Bitcoin transaction Confirmation 0/6

airdrop21

jr. member

Activity: 79

Merit: 1

Staker.network - POS Smart Contract ETH Token

Quote from: HCP on June 27, 2018, 12:46:11 AM

Looks like your transaction just got a confirmation... YAY!

Looking at the charts here: https://jochen-hoenicke.de/queue/#1,24h I'd say the reason for the delay was the large spike in unconfirmed transactions. That generally drives up fees... and the fee cryptopia added was quite low.

As for the "mysterious" 35BTC... You were withdrawing from an exchange. They obviously had a very large BTC UTXO sitting in their "hotwallet" to cover withdrawals... so they have used that 35BTC "Unspent Transaction Output" (aka UTXO) to pay out your withdrawal.

This transaction generates your UTXO (worth 0.03775726 BTC)... and then Cryptopia gets the 34.95464933 BTC worth of "change". You can read more about change here: https://en.bitcoin.it/wiki/Change
I'd also recommend you read this to understand how Bitcoin works and why UTXOs must be completely spent: https://en.bitcoin.it/wiki/Coin_analogy

Those links are helpful. I learned a whole lot more.
I think this is a going on problem for bitcoin. My other withdrawals from other wallets take way longer too.

HCP

legendary

Activity: 2086

Merit: 4361

Some of it seems to simply be miners not finding blocks... You get a couple of 30 minute block intervals close together, the number of unconfirmed transactions spikes, a lot of wallets start suggesting increasing fees...

As for the fee rate, I doubt Cryptopia have dropped their fees... Like a lot of exchanges and other services, they charge a set fee and then either do a "pay to many" or they simply cheap out on the fee and pocket the difference Roll Eyes

Thirdspace

hero member

Activity: 1232

Merit: 738

Mixing reinvented for your privacy | chipmixer.com

Quote from: HCP on June 27, 2018, 12:46:11 AM

Looking at the charts here: https://jochen-hoenicke.de/queue/#1,24h I'd say the reason for the delay was the large spike in unconfirmed transactions. That generally drives up fees... and the fee cryptopia added was quite low.

any reason for recent sporadic spikes on transaction fee?
nothing warrants the sudden increase in mempool size, yet it happened a lot lately

If I remember it correctly, cryptopia charges 50k satoshi withdrawal fee
but why are they so cheap and add only 1127 satoshi for network fee on that transaction?
or have they lowered the withdrawal fee to reflect current tx fee rate?

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: ra213 on June 27, 2018, 12:54:09 AM

-snip-

I just want to chime in and say that

Code:

https://coinb.in/#fees

...is probably the best site to estimate what fee you should be paying. Others seem to recommend inflated fees.

But yeah, using lower fees means you'll wait longer than usual. One hour is pretty typical if the network is busy and you tried to save a little on fees.

ra213

member

Activity: 294

Merit: 10

Back in January I broadcasted a transaction and it took several days, maybe even weeks, until it was confirmed. It really depends on the mempool and the current transactions. You can search for sites like that to get an indicator how long it will take until someone puts your transaction into a block.
https://bitcoinfees.earn.com/
https://btc.com/stats/unconfirmed-tx

There are many of this sites, just pick your favorite. Ethereum has also similar sites, e.g.
https://ethgasstation.info/

Hope this will help you understand how much fee you have to pay to get your transaction confirmed.

HCP

legendary

Activity: 2086

Merit: 4361

Looks like your transaction just got a confirmation... YAY!

Looking at the charts here: https://jochen-hoenicke.de/queue/#1,24h I'd say the reason for the delay was the large spike in unconfirmed transactions. That generally drives up fees... and the fee cryptopia added was quite low.

As for the "mysterious" 35BTC... You were withdrawing from an exchange. They obviously had a very large BTC UTXO sitting in their "hotwallet" to cover withdrawals... so they have used that 35BTC "Unspent Transaction Output" (aka UTXO) to pay out your withdrawal.

This transaction generates your UTXO (worth 0.03775726 BTC)... and then Cryptopia gets the 34.95464933 BTC worth of "change". You can read more about change here: https://en.bitcoin.it/wiki/Change
I'd also recommend you read this to understand how Bitcoin works and why UTXOs must be completely spent: https://en.bitcoin.it/wiki/Coin_analogy

airdrop21

jr. member

Activity: 79

Merit: 1

Staker.network - POS Smart Contract ETH Token

So I made a withdrawal from cryptopia to Bleutrade and the amount got stuck on blockchain for > 1 hour. It do a lot of withdrawals and deposits, but this is the first time that it gets stuck on blockchain this long.
Then I check the bitcoin explorer and found out something interesting since I've never check this before
My tx id: 850146efb827009664655819749561c59164d28e859de426c9ad030b66d3dded
I saw 1 input of 35 btc and 2 outputs of 34.9 btc and the other one is mine.
Can somebody check and see why it takes so long? and help me explain what the 35btc is?
Thank you guys.

Topic: Bitcoin transaction Confirmation 0/6 (Read 175 times)