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Topic: High Bitcoin Transation!! - page 2. (Read 379 times)

legendary
Activity: 2268
Merit: 1379
Fully Regulated Crypto Casino
May 21, 2020, 01:16:31 AM
#9
This is the reason why I used ethereum. ETH has fast transaction speed than Bitcoin. Withdraw fee is less in ethereum.
You cant simply compared the fees of eth to bitcoin now, if you havent noticed bitcoin just recently concluded the halving and the miners are probably decreased by now so the mempool was saturated leaving a huge drop om hash rate. Well no arguement if eth transaction speed is faster since they are not calculating their fees based on transaction but using the gas limit system. But I believe bitcoin case of high transaction fee right now will drop sometime. But if you are familiar with the lightning network you can use that to have a cheaper transaction fee.
hero member
Activity: 2940
Merit: 613
Winding down.
May 20, 2020, 10:02:44 PM
#8
What wallet you are using?

I tried the free service online but it seems not working to me, when my transaction is stuck, I will just increase the fee and rebroadcast it.

This kind of features is present in Electrum Wallet.
legendary
Activity: 2534
Merit: 6080
Self-proclaimed Genius
May 20, 2020, 09:43:44 PM
#7
i found a website : bitaccelerate.com that says they speedup transactions, is it really work?
No, they just rebroadcast your transaction, there's no acceleration happened at all.
Simply broadcasting your transaction to your peers (if your using a full node) or your wallet's servers (if it's SPV/custodial) is enough to propagate a standard transaction.

You can safely say that it's well propagated (the tx is all over the network) the moment that you can view it on most blockexplorers.

Here's how that service accelerates transactions:
Quote from: bitaccelerate
Our service will rebroadcast the transaction via 10 Bitcoin nodes.

This can be considered as real transaction accelerator (but have issues):
legendary
Activity: 2254
Merit: 2305
Marketing Campaign Manager |Telegram ID- @LT_Mouse
May 20, 2020, 09:42:36 PM
#6
This is now a pain. I have a facebook group about bitcoin in my local and I have seen a lot of users are posting about this.
Due to a lot of people moving coins here and there, and bitcoin has a limited block size which is not enough to include all the tx in the block (can be included 1 MB maximum), people are fighting to get their tx included in a block. That's why the fee is high.

He asking "why bitcoin transaction fee is to high", don't need Accelerate transaction or anything service. Your accelerator does't make fee become low,
Actually, he was talking about accelerator too.
legendary
Activity: 2296
Merit: 2892
#SWGT CERTIK Audited
May 20, 2020, 07:34:29 PM
#5
-snip- why bitcoin transaction fee is to high at this time? -snip-
There are several reasons why blockchain fees are so high, among them, as explained by pooya87.
Here I quote a few other explanations:

Blockchain fees depend on several factors including network congestion, transaction confirmation times (affected by liquidity providers), and transaction size (as measured in kilobytes; affected when converting crypto from multiple inputs such as faucet earnings or other micro-transactions).
A somewhat technical answer requires an understanding of how the bitcoin network works.
You can read it in the book of Mastering Bitcoin 2nd Edition (see "Transaction Fees" on page 126) by Andreas M. Antonopoulos (https://aantonop.com/)

Reference:
https://aantonop.com/
https://wirexapp.com/help/article/my-blockchain-fee-is-too-high-why-what-should-i-do-0079
https://support.bitpay.com/hc/en-us/articles/115004439366-Why-is-my-recommended-bitcoin-miner-fee-so-high-
legendary
Activity: 1526
Merit: 1032
Up to 300% + 200 FS deposit bonuses
May 20, 2020, 02:26:24 AM
#4
He asking "why bitcoin transaction fee is to high", don't need Accelerate transaction or anything service. Your accelerator does't make fee become low,
legendary
Activity: 3472
Merit: 10611
May 20, 2020, 12:21:17 AM
#3
it is because there are currently a lot more transactions in the memory pool waiting to be included in a block than there is block size. and that increase is probably because of the price rise that we had recently.

there is no way to "speed up" your transaction apart from paying a higher fee to get a higher priority. the sites you see called "accelerator" are either scammers or mining pools that are asking for an even higher amount of money (compared to the fee that you would have paid for high priority tx) to include your tx in the block they find.
legendary
Activity: 1708
Merit: 1280
Top Crypto Casino
copper member
Activity: 92
Merit: 79
May 20, 2020, 12:06:17 AM
#1
hello

i have question, why bitcoin transaction fee is to high at this time? i should add 172 sat/B for my transaction to confirm in 20 minutes, 10 days ago my transactions confirmed only with 10sat/B
and can i speed up my transactions? i found a website : bitaccelerate.com that says they speedup transactions, is it really work?
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