Topic: Bitcoin is not serving its purpose ANYMORE transfer waiting 48hr even paid high - page 2. (Read 361 times)
February 24, 2021, 08:16:53 AM
so every time you are to send coins to someone you have to watch out for the mempoolsize and then wait a bit for the timing? it looks like a tedious job for someone who is pressured by someone to send the payments. somehow it failed when it comes to faster confirmation and also high fees but BTC still is efficient than our bank transactions today. every newbie i think should just be introduced to LN wallets.
February 24, 2021, 08:14:41 AM
I paid $30.03 for fee
February 24, 2021, 08:12:53 AM
Quote
Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?
That was the purpose of Bitcoin before 2013.After 2017,almost every Bitcoiner realized that the main purpose of Bitcoin will be investing-buy BTC and HODL,then sell at a higher price and get the profit.Sad but true...
Nobody cares about transaction fees and confirmation time anymore.You are too late whining about that.
You could use some offchain solutions like the Lightning Network,if you want fast transactions and low fees,but LN isn't accepted everywhere and it isn't very user friendly.
February 24, 2021, 06:48:34 AM
I am checking the Mempool size from time to time. It shows no sign of reducing.
Keep in mind that mempool size alone can be misleading. There are still being added plenty of low fee transactions.
For my surprise (too) the last 3 blocks (671958..671960) have included transactions at 30-40 sat/vbyte.
The point is to watch a proper bitcoin fee related website too (https://mempool.space/ or the 3rd chart at https://jochen-hoenicke.de/queue) , not only the mempool size.
February 24, 2021, 06:36:03 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.
Thanks for the reply. I guess I will wait for some more time to transfer my coins. Don't want to move my coins now and get stuck for another week. I am checking the Mempool size from time to time. It shows no sign of reducing. Another option I have is to make the payment with BCH or ETH. But the BCH prices are too low nowadays and I don't want to sell my coins now. And for ETH, the transaction fee is as worse as BTC.
February 24, 2021, 05:15:42 AM
The way things are going in 100 years we're going to argue that it's still faster than intergalactic bank transfers.
You've just confused apples with oranges.
A blockchain cannot compete in speed with a centralized database (VISA). Whoever expects that has misunderstood... everything.
Bank transfer is different than card payment. National bank transfers take 1-3 days. International takes sometimes +1 day.
Intergalactic ones will be trickier unless faster than speed of light communication is developed
so I won't take them into discussion for now, since blockchain will suffer from the same impediment.Back to reality: just read about people trying to transfer fiat from their bank account (for example to Kraken) and wait for days.
February 24, 2021, 05:01:54 AM
Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?
It sure was one of the initial main selling points. Unfortunately(or fortunately?) bitcoin's adoption and price just grew a bit too fast for everyone to adjust. Layer 2 solutions such as Lightning are what's going to fix the speed and fee problem, but they're unfortunately not that ready yet. It's going to take time.
And it would be best if Layer 2 solutions, once available, would be viable for single-use. Else, it would be another problem that a lot of people would know that they have even if it isn't really one of their main concerns. I do have high hopes for LN, but at the current state of things it's really not viable, moreso sensible, to recommend it to people who just wants to make quick transfers and would probably not be doing any transfers in bitcoin any time sooner.
February 24, 2021, 04:49:07 AM
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!
It's about time you understand the average Joe doesn't care about this!
The normal consumer doesn't give a damn Visa settlement happens in 30 days from the payment he knows one thing, he swipes his card he has paid he can go out with his merchandise. When he look at Bitcoin right now he understands one thing, you either pay some huge fees or, ..you use something else!
1. Fast money transfer is not necessarily means within minutes. Although in this unlucky case it took rather long for that fee, it's still much faster than ... international bank transfers.
The way things are going in 100 years we're going to argue that it's still faster than intergalactic bank transfers.
February 24, 2021, 04:43:36 AM
but it's status has been confirmed, so just wait. but the fee was high too, $ 222 and had to pay $ 30. I think this is unnatural and increasingly makes Bitcoin inappropriate as a transaction tool. paypal is better, the fee is low.
February 24, 2021, 04:23:34 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.
February 24, 2021, 04:17:36 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 $40 as fee. If I put in a fee of 30 Sat/Byte, is it possible to get a confirmation within 24 hours?
February 24, 2021, 04:12:22 AM
Am surprised to hear that you have been waiting for so long despite paying such high fees. I understand that the current insane bull run is responsible for these crazy high fees related to cryptocurrencies like BTC and ETH, but there are optimal workarounds available.
