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Topic: Why is the transaction fee and mempool congestion increasing ? - page 2. (Read 686 times)

legendary
Activity: 2268
Merit: 18509
Some knowledgeable people gave me 2 options:
1. I wait until the mempool is less congested.
2. I pay a miner to include my transaction.
At the moment, yes, those are your only two options.

When you broadcast transactions to other nodes, each transaction must pass all policy requirements on its own merits. It doesn't matter if you also broadcast a CPFP transaction with a high fee - receiving nodes will not at present consider both transaction as a unit, and so the parent transaction with the low fee will not be accepted.

However, there is a proposal known as "package relay" in active development which would change this. This will allow you to broadcast a "package" of transactions, and have receiving nodes consider the overall fee rate of the entire package, not the individual fee rate of individual transactions. See here for more information: https://github.com/bitcoin/bips/pull/1382. This means that you could simultaneously broadcast your low fee timelocked transaction along side a high fee CPFP transaction, and have nodes accept both based on their overall fee.
sr. member
Activity: 406
Merit: 896
None of that is going to help at present as just now I tried to make a payment using 20sats/byte on Electrum, and the servers rejected my transaction due to the mempool being completely full.
RBF will definitely help, and my default settings node has a current minimum fee of around 10.9 sats/vbyte, which is in keeping with mempool.space's 11 sats/vbyte. Seems like you are just connected to a bad server.

From what I discovered yesterday and today, the more coins you try to transfer from Electrum, the more the charge increase
from where did you discover that? As I know that bitcoin transaction fees are based on how much total data that our transaction is made.
Correct. Transaction size (and therefore your fee) is based on the number of inputs and outputs in your transaction, and not on the amount of bitcoin being sent.

I have posted this question in another thread, but here there are many people so I can get more answers and ideas.

Scenario that takes place in the future:
So I have a signed timelocked transaction that a relative gave me 25 years ago. It has been signed with a fee of X sats/vbyte

Today I want to broadcast it but the fee is 10 times higher. The transaction can't be broadcasted.

Some knowledgeable people gave me 2 options:
1. I wait until the mempool is less congested.
2. I pay a miner to include my transaction.

Any other ideas? Thank you
legendary
Activity: 2268
Merit: 18509
None of that is going to help at present as just now I tried to make a payment using 20sats/byte on Electrum, and the servers rejected my transaction due to the mempool being completely full.
RBF will definitely help, and my default settings node has a current minimum fee of around 10.9 sats/vbyte, which is in keeping with mempool.space's 11 sats/vbyte. Seems like you are just connected to a bad server.

From what I discovered yesterday and today, the more coins you try to transfer from Electrum, the more the charge increase
from where did you discover that? As I know that bitcoin transaction fees are based on how much total data that our transaction is made.
Correct. Transaction size (and therefore your fee) is based on the number of inputs and outputs in your transaction, and not on the amount of bitcoin being sent.
full member
Activity: 1489
Merit: 150
Secondly, the current average block time for this difficulty epoch is around 10 minutes and 12 seconds. This is the difference between 144 blocks a day and 141 blocks a day. This is a difference of 3 blocks and therefore 3 MvB at most, and not nearly enough to explain the >100 MvB of unconfirmed transactions we currently have.
Those minutes and seconds are depending on the fee rate of the transaction. From what I discovered yesterday and today, the more coins you try to transfer from Electrum, the more the charge increase and when you bring down the coin to like 0.001 or 0.0002 then the transaction fee will also comes down (reduce)



from where did you discover that? As I know that bitcoin transaction fees are based on how much total data that our transaction is made.
not by how much the total coin you send, I saw a few transactions that 1 BTC and 0.0005BTC, and their transaction fees are the same around 0.00015BTC.
legendary
Activity: 2828
Merit: 6108
Blackjack.fun
I got that bookmark but don't know what's the minimum sat/vB that viabtc accepts. because I have been trying 5 sats/10 sats in the last 2 weeks but it still not getting accepted.
10 sats/byte. Note that it is per raw byte, not per virtual byte.

