Blockchain.info-Confirmation taking too much time

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: toolbox on January 01, 2017, 05:41:08 AM

So it all depends on the trending fees,right?
But why is the fees dynamic?
Can't we just fix the fees?
On what all things does it depend on?

Fees depend on how much others are willing to pay. Essentially, it uses a "bidding war" system. The blocks right now are full, so what happens is you and I both want our transaction in it. The system asks how much we'll pay to be added. You say 0.01 and I say 0.009. It says "well, he's paying 0.001 more so I'm giving him that slot." As more bidders come in and raise the price, the average goes up. As blocks get cleared through, the price lowers again as there's no reason for me to offer that 0.009 if there's no competition.

leowonderful

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Activity: 1624

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Bitcoin FTW!

It's not blockchain's fault that you put a low fee on a transaction so you'll just have to wait it out and see if it confirms. If it doesn't, it'll be returned to the mempool anyways so there's no big risk unless you need the payment sent fast. RBF is also possible but it's a bit of a hassle and i'd just wait.

Darwin02

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Activity: 714

Merit: 500

Quote from: jacee on December 30, 2016, 12:31:35 AM

Quote from: CraigWrightBTC on December 29, 2016, 11:58:36 PM

Quote from: StarofBTC on December 29, 2016, 11:45:21 PM

Quote from: ranlo on December 29, 2016, 10:53:31 PM

Quote from: ArdiPrabowo on December 29, 2016, 10:37:03 PM

you very low is use sending fee
standard sending fee this now, in use very high volume transaction
if you want fast transaction, sending fee must 50k satoshi/Kb

Don't spread misinformation, please. The fee needed as of now (or almost all day today) has been 20.6k/kb, a far cry from 50k (less than half). Not sure if you're just making up numbers or don't actually understand how the system works.

you are right 50K is huge amount of fee. I never see any wallet recommending such amount while sending money. wallets always recommend about 26K or less. but he's also right. if you add more fee you're transaction's chance to be confirmed will be higher than others.

Well i think the OP must open ticket on administrator of blockchain.info because it will make sure what happen on this chase actually,
Blockchain.info becomes difficult for be used for right now. Many problem in it after they made updating features.

Sending them tickets willnot help because the transactio was already broadcasted. It has nothing to do with your wallet provider hut the blockchain network itself. The only thing he has to do is to wait for his transactio to get confirmed which I am sure is already confirmed.

Yes I agree we cannot do anything for the BTC already been sent even you open a ticket it willnot help your transaction. next time give much higher mining fee to make it much faster to send if youe in hurry.
And ithink the reason why it's take too long is there is more transaction need to confirm.

Xanidas

hero member

Activity: 686

Merit: 500

Quote from: toolbox on January 01, 2017, 05:41:08 AM

So it all depends on the trending fees,right?
But why is the fees dynamic?
Can't we just fix the fees?
On what all things does it depend on?

sometimes wallets adjusting their suggested fees based on how many unconfirmed transaction are currently waiting in the network to get confirmation and it depends on how much is the fee required so your transaction will get confirmed as soon as possible. if there are only around 2mb of transaction size waiting, you will probably be asked to send with low fees tho

toolbox

full member

Activity: 169

Merit: 100

So it all depends on the trending fees,right?
But why is the fees dynamic?
Can't we just fix the fees?
On what all things does it depend on?

neochiny

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Activity: 756

Merit: 503

Crypto.games

Quote from: ranlo on December 30, 2016, 04:33:34 AM

Quote from: neochiny on December 30, 2016, 02:15:39 AM

Setting the fees too high will just serve to drive up the required/suggested fees for the following blocks.

It shouldn't impact much, really. The blocks are 1k kilobytes (or 1 MB) as of late. A single transaction, assuming "average" size of 200 bytes, would be less than 1/5,000th of this size. If everyone is using the normal fee, you'd have to pay 5,000x that fee just to make the average double.

