Aside from the fees, luck is a major aspect as well as you still depend on miners to solve a block.
I have had situations where my transaction got 3 confirmations within 10 minutes, but also situations where it took nearly a full hour to get just one confirmation.
Problem here is that even though I find the fees quite steep, that this whole situation is a bit exaggerated due to complaining penny pinchers and big block trolls ~ people shouldn't take everything for granted so easily.
Topic: Bitcoin transaction confirmed within 20 minutes - page 4. (Read 2559 times)
OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..
I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)
Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.
Thats a good thing but only in you i have so many transaction in the blockchain the got stacked i have almost 1.7bitcoin stack in the blockchain that almost take up to 3days before it confirmed but i guess that was okey atleast i receive it even dough it takes 3 days . I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)
Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.
I also think you were lucky and your transaction slipped through the cracks, so to speak. Lately I had a transaction stuck for 3 days with a fee of 0.0007.
You could say my fee wasn't big enough, but it was big enough a week ago, and when I sent my transaction suddenly the number of unconfirmed ones rose and transactions with a higher fee started piling up in the mempool. Sending transactions with a moderate fee, that would allow them to confirm in 24h is starting to be very risky, because situation can change while you're waiting.
You could say my fee wasn't big enough, but it was big enough a week ago, and when I sent my transaction suddenly the number of unconfirmed ones rose and transactions with a higher fee started piling up in the mempool. Sending transactions with a moderate fee, that would allow them to confirm in 24h is starting to be very risky, because situation can change while you're waiting.
I do agree that the FUD has gone too far though.
Constant number of large number (over 150.000 ATM) unconfirmed transactions is no picnic. Op, you were lucky with your transaction confirmed within 20 minutes and that your tx was small sized.
Try sending multiple small transactions next time - you will cry when your fee will be $1.5 when sending $10 worth BTC.
Transactions usually get confirmed with a transaction fee of that amount. If the whole Blockchain is just stuck because of the amount of delayed transactions there is then the process would require more of a wait. Some people do wait for more than 3 days while spending a fee such as the amount you had today though.
It all depends on how many transaction the person receives. Your transaction was made up of only one input so it was small and you payed a moderately low fee.
However, if someone receives several transactions to spend one - for example, a merchant takes 10 payments of 0.001 and then sends a transaction of 0.01 - their fee becomes extremely high.
Also, 0.0005 is only practical if you're sending fairly big transactions. With smaller ones, it's a no-go.
I do agree that the FUD has gone too far though.
However, if someone receives several transactions to spend one - for example, a merchant takes 10 payments of 0.001 and then sends a transaction of 0.01 - their fee becomes extremely high.
Also, 0.0005 is only practical if you're sending fairly big transactions. With smaller ones, it's a no-go.
I do agree that the FUD has gone too far though.
OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..
I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)
Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.
I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)
Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.
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