Bitcoin needs to fix their transaction times - looks like i will lose money beca

unholycactus

legendary

Activity: 1078

Merit: 1024

Quote from: BitDane on February 10, 2017, 02:55:45 PM

Quote from: 0xfff on February 09, 2017, 06:01:44 PM

How can you be Sr. Member on this forum and not know how basic bitcoin transaction work? Shocked

Probably hee pays more attention in other things than the technical issue of Bitcoin. Simple as that.

Anyway I got some question here, a friend of mine send a transaction to an exchange using electrum wallet, it was acknowledge that there is an incoming amount of bitcoin to his account but it is almost 3 days and blockchain.info just pruned the transaction and rejected it and yet the balance does not come back to his wallet. What is the possible solution to this?

OP seems to know how confirmations work.
If the coins never get confirmed and never owned them in the first place (looks like someone is sending them to him), he will "lose" the Bitcoins.
I say "lose" because he never had them in the first place.

BitDane

sr. member

Activity: 1372

Merit: 348

Quote from: 0xfff on February 09, 2017, 06:01:44 PM

How can you be Sr. Member on this forum and not know how basic bitcoin transaction work? Shocked

Probably hee pays more attention in other things than the technical issue of Bitcoin. Simple as that.

Anyway I got some question here, a friend of mine send a transaction to an exchange using electrum wallet, it was acknowledge that there is an incoming amount of bitcoin to his account but it is almost 3 days and blockchain.info just pruned the transaction and rejected it and yet the balance does not come back to his wallet. What is the possible solution to this?

0xfff

full member

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Merit: 100

How can you be Sr. Member on this forum and not know how basic bitcoin transaction work? Shocked

achow101

staff

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Just writing some code

Your Bitcoin does not just "disappear" or become lost if the transaction remains unconfirmed for too long (default node policy is to evict transactions after 72 hours). Your wallet will simply revert to a state where the transaction never happened in the first place, thus "returning" your Bitcoin and allowing you to resend the transaction but with a higher fee. There are also ways to do RBF transactions without signalling RBF, and if you signal RBF, it makes replacing transactions with a higher fee much easier.

There is a fix, in fact, multiple proposed fixes already implemented and in the deployment process. There are multiple options, whether they decrease the transaction fees significantly is unknown. The solutions currently available are Segwit and Bitcoin Unlimited. The only things preventing either solution from being deployed is sufficient miner signalling and user consensus. At this point, there is nothing else the devs can do.

bastilar

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a

Topic: Bitcoin needs to fix their transaction times - looks like i will lose money beca (Read 658 times)