Topic: Bitcoin really is going down the toilet. (Read 1215 times)

The price of bitcoin is now reaching $445, how is that really going down to toilet? it just a confirmation, you can wait for it, than paying high fee from banks

It's a gold plated diamond encrusted toilet and the water is made of

Silver solution

Agree. For a 964 byte transaction he should have used .0005 fee instead of the .0001 actually used according to bitcoinfees. I use .0005 fee for all transactions. Since many wallets still default to .0001 I always get confirmed fast.

No I still believe in Bitcoin and so do many other Bitcoin users. The price is now rising so this is attracting people again to come and use Bitcoin. Bitcoin is heading the good way and I am looking forward to the future. 

For the transaction to complete quickly and on time, you should not change the Default fee which is being deducted by the client. If you put to low a fee, you know it will takes ages to complete the transaction.

From what I see, many up until now, don't know yet how to calculate transaction fee's and as result always tend to blame the way network reacts to each transaction. Just because a transaction is consist of 0.0001 BTC as a fee, doesn't mean that, it's enough for it to be confirmed in the next block. I'll try to explain the process of transaction size estimation:

For reference, let's take your transaction into example: https://blockchain.info/tx-index/5bc33bf29987c995cb9c11f052c5b2792b5890e414806fc27df7a7fe93101c45
There is 6 inputs and 2 outputs (most transactions automatically give you 2 outputs if your sending to one person)
Number of inputs should be multiplied by 148 (the number changes sometimes) + the number of outputs multiplied by 34 +10 or -10 (mostly it's +10)
6 x 148 (888) + 2 x 34 (68) +10 or -10
888 + 68 +10 = 966 bytes (close estimation as in your transaction was 964)

On a side note: For fast confirmation a 60 Satoshi is recommended per byte

Best possible way to know the inputs is to know and calculate the transactions on your account and see how many inputs will be needed from the remaining unspent one's in order to calculate the inputs prior to sending (not sure if there's a wallet that does this automatically but I'm saying this base on my experience of using blockchain.info only)

There's another thing that would help in most cases and that is the feature in blockchain.info (not sure if it exist on others too) that You would choose the fee from normal to generous and automatically each transaction will have a fee of 0.001 as base fee.

The fee for your transaction should have been 0.0005784 to be as high priority transaction that would get confirm within the next block.

for the past week all my transactions are taking forever even
with the recommended amount of fees

The other night I finally just went to sleep as I was tired of waiting for nitrogen
to get my cash to my wallet.

I don't know what wallet or service you are using?
Usually my transactions doesn't take that long. One our max, but they come eften come much ealier.
Are you sure this wasn't an april's foll?

Try electrum OP, set the fee to dynamic 50k Sats per kb (0.0005 BTC/Kb), your fee would be auto adjusted in all the transactions you make and all of them will confirm within the next 2 blocks.

Ya, you're right on the line as far as transaction size and fee cost.  If you had paid a 0.00013 BTC fee I suspect it would have gone through within minutes.  Like theymos says above, use a wallet with dynamically adjusted fees.  It will actually save you money, as smaller transactions would use a fee less than the current 0.0001 BTC you are paying.

Your transaction is almost 1kb big.
For that size the fee of 0,0001 BTC is too small I'd say.
50 satoshi per byte is recommended at the moment.
So 0,0004-0,0005 BTC as fee and you would have been fine.

you need to check again satoshi's quote, because 2-3 big pool was exactly in the mind of satoshi when he was thinking about long term mining

That is because of the mining monopoly. Do you mine B1tcoin at home? No, you cant. Bitc0in is run by two or three mining monopolists.

Satoshis idea died.

no please. large amount of BTCitcoin doesn't mean you have to pay higher fees. if anything that will make the transaction have higher priority because of the high amount of btc transferred.
it's the large size of the transaction that makes it require higher fees.


ah I see.

Well you paid only 0.0001 fees that was very much low for a 4BTC transaction.I recommend you to use web wallet to adjust fees that is rightly available in " Send" section.However you can check this to adjust fees rates :- https://multibit.org/en/help/hd0.1/fees.html


MultiBit HD Desktop Wallet

I think he is saying he uses MultiBit as a uᴉoɔʇᴉq wallet. MB for short form of not having to write out entire wallet's name. I would suggest trying from a different wallet as I have had similar issues with that one, so I tend to stay away from ones that have reoccurring problems.
I do not want to play with my bitcoins.

what's a MB wallet? that transaction only includes 0.0001 fee for 1kb transaction so of course it will take long. wallets may have "default fees" but the network doesn't, the fees always changes according to the current condition. in the future I suggests that you take a look what's the current recommended fees on https://bitcoinfees.21.co/ first before sending.

Never had a problem with the speed of transactions using Bitcoin Core and even from an exchange or from a casino back to core it's still pretty fast considering you are getting the most secure transfer on earth and in a decentralized network.
You will have to deal with it until we have Lightning Network if you want super fast + cheap transactions.

I sent it with default fees, MB wallet sends it like this:

https://blockchain.info/tx-index/5bc33bf29987c995cb9c11f052c5b2792b5890e414806fc27df7a7fe93101c45

Then why not just pay an appropriate fee?  Surely that would be cheaper than having to send a fee (with another tx fee) to pay for a service to allow you to circumvent paying a larger fee to send your transaction.



Show us the transaction you're complaining about so we can point out that you're wildly underpaying for the service you're expecting.