BlockChain.Com Wallet - Why transaction FEE Is very HIGH

o_e_l_e_o

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Quote from: Vort3x.Layers on April 22, 2021, 05:42:37 PM

NEVER USE 10 SATOSHI / BYTE AS YOUR FEE AND DO N'T LISTEN THAT SUGGESTION IN THIS THREAD.
LOW FEE = BIG TROUBLE = NEVER CONFIRM = YOU SHOULD WAIT WEEKS TO SEE WHAT HAPPENS

Saying "never use x fee" is completely missing the point. The mempool is dynamic. What constitutes an appropriate fee changes sometimes on an hourly basis, and also varies between different transactions made by different people depending on the urgency they need a confirmation. Yes, 10 sats/vbyte is not a good fee to use at the moment, but there will again come a time at some point when the mempool empties and when 1 sats/vbyte transactions are being processed quickly, and at that time paying 10 sats/vbyte will be overpaying by 900%.

The real moral of the story is to not accept a suggested fee given to you by your wallet, especially if you are using a wallet as utterly terrible as blockchain.com. Take a look at the mempool yourself at either https://jochen-hoenicke.de/queue/ or https://mempool.space/ and choose an appropriate fee yourself.

Vort3x.Layers

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PROBLEM SOLVED AFTER ONE WEEK USING ELECTRUM WALLET.
THOSE TWO UNCONFIRMED TRANSACTIONS REMOVED FROM MEMPOOL AND NEW ONE WITH HIGHER FEE CONFIRMED AFTER 30 MINUTES.
PEOPLE WHO READ THIS :
NEVER USE 10 SATOSHI / BYTE AS YOUR FEE AND DO N'T LISTEN THAT SUGGESTION IN THIS THREAD.
LOW FEE = BIG TROUBLE = NEVER CONFIRM = YOU SHOULD WAIT WEEKS TO SEE WHAT HAPPENS

Vort3x.Layers

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I installed Electrum wallet in my windows os machine & import that Blockchain.com wallet to it.
After import Electrum showed that transaction as unconfirmed.(No RBF)
After one week from that unconfirmed transaction Electrum showed it as local instead of unconfirmed.
So i could remove that unconfirmed transaction.
And recreate a new one with 102 satoshi/byte fee.
But mempool says transaction does not exist.
What is going on & why that transaction does not exist?

Findingnemo

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Quote from: Vort3x.Layers on April 19, 2021, 01:57:00 AM

Quote from: dkbit98 on April 15, 2021, 09:06:24 AM

You didn't lose anything, I am expecting to see 10 satoshi fee probably during this weekend, and you can monitor it if you use mempool.space website
or with my open source browser extension all the time BTC Mempool Fees Extension/add-on for Firefox/Chrome browser.
I would suggest using Electrum wallet in future instead of Blockchain online wallet, and checking mempool before sending your bitcoin.

We passed this weekend - still has n't confirmmed.
TX Link
What is ETA in the link upper?
ETA tells in several hours (or more)!

It looks like you have luck, because normally the fees at the weekends are like very less but this week we see the required fee almost touching 300sats even so wait for 2 weeks and your transaction will be removed from the Mempool so you can make a new transaction at the required fee by that time.

NeuroticFish

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Quote from: stompix on April 19, 2021, 08:58:00 AM

there is also the consumer attitude, will people continue to pay $20-30 for a transaction that could wait?

Indeed, the remaining miners receive fatter transaction fees.

But those out of business receive nothing. They have a lot of hardware staying unused and getting older with every moment passing. Plus that they probably have people they have to pay, maybe rent for the space too.
That's not profitable for them and I would expect them do their best to get back in business, the sooner the better.

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Quote from: NeuroticFish on April 19, 2021, 06:44:58 AM

Quote from: o_e_l_e_o on April 19, 2021, 05:50:43 AM

I think much longer, probably.

Yes, I am aware that the difficulty period will be about 30% longer than the usual 2 weeks, but on the other hand I didn't also rule out that China could, with some luck, get back to business before that time.

I think that at this point things might go either away, a difficult period if the power outages in China are not repaired (btw, power was supposed to be restored Monday) followed by maybe even a period of trying to get things back to normal or it will simply go away next weekend without any of those.

Behind the numbers that would normally tell for each day going at -30% capacity, we need a weekend to clear it up, there is also the consumer attitude, will people continue to pay $20-30 for a transaction that could wait? I would! Would people stop pulling their coins out of Binance? No, as Binance already charges a fee above this so we won't be seeing any change! Sending coins, again dilemma, is it worth doing a tx?

If the market stays calm, if there is no more news either bad or good we might pull this through before the retargeting, but although it is theoretically possible in the end we might need another two-week epoch on top of this to return to normal if we can consider what we had before was normal. So I will go with o_e_l_e_o , much much longer.

Quote from: Vort3x.Layers on April 19, 2021, 01:57:00 AM

What is ETA in the link upper?
ETA tells in several hours (or more)!

More means anything from several to a few months at this point.