ViaBTC is simply annoying with this fork war thing they are still mad about, they are probably the only service left with this kind of counter, so the 10sat/vb is actually closer to 20, if you want to save to the last satoshi to go above the limit and you have a ton of inputs and output you're in for a major headache., so better go to a tx size counter before broadcasting or RBF one!
But ironically, Viabtc is also the only true accelerator left.

None of that is going to help at present as just now I tried to make a payment using 20sats/byte on Electrum, and the servers rejected my transaction due to the mempool being completely full.

Huh? Try broadcasting it directly in services like Viabtc!
I see no reason why nodes refusing on one over 20sat/b, not even the default mem size nodes are dropping those, and there are plenty with more, mine still has room.
 

hero member
Activity: 854
Merit: 1246
I was reading through bitcoin.com the other day and saw that there has been decreased in the global hashrate with it been around 300EH/s with also the the intervals for the next block to discovered has increased above the 10 minutes interval. So I think this could be part of it aside the fluctuations of bitcoin price.
This is incorrect.
I also notice this in my early age in bitcoin. I even downloaded the app but someone told me that I should not use the app or the website because it is not the original website, so with that information, I also abandoned the app well because I don't want scammers or online scammers use me to sight eye. So that bitcoin.com is not the real website of bitcoin.


Firstly, I would point out that bitcoin.com is a BCash scam site entirely designed to trick newbies in to believing a dying shitcoin is the "real" bitcoin. I would avoid it like the plague.
Yes the best way to deal with them is to avoid them. Don't even go close to the website because those guys are subtle that can use all means to get their victims.

Secondly, the current average block time for this difficulty epoch is around 10 minutes and 12 seconds. This is the difference between 144 blocks a day and 141 blocks a day. This is a difference of 3 blocks and therefore 3 MvB at most, and not nearly enough to explain the >100 MvB of unconfirmed transactions we currently have.
Those minutes and seconds are depending on the fee rate of the transaction. From what I discovered yesterday and today, the more coins you try to transfer from Electrum, the more the charge increase and when you bring down the coin to like 0.001 or 0.0002 then the transaction fee will also comes down (reduce)

This quote in particular goes to show the author has absolutely no idea what he is talking about:
Quote
Meanwhile, block intervals have slowed down and surpassed the average ten-minute mark, with the most recent block taking a total of ten minutes and 50 seconds to be validated.
The time it takes a single block to be found is utterly meaningless when considering the global hashrate or the average for the epoch. We could double the hashrate and still wait an hour for a block, or we could lose 90% of the hashrate and still find the next block in 20 seconds.
exactly, the global hashrate is very high at this period. And the transaction is very slow.
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
Could you suggest some best wallets which got RBF support on android ? AFAIK, my favourite ones like bluewallet and mycelium both doesnt have it unfortunately.
Electrum.

Just did a transaction and it taking too long to confirm on my Electrum wallet, I did lower the fees but I didn't know that it was going to take this long. Any advice?
Your transaction is opted in to RBF, so it is trivial for you to bump the fee using Electrum if you wish. So either do that, or just wait. (You'll likely be waiting at least several days, though.)

I got that bookmark but don't know what's the minimum sat/vB that viabtc accepts. because I have been trying 5 sats/10 sats in the last 2 weeks but it still not getting accepted.
10 sats/byte. Note that it is per raw byte, not per virtual byte.



None of that is going to help at present as just now I tried to make a payment using 20sats/byte on Electrum, and the servers rejected my transaction due to the mempool being completely full.

I hate to say it, but maybe the loophole that allows unlimited Taproot witness size needs to be closed (which would also kill Ordinals), and I'll bring this issue up to the bitcoin-dev mailing list for possible emergency measures that can be taken to halt this infinite torrent of madness.
legendary
Activity: 2268
Merit: 18509
Could you suggest some best wallets which got RBF support on android ? AFAIK, my favourite ones like bluewallet and mycelium both doesnt have it unfortunately.
Electrum.

