Author

Topic: Interesting/unusual scenario - confirmation times (Read 732 times)

hero member
Activity: 1029
Merit: 712
September 15, 2016, 11:33:24 AM
#8
You only paid 0.00004195BTC fee for 373 bytes transaction, of course it'll take long. If you've sent many transactions like that and never got this problem then that's what's surprising.


As I said I typically pay whatever fee the core client suggests, and that is what I did here.
So if you click the Choose... button next to Transaction Fee, you will get some more detailed selection about the transaction fee. The normal fee (which is probably what you have it set to), is actually an estimate to get a confirmation within the next 25 blocks. So if you actually want faster confirmations, you need to move the slider to the right towards "fast".


Thanks very much - I did not know that at all.  Interesting that the recommended amount doesn't change at all until you get it down to "within 10 blocks".

staff
Activity: 3374
Merit: 6530
Just writing some code
You only paid 0.00004195BTC fee for 373 bytes transaction, of course it'll take long. If you've sent many transactions like that and never got this problem then that's what's surprising.


As I said I typically pay whatever fee the core client suggests, and that is what I did here.
So if you click the Choose... button next to Transaction Fee, you will get some more detailed selection about the transaction fee. The normal fee (which is probably what you have it set to), is actually an estimate to get a confirmation within the next 25 blocks. So if you actually want faster confirmations, you need to move the slider to the right towards "fast".

Moreover blockchain.info describes expected confirmation for this transaction as "Very Soon (High Priority)" Smiley - though I do not know on what basis it makes that assessment.
Their assessment is highly inaccurate. I recommend that completely disregard it and never think of it again.

Well yes I understand that thank you but given the number of full blocks we have seen in quick succession (there have now been 8 blocks exceeding 998 kB) I imagine the backlog of transactions must be quite large, and how much extra would one have to pay to actually make a difference?
You just need to pay more than the lowest paying transaction in the block. You would effectively bump that transaction out with yours.
hero member
Activity: 629
Merit: 501
Experientia docet
You only paid 0.00004195BTC fee for 373 bytes transaction, of course it'll take long. If you've sent many transactions like that and never got this problem then that's what's surprising.


As I said I typically pay whatever fee the core client suggests, and that is what I did here.

Moreover blockchain.info describes expected confirmation for this transaction as "Very Soon (High Priority)" Smiley - though I do not know on what basis it makes that assessment.


Higher fees help because miners will be more likely to include your transaction in a block.

Well yes I understand that thank you but given the number of full blocks we have seen in quick succession (there have now been 8 blocks exceeding 998 kB) I imagine the backlog of transactions must be quite large, and how much extra would one have to pay to actually make a difference?

I suggest you take a look at this site for the recommended fees. Right now the recommended fee are 60 satoshi per byte, you can still use lower fee (maybe 40spb) and get fast confirmation but using the recommended fee will ensure a confirmation within 3 blocks (most of the time).

Blockchain.info are often wrong with their priority estimation so I wouldn't rely on it. If you want to see the numerical priority (using this calculation) of a transaction use blocktrail instead.
hero member
Activity: 1029
Merit: 712
You only paid 0.00004195BTC fee for 373 bytes transaction, of course it'll take long. If you've sent many transactions like that and never got this problem then that's what's surprising.


As I said I typically pay whatever fee the core client suggests, and that is what I did here.

Moreover blockchain.info describes expected confirmation for this transaction as "Very Soon (High Priority)" Smiley - though I do not know on what basis it makes that assessment.


Higher fees help because miners will be more likely to include your transaction in a block.

Well yes I understand that thank you but given the number of full blocks we have seen in quick succession (there have now been 8 blocks exceeding 998 kB) I imagine the backlog of transactions must be quite large, and how much extra would one have to pay to actually make a difference?
hero member
Activity: 1029
Merit: 712
First let me say this is not a complaint, I just haven't noticed this happen before.

I sent a small transaction with the recommended fees from core (with is my normal practice, I just use whatever fees are suggested):

TxID: 6c37eba28af906b3ed498627b0a05e7e0ae218dc60e8f9bd98981c4aa0b7c74c

I managed to send it right at the start of a biggish gap between blocks, about 40 minutes according to blockchain.info

The following 6 blocks (which took a further 61 minutes) were all effectively full, 998 kB or more; it didn't get into any of those and so it has now been >90 minutes, without a single confirm.

Given I'm not really bothered in this situation (as confirming it is not time critical) it doesn't matter this time; but realistically is there anything I could have done to get it confirmed faster? Would higher fees even help given the blocks are basically full?

You should probably move this to the Technical Support section, but...

Do you have bitcoin core running continuously or just start it up, send and shut it down?  If the latter, then you may not have gotten a good estimate on the fees.

It doesn't run continuously but it had been running for several hours before this transaction was sent.  How long does it need to be running to make a good estimate?
hero member
Activity: 629
Merit: 501
Experientia docet
You only paid 0.00004195BTC fee for 373 bytes transaction, of course it'll take long. If you've sent many transactions like that and never got this problem then that's what's surprising.

Given I'm not really bothered in this situation (as confirming it is not time critical) it doesn't matter this time; but realistically is there anything I could have done to get it confirmed faster? Would higher fees even help given the blocks are basically full?

Higher fees help because miners will be more likely to include your transaction in a block.
legendary
Activity: 4018
Merit: 1299
First let me say this is not a complaint, I just haven't noticed this happen before.

I sent a small transaction with the recommended fees from core (with is my normal practice, I just use whatever fees are suggested):

TxID: 6c37eba28af906b3ed498627b0a05e7e0ae218dc60e8f9bd98981c4aa0b7c74c

I managed to send it right at the start of a biggish gap between blocks, about 40 minutes according to blockchain.info

The following 6 blocks (which took a further 61 minutes) were all effectively full, 998 kB or more; it didn't get into any of those and so it has now been >90 minutes, without a single confirm.

Given I'm not really bothered in this situation (as confirming it is not time critical) it doesn't matter this time; but realistically is there anything I could have done to get it confirmed faster? Would higher fees even help given the blocks are basically full?

You should probably move this to the Technical Support section, but...

Do you have bitcoin core running continuously or just start it up, send and shut it down?  If the latter, then you may not have gotten a good estimate on the fees.
hero member
Activity: 1029
Merit: 712
First let me say this is not a complaint, I just haven't noticed this happen before.

I sent a small transaction with the recommended fees from core (with is my normal practice, I just use whatever fees are suggested):

TxID: 6c37eba28af906b3ed498627b0a05e7e0ae218dc60e8f9bd98981c4aa0b7c74c

I managed to send it right at the start of a biggish gap between blocks, about 40 minutes according to blockchain.info

The following 6 blocks (which took a further 61 minutes) were all effectively full, 998 kB or more; it didn't get into any of those and so it has now been >90 minutes, without a single confirm.

Given I'm not really bothered in this situation (as confirming it is not time critical) it doesn't matter this time; but realistically is there anything I could have done to get it confirmed faster? Would higher fees even help given the blocks are basically full?
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