If I set my transaction fee to 1 sathoshi/byte, will it confirm within 240 mins?

BlackHatCoiner

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Quote from: markcolls on November 20, 2020, 05:36:27 PM

On https://bitcoinfees.earn.com/ it says transactions with fees set at 1-2 satoshi/byte will be confirmed within 20-240 min (3-19 blocks). Is this actually true?

No, its not. At least I pay more than 5 satoshis per byte on my transactions and they get confirmed within the next 20-30 blocks. Also, no one can give you a sure answer. I once had make a transaction with 1 satoshi fee and it got confirmed within the next 5 minutes. I also once had made a transaction with 10 satoshis fee and it took some hours to get confirmed.

Quote from: markcolls on November 20, 2020, 05:36:27 PM

If I set the transaction fee that low will it actually have 1 confirmation in no more than 4 hours?

If you set it 1 and it gets confirmed within the next 4 hours, you're lucky. With the current mempool, 1 satoshi per byte will be forgotten in the next years.

Quote from: markcolls on November 20, 2020, 05:36:27 PM

If not, will realistically it ever confirm?

I've never lost a transaction because of the mempool's 2-week limit. Even one time that I had sent a transaction with only 300 satoshis (in total which was about 0,4 sats/byte). Recently I made a transaction with 1 sat/byte and it got confirmed after 9 days. Nine! This is why I created this thread: What do you think is the biggest disadvantage of bitcoin?

Bitcoin network, strange world! Tongue

S_Therapist

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It’s an estimation, no one can guarantee that. By this time, fee may get increased significantly or may drop even. The way bitcoin is getting pumped, I doubt you will get such a low fee tx within few days.

hugeblack

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Stop using that site. Perhaps the main reason for its popularity is that it appears as the first results in Google searches, but this means that it is useful.

try:

https://jochen-hoenicke.de/queue/#1,2h

for newbie and better GUI:

https://bitcoindata.science/plot-your-transaction-in-mempool.html

Remember that all of these sites calculate the probability that the transaction will be confirmed, so be sure to use a wallet that supports RBF before sending.

SquirrelJulietGarden

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Quote from: markcolls on November 20, 2020, 05:36:27 PM

On https://bitcoinfees.earn.com/

It gives you killing fee that can be hundred of time higher than the fee you can use and get confirmation for next few blocks.
https://bitcoindata.science/plot-your-transaction-in-mempool.html
https://jochen-hoenicke.de/queue/#1,2h

Quote from: abderrazak belkhir on November 20, 2020, 07:00:30 PM

You didnt really chose the best time to make such a experiment because the fees in the curent time are higher than normal
I think your transaction will be rejected or maybe it will be made after 15 day or more

You did not know what is mempool and what is fee estimate.

pooya87

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Quote from: markcolls on November 20, 2020, 05:36:27 PM

On https://bitcoinfees.earn.com/ it says transactions with fees set at 1-2 satoshi/byte will be confirmed within 20-240 min (3-19 blocks). Is this actually true?

no it is not true, because first of all we can not realistically predict how long it would take in for a transaction to confirm specially when it has lower than minimum high priority fee. that is because we can not predict how the mempool is going to change. for example if the min high priority fee were 5 s/vb and you paid 4, next thing you know the mempool may grow in size by transactions paying >5 s/vb.

secondly bitcoinfees.earn.com is a malicious tool that has always reported fake exaggerated fee rates, which means anything you see there is unreliable.

Quote

I don't care if I have to wait many days for that transaction to confirm.

then you can pay the absolute minimum which is 1.

abderrazak belkhir

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You didnt really chose the best time to make such a experiment because the fees in the curent time are higher than normal
I think your transaction will be rejected or maybe it will be made after 15 day or more

AjithBtc

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Quote from: markcolls on November 20, 2020, 06:39:32 PM

Quote from: BitMaxz on November 20, 2020, 06:15:38 PM

Bitcoinfees.earn.com is so delayed in giving an estimated fee and no one shouldn't use it for estimating transaction fees.

If you want to send BTC without waiting for so long much better to use https://jochen-hoenicke.de/queue/#0,24h
And then go to mempool size graph to check the current size and fee.

Sample recommended fee is around 10+ per byte with 0.942mb the estimated time might be around 1 hour depending on the network condition.

You haven't understood what I am asking. I am trying to figure out the lowest amount I could spend to get a transaction confirmed - I don't care if I have to wait many days for that transaction to confirm.

Then its not big issue. When you're ready to wait, then until the transaction gets confirmed you need to have the patience. You're trying to figure out the network strength. Miners won't easily accept for such fees.

verita1

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Mempool is clean. You should read the article and understand what happens. Since the Bitcoin network was congested I have not made any transactions. Now that Mempool is clean the fees are low, I have checked in my mobile wallet and it is true about the time it takes for a transaction I do not know. I think everything is back to normal for Bitcoin users.

https://www.google.com/amp/s/cointelegraph.com/news/bitcoin-fees-plummet-as-mempool-clears-to-zero/amp

markcolls

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Quote from: BitMaxz on November 20, 2020, 06:15:38 PM

Bitcoinfees.earn.com is so delayed in giving an estimated fee and no one shouldn't use it for estimating transaction fees.

If you want to send BTC without waiting for so long much better to use https://jochen-hoenicke.de/queue/#0,24h
And then go to mempool size graph to check the current size and fee.

Sample recommended fee is around 10+ per byte with 0.942mb the estimated time might be around 1 hour depending on the network condition.

You haven't understood what I am asking. I am trying to figure out the lowest amount I could spend to get a transaction confirmed - I don't care if I have to wait many days for that transaction to confirm.

BitMaxz

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Bitcoinfees.earn.com is so delayed in giving an estimated fee and no one shouldn't use it for estimating transaction fees.

If you want to send BTC without waiting for so long much better to use https://jochen-hoenicke.de/queue/#0,24h
And then go to mempool size graph to check the current size and fee.

Sample recommended fee is around 10+ per byte with 0.942mb the estimated time might be around 1 hour depending on the network condition.

markcolls

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On https://bitcoinfees.earn.com/ it says transactions with fees set at 1-2 satoshi/byte will be confirmed within 20-240 min (3-19 blocks). Is this actually true? If I set the transaction fee that low will it actually have 1 confirmation in no more than 4 hours? If not, will realistically it ever confirm?

Topic: If I set my transaction fee to 1 sathoshi/byte, will it confirm within 240 mins? (Read 224 times)