can 2.2 sat/byte makes my transaction finish in 48 hours?

tranthidung

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Quote from: franklin2058 on August 02, 2020, 04:18:43 AM

It stucked for about 72 hours, and I bumped the fee into about 10 sat/byte and got confirmed in about 20 minutes.

No need for bumping it at 10 satoshis/ byte if you did it recent hours.

Hours ago, you can move it at 3 satoshis/ byte, or now at 4 to 5 satohis/ byte. How to check the info? Look at the mempool size (temporary one) at each fee level, in MB. Each bitcoin block has its size at 4 MB, so you can have a very draw estimate on how many blocks your transaction will likely have to wait to get first confirmation.

Remember the mempool condition changes very fastly.

Source: https://jochen-hoenicke.de/queue/#0,24h

franklin2058

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Quote from: franklin2058 on July 30, 2020, 07:15:42 PM

I use 2.2 sat/byte fee, https://bitcoinfees.earn.com/ says it can finish in 15-300 minutes, but my transaction still stuck after about 10 hours.

How long it takes for the transaction to finish?

Thank you very much!

It stucked for about 72 hours, and I bumped the fee into about 10 sat/byte and got confirmed in about 20 minutes.

tranthidung

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Quote from: DeathAngel on July 31, 2020, 01:49:14 PM

If you want to send with a low fee do it on a Sunday, the mempool always seems to be less full on a weekend, especially Sunday.

Yes, mempool is usually most clear in the weekends, and especially on Sundays (from 19 - 0 UTC). Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

Quote from: tranthidung on July 17, 2020, 10:13:25 AM

Look at below statistics for latest update and compare median transaction fees (in satoshis/ kB) on Sunday and Saturday to Friday:

Friday: 18471
Saturday: 14258 (22.8% cheaper)
Sunday: 12701 (31.2% cheaper)

You can narrow down the time span from 1 week to 1 days to have better visual graphs for what has happened during last 24 hours, but 1-week graphs from Johoe's site give you better overview.

DeathAngel

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If you want to send with a low fee do it on a Sunday, the mempool always seems to be less full on a weekend, especially Sunday.

stompix

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Quote from: bakasabo on July 31, 2020, 02:25:53 AM

Sorry to interrupt (as I dont understand transaction algorithm fully by myself), but "a bit higher than 2.2 sat/byte" wont make it immediately send. Take a look in my recent topic. The guy Lucius posted an example and with his info, "around 1-2 blocks" means setting transaction 128sat/byte.

Fees fluctuate and somehow the two of them managed to post exactly at peak and low intervals in a three days period
Lucius post was made around here:

Joniboni here:

So they were both right.
Fees fluctuate a lot from morning to afternoon (GMT ), even today in the morning a 14sat would have got confirmed as we speak you need 100sat/b for the next block.

Quote from: Wind_FURY on July 31, 2020, 02:19:02 AM

It might also take longer. OP should also consider that there might be new transactions that could front-run everyone, and raise the fee again.

I still stand by my prediction of Saturday, last week we had a bigger mempol entering the morning and weekends are very very low on traffic unless a huge price swing happens.
OP didn't post a tx id but I will take a look tomorrow to see if txs with the same fees got confirmed.

Lucius

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bakasabo, my post was specifically related to your situation where you have a large number of inputs and you want to send the entire amount in one transaction, which in combination with the size of the transaction and highest fee at that time gave exactly this result. Now fees are even bigger, and for a transaction under the same conditions you would pay almost $80 more.

OP is just pay very low fee, now he can wait or try to bump fee from Electrum.

bakasabo

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Quote from: joniboini on July 31, 2020, 01:11:31 AM

For future transactions, you can take a look at mempool.space and then see the lowest fee on the next block. If you want your tx to confirm immediatelly (at least around 1-2 blocks) then set a bit higher than that.

Sorry to interrupt (as I dont understand transaction algorithm fully by myself), but "a bit higher than 2.2 sat/byte" wont make it immediately send. Take a look in my recent topic. The guy Lucius posted an example and with his info, "around 1-2 blocks" means setting transaction 128sat/byte.

2.2 and 128 is not quite "a bit higher".