Granted that it wouldn't matter much if he was the only one doing it. But we both know that the likelihood of that is almost nil.
I keep seeing people on multiple threads say, 'just set a higher fee' , 'you should always add a high fee', etc.
But the problem with that is most don't even know how to calculate transaction size and so they don't realize how/what '80/byte' means. (I was like that before, and so I asked multiple times on how to do it.Finally, someone answered.)

Which is why I'm now trying to share to those who are unaware, the method on how to calculate transaction size as well as the possible outcome if everyone keeps on blindly setting very high fees.
(I made a transaction earlier, the suggested fee per byte was 80 but I set it at 110/byte because I really really needed it to confirm ASAP. I know it doesn't really matter much but I still felt kinda guilty. lol. Grin

just sharing.haha) Tongue

ranlo

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Activity: 1988

Merit: 1007

Quote from: neochiny on December 30, 2016, 02:15:39 AM

Setting the fees too high will just serve to drive up the required/suggested fees for the following blocks.

It shouldn't impact much, really. The blocks are 1k kilobytes (or 1 MB) as of late. A single transaction, assuming "average" size of 200 bytes, would be less than 1/5,000th of this size. If everyone is using the normal fee, you'd have to pay 5,000x that fee just to make the average double.

neochiny

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Activity: 756

Merit: 503

Crypto.games

Quote from: ranlo on December 29, 2016, 10:53:31 PM

Quote from: ArdiPrabowo on December 29, 2016, 10:37:03 PM

you very low is use sending fee
standard sending fee this now, in use very high volume transaction
if you want fast transaction, sending fee must 50k satoshi/Kb

Don't spread misinformation, please. The fee needed as of now (or almost all day today) has been 20.6k/kb, a far cry from 50k (less than half). Not sure if you're just making up numbers or don't actually understand how the system works.

I agree. That is pure misinformation ArdiPrabowo. 50 k is the standard now?
Only way one would be "required" to pay 50k is if they got at least 4 inputs and 1 output.

4(inputs) * 148 + 1(output) * 10 = 626 (transaction size +-10) * 80 (current suggested per byte) = 50,880 .

The average transaction size, for now, is 226 bytes which means 18,080 as fees.
Setting the fees too high will just serve to drive up the required/suggested fees for the following blocks.

jacee

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Activity: 1302

Merit: 1025

Quote from: CraigWrightBTC on December 29, 2016, 11:58:36 PM

Quote from: StarofBTC on December 29, 2016, 11:45:21 PM

Quote from: ranlo on December 29, 2016, 10:53:31 PM

Quote from: ArdiPrabowo on December 29, 2016, 10:37:03 PM

you very low is use sending fee
standard sending fee this now, in use very high volume transaction
if you want fast transaction, sending fee must 50k satoshi/Kb

Don't spread misinformation, please. The fee needed as of now (or almost all day today) has been 20.6k/kb, a far cry from 50k (less than half). Not sure if you're just making up numbers or don't actually understand how the system works.

you are right 50K is huge amount of fee. I never see any wallet recommending such amount while sending money. wallets always recommend about 26K or less. but he's also right. if you add more fee you're transaction's chance to be confirmed will be higher than others.

Well i think the OP must open ticket on administrator of blockchain.info because it will make sure what happen on this chase actually,
Blockchain.info becomes difficult for be used for right now. Many problem in it after they made updating features.

Sending them tickets willnot help because the transactio was already broadcasted. It has nothing to do with your wallet provider hut the blockchain network itself. The only thing he has to do is to wait for his transactio to get confirmed which I am sure is already confirmed.

mia_houston

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Activity: 1204

Merit: 539

I think that normal because fee too low right.I do transactions a few min ago had a fast transactions with huge fee Wink

CraigWrightBTC

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Activity: 518

Merit: 500

Quote from: StarofBTC on December 29, 2016, 11:45:21 PM

Quote from: ranlo on December 29, 2016, 10:53:31 PM

Quote from: ArdiPrabowo on December 29, 2016, 10:37:03 PM

you very low is use sending fee
standard sending fee this now, in use very high volume transaction
if you want fast transaction, sending fee must 50k satoshi/Kb

Don't spread misinformation, please. The fee needed as of now (or almost all day today) has been 20.6k/kb, a far cry from 50k (less than half). Not sure if you're just making up numbers or don't actually understand how the system works.

you are right 50K is huge amount of fee. I never see any wallet recommending such amount while sending money. wallets always recommend about 26K or less. but he's also right. if you add more fee you're transaction's chance to be confirmed will be higher than others.

