Topic: [MultiBit HD] Exorbitant sending times, Quick receipt times. (Read 718 times)

Just FYI, the MultiBit devs removed the "client fee" (aka BRIT) from version 0.3.0 onwards: https://multibit.org/help/hd0.1/how-brit-works.html

So the only fees being set by MultiBit HD will be the bitcoin transaction fess (aka Miners fees)... The default value of the slider in a clean 0.5.1 install is "mBTC 0.50 000" per KB apparently:



But when I try to send a transaction for 100 mBTC, it tells me I have insufficient funds "missing 10050000 satoshis"... so I'm not sure if it is calculating the fees correctly... it might be setting it to 50k sats because there are no inputs for it to attempt to spend so it can't calculate the transaction size properly? 

EDIT:  multiBit no longer has a client fee.  I've update this response to remove references to it.

MultiBit HD has two types of fees. It has "bitcoin transaction fees" (also known as "miner's fees"), which are voluntarily paid to provide an incentive for miners to confirm your transaction. It also has a fixed 1000 satoshi "client fee", which is paid to the developers of MultiBit HD to provide an incentive for those developers to continue to maintain the MultiBit software.

See here:
https://multibit.org/help/hd0.1/fees.html


A year ago it might still have been possible to send a transaction with 0 (or very low) bitcoin transaction fees and have it confirmed quickly.  However, the transaction volume on the bitcoin network has increased significantly over the past year. Bitcoin mining and pool operation have evolved to become very competitive businesses.  In order to remain profitable it is necessary for miners and pool operators to maximize their revenue.  Since their main (only?) source of revenue is the transaction fees voluntarily paid on transactions, and since the protocol currently limits them to a maximum of 1 megabyte of transactions in the block they are mining, miners and pools will typically choose to confirm the megabyte worth of transactions that are paying the highest fees per byte (leaving the rest of the cheaper transactions for some other miner to mine in some later block).

The following website monitors the blocks and unconfirmed transactions along with the fees being paid and calculates a reasonable estimate for how much fee a transaction needs to pay per byte for fast confirmation:
https://bitcoinfees.21.co/

Looking there right now, you should consider paying about 200 satoshis per byte if you want your transaction confirmed in the next block or two.  This amount changes constantly depending on how many transactions are waiting to be confirmed, and how much those transactions are offering in fees.  Think of it a bit like an auction where you are using your fees to bid for space in the next block.

The reason you receive funds quickly is because the people sending you those funds are paying a high enough transaction fee when they send you those funds.

Multibit HD is the only decent wallet I was recommended hence why I use it, it is currently updated to it's latest version v0.5.1

The 10,000 satoshi fee is taken by MultiBit HD and always has been ever since I started using it.

There is no 10000 satoshi standard fee... The fee depends on the tx size, which in turn depends on the amount of inputs and outputs. 10000 satoshi's can be fine for one tx and way to low for a second tx transferring an equal amount of btc...

Both transactions pay 44 sat/byte, so 18+ hours waiting time to get into a block is normal im afraid.

I havent used multibit hd for a long time... I know other wallets (at least their more recent versions) have a relative good algorithm for determining the correct fee... Maybe you can upgrade your wallet to avoid this prob in the future?

Hey there folks been almost a year I think since I last came on the forum maybe 9 months or so.

I came back to see if anyone uses MultiBit HD and has problem sending relatively small amount's (0.0101BTC and under) to pay for small item's such as a small amount of cloud mining on various platform's or tranferring funds to an alternative site like an exchange etc.

Over the past 4 days I think I've made two transactions one for 0.0101BTC (hence why I set that as the limit) and 0.002BTC (both amount include the standard 10k satoshi transfer fee).

The 0.0101BTC transaction took about 18 hours to confirm fully, see the TXid below for info:
https://blockchain.info/tx-index/b170c91b20e437c51c6c906213a22da4561657698e9ea3b708bff727fbe5d41c

and my most recent transaction which I sent yesterday of 0.002BTC, see the TXid below for info:
https://blockchain.info/tx-index/10d3431964bb8cbfd3c0a06761085345ea99c81e72fe76b1a904495a93c4575b

The latter of which I am still waiting to be confirmed and was a transaction I made in order to buy an additional 20GH/s contract from a cloudmining company.

I receive funds relatively quickly usually takes anything upto an hour but sending funds is a nightmare.

Any help would be greatly appreciated.