P.S. sorry if I post something wrong, I'm still learning blockchain.

Wind_FURY

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Quote from: stompix on July 30, 2020, 09:16:45 PM

Quote from: bitmover on July 30, 2020, 07:45:19 PM

It is very hard to tell. It could take just one or more hours and it could take one more day.

One hour or a couple of hours is almost impossible, the mempool has enough transactions over that fee to fill around 24 blocks, that's at least 4 hours if nobody makes any tx with a fee bigger than his during this interval.
I would say there is little chance to have that confirmed till Saturday morning.

It might also take longer. OP should also consider that there might be new transactions that could front-run everyone, and raise the fee again.

Segwit, and batching should be a must for exchanges/services.

joniboini

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Quote from: franklin2058 on July 30, 2020, 11:15:44 PM

Could you please tell me how can I deduce the time it takes for my transactions to finish from this?

For future transactions, you can take a look at mempool.space and then see the lowest fee on the next block. If you want your tx to confirm immediatelly (at least around 1-2 blocks) then set a bit higher than that.

As of now, I'd say your transaction will likely get confirmed on the weekend. 2.2 is really low and prolly the next +20 blocks will have at least 5 sats as the lowest fee. So maybe just wait a bit more. Or just use RBF to bump up the fee.

Yogee

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Quote from: franklin2058 on July 30, 2020, 11:15:44 PM

Could you please tell me how can I deduce the time it takes for my transactions to finish from this?

Quote from: franklin2058 on July 30, 2020, 11:19:23 PM

mempool.space looks very cool. My main purpose is to see how long it takes for the transaction. Can mempool.space help me with that? How can I see it for my transaction?

You can estimate the time it will take by using 1 block is approximately 10 minutes and there's 1MB per block formula.

The current mempool size is 66MB and there are about 33+ MB with 2+ sats/byte fee. Assuming there will be no other transactions, yours will be confirmed in about 6 hours. But keep in mind that the chances of no other transactions in the next six hours is slim, maybe zero.

I read that there are now 4MB per block since segwit was implemented and that means time it will take will be shortened.

I would also appreciate if someone can add more to my explanation or correct it if it's inaccurate.

Quote from: franklin2058 on July 30, 2020, 11:03:12 PM

it really say 2.2 sat/byte in 15-300 minutes, you can check for yourself.

I tried but the table changed since then.

I don't see the 15-300 minutes time anymore.
I also don't see a 2.2 sats/byte since the table only shows 1-2; 3-4. 5-6 format.

franklin2058

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Quote from: stompix on July 30, 2020, 09:16:45 PM

Quote from: bitmover on July 30, 2020, 07:45:19 PM

It is very hard to tell. It could take just one or more hours and it could take one more day.

One hour or a couple of hours is almost impossible, the mempool has enough transactions over that fee to fill around 24 blocks, that's at least 4 hours if nobody makes any tx with a fee bigger than his during this interval.
I would say there is little chance to have that confirmed till Saturday morning.

Quote from: franklin2058 on July 30, 2020, 07:15:42 PM

I use 2.2 sat/byte fee, https://bitcoinfees.earn.com/ says it can finish in 15-300 minutes,

Bitcoinfees.earn is garbage use these to see what the current queue in the mempool is

https://jochen-hoenicke.de/queue/#0,8h
or
mempool.space

mempool.space looks very cool. My main purpose is to see how long it takes for the transaction. Can mempool.space help me with that? How can I see it for my transaction?

Thank you very much!

franklin2058

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Quote from: sunsilk on July 30, 2020, 10:38:40 PM

We are not sure if it will go through but most likely it will be stuck and miners will prioritize those transactions that paid a higher fee. I don't want to experience it again as I've paid a very low amount before.

You can't even push that through viabtc if you're paying that low.

What wallet do you use? there are wallets that allows you to add a fee while it's being stucked.

I am using Electrum. I am not in a hurry.

franklin2058

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Quote from: stompix on July 30, 2020, 09:16:45 PM

Quote from: bitmover on July 30, 2020, 07:45:19 PM

It is very hard to tell. It could take just one or more hours and it could take one more day.

