Topic: Issues I Had With Bitcoin transaction As Newbie (Read 227 times)

You might also be more cautious and double- or triple-check the address you're emailing to.

The mempool is usually congested when there is a bull run and market reaches a new ATH. I have once made a transaction and it took close to a full day for the transaction to be confirmed on the blockchain.

Although I will say it was a result of the mistake I made because I chose the least fee instead of the medium or priority fee so that was what led to my transaction being delayed for a long time and also it was during a time when the market was bullish so it was very congested and transactions were very slow especially for those who made use of low fees. For this kind of situation, the best thing to do is to wait for a better time when they fee is not high to make the transaction.

Or just use a different cryptocurrency such as solana or litecoin. their tx fees are miniscule. plus they are faster.

Who is going to decide if the address was wrong? What if I paid you and received a physical good and after going away decide to reverse the transaction?

The point is, having irreversible transactions and an immutable blockchain offers a lot of benefits that the downside of some careless user paying to wrong address is considered negligible.

For someone who was in this Bitcoin field since 2014 im surprised that you are asking for this.

Irreversible transactions are actually one of the key features of Bitcoin and what separates it from traditional banks as it gives the network more credibility.

How can this go wrong? Did you copy the address and paste it to the payment input field without looking? That's the only way you may mess things up and that's if you also either had other addresses to send money to or had a trojan installed that replaced yours with their address.

High transaction fees... in 2014?

That's unusually long time. Most transactions take less than an hour to be confirmed, especially if you're generous with the fee.

So as others have said, you're missing out on a few important things to note.  First, unless you're sending coins from an exchange (which you should never store coins on an exchange, if you don't already have one I'd highly recommend getting a hardware wallet like Cold Card or Trezor) you can change the TX fee which would effect the cost and speed of the transaction.  You would never send a billion dollars at one time, there are special ways to sell a lot of bitcoin, like over the counter for example.  "more system should be created" the Dev team is working on this, Lightning Network for example.

But this is how life financial life works. This is not a bitcoin protocol problem.
If you transfer money to the wrong bank account, your money is gone either. It is easy to contact the owner of the bank account, because you don't have any privacy in bank accounts.

You need to know where you are sending your money to, no matter which currency (bitcoin or fiat) you are using.


Those 2 points are contradictory.
With the bitcoin lowest fee you can easily pay about 0.06 USD (or even less). You tranasction might be confirmed in about an hour, or it may take a few days if the network is congested. Either way, you won't be paying high fees and wait more than 2 days to get a confirmation.

I think that paying less than 10 cents of USD for a transaction which can be send anywhere in the world, censorship resistance, with a decent degree of privacy, is very cheap.

It is as simple as if bitcoin transaction has been confirmed, it can not longer be reversed even as non replace-by-fee transaction can not be reversed at all even if not confirmed.

Bitcoin high transaction fee? No. Maybe you are using exchanges which have higher withdrawal fee or unreputed wallet using high fee estimation. Bitcoin network transaction fee depends how on congested the mempool is, but mempool has been far less congested than congested in history, even far less is an understatement become it is far far less.

The person that sent bitcoin to me a day before yesterday use 1 sat/vbyte, I sent bitcoin someone yesterday with 1 sat/vbyte. I checked the mempool now, it is at 4 sat/vbyte but 1 sat/vbyte still got confirmed faster.

Bitcoin at ₦38400
1 sat/vbyte is around $0.05 as fee
4 sat/vbyte is around $0.2 as fee.

There are sometimes the mempool can be congested, the last time was the early bull run of 2021, the mempool was congested in around February to early April 2021, the mempool later decongested. After was the China ban on bitcoin mining, but the mempool was not that congested, and there is difficulty adjustment every 2016 blocks, that is around every 2 weeks.

Use a reputed wallet that have good fee estimation, or you can use https://mempool.space to know the best feerate, some wallets can over estimate and make you pay more than usual, use a reputed wallet.

That is true, comparing segwit to legacy, for 1 input and 2 outputs, there is 42% fee reduction while sending from segwit address to segwit address compared to while sending from legacy address to legacy address.

@Raymond Gary
Segwit addresses starts from bc1

Or you could just take more caution and double check, or triple check that address you are sending to.

• Firstly, Bitcoin is pseudo anonymous, so some users would not want to have any sort of unique name associated with their address.
• Having a system that can access and reverse erroneous transactions is same as centralization, which is the opposite of how Bitcoin was designed. You are essentially your own bank and are responsible for your actions and mistakes.

There are a couple of options to reduce tx fees
• Segwit addresses,
• Consolidating multiple inputs,
• Timing when you spend to avoid network clog,
• Calculating how much to spend, to prevent change address, etc.

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The bottom part of this thread - Beginner's Guide to Transaction Fees I created some years back, explains some of these concepts further and contains useful links as well.

What issues have you encountered with Bitcoin  transaction and How do you think it could be improved?

One of my odd experience I had as a newbie around 2014 with Bitcoin Network transaction when I started using Bitcoin (Blockchain technology) are as follow;

[1].Sending Bitcoin to a wrong address that has never been recoverd till date.

[2].High transaction fees.

[3] .Having to wait for almost more than two days for a transaction to be confirmed.

              How could this issues be improved ?
My ideas......

‌[A]. Bitcoin transaction (Blockchain technology) in my view should be improved in such a way ,
That modifications can be to either where a wrongly sent transaction could be reversed when sent to a wrong address,

‌ The system could be improved in such a way that a unique name be attached to a partular address and anonymously the system would detect immediately that the name and address do not tally and hence tag it a wrong  address, A system where this  mistakenly sent transaction can be reversed if requirements for such reversal are met should also be created.
For example
 imagine having billion dollars transaction mistakenly sent to a wrong address where there is no system in place to reverse it.

‌.High Transaction Fees.

‌More system should be created to help cut down the transaction fees incurred when during a transaction so that someone can pay almost zero in the transaction fees.
‌
‌What's your Good Ideas to solving Bitcoin transaction Issues let's discuss.