NeuroticFish

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Quote from: o_e_l_e_o on April 19, 2021, 05:50:43 AM

We are now around 130 blocks behind where we would be if the hashrate has remained stable. This deficit has been increasing over the last 24-48 hours. Because of this, the length of this difficulty period will probably be closer to three weeks rather than two (we are currently 4 days in)

Yes, I am aware that the difficulty period will be about 30% longer than the usual 2 weeks, but on the other hand I didn't also rule out that China could, with some luck, get back to business before that time.
Just after the things get to normal, this mess has to also clear up. That part I didn't really count...

o_e_l_e_o

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Quote from: NeuroticFish on April 19, 2021, 02:37:54 AM

And the situation is expected to go worse for at least one more week.

I think much longer, probably.

We are now around 130 blocks behind where we would be if the hashrate has remained stable. This deficit has been increasing over the last 24-48 hours. Because of this, the length of this difficulty period will probably be closer to three weeks rather than two (we are currently 4 days in), and we will be stuck mining at a slower-than-average rate that entire time. The mempool didn't clear out at all over the weekend when it usually does, so I expect the it to fill up even more over the coming week.

Given that that transaction is still around 50 vMB from the tip of the mempool, and the mempool is showing no signs of emptying, I think OP will be waiting weeks for a confirmation (or his transaction will drop). He will have to make another CPFP if he needs it faster than this.

NeuroticFish

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Quote from: Vort3x.Layers on April 19, 2021, 01:57:00 AM

We passed this weekend - still has n't confirmmed.

Unfortunately accidents have happened - read the news - making the network, instead of clearing up, getting even more full. And the situation is expected to go worse for at least one more week. Sorry. It's an unusual situation and you were unlucky.

Quote from: Vort3x.Layers on April 19, 2021, 01:57:00 AM

TX Link
What is ETA in the link upper?
ETA tells in several hours (or more)!

That ETA is an estimation. And in this case it's far from accurate.

Vort3x.Layers

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Quote from: dkbit98 on April 15, 2021, 09:06:24 AM

You didn't lose anything, I am expecting to see 10 satoshi fee probably during this weekend, and you can monitor it if you use mempool.space website
or with my open source browser extension all the time BTC Mempool Fees Extension/add-on for Firefox/Chrome browser.
I would suggest using Electrum wallet in future instead of Blockchain online wallet, and checking mempool before sending your bitcoin.

We passed this weekend - still has n't confirmmed.
TX Link
What is ETA in the link upper?
ETA tells in several hours (or more)!

ultrloa

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Quote from: Vort3x.Layers on April 16, 2021, 06:12:45 AM

Quote from: Lucius on April 16, 2021, 05:41:42 AM

There is a good chance that your transaction will be confirmed this weekend - unfortunately you can't do anything else at this point except wait for everything to resolve itself. That accelerator you used isn't really that, it's a broadcasting service that doesn't speed up your transaction. The only effective accelerator that I can confirm has helped me many times is ViaBTC, but your fee is too low and therefore does not accept your transaction.

What do you think about paid service of ViaBTC Transaction Accelerator?
Does it work for me?

The service provided by that accelerator is good but not totally ideal since you will pay again just to make your transaction a little bit faster, If your not in a hurry better wait for it to get confirmed since it could save you a bucks, to avoid delays just follow the recommended fees although its quite annoying to pay huge fee this days still this is more better for those people who are in hurry to receive their funds.

stomachgrowls

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Average transaction fee: https://ycharts.com/indicators/bitcoin_average_transaction_fee
Fees are on the roof now and expected that your transactions would be stuck for long since you had set out very low fee and we know that miners
will always priority who pays up more fees.

About some accelerator discussion then i dont see for it to be worth.Just like on what stompix said above^.

The only option? You do just need to wait up until the network wont be clogged up and would be getting some confirmation soon on your tx.

stompix

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Quote from: Lucius on April 16, 2021, 05:41:42 AM

I was convinced that Via would help in this case, but like you, I got the message that the fee is too low.

It's because of the rounding up, if I'm not sure how long it will take and I want to keep the ViaBtc option available I use 11sat/b, in his case, the real fee is 9.966 that's why they are rejecting it, it happened to me in the past also, really frustrating.

Quote from: Vort3x.Layers on April 16, 2021, 06:12:45 AM

What do you think about paid service of ViaBTC Transaction Accelerator?
Does it work for me?

The paid service will work but it's not worth it for small sums.
Your tx has an estimate of $2123.41 right now, what would be the point.
Wait for the weekend, the mempool is not that congested right now, about the same size as last week and last Sunday it dropped to 5sat/b.

Vort3x.Layers

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Quote from: Lucius on April 16, 2021, 05:41:42 AM

There is a good chance that your transaction will be confirmed this weekend - unfortunately you can't do anything else at this point except wait for everything to resolve itself. That accelerator you used isn't really that, it's a broadcasting service that doesn't speed up your transaction. The only effective accelerator that I can confirm has helped me many times is ViaBTC, but your fee is too low and therefore does not accept your transaction.

