Topic: The Backlog in the Blockchain (Read 1662 times)

What's been mentioned is true, right now the backlog is due to these updation delay. For a long discussions were going on about the implementation of segwit or the blocksize increase through fork. Technically skilled people have said that segwit will be a better option than forks, but it has got only 20% support from the miners who are the base for bitcoin's success.

Actually, the software for mining is developed to pick the transactions of highest fee (this is due to the bitcoin network preferring higher fees as it helps sthe network to function).
The miners can of course modify the software but the current software relies on both the maturity of the transaction, the size of the transaction, and the transaction fee included to cover the cost of the transaction.

To answer your question. Yes and no. Mines can chose what transaction they want to include. So the could only include transactions with no fees if they wanted, but as they want to earn, they prefer transactions with a higher fee. Now let us assume miners include transactions with the highest fees first and that everybody pay higher fees then you. Your transaction could still get confirmed. If there are so few transactions made that a miner can not fill up his block with high fees, then they go for the next best thing. Lower fees. So this is a way you could get in, but some miners could have an threshold and if your fees are below this, then miners might not pick up your transaction at all even if they have the space for it.

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

Try using viabtc's transaction accelerator. That's what I do to speed up the process. If it is stuck for a long time already and it has more than 0.0001 btc as transaction fee then it will definitely work for you. I accelerated a transaction that was stuck for 10 hours already with 0.0001 btc transaction fee and it when from 0 to 3 confirmation in 5 minutes.

Is it theoretically possible for your low fee transaction to never get processed if all incoming transaction fees are higher from that point forth? I'm kidding to an extent, but I'm going on 23 hours for three confirms.

There is no significance what ever wallet you use in sending bitcoin. What matters is your fee per bytes. It will get thru whether you use electrum, blockchain or whatever wallet as long as you put large enough fees for miners to prioritize your transactions.

The thing is, even if we are to use these kind of third-party services to help us have better confirmation times on our transactions, still it cannot deny the inevitable fact that transactions fees are ever increasing and it defeats the purpose of bitcoin being the champion in micro-transactions, It still is faster than most bank/wire transfers but really, we would need something more than just a workaround but rather a permanent fix or a long-term solution for this concern.

-snip-

Or just pay a higher fee?
If you have to transfer enough bitcoin, I don't see a problem in a fee of 10satoshi/byte if you use an accelerator such as: https://www.viabtc.com/tools/txaccelerator/

The main point is that they filter everything mostly based on their own financial benefit, and not about actual priority of a certain transaction. That's what bothers me.

Other than that, making use of certain online wallet services just for the sake of sending transactions without actually including fees is no option either. Especially not when you're privacy minded.

Only option for now is that people include proper fees, or simply quit moaning about their transactions taking hours to confirm when including poor fees. Only thing we can do is deal with the situation and act accordingly.

The pools don't search for the transactions with the highest fee, the actual software from the developers does.
There is no option (to my understanding) to try to reverse engineer this that can easily be done without requiring editing a large amount of code from both the bitcoin node and the mining software used. If you look at the accelerator information, you'll see that they publish a new block once every four hours max so it should be included in that. It does take a large number of blocks for itto be spendable. I think the amount for the confirmations of a transaction in order for it to actually be spendabl is somethng greater than 100 (not sure though). Services obviously require much less than this as the block is unlikely to be orphoned after say 3 confirmations (2 blocks after).

IF you're all really against paying for your transactions to confirm, try to use an exchange that covers the ost of transaction fees such as coinbase (BUT ONLY KEEP A SMALL AMOUNT IN THERE - DAILY USAGE AMOUNTS ARE RECOMMEDED).

In most cases paying a higher fee does the job, but with pools cherry picking it's difficult to constantly include $0.50-$1 in fees just to get your transaction confirmed with the next block.

Using that accelerator may help but you still depend on them to solve a block and to pick up your transaction. In normal circumstances it takes a block or 5-10 to see them solve at least 1 block.

Currently according to https://bitcoinfees.21.co the ratio should be 160sat/byte. If you quickly browse through all transactions you'll see that people include fees of like 0.0005BTC-0.002BTC to get the attention of pools.

Or just pay a higher fee?
If you have to transfer enough bitcoin, I don't see a problem in a fee of 10satoshi/byte if you use an accelerator such as: https://www.viabtc.com/tools/txaccelerator/

Or just pay a higher fee?
If you have to transfer enough bitcoin, I don't see a problem in a fee of 10satoshi/byte if you use an accelerator such as: https://www.viabtc.com/tools/txaccelerator/

Over the past few days I've had to wait in excess of 6+ hours for transactions to clear, for me this spells huge trouble for Bitcoin.

Hear me out here, I know many will be saying hey just pay a larger mining fee and that's all good and well, but the core principles that had me passionate about BTC, investing in it are:

1) Low cost fees that beat banks and other payment processors
2) Money without borders
3) Low international fees and the speed of transactions throughout the world

I mean there's tons of other benefits and principles BTC was built-upon but those 3 there are right now at a huge threat.

If Bitcoin doesn't/can't scale upwards and the bitcoin community can't overcome there differences then I see this as a major threat for Bitcoin and something that could see another alt coin overtake it.

I know people will think I'm stupid saying that but look at MySpace and how un-defeatable it thought it was before FaceBook came along.

From my understanding (correct me if I'm wrong) the only people that are stopping lightning network and other fixes to the congestion issue are the miners, but if the miners don't budge on solving this then they're going to lose out in fees anyway when people begin to jump ship.

There's no way in it's current format that BTC can ever become mainstream and something everyday businesses use (grocery shopping etc) with these congestion issues.

Thoughts? Anyone else worried?

Who is taking time to fix problems? Developers? Miners? The problems are not new. All the users can do to fix the problem is to use another coin or way of payment and this is what will happen if we can not solve this soon or right. Quick and cheap transactions where always a big point why Bitcoin is the new money, but this is no longer the case. Right know i only see that it is a good store of value, but for how long? I see that it is somewhat anonymous, but other coins can do this even better. Thankfully i am still in charge of the money, when i hold my keys. But this seems to be a burden to the general public, so i wonder what Bitcoins selling points are right now, since the price is still rising?

I don't know the technicalities but it seem that they're taking their time on fixing the problem. Understandable since miners benefit from larger transaction fees, but for how long? Us that already have bitcoins have no choice but to pay anyway to have our transactions to get through but what would others think? For a long time we have been touting bitcoin as a very fast and cheap way of sending remittance - it's quickly becoming apparent that that's no longer the case.

From my understanding (correct me if I'm wrong) the only people that are stopping lightning network and other fixes to the congestion issue are the miners, but if the miners don't budge on solving this then they're going to lose out in fees anyway when people begin to jump ship.

If you want a smaller fees in bitcoin stay overnight before your bitcoin goes inside your wallet. Anyway it's cheaper to send btc using blockchain.info wallets this is according to my experience. That site also has a lightning fast transaction compared to other sites. So when you are doing business ask your client to use blockchain.info wallets so you can receive their payments very fast.

There is no significance what ever wallet you use in sending bitcoin. What matters is your fee per bytes. It will get thru whether you use electrum, blockchain or whatever wallet as long as you put large enough fees for miners to prioritize your transactions.