Topic: Why havent my bitcoins confirmed through blockchain after 24 hours? (Read 852 times)

Wow thank you for this reply.  Very well thought out.  My humble gratitude for the explanations.  From my understanding of the white paper the mining of the coin is the actual reverse decryption of the elliptical curve cryptographic values until a key is found.  When the first bitcoin was created it was done from the original genesis block and was signed and this transaction was made.  So the processing of the transactions is not "mining" as it were.  It is simply a transfer, signing a transaction and generating new keys, there is no reverse crunching of numbers on the SHA-256 EC algorithm.  

You have probobly been the most informed person on the actual IDEA and substance of what a bitcoin is as I have ever found.  Most coders and dev's really dont even know what it is.  They can understand the code but what it is doing is not clear.

I still think that the dev's could fix the transaction wait problem as the value of bitcoin becomes exponential.   I am not too sure on the split of the dev's ideas which you are talking about , BU and BC.  BC is to me the only bitcoin.  bitcoin.org.  This forum is apart of that.  For the codebase to split or fork and the fork to live and be supported would be disasterous for bitcoin.  With a previous fork the price fell to nothing.

No.  Bitcoin is designed so that blocks are created on average every 10 minutes.

The protocol adjusts the difficulty every 2016 blocks.

If those 2016 blocks took less than 20160 minutes, then they are happening too fast and the difficulty is increased to slow down the block frequency.

If those 2016 blocks took more than 20160 minutes, then they are happening too slow and the difficulty is decreased to speed up the block frequency.


Not without a change to how the software works.  Bitcoin is currently designed to limit block size to 1 megabyte and to limit block speed to an average of 1 block every 10 minutes.

There are a couple of efforts to increase the number of transactions that can be included in a block. One has been implemented by a group that calls themselves "Bitcoin Core" and they call their changes "SegWit" (or Segregated Witness).  The other has been implemented by a group that calls themselves "Bitcoin Unlimited" and they call their changes "Emergent Consensus".  Each of the efforts has a different set of benefits and concerns.  Getting either of them implemented will require an overwhelming majority to run the new software, and the community is currently largely split.  Therefore, 1 megabyte blocks every 10 minutes on average is probably what we'll be stuck with for a while.

As the fees get higher, people will stop using bitcoins for small value transactions.  This will slow down the rate that the backlog is growing until the number of transactions that are created per day is about the same as the number of transactions that can be confirmed per day.


Blocks are not mined to make coins.  Blocks are mined to confirm transactions.  In exchange for providing this service to the community, the community agrees (by way of running software that implements the protocol) to allow the miner (or pool) to pay themselves the transaction fees from ALL the transactions included in their block plus a subsidy of brand new value that didn't come from anywhere else (in other words, inflation).


Yes.  After the year 2140, when the last of the block subsidy has been paid out, the only reward they will get for solving a block will be the transaction fees.


That is a limit that every node on the network (and every other miner) enforces on every block.  If any miner were to try to create a larger block, then it would be rejected by every node, and every wallet, and every miner as being "invalid".


Correct.  Actually at the technical level there isn't anything that is "a bitcoin".  There are ONLY transactions stored in a ledger that we call "the blockchain".


There is no work being done on making the difficulty harder.  That is automatic and has been built into the protocol and the software since Satoshi released the software in January of 2009.  The difficulty sometimes gets harder and sometimes gets easier.  It all depends on how much hashpower there is on the network, and how fast blocks are being broadcast.


They are trying to.  But it requires EVERYONE to agree on a single solution, and right now it has been VERY difficult to get all users and developers to agree.  This isn't a technical problem, it's a political one.


All blocks mine transactions alone.  Fresh bitcoin is just a single special kind of transaction in the block.

