Topic: HELP-take ages to confirmed-bitcoin (Read 776 times)

thanks for all of your replies, anyway can you teach me how to create a new tx using the same coin maybe i could try that

Interesting calculation. Cheers.

Well actually it was.  Internet speeds will improve over time, CPU power will improve over time BUT transaction volume will also increase over time as well.  If anything Bitcoin tx volume has grown much faster than internet speed improvement and that is unlikely to change anytime soon.  It is very possible under a rapid adoption scenario that tx volume could grow much much faster than Moore's law.

The idea of a 10 minute internal is somewhat simplistic.  Bitcoin mining is a poisson process, so while the average interval is x minutes roughly 2% of blocks are found in less than x/6 minutes and roughly 10% are found in less than x/3 minutes.  The simple version is a significant fraction of blocks are found much faster and those faster blocks are the issue when it comes to orphans.

But it is somewhat academic.  Changing the block interval would be a hard fork.  The chance of that is essentially 0%.  Still Bitcoin ALREADY (with relatively low block sizes) is showing some orphan concerns.  A much faster block time would vastly increase that problem.

10 minutes were chosen to make sure it got broadcasted sufficiently 5 years back. With internet speeds going up 10 minutes is too much now. I do agree regarding your pointing about orphan/fee, but that was hardly the intention when setting the 10 minute block time.


I read on these forums that it has happened, though I guess it would be very rare.

It is highly unlikely but possible.  You can however:
a) Edit the wallet to DELETE the tx locally.
b) Wait 24-48 hours.  This will cause other nodes on the network to drop the tx.
c) Create a new tx using the same coins.

just a question, is it possible that this transaction will never be confirmed?

On average every 10mins. a new block is discovered. With a fee your transaction will be in that block. I think it is a safe bet that it was the fee. Without including a fee, or if including a low fee, miners have no incentive to include your transaction in the block. Typically they eventually will, but it could take some time.

I have yelled at people in the past saying such nonsense.  It is far better to say Bitcoin has low fees.  WU charges about $50 to transmit $500.  The average tx is ~400 bytes so Bitcoin's cost would be ~$0.05.  $50 vs $0.05.  Even if you add 1% on each end converting fiat to BTC and BTC to fiat you are looking at say $10.05 vs $50.00.  Looks like lower fees to me.  It is never going to be free (someone has to pay the cost of the network) but don't let perfect be the enemy of good.

Agreed so rant and rave about those sites.  Give them some bad publicity.  They should be acting in good faith.  If they aren't make sure others know about it.  Public pressure will get them to adapt.


There actual is.  It deals with orphans and miner efficiency.  That directly affects tx fees.  As a hypothetical say a miner knows with a 250KB block they have a 1% orphan rate but with a 500KB block they have a 2% orphan rate.  Revenue on the 500KB block would need to be 1% higher to warrant the increased loss due to orphans.  If tx fees don't boost gross revenue by 1% then they actually make LESS in the long run.  Shorter block interval would mean additional tx will have more of an effect on orphan rates and thus miners will demand HIGHER not LOWER fees to compensate.  Doubling block sizes might requires 3% or 5% higher revenue to compensate.

If you wanted the lowest possible fees then a much larger block interval would be more efficient.  Everything is a compromise.  There is no "perfect" block interval.  10 minutes was chosen as a compromise between responsiveness and orphans/efficiency/security.

its my first time encounter this problem almost 1 day im waiting for confirmation, yes i did also send btc with free tx fee and i just wait couple hours and its confirmed, i just wondering why i should wait this long when the estimate confirmation time keeps saying 10 mins, now i have no idea when this transaction will be confirm.

.... and people keep saying you can transfer BTCs free of cost unlike other money transmitters.

The problem occurs when you send BTC from a site you don't have any control on the fee.

Hoping the BTC foundation is looking into reducing block times and transaction fees. There is really no need for 10 minute block times now with all the fast internet.

Fees are never a %.  I agree the interface could be better.  I recommend you set your wallet to ALWAYS (even on tx which "could" be free) pay the min fee of 0.1 mBTC per KB. 

In your future Pizza shop scenario there is work to introduce "parent pays child" code to the tx selection algorithm.  The Pizza shop would take your payment, make a new payment from it and include a fee.  The miner would include BOTH tx in the next block.

You do have to remember Bitcoin is in beta, it is an experiment in progress.  To avoid situations like your OP I would just set your wallet to always pay the min fee (currently 0.1 mBTC per kB).

it just happened that i play with the tx fee settings in my wallet and send coins without even checking it, and it could happen to anybody and why not make a percentage of tx fee that is automatically deducted when you are spending bitcoin, it is ridiculous that you buy for example a pizza in a restaurant and you pay bitcoin and because of that incidence you will wait for your pizza for so long or maybe days, weeks, months nobody knows before you receive your pizza, is a waste of time. bitcoin should educate everyone who uses the coin regarding fee when spending their coin so everybody will be aware of it.

I put a letter in the mail with no postage and it had unpredictable delivery times.

No fee = charity.  It will be included when there is space and there may be thousands of free txs ahead of you.

Check out emunie. Takes seconds to move emu around. Bitcoin is dead.

im really disappointed with bitcoin now, unpredictable confirmation time is this the future currency?

i hope so, thanks for the reply anyway

don't worry, you will recieve them!

send bitcoin to cryptsy 18 hours ago and until now it doesnt confirmed ( maybe because i made mistake putting tx fee just put .000001 ) any suggestion to make the confirmation fast? i try again sending bitcoin to cryptsy with the same address and put .0005 tx fee and it was confirmed in a matter of minute, so what happen with my coin? will it stuck there? what is the other reason why its taking so long to confirmed other than tx fee because i experience sending bitcoin without any tx fee and its confirmed in in less than an hour.

https://blockchain.info/tx/8c9493e6aafb8b75c34808cca00758a88079ad440c65348fc00a1e0e6e83c0a2