What do you think about paid service of ViaBTC Transaction Accelerator?
Does it work for me?

Lucius

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Quote from: SFR10 on April 15, 2021, 12:05:55 PM

I wasn't sure which of the free accelerators were used by you so just to be sure...

I was convinced that Via would help in this case, but like you, I got the message that the fee is too low. There may be something from AntPool, but they don't seem to be as effective as ViaBTC, of course if the fee meets their criteria.

Quote from: Vort3x.Layers on April 15, 2021, 11:07:25 PM

How many days should i wait for confirms based on those information?
Are those accelerators effective on that?

There is a good chance that your transaction will be confirmed this weekend - unfortunately you can't do anything else at this point except wait for everything to resolve itself. That accelerator you used isn't really that, it's a broadcasting service that doesn't speed up your transaction. The only effective accelerator that I can confirm has helped me many times is ViaBTC, but your fee is too low and therefore does not accept your transaction.

Vort3x.Layers

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Quote from: khaled0111 on April 15, 2021, 07:40:58 PM

Thanks to this CPFP transaction, your transaction's effective fee rate became 16.6 sat/vbyte instead of 10 sat/vbyte.
According to https://jochen-hoenicke.de/queue/#BTC,2h,weight, your transaction is currently positioned at ~12 vMB from tip.

Note: The same applies to the second transaction. Although it's paying 99 sat/vbyte, the effective fee rate is actually 16.6 sat/vbyte and it will remain unconfirmed till the first transaction confirms.

Thanks for the information my friend.
I also accelerate that transaction here :
bitaccelerate
How many days should i wait for confirms based on those information?
Are those accelerators effective on that?

khaled0111

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Thanks to this CPFP transaction, your transaction's effective fee rate became 16.6 sat/vbyte instead of 10 sat/vbyte.
According to https://jochen-hoenicke.de/queue/#BTC,2h,weight, your transaction is currently positioned at ~12 vMB from tip.

Note: The same applies to the second transaction. Although it's paying 99 sat/vbyte, the effective fee rate is actually 16.6 sat/vbyte and it will remain unconfirmed till the first transaction confirms.

SFR10

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Quote from: Vort3x.Layers on April 15, 2021, 09:13:23 AM

TX LINK

Quote from: Lucius on April 15, 2021, 09:26:38 AM

I'll speed up your transaction, so you can expect to get your first confirmation in the next 2-4 hours Wink

I wasn't sure which of the free accelerators were used by you so just to be sure, I also accelerated Vort3x.Layers's TX using AntPool ^[screenshot].
^{- Will try doing the same with ViaBTC but it looks a tad shorter than their recommended fee ^{[will update this post if I'm successful]}.}

^{Vort3x.Layers: Don't bother looking around for other free accelerators; Most of them are either just broadcasting services or scammers fishing for tips.}

Quote from: The Sceptical Chymist on April 15, 2021, 09:25:46 AM

I'd sent a small amount of bitcoin a few days ago with a 4 sat/byte fee, and it's still unconfirmed.

I'd suggest using AntPool's accelerator ^{[from the above link]}.
^{- You still have to deal with "AntPool's own backlog of accelerated unconfirmed transactions" but based on recent experiences, it'll get included somewhere between the first few blocks up to the first 20/30 blocks that they find ^{[around a day]}.}

Update:
As expected, ViaBTC didn't accept your transaction ^[screenshot].

Lucius

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Quote from: Vort3x.Layers on April 15, 2021, 09:13:23 AM

Will it confirm after 3-4 days?

At the moment, your transaction is a little more than 19 MB from the top, which means that with this state of mempool you will most likely have to wait for the mempool to empty a bit for the weekend, and for transactions that pay 10 sat/vbyte to start being confirmed.

However, since you can't increase your fee (which is already high anyway), I'll speed up your transaction, so you can expect to get your first confirmation in the next 2-4 hours Wink

The Sceptical Chymist

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Quote from: dkbit98 on April 15, 2021, 09:06:24 AM

You didn't lose anything, I am expecting to see 10 satoshi fee probably during this weekend

Man, I hope so. The network seems very congested right now, and I'd sent a small amount of bitcoin a few days ago with a 4 sat/byte fee, and it's still unconfirmed. Yesterday I sent some bitcoin with a much higher fee and it took around 18 hours to get the first confirmation.

I don't know if OP's problem is with the blockchain.com wallet or with the network in general, but I'm betting on the latter. Sometimes it just gets like this, where it takes a super high fee just to get a reasonable confirmation time--and such times are usually when bitcoin's price is skyrocketing (like it is right now). So just be patient, OP. As dkbit98 said, you haven't lost anything and you won't. At the very worst, the bitcoin you sent will end up back in your wallet--at least I think that can still happen. I thought I'd read somewhere that transactions don't get returned anymore and that they just sit in the pool until confirmed, but either way you're not going to lose your bitcoin.

Topic: BlockChain.Com Wallet - Why transaction FEE Is very HIGH (Read 408 times)