One hour or a couple of hours is almost impossible, the mempool has enough transactions over that fee to fill around 24 blocks, that's at least 4 hours if nobody makes any tx with a fee bigger than his during this interval.
I would say there is little chance to have that confirmed till Saturday morning.

Quote from: franklin2058 on July 30, 2020, 07:15:42 PM

I use 2.2 sat/byte fee, https://bitcoinfees.earn.com/ says it can finish in 15-300 minutes,

Bitcoinfees.earn is garbage use these to see what the current queue in the mempool is

https://jochen-hoenicke.de/queue/#0,8h
or
mempool.space

Thank you very much!

I can see from https://jochen-hoenicke.de/queue/#0,8h the number of transactions for my fee type at a particular time.

Could you please tell me how can I deduce the time it takes for my transactions to finish from this?

pooya87

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the problem with lower than priority fees and the time it takes for priority to reach there is that you can never predict what other people are going to do even if the difference were small. for example if you paid 1 s/b and the high priority was at 2 s/b in the following days there may be a surge of people continuing to pay 2+ s/b fees or things can slow down and the number can fall so your tx could get in the queue.

the only thing you can calculate is best case scenario that nobody else makes any transaction and those already in the mempool were included in blocks that are completely full and were mined every 10 minutes. and that is a lot of assumptions!

franklin2058

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Quote from: Yogee on July 30, 2020, 10:15:08 PM

Quote from: franklin2058 on July 30, 2020, 07:15:42 PM

I use 2.2 sat/byte fee, https://bitcoinfees.earn.com/ says it can finish in 15-300 minutes, but my transaction still stuck after about 10 hours.

How long it takes for the transaction to finish?

Out of curiosity, did it really say 2.2 sat/byte in 15-300 minutes or was it 22 sat/byte?

it really say 2.2 sat/byte in 15-300 minutes, you can check for yourself.

sunsilk

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We are not sure if it will go through but most likely it will be stuck and miners will prioritize those transactions that paid a higher fee. I don't want to experience it again as I've paid a very low amount before.

You can't even push that through viabtc if you're paying that low.

What wallet do you use? there are wallets that allows you to add a fee while it's being stucked.

Yogee

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Quote from: franklin2058 on July 30, 2020, 07:15:42 PM

I use 2.2 sat/byte fee, https://bitcoinfees.earn.com/ says it can finish in 15-300 minutes, but my transaction still stuck after about 10 hours.

How long it takes for the transaction to finish?

That fee and confirmation time would be true if you send on a weekend. The network tends to be less congested during those days. Your transaction would most likely get confirmed by Sunday.

Out of curiosity, did it really say 2.2 sat/byte in 15-300 minutes or was it 22 sat/byte? I don't use that website when I check for fees but I doubt they will underestimate it that much. Like what bitmover said, most fee calculator would overestimate the fees.

mk4

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Since the price increase in the past few weeks, no. Bitcoin transaction fees went higher as expected because mostly if Bitcoin has some extra volatility, fees tend to sky rocket due to people moving in and out of exchanges.

crwth

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You just have to be patient to get your transaction confirmed because that fee that you have is quite low and wouldn’t go to the top of the queue. I have experienced this when I was still new to bitcoin and I Remember that my input in in the electrum wallet a small amount of fee and it took around one week or so IIRC. I was so frustrated with that and even the transaction accelerator can’t make the transaction go faster.

stompix

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Quote from: bitmover on July 30, 2020, 07:45:19 PM

It is very hard to tell. It could take just one or more hours and it could take one more day.

One hour or a couple of hours is almost impossible, the mempool has enough transactions over that fee to fill around 24 blocks, that's at least 4 hours if nobody makes any tx with a fee bigger than his during this interval.
I would say there is little chance to have that confirmed till Saturday morning.

Quote from: franklin2058 on July 30, 2020, 07:15:42 PM

I use 2.2 sat/byte fee, https://bitcoinfees.earn.com/ says it can finish in 15-300 minutes,

Bitcoinfees.earn is garbage use these to see what the current queue in the mempool is

https://jochen-hoenicke.de/queue/#0,8h
or
mempool.space

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