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!
February 24, 2021, 07:16:53 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, 07:14:41 AM
I paid $30.03 for fee
February 24, 2021, 07:12:53 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, 05:48:34 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, 05:36:03 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, 04:15:42 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, 04:01:54 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, 03:49:07 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, 03:43:36 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, 03:23:34 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, 03:17:36 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 $40 as fee. If I put in a fee of 30 Sat/Byte, is it possible to get a confirmation within 24 hours?
February 24, 2021, 03:12:22 AM
Am surprised to hear that you have been waiting for so long despite paying such high fees. I understand that the current insane bull run is responsible for these crazy high fees related to cryptocurrencies like BTC and ETH, but there are optimal workarounds available.
I usually select very low fees for my transactions by checking out optimal fees via Google and use TX accelerators to make sure that my transactions get confirmed.
This particular workaround has always worked for me and the maximum time I had to wait in such cases was 12 hours so far(luck does play a small role here).
I usually select very low fees for my transactions by checking out optimal fees via Google and use TX accelerators to make sure that my transactions get confirmed.
This particular workaround has always worked for me and the maximum time I had to wait in such cases was 12 hours so far(luck does play a small role here).
February 24, 2021, 02:59:07 AM
Wasn't the purpose of bitcoins fast money transfer with appropriate transfer fees?
I see here 2 possible misunderstandings:
1. Fast money transfer is not necessarily means within minutes. Although in this unlucky case it took rather long for that fee, it's still much faster than ... international bank transfers.
2. Appropriate fee is a tricky topic. The fee in Bitcoin depends on transaction size, network use and desired priority, and not on the value transferred. Since this rules make 220$ 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, 02:50:17 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, 02:48:18 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, 02:28:00 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, 12:09:24 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 23, 2021, 11:49:05 PM
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 23, 2021, 11:36:12 PM
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 23, 2021, 11:24:36 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?
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.
February 23, 2021, 11:19:40 PM
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.
February 23, 2021, 11:15:27 PM
Your transaction will be confirmed very very soon.
179 sat/vbyte is too high to get confirmation.
The priority position for your transaction is 354/162269 total waiting transactions.
https://blockchair.com/bitcoin/transaction/c2f026d881fb1e927918f6dbb699636e4fc4591623ceadac80c09a1db07fc03b
With transaction count in a block is generally bigger than 400: https://blockchair.com/bitcoin/charts/transactions-in-block
179 sat/vbyte is too high to get confirmation.
The priority position for your transaction is 354/162269 total waiting transactions.
https://blockchair.com/bitcoin/transaction/c2f026d881fb1e927918f6dbb699636e4fc4591623ceadac80c09a1db07fc03b
With transaction count in a block is generally bigger than 400: https://blockchair.com/bitcoin/charts/transactions-in-block
Dam, that wait time is huge and can only happen when prices get skyrocketed.
You always make the transactions mostly on weekend then it can get queued shortly because on weekends the transactions are somehow very less as compared to the working days. This could be obvious since on weekdays institutional investors, exchangers with focused market are moving their assets here and there.
This is a golden tip if you also wanna save money on the fees. I would never ever pay 27 bucks in fees. Thats crazy.
February 23, 2021, 10:57:11 PM
OP is simply unlucky. I checked the latest block that was mined (#671905). I could see a lot of transactions included in that block, that are having fee ranging from 120 Sat/Byte to 150 Sat/Byte. OP paid 176 Sat/Byte, and his transaction should have got the preference over these. But sometimes the smaller transactions (in terms of size) get confirmed first, even if the fee is slightly less. At this point, there is not much to do. Please wait patiently for some more time and hope that eventually the transaction will get confirmed.
February 23, 2021, 10:54:16 PM
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.
February 23, 2021, 10:40:01 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?
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?
Bitcoin sucks at fast transfers and has high fees on top of that.
For Fast Transfers use LTC or DOGE.
February 23, 2021, 10:17:27 PM
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. February 23, 2021, 10:10:55 PM
@SquirrelJulietGarden That is a very cool site. I was not aware of that site. I have been watching it for a bit.
@nymphav The problem is that other transaction with an even higher priority appear to be "pushing you out"
I agree this is pretty pathetic. You paid $32.47 to transfer $271.05 - a huge percentage - and that is not enough to get you to the front of the queue!
Now sitting at Priority: 545/161773
Even paying over thirty dollars you may never get in a block due to other people paying even more.
Bitcoin is not for small transfers at this time.
@nymphav The problem is that other transaction with an even higher priority appear to be "pushing you out"
I agree this is pretty pathetic. You paid $32.47 to transfer $271.05 - a huge percentage - and that is not enough to get you to the front of the queue!
Now sitting at Priority: 545/161773
Even paying over thirty dollars you may never get in a block due to other people paying even more.
Bitcoin is not for small transfers at this time.
February 23, 2021, 09:42:31 PM
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.
February 23, 2021, 09:21:44 PM
Your transaction will be confirmed very very soon.
179 sat/vbyte is too high to get confirmation.
The priority position for your transaction is 354/162269 total waiting transactions.
https://blockchair.com/bitcoin/transaction/c2f026d881fb1e927918f6dbb699636e4fc4591623ceadac80c09a1db07fc03b
With transaction count in a block is generally bigger than 400: https://blockchair.com/bitcoin/charts/transactions-in-block
179 sat/vbyte is too high to get confirmation.
The priority position for your transaction is 354/162269 total waiting transactions.
https://blockchair.com/bitcoin/transaction/c2f026d881fb1e927918f6dbb699636e4fc4591623ceadac80c09a1db07fc03b
With transaction count in a block is generally bigger than 400: https://blockchair.com/bitcoin/charts/transactions-in-block
February 23, 2021, 09:18:54 PM
Hi
This is the same issue that I have been facing since the price skyrocketed. Honestly this is just network congestion. There are a lot of trading being done right now and therefore it is supposed to be expected. My transaction failed and was returned to me and I again am waiting for the transaction to get confirmed. Just try and use lightning ⚡ if it is super important and other than that you would just have to wait for a while. The transaction would be returned but I do believe that you should wait for a while to again make it.
These kinds of issues will ofcourse arrive in the future too but you have to understand that due to sudden immense success of Bitcoins this was to be expected. But some wallets are still functioning well. All we can do is to wait for some updates in the network.
Edit : it's confirmed now so I believe all is good.
This is the same issue that I have been facing since the price skyrocketed. Honestly this is just network congestion. There are a lot of trading being done right now and therefore it is supposed to be expected. My transaction failed and was returned to me and I again am waiting for the transaction to get confirmed. Just try and use lightning ⚡ if it is super important and other than that you would just have to wait for a while. The transaction would be returned but I do believe that you should wait for a while to again make it.
These kinds of issues will ofcourse arrive in the future too but you have to understand that due to sudden immense success of Bitcoins this was to be expected. But some wallets are still functioning well. All we can do is to wait for some updates in the network.
Edit : it's confirmed now so I believe all is good.
February 23, 2021, 08:55:15 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?
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?
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