How long does it take for transactions to resolve

Coinster

full member

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Quote from: finales on April 06, 2017, 12:27:18 PM

If I created a program that would make 30 transactions from a single wallet, is it reliable for all those transactions to resolve onto the Blockchain eventually or should I try to reduce the number of transactions as much as possible? Thank you!

If you asked this question in 2010 the answer would most simply be yes. Miners have the special ability to choose which transactions to include in blocks they mine, and also the order of those transactions. Miners don't have a limit on what they can do in this regard except for one thing currently, which is blocks can't be over 1MB in size.

Now in 2017 blocks are basically full at 1MB, so miners are more selective about which transactions they include. That's why the higher the fee you pay the more likely your tx(s) will confirm soon in a block. Pay too low a fee the way things are and your tx may never confirm. This is at the heart of the "block size debate".

Velkro

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Quote from: finales on April 06, 2017, 12:27:18 PM

If I created a program that would make 30 transactions from a single wallet, is it reliable for all those transactions to resolve onto the Blockchain eventually or should I try to reduce the number of transactions as much as possible? Thank you!

It depends on fee u will put there. If you mean no fee transactions, there is no guarantee of it then. U can try, but can't be sure if it will accepted to blockchain.
Put reasonable fee, u can be sure then.

achow101

staff

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Just writing some code

Quote from: finales on April 06, 2017, 01:08:08 PM

Oh ok so if the transactions are dependent on each other, then confirmation would naturally take longer. Putting a higher transaction fee would incentivize the miners to process this transaction in the next block?

Yes. However transaction selection is not determined by the absolute value of the fee itself but rather the fee rate in BTC/kB. The higher fee rate you pay, the more likely your transaction will be included.

Quote from: finales on April 06, 2017, 01:08:08 PM

Just curious then, where are Bitcoins generated then if mining requires a transaction fee? Or does it also generate as well? Thanks for your responses guys!

Getting your transactions confirmed requires a transaction fee, mining itself does not. Miners generate Bitcoin through the coinbase transaction which is a special transaction in every block. The coinbase transaction creates an output which is typically the sum of the current block subsidy and the sum of the transaction fees paid by the transactions in the block. It essentially produces this out of thin air; there is no previous output it spends from.

finales

newbie

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Oh ok so if the transactions are dependent on each other, then confirmation would naturally take longer. Putting a higher transaction fee would incentivize the miners to process this transaction in the next block? Just curious then, where are Bitcoins generated then if mining requires a transaction fee? Or does it also generate as well? Thanks for your responses guys!

cpfreeplz

legendary

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There are too many variables to answer this correctly. It depends on how many inputs you currently have, it also depends on what fee you're planning on paying. Either way if you look into the fee and pay something half decent (80sat/byte or so) it will confirm usually within a few hours. It totally depends on the day though the number of outputs is irrelevant, it's all about the actual size in Kb that the transaction takes on the Blockchain. Look into that, see what fee you'd want to pay then you can get an educated estimate.

If you want something that will just confirm eventually, even 0 fee transactions can eventually be confirmed, just be prepared to wait anything from a few days to a few years.

achow101

staff

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Just writing some code

It depends on the transactions. If you included a high enough transaction fee on each transaction and each one does not spend from any outputs created by one of the transactions, then you can expect all 30 to confirm. If you have a high enough fee but they all spend from a transaction that is one of the thirty (i.e. 2 spends from 1, 3 spends from 2, 4 spends from 3, etc.), then you can't expect all of them to confirm.

finales

newbie

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If I created a program that would make 30 transactions from a single wallet, is it reliable for all those transactions to resolve onto the Blockchain eventually or should I try to reduce the number of transactions as much as possible? Thank you!

Topic: How long does it take for transactions to resolve (Read 800 times)