Just did a transaction and it taking too long to confirm on my Electrum wallet, I did lower the fees but I didn't know that it was going to take this long. Any advice?
Your transaction is opted in to RBF, so it is trivial for you to bump the fee using Electrum if you wish. So either do that, or just wait. (You'll likely be waiting at least several days, though.)

I got that bookmark but don't know what's the minimum sat/vB that viabtc accepts. because I have been trying 5 sats/10 sats in the last 2 weeks but it still not getting accepted.
10 sats/byte. Note that it is per raw byte, not per virtual byte.
full member
Activity: 1489
Merit: 150
Does btc accelerator actually work? I thought It was just some kind of joke...
ViaBTC's free tx accelerator is legit. Once you are able to submit your transaction there (which resets every UTC hr), it usually gets confirmed when they mine their next block. I will try to add your tx in the next hr if Im free or  somebody else could do it as well.


I got that bookmark but don't know what's the minimum sat/vB that viabtc accepts. because I have been trying 5 sats/10 sats in the last 2 weeks but it still not getting accepted.
hero member
Activity: 2786
Merit: 578
Does btc accelerator actually work? I thought It was just some kind of joke...
It's a legit tool that not many are using anymore because of the transactions before this congestion were okay and not that much. The jokes are those that you can find that they're telling you they'll accelerate your transaction but they're not miners but will just have to rely on any other tools that they know too like from viabtc.

I'm not really in a hurry I can wait even for a week I'm just worried about issues on this transaction. This transaction is still gonna continue right?
IIRC, maybe for 3 days that will be dropped and you shall continue it then if you see that quote or note that it's dropped or failed.


And if it failed the sent amount will still go back into my wallet right?
Yes, you're good.

This actually sucks Im not aware of the network congestion didn't know it would take a long time to confirm.
That's okay, next time you transact, you'll be obliged on how much the fees are and if the network is clogged or not. A sign that the network is clogged is when the fees are too much.
hero member
Activity: 1050
Merit: 681
Does btc accelerator actually work? I thought It was just some kind of joke...
ViaBTC's free tx accelerator is legit. Once you are able to submit your transaction there (which resets every UTC hr), it usually gets confirmed when they mine their next block. I will try to add your tx in the next hr if Im free or  somebody else could do it as well.

And if it failed the sent amount will still go back into my wallet right?
Yes, no need to worry about this.


Edit: Woops, I guess I couldnt accelerate your tx as it says too low fee.
sr. member
Activity: 1638
Merit: 425
Cashback 15%
Just did a transaction and it taking too long to confirm on my Electrum wallet, I did lower the fees but I didn't know that it was going to take this long. Any advice?

The transaction is still unconfirmed on the explorer https://blockstream.info/tx/ce55fbcf02c5339255ca3c474f5875b25c22e7240c0d34adab82cd49f741c0e9.

Am I going to encounter issues on this transaction I don't mind waiting just worried if the transaction will continue or not.
Haha, you just got yourself into a similar situation like mine mate. Mempool suggests you should have paid atleast ~50sats/vB in fee even for low priority transaction (while you just paid ~10.7sats/vB).
But I guess your transaction can be accelerated through viabtc accelerator since it meets their conditions.

Does btc accelerator actually work? I thought It was just some kind of joke...

I'm not really in a hurry I can wait even for a week I'm just worried about issues on this transaction. This transaction is still gonna continue right?

And if it failed the sent amount will still go back into my wallet right? This actually sucks Im not aware of the network congestion didn't know it would take a long time to confirm.
hero member
Activity: 1050
Merit: 681
Just did a transaction and it taking too long to confirm on my Electrum wallet, I did lower the fees but I didn't know that it was going to take this long. Any advice?

The transaction is still unconfirmed on the explorer https://blockstream.info/tx/ce55fbcf02c5339255ca3c474f5875b25c22e7240c0d34adab82cd49f741c0e9.

Am I going to encounter issues on this transaction I don't mind waiting just worried if the transaction will continue or not.
Haha, you just got yourself into a similar situation like mine mate. Mempool suggests you should have paid atleast ~50sats/vB in fee even for low priority transaction (while you just paid ~10.7sats/vB).
But I guess your transaction can be accelerated through viabtc accelerator since it meets their conditions.
sr. member
Activity: 1638
Merit: 425
Cashback 15%
Just did a transaction and it taking too long to confirm on my Electrum wallet, I did lower the fees but I didn't know that it was going to take this long. Any advice?

