was of course my fault for not paying enough to have it confirmed sooner, but it's kind of besides the point as bitcoin should be much quicker than it has been of late. I wish that they would roll out a functioning Lightning Network sooner than later as these expensive transactions really suck.
February 25, 2021, 09:17:47 AM
This is normal, everytime that bitcoin increases its value we can suffer through fees and network congestion last week it took me almost 2 days because I chose the slowest speed because I don't want to pay for more value just to transfer , I hope there will be a solution for this, so sometimes just for me to make is faster I will convert it to TRON or XRP, for faster and minimal fee.
February 25, 2021, 08:49:32 AM
I have often posted that I don't believe that Bitcoin was created to be a mass payment method. The 10 minute block generation time, and the 21 million cap are evidence of this. I feel it was a banking experiment that exceeded their expectations. It has become a valuable store of wealth, and they are now taking advantage of that.
With average of 10 minutes time interval between the blocks, it is never going to work for making instant payments (irrespective of the price). But I don't think that the 21 million cap has anything to do with the acceptability as a payment medium. 21 million is in terms of Bitcoins. It can also be defined as 2.1 quadrillion Satoshis. I don't have any issues with the cap on maximum supply and I believe that it is one of the positives for BTC.
Bitcoin is now mostly being used as a store of wealth, or as a speculative investment asset. It can be used for bill payments. But even with very low fee (20-30 Sat/Byte), now the users need to pay close to $10 per transaction. If you want confirmation within 2 hours or so, then you need to pay $30-$40 as the fee. This makes it unattractive as a medium of payment, when compared to its competitors.
February 25, 2021, 08:00:24 AM
I have often posted that I don't believe that Bitcoin was created to be a mass payment method. The 10 minute block generation time, and the 21 million cap are evidence of this. I feel it was a banking experiment that exceeded their expectations. It has become a valuable store of wealth, and they are now taking advantage of that.
February 25, 2021, 05:48:18 AM
Calculating the appropriate transaction fee is also getting difficult now. Earlier I used to check websites such as earn.com, but they are also not very accurate nowadays. I am in a tricky position right now because I need to transfer BTC0.038 to a third party website for some purchases. And I don't wan to spend $30 or $40 as fee. If I put in a fee of 30 Sat/Byte, is it possible to get a confirmation within 24 hours?
Earn has not been a good estimate for a long time. It's time you just use a good client like Electrum, it's had a fairly good estimate built in, and if you switch on RBF, then you can always replace your fee if you need something urgently.
30 sats/byte now doesn't look like a good fee. I think you should always check your ID on blockchair and it can tell you how far you are away from the line.
Keep consolidating inputs too in low fee periods... then you avoid these situations.
I was constantly watching the site that was originally posted by user NeuroticFish. Today morning I noticed that most of the Mempool is composed of transactions with fee of 10-20 Sat/Byte. I immediately moved my coins, after putting a fee of 16 Sat/Byte and it got confirmed in around 30 minutes. This is what happens when you have the patience to wait for 2-3 days. If I had gone for the transaction earlier, then it would have cost me at least 150 Sat/Byte. In total, I paid a fee of BTC0.00015, when it could have been easily 10 times that much.
February 25, 2021, 12:05:09 AM
I faced this same challenge some couple of days ago when I try transferring my bitcoin it got stuck for days before finally getting confirmed. The network is highly congested right now and transaction take hours and even days to go through.
February 24, 2021, 10:40:17 PM
OK, everyone probably knows about this site but it is the coolest thing I have found in a long time. It visually shows the mem pool statistics, size, the fees people are paying, etc. over time. Click here and see the beautiful color graphics for the last three months:
https://jochen-hoenicke.de/queue/#BTC,3m
Donating to the site author now...
https://jochen-hoenicke.de/queue/#BTC,3m
Donating to the site author now...