I see.  But I mean with all the miners out there they cant be doing more blocks?  So that tells me theres massive growth yet for the bitcoin network if transaction fees are not gobbled up instantly no matter the amount.  What will happen when blocks are no longer being mined to make coins?  They will be purely transactions?  Where is the size 1 meg?  a block is purely transactions.  Whether you are mining for generating a new bitcoin or mining transactions there is no differences.  I think there just needs to be less work then on making the difficulty so huge and more work on making fees minimal, this is probobly a direction the dev's could go in.  Or make the difficulty so large that its more profitable to mine transactions alone, instead of the transactions which produce a fresh bitcoin.

You need to put the transactionID... not your address... so use: 5bfea6cc69c229c18ef6c836063ca9e7b72d17030477aa6607e2770750f6415f

They do... that is why the ignore the small ones and take the big ones... they only get 1 meg of space to use to put transactions into a block and currently there is 110 megs (or 110 blocks worth of transactions waiting)... This is why the "sats per byte" measurement of a fee is so important...

Ask yourself, would you want 1,000,000 bytes * 400 sats/byte fees... or 1,000,000 bytes * 20 sats/byte fees?

its hilarious that miners dont grab every fee they can while the getting is good, those fees could be a million dollars in a few months, at the current skyrocketting size

Probably didn't have a big enough fee on it.
Checked, yeah it was way too small compared to what is being used as a typical fee right now. Prepare to wait a lot longer in order to get your Bitcoin, because a transaction like that is going to take a really, really long time. It's basically next to the bottom of the queue. You should get it eventually but the fees on that is way too low for it to be meaningful.

Depends on what wallet you are using.

Most Android wallets allow this; it's in the settings, or a button/tab right before the 'confirm' or 'send' option. Hosted exchanges (Coinbase, Kraken, Poloniex) sometimes bundle transactions to save fees, and use dynamic fees to ensure customers get withdrawals in a timely fashion. Services like these don't give you the option to set fees at all, but it's usually not a deal, it's enough, they will charge you a generic fee that isn't respective of the size of your transqxtion, or send it for free.

Hardware wallets look at the network and suggest the most efficient fee, but you can adjust it usually. Never had to on my KeepKey.


What wallet are you using?

Besides that now there is a delay in all transactions that are in bitcoin. One way is to increase the payment fee.
This is one of the trouble that is currently often disputed by everyone.

So just so i know for next time... how do i control how much i donate as a transaction fee, as to avoid this problem in the future. I would be more than happy to give more in a transaction fee to avoid this.

Also im not sure what im doing wrong on transaction accelerator. Put my address in and it wont register. The box goes red

Thanks again for all the help

I didn't check your fee, but the network has been kind of congested lately, I'm assuming because of the recent uptick in interest. Unless you sent a really healthy fee (something you can only control if you set the fee yourself), this unfortunately might take a while at the moment. You picked the wrong day  Exchange and hosted wallets rarely have this function; the standard fee they use that would normally serve to provide a decently fast transaction, just won't cut it.

Give it more time, it's frustrating, I know. Your coins aren't lost; worst case scenario, the txn will get dropped by the mempool if it doesn't confirm, and the funds will be available to spend again (this time with a nice fee attached).

Edit: forgot about txn xcl, great idea, do that.

Thanks very much, didnt know that. Will do now. 

You might have to wait more than 24 hours more for your transaction to confirm because you only paid 0.00011515 BTC as a transaction fee. Most people pay at least 0.0005 to get their transactions confirmed under 4 hours so you pretty much get what you pay for.
If you want to get your transaction confirmed much faster then you could try to accelerate it using the Transaction Accelerator Tool from ViaBTC –just place your address on there then you are likely to get that transaction confirmed within 24 hours.

Tool: https://www.viabtc.com/tools/txaccelerator/

This may be a dumb question but I understand after transferring Bitcoins from my wallet to Alpha it goes through some sort of confirmation process. I have looked it up on blockchain and am yet to receive any confirmation after 24 hours. After reading other forums I feel this isn't normal. Can anyone help me understand where my coins have gone?

Here is the link to it on blockchain:

https://blockchain.info/address/15XLA92Jg3PBUqQVpxGa26oLGZfefWvzLW

thanks