What is the btc transaction time? - page 2.

VirosaGITS

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Quote from: ranochigo on September 25, 2015, 10:34:39 PM

Quote from: |Bitcoin| on September 25, 2015, 09:54:03 PM

Quote from: VirosaGITS on September 25, 2015, 09:50:17 PM

Quote from: |Bitcoin| on September 25, 2015, 09:07:20 PM

Yes. So that mean that yours will only be confirmed if there is no transaction at all. In other word, when bitcoin is death.

Naw it can get confirmed too, but it can take a long time or can happen the next block if you're lucky. And no it doesnt stay forever, after a while the transaction get rejected and the fund is returned.

Thank you fof correcting me. Yes. If it is not transferable it woll be returned after a while.

Transactions on the network would only be rejected if there is another transaction spending the same input getting confirmed. A correct term would be dropping out of the mempool. Depending on your client's policy, the client may continue to rebroadcast the transaction till it gets into a block and thus it would never drop out. It would be included the block once the priority is high enough, with the size and amount being constant, only the coin age is changing. Hence, the long wait for confirmations. of course, you can easily ask a miner to accept it. Eligius implements cpfp and it means that you can spend the transaction with higher fee and get it confirmed.

That much is nice, i'm not familiar with Eligius but that could be a nice feature. And for the matter of wallet, i know that my Multi HD will let it return to the wallet if it get dropped. From the TX mempool indeed.

Adding a fee later could be nice but, imo there should be a fee to the fee, so that lowballing the fee and then if it doesn't get confirmed you raise it later. Kind of favor spam or something.

ranochigo

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Quote from: |Bitcoin| on September 25, 2015, 09:54:03 PM

Quote from: VirosaGITS on September 25, 2015, 09:50:17 PM

Quote from: |Bitcoin| on September 25, 2015, 09:07:20 PM

Yes. So that mean that yours will only be confirmed if there is no transaction at all. In other word, when bitcoin is death.

Naw it can get confirmed too, but it can take a long time or can happen the next block if you're lucky. And no it doesnt stay forever, after a while the transaction get rejected and the fund is returned.

Thank you fof correcting me. Yes. If it is not transferable it woll be returned after a while.

Transactions on the network would only be rejected if there is another transaction spending the same input getting confirmed. A correct term would be dropping out of the mempool. Depending on your client's policy, the client may continue to rebroadcast the transaction till it gets into a block and thus it would never drop out. It would be included the block once the priority is high enough, with the size and amount being constant, only the coin age is changing. Hence, the long wait for confirmations. of course, you can easily ask a miner to accept it. Eligius implements cpfp and it means that you can spend the transaction with higher fee and get it confirmed.

|Bitcoin|

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Quote from: VirosaGITS on September 25, 2015, 09:50:17 PM

Quote from: |Bitcoin| on September 25, 2015, 09:07:20 PM

Yes. So that mean that yours will only be confirmed if there is no transaction at all. In other word, when bitcoin is death.

Naw it can get confirmed too, but it can take a long time or can happen the next block if you're lucky. And no it doesnt stay forever, after a while the transaction get rejected and the fund is returned.

Thank you fof correcting me. Yes. If it is not transferable it woll be returned after a while.

ranochigo

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Quote from: Sir_lagsalot on September 25, 2015, 06:01:02 PM

I recently sent a transaction to a gambling account of mine, and since I was feeling a little poor, I didn't put in a transaction fee. It's been two days, and I've started wondering. When will my bitcoin arrive in this account?

Furthermore, what's the average transaction time of:
1) No fee
2) 0.0002 BTC fee
3)0.0005 BTC fee
4) 1 BTC fee

Thanks for all answers that come my way!

The ranking is based on the fees/kB, highest fee comes first. Miners would generally include the highest fees and priority first, 50kb of the block has to be reserved for transaction with highest priority. Miners have the rights to exclude the transaction hence any estimations wouldn't be accurate. With no fee, you would be competing for the priority. The confirmation time largely depends on the frequency of blocks being mined. If blocks are one hour apart, you would still have to wait 1 hour, no matter what.

VirosaGITS

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Quote from: |Bitcoin| on September 25, 2015, 09:07:20 PM

Yes. So that mean that yours will only be confirmed if there is no transaction at all. In other word, when bitcoin is death.