Very useful site. Earlier I was using online calculators such as bitcoinfees.net to calculate the fee, and these sites used to be very inaccurate. But this particular site shows the number of transactions that are in queue, by fee bins. You can accurately set the fee, depending on the time you have. I have checked the charts for other coins (ETH, BCH, DOGE.etc) as well, and they are also very helpful.
February 24, 2021, 04:09:06 PM
OK, everyone probably knows about this site but it is the coolest thing I have found in a long time. It visually shows the mem pool statistics, size, the fees people are paying, etc. over time. Click here and see the beautiful color graphics for the last three months:
https://jochen-hoenicke.de/queue/#BTC,3m
Donating to the site author now...
https://jochen-hoenicke.de/queue/#BTC,3m
Donating to the site author now...
February 24, 2021, 08:17:13 AM
Nope, you're the one mistaking things, that's the page from sending money via Western Union. 
International transfer (EU>Lesotho), pick-up in minutes, cheaper than what the OP has paid for a lower sum!
International transfer (EU>Lesotho), pick-up in minutes, cheaper than what the OP has paid for a lower sum!
OK, I stand corrected. I didn't know you can pay with VISA and then get transferred via WU.
Just as I was saying, from competing with Visa we dropped expectations to competing with MG and WU, then with national bank transfers, then with international bank transfers, and so on and on. While every one of those options is evolving and getting faster we're stuck at looking at the mempool and counting inputs.
It's not dropping expectations, is more like facing the truth.
When LN (or similar) will be available, we will lead the game. Until then we should be aware of the problems such a decentralized database implementation (blockchain) has.
LN is an evolution imho. Not 100% ready for the public audience? Pretty bad. Sooner or later a proper second layer will be available. It has to.
February 24, 2021, 08:08:41 AM
Another option I have is to make the payment with BCH or ETH..
No Doge? and no LTC?
I don't see the reason why somebody would be accepting BCH and not any of those two!
They do accept DOGE and LTC, but I don't have any of these coins in my wallet. I had some LTC until 2019, but those coins were stored in Cryptopia. When Cryptopia got hacked, I lost those coins. And regarding DOGE, I never had any of that coin with me. I have always considered DOGE as a scam, and despite the recent increase in exchange rates my opinion regarding DOGE hasn't changed.
February 24, 2021, 07:23:10 AM
not the highest fee but it was nice fee for medium to fast transfer of btc but why you havent recieved your btc with you .
are you sure that you send the bitcoins on its correct destinations .
bitcoins purpose is not only for money transfer but the description of btc for fast money transfers can be false because there is a waiting time for every btc transactions .
delayed transfers in btc dont mean that btc is not serving its purposes anymore because not all btc users having inconviences upon using thier btc's .
please dont get mad at btc
are you sure that you send the bitcoins on its correct destinations .
bitcoins purpose is not only for money transfer but the description of btc for fast money transfers can be false because there is a waiting time for every btc transactions .
delayed transfers in btc dont mean that btc is not serving its purposes anymore because not all btc users having inconviences upon using thier btc's .
please dont get mad at btc
February 24, 2021, 07:19:59 AM
You've just confused apples with oranges.
A blockchain cannot compete in speed with a centralized database (VISA). Whoever expects that has misunderstood... everything.
A blockchain cannot compete in speed with a centralized database (VISA). Whoever expects that has misunderstood... everything.
Nope, you're the one mistaking things, that's the page from sending money via Western Union.
International transfer (EU>Lesotho), pick-up in minutes, cheaper than what the OP has paid for a lower sum!
Back to reality: just read about people trying to transfer fiat from their bank account (for example to Kraken) and wait for days.
Just as I was saying, from competing with Visa we dropped expectations to competing with MG and WU, then with national bank transfers, then with international bank transfers, and so on and on. While every one of those options is evolving and getting faster we're stuck at looking at the mempool and counting inputs.
Another option I have is to make the payment with BCH or ETH..
No Doge? and no LTC?
I don't see the reason why somebody would be accepting BCH and not any of those two!
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