The transaction is still unconfirmed on the explorer https://blockstream.info/tx/ce55fbcf02c5339255ca3c474f5875b25c22e7240c0d34adab82cd49f741c0e9.

Am I going to encounter issues on this transaction I don't mind waiting just worried if the transaction will continue or not.
hero member
Activity: 3038
Merit: 969
www.Crypto.Games: Multiple coins, multiple games
Didn't know that the TX times and fees went through the roof recently. This seriously sucks big-time. Bitcoinfees.net states that it requires 111 sat/vB to process the transaction under an hour which is absolutely messed up.

Screw those NFT fools who caused this humungous issue. I thought this silly gimmick died already.
hero member
Activity: 1050
Merit: 681
Well, too late for this transaction, but in future you could migrate to a better wallet which does support RBF. There really is no excuse for wallets not to support RBF when it's been around for 8 years.
Could you suggest some best wallets which got RBF support on android ? AFAIK, my favourite ones like bluewallet and mycelium both doesnt have it unfortunately.

None. You'll either need to wait for it to be confirmed, or wait for it to drop from the majority of mempools altogether.
Just a quick update, I didn't have to wait for 14days for this. Surprisingly, the transaction got dropped off (maybe coz mempool was showing that it purged tx under ~7sat/vB?) and my balance got returned. I just made another transaction with a higher fee (~75sat/vB) and it just got 8confirmations already. A relief finally.
hero member
Activity: 798
Merit: 546
I could remember years back when I experienced this kind of stuff, the transaction fee for Bitcoin and Ethereum was this high too. I used to think that it's as result of Bitcoin and ETH price increase that usually brings about this high cost in gas fees, and or too many people trying to carry out transaction within a set period of time. But nice to see we can navigate our way out using the Bitcoin lightning network in such a situation like this.
legendary
Activity: 2268
Merit: 18509
I performed the transaction using mycelium mobile wallet which unfortunately doesn't support RBF. Sad
Well, too late for this transaction, but in future you could migrate to a better wallet which does support RBF. There really is no excuse for wallets not to support RBF when it's been around for 8 years.

Meanwhile, the tx is still unconfirmed after 3days, I think theres no way around now.
None. You'll either need to wait for it to be confirmed, or wait for it to drop from the majority of mempools altogether.
sr. member
Activity: 588
Merit: 351
I have one of my tx stuck from a few days. I paid 5.98sat/vB in fee thinking the fee rate would come down soon, my bad.
Tx: https://mempool.space/tx/428784a3370461b0504a2cae425c297cd5194fcf96501f2375b1b1cd9d810334

So most likely I will have to wait 14days for this to get dropped and get back to my wallet.
As there is only a single output, and the transaction is not opted in to RBF, then the only realistic possibility to speed this transaction up would be for whoever owns the receiving address to utilize a CPFP transaction. I am assuming that the receiving address does not belong to you, so this is not an option unless you can convince the receiving party to do so.

Why did you not opt in to RBF? Silly not to, especially when the mempool is as it is. RBF would allow you to bump the fee at any time. As it stands, your options are to either wait for the mempool to empty down to 6 sats/vbyte, or if that hasn't happened within 14 days, then you correct in saying your transaction will drop.

I thought it was due to some congestion, but it was this case. Now that I think about it, the other week during lenten  season it also happened where my transaction was stuck for 3 whole days, while yesterday I had noticed that the fees are high, I thought I just needed to ignore it since it isn't very relevant and I am also in a hurry doing somrthing and forgot later that day.

Bumping your transaction was also recommended to me the other week if ever I still couldn't find my appropriate block and get stucked. I guess I should be trying that tomorrow if ever I get stucked again.
jr. member
Activity: 31
Merit: 17
Call them NFTs or Ordinals... I see this as a type of ddos attack
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