Well i think the OP must open ticket on administrator of blockchain.info because it will make sure what happen on this chase actually,
Blockchain.info becomes difficult for be used for right now. Many problem in it after they made updating features.

StarofBTC

hero member

Activity: 1148

Merit: 528

Quote from: ranlo on December 29, 2016, 10:53:31 PM

Quote from: ArdiPrabowo on December 29, 2016, 10:37:03 PM

you very low is use sending fee
standard sending fee this now, in use very high volume transaction
if you want fast transaction, sending fee must 50k satoshi/Kb

Don't spread misinformation, please. The fee needed as of now (or almost all day today) has been 20.6k/kb, a far cry from 50k (less than half). Not sure if you're just making up numbers or don't actually understand how the system works.

you are right 50K is huge amount of fee. I never see any wallet recommending such amount while sending money. wallets always recommend about 26K or less. but he's also right. if you add more fee you're transaction's chance to be confirmed will be higher than others.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: ArdiPrabowo on December 29, 2016, 10:37:03 PM

you very low is use sending fee
standard sending fee this now, in use very high volume transaction
if you want fast transaction, sending fee must 50k satoshi/Kb

Don't spread misinformation, please. The fee needed as of now (or almost all day today) has been 20.6k/kb, a far cry from 50k (less than half). Not sure if you're just making up numbers or don't actually understand how the system works.

ArdiPrabowo

hero member

Activity: 644

Merit: 500

you very low is use sending fee
standard sending fee this now, in use very high volume transaction
if you want fast transaction, sending fee must 50k satoshi/Kb

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: toolbox on December 29, 2016, 12:22:47 PM

It's been more than 1 hour and I am till waiting for the first confirmation.
https://blockchain.info/address/1LkE83jWDcLQvFVmxdNrcUCiLnDkfWGsXj
Many blocks were mined during this time and still it's unconfirmed.
What could be causing this?

To clarify, blockchain.info has nothing to do with your blocks or anything, all it's doing is reading the blockchain in a human-friendly format. You have to pay fees that are competitive with what everyone else is paying, as the blocks have been full lately.

neochiny

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Activity: 756

Merit: 503

Crypto.games

Quote from: toolbox on December 29, 2016, 12:22:47 PM

It's been more than 1 hour and I am till waiting for the first confirmation.
https://blockchain.info/address/1LkE83jWDcLQvFVmxdNrcUCiLnDkfWGsXj
Many blocks were mined during this time and still it's unconfirmed.
What could be causing this?

It's already been confirmed so, better to lock this thread now.

Oh and next time, you should first take a look at https://bitcoinfees.21.co/ ,
that way, you'll be better able to decide which fees to use depending on your needs. If you're in a hurry then use a higher fee, if you can afford to wait then use a lower one.

piloder

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Activity: 966

Merit: 1006

Your transaction contain around 60 satoshi per byte and you can see https://bitcoinfees.21.co/ there are many transaction with that amount of fee per byte and site is suggesting they will be confirmed in next 1-8 blocks so better wait for few more blocks. Your transaction will get confirmed within next few blocks.

Estimated time to get confirmation for transaction like yours is 0 to 180 minute currently.

toolbox

full member

Activity: 169

Merit: 100

It's been more than 1 hour and I am till waiting for the first confirmation.
https://blockchain.info/address/1LkE83jWDcLQvFVmxdNrcUCiLnDkfWGsXj
Many blocks were mined during this time and still it's unconfirmed.
What could be causing this?

Topic: Blockchain.info-Confirmation taking too much time (Read 593 times)