Naw it can get confirmed too, but it can take a long time or can happen the next block if you're lucky. And no it doesnt stay forever, after a while the transaction get rejected and the fund is returned.

|Bitcoin|

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Yes. So that mean that yours will only be confirmed if there is no transaction at all. In other word, when bitcoin is death.

VirosaGITS

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Quote from: Sir_lagsalot on September 25, 2015, 07:36:03 PM

OK thanks guys. So it's like a pool of transactions, the ones with the highest fees are put of higher priority, and my transaction will only go in when all the others above are processed?

It's not that cut and dry but mostly. Some pool or miner may decide to pick up only under average/free transaction just to help the block chain. But yeah generally. Its not a line, its not certain, but it should be good.

For instance i did a 0.00001 by accident instead of 0.0001 it took days to get confirmed. 0.0001 odds are 1 block and confirmed. But as always, its never 100%.

rychallenge

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Quote from: Sir_lagsalot on September 25, 2015, 06:01:02 PM

I recently sent a transaction to a gambling account of mine, and since I was feeling a little poor, I didn't put in a transaction fee. It's been two days, and I've started wondering. When will my bitcoin arrive in this account?

Furthermore, what's the average transaction time of:
1) No fee
2) 0.0002 BTC fee
3)0.0005 BTC fee
4) 1 BTC fee

Thanks for all answers that come my way!

You would be a fool to do a 1btc fee. If you do a 0.0005BTC fee you will generally be in top priority of the network and will be confirmed next....
0.0002btc is now a general fee amount and should confirm within 3 blocks and no fee you will be lucky if it even confirms

chennan

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Yeah, I would never trust sending a transaction of mine anywhere without including a miners fee... just because it's notorious of just getting lost and never being confirmed. I would always recommend allowing your wallet to tax on a miners fee at all times.

Sir_lagsalot

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OK thanks guys. So it's like a pool of transactions, the ones with the highest fees are put of higher priority, and my transaction will only go in when all the others above are processed?

AgentofCoin

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Quote from: Sir_lagsalot on September 25, 2015, 06:01:02 PM

...
Furthermore, what's the average transaction time of:
...

Basically:

1) Dependent on pending txs in mempool, but could take minutes, or hours, or days (Usually hours).
2) Dependent on pending txs in mempool, but if no spam attack, then should confirm in 1 block.
3) Dependent on pending txs in mempool, but if no spam attack, then should confirm in 1 block.
4) Dependent on pending txs in mempool, even if spam attack, then should confirm in 1 block.

VirosaGITS

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Quote from: Sir_lagsalot on September 25, 2015, 06:01:02 PM

I recently sent a transaction to a gambling account of mine, and since I was feeling a little poor, I didn't put in a transaction fee. It's been two days, and I've started wondering. When will my bitcoin arrive in this account?

Furthermore, what's the average transaction time of:
1) No fee
2) 0.0002 BTC fee
3)0.0005 BTC fee
4) 1 BTC fee

Thanks for all answers that come my way!

It's not a flat amount of time. First of all, its fee/weight ratio. So basically 0.0001BTC/kB is the norm at the moment. And then its a probability thing. If your transaction has a better fee RATIO; read; "Bounty" then there's more chance that the miners will include your transaction in their block next.

And then it depend who gets it and what transaction they will take. Most miner will just try to take the best they can get but its still probability.

And then its still probability as to when the next block will happen, which take take seconds, minutes, sometimes hour. If your transaction has a high priority, which is a bit complicated but mostly it depend on fee. Then after its included, each block after that will "confirm" and after 3 or 6 confirmation most service consider it confirmed. Which mean 3 or 6 blocksis on average 10 minutes per block, but it could be 20 mins to get 6 confirmation like it can be hours.

Also when there is a lot of transaction spam, the minimum fee to be considered high priority will be raised, could be 0.00015 or 0.0002/kB. Just gotta check what's the recommended fee at the moment for highest priority.

Sir_lagsalot

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I recently sent a transaction to a gambling account of mine, and since I was feeling a little poor, I didn't put in a transaction fee. It's been two days, and I've started wondering. When will my bitcoin arrive in this account?

Furthermore, what's the average transaction time of:
1) No fee
2) 0.0002 BTC fee
3)0.0005 BTC fee
4) 1 BTC fee

Thanks for all answers that come my way!

Topic: What is the btc transaction time? - page 2. (Read 1502 times)