I usually select very low fees for my transactions by checking out optimal fees via Google and use TX accelerators to make sure that my transactions get confirmed.
This particular workaround has always worked for me and the maximum time I had to wait in such cases was 12 hours so far(luck does play a small role here).
I usually select very low fees for my transactions by checking out optimal fees via Google and use TX accelerators to make sure that my transactions get confirmed.
This particular workaround has always worked for me and the maximum time I had to wait in such cases was 12 hours so far(luck does play a small role here).
February 24, 2021, 03:59:07 AM
Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?
I see here 2 possible misunderstandings:
1. Fast money transfer is not necessarily means within minutes. Although in this unlucky case it took rather long for that fee, it's still much faster than ... international bank transfers.
2. Appropriate fee is a tricky topic. The fee in Bitcoin depends on transaction size, network use and desired priority, and not on the value transferred. Since this rules make 220$ have the same "sending price" like 1,000,000$, it indeed makes Bitcoin not suitable right now for transferring rather small values at high priority.
February 24, 2021, 03:50:17 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.
February 24, 2021, 03:48:18 AM
Fortunately, it has been confirmed already.
As far as the argument that bitcoin doesn't serves it purpose, as some extent I will agree as it becomes a store of value and speculative asset. But still with LN around, maybe we can used bitcoin as payment scheme to buy coffee. But currently, almost everyone is complaining including myself as I have a stuck transaction for the past 48 hours and all I can do is wait.
As far as the argument that bitcoin doesn't serves it purpose, as some extent I will agree as it becomes a store of value and speculative asset. But still with LN around, maybe we can used bitcoin as payment scheme to buy coffee. But currently, almost everyone is complaining including myself as I have a stuck transaction for the past 48 hours and all I can do is wait.
February 24, 2021, 03:28:00 AM
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?
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?
Well I empathize with you here! I too had faced Similar situation where I had paid big enough transaction fees and had to wait for 2 hours to get at least 3 confirmations. So bitcoin doesn't really look good as a currency at this point! I believe the situation would continue if the price of bitcoin continues to rise! There's no going back and we can't expect to have things any cheaper.
I think, it's high time we adopt LN! It's already live and LN enabled wallets are also available. Unless the confirmation time is reduced and the transaction fee becomes cheaper, bitcoin looks good for investment only!
February 24, 2021, 01:09:24 AM
I paid a high fee
Like the situation of a friend who borrowed some money from me with the expectation to pay back the next day after he sells out his Ethereum coins in his wallet worth the same amount. It got to the next day, and i was really expectant, only for me to receive a call from him saying that the money did not come out as expected, that after selling and because of the high transaction fee, the money was really short.
February 24, 2021, 12:49:05 AM
This is one of the few things I really hate when there is a bull run or when there is a big volume of transactions in the network, there can be a big delay, and we are paying a hefty fee for the transaction. This is true with Bitcoin but also can be true with other platforms especially with Ethereum where a single transaction right now can cost you more or less from $50 - $100. This is certainly not what we expect why we are using cryptocurrency, we are supposed to be experiencing fast and cheap transfer - sadly this is not true as we speak. And there is no permanent solution for this as of now. No wonder that some are already discourages and not anymore convinced that the future of money is cryptocurrency, can you just imagine paying a coffee worth around $5 and yet paying trx fee of $20? That can be unbelievable and will certainly not be driving for more adoption though this can drive more players in the crypto mining sector and more speculations.
February 24, 2021, 12:36:12 AM
You could have paid more to make the transaction faster, the network congestion is just too big of a problem so I think that you should just be patient when it comes to this kind of thing, unless you really need the money, I think that you will be alright. Someday this problem with network congestion will be solved by the developers because I believe that this is one of the many problems that bitcoin has to address so it can face no problem when it becomes widely adopted.
I think OP used enough transaction fees because yesterday I had a transaction with slightly lower fees 130 sat/b and it got confirmed within 5 blocks. After a quick check it seems like OP's other related transaction had smaller fees and that's the one causing the delay regardless of the high fees used on the transaction above.
https://blockchair.com/bitcoin/transaction/22d97dae6a8a9afb0fd7792a1a9af78d00c373e4776ff6ef3433b7a2eaf651c3
February 24, 2021, 12:24:36 AM
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?
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.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?
Having said that, your transaction is currently at a good priority level and should get confirm in 2hours (12 blocks)if there's an increase in the network congestion since the wallet you use is Legacy but it will nice if you use the Segwit wallet ("bc1" or "3") next time.
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
Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?
That's right yet sad to see that you have experienced slow in confirmation even though you've paid a lot in fees.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.
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