Why is the transaction fee and mempool congestion increasing ? - page 3.

Edwardard

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Quote from: o_e_l_e_o on May 03, 2023, 10:02:25 AM

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.

You're right, the receiving address doesn't belong to me and the receiving party is not a person but an exchange. So, I guess CPFP isnt possible here.

Quote from: o_e_l_e_o on May 03, 2023, 10:02:25 AM

Why did you not opt in to RBF?

I performed the transaction using mycelium mobile wallet which unfortunately doesn't support RBF. Sad

Meanwhile, the tx is still unconfirmed after 3days, I think theres no way around now.

o_e_l_e_o

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Quote from: entebah on May 04, 2023, 08:36:39 AM

before I do the double spend on my transaction and send it again, I try to do RBF and add the outputs but sadly I don't know how to do it.

First go to the history tab in Electrum, right click on your unconfirmed transaction you want to replace, and click on "View Transaction". Copy the Transaction ID (TXID) from the box at the top.
Then you need to delete this transaction from your Electrum wallet by going to the console and running the following command (replacing TXID with the TXID you just copied):

Code:

wallet.remove_transaction("TXID")

By doing this, the coins that this transaction spends will appear back on your addresses in Electrum, as if the previous transaction never existed.
Then create a brand new transaction from scratch which spends at least one of the same inputs and has a high enough fee to replace the unconfirmed transaction.

If you feel that's too complex then the way you did it obviously still works, but you end up paying the fees for an unnecessary transaction.

Dunamisx

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Quote from: Edwardard on May 03, 2023, 03:49:25 AM

Since the past few days (probably a week), Im observing that the bitcoin transaction fee (for a tx to get confirmed and included in the next block) has increased to an unreasonable level and is not ready to come down. My tx used to get confirmed at 1sat/vB in the past months. I was just curious to know as to what has caused this sudden congestion in the mempool? I cant find a reason.

This is no more a news that everyone into bitcoin have bee aware of this happenings about bitcoin ordinals, try to google it or search the forum for more threads on this area of discussion, i believe there will soon arrived the lasting solution to this since many had been complaining of such before now on increasing transaction fee beyond they could bear all of a sudden, but all you can do for now is to use mempool.space in tracking the period with the least transaction fee on low priority in other to have a cheaper rate for your transactions.

entebah

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Quote from: o_e_l_e_o on May 04, 2023, 04:12:50 AM

Quote from: entebah on May 04, 2023, 04:09:47 AM

really, I have been trying to do the RBF but I don't know how I can add the output of my transaction so I just cancel my transaction and then made another transaction.

Which wallet software are you using? The exact process will differ.

I use electrum wallet to send my transaction that got stuck before because of low fees

Quote from: o_e_l_e_o on May 04, 2023, 04:12:50 AM

Quote from: entebah on May 04, 2023, 04:09:47 AM

i just read the RBF thread but it seems the RBF is works only if the output is same but in my transaction I need to add 1 extra output.

Not at all. An RBF transaction can completely change any or all of the outputs of the transaction it is replacing, including adding new outputs or taking some outputs away.

before I do the double spend on my transaction and send it again, I try to do RBF and add the outputs but sadly I don't know how to do it.
can you share the link/thread about the RBF transaction on Electrum?

dunfida

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Quote from: entebah on May 03, 2023, 07:11:06 PM

Quote from: Edwardard on May 03, 2023, 09:28:20 AM

Quote from: OmegaStarScream on May 03, 2023, 03:50:42 AM

AFAIK, it's related to Bitcoin ordinals[1]. If you're transacting on a regular basis, then maybe it's better to try and stick to the lightning network for now.

[1] https://decrypt.co/138668/bitcoin-daily-fees-hit-all-time-high-with-3-million-ordinals-inscriptions

Got it, so its all about ordinals making this happen. Although, I do like the lightening network, but I think not many services support it yet?
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.

Will this ordinals thing have any impact on Bitcoin's price as well? Thoughts?

I have one transaction that got stuck for more than 2 days https://mempool.space/tx/ffa077a61be9539ea6276463cd5f80429b2009dc6132981fa5386fafd31add6e
usually, I use the same fee and it's got confirmed just within 2 hours but because the unconfirmed transaction reached 210k it got over 2 days and is still not unconfirmed.

Whenever you do make use of electrum then you could really be having the option RBF function which you could always adjust the sat/byte thing and sliding or modifying on how much you would
really be paying up for the transaction fees but if we do speak about centralized platforms or exchangers where fees might be fix or dynamic then it would really be that depending
on how fast it would be included on a block.

If there's a sudden network congestion due to lots of transactions then expect that fees would really be going high and of course miners would really be definitely be prioritizing into those
transactions on which does have higher fees and if you do see yours on lower then it would be included or moved out farther and this is why transaction confirmatio
would really be that longer.

YUriy1991

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Quote from: TechW87 on May 03, 2023, 09:52:13 AM

im more concerned about the storage space needed for running the full node. it will keep increasing due to ordinals and make it harder for people to run a full node.

Besides that The increase in transaction fees and mempool congestion in the Bitcoin network can be attributed to several factors and one of the other factors that also contributes to this congestion is the limited block size of the Bitcoin network, which can only accommodate a limited number of transactions at a time certain. When the number of transactions exceeds network capacity, some transactions must wait longer to be included in a block, which can result in higher fees.

Jawhead999

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Quote from: Flexystar on May 04, 2023, 04:42:15 AM

This is not new when it comes to congested network. We have been to this situation back in 2017 and after that it continued like crazy shit.

Fellow members on the forum also started free services and paid services to boost the transaction using their pools and mining power. I think we will need those threads back again so that we can optimal confirmation at least to the forum members.

I don't think it's same, transactions fee become expensive during bull market is obvious, but now Bitcoin isn't in bull market and the fee is already expensive. The transactions fee become expensive not because people are buy and sell Bitcoin, but it's due to buy and sell NFT.

A free service about boosting transaction isn't legit anymore when solo miner isn't profitable and they control quite huge hash rate. It's just a physiological effect where you think your transaction is helped by them, the truth isn't.

Flexystar

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This is not new when it comes to congested network. We have been to this situation back in 2017 and after that it continued like crazy shit.

Fellow members on the forum also started free services and paid services to boost the transaction using their pools and mining power. I think we will need those threads back again so that we can optimal confirmation at least to the forum members.

That’s generous. Being regular user of bitcoin transaction that’s much needed and let’s thank those guys in advance.

o_e_l_e_o

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Quote from: entebah on May 04, 2023, 04:09:47 AM

really, I have been trying to do the RBF but I don't know how I can add the output of my transaction so I just cancel my transaction and then made another transaction.

Which wallet software are you using? The exact process will differ.

Quote from: entebah on May 04, 2023, 04:09:47 AM

i just read the RBF thread but it seems the RBF is works only if the output is same but in my transaction I need to add 1 extra output.

Not at all. An RBF transaction can completely change any or all of the outputs of the transaction it is replacing, including adding new outputs or taking some outputs away.

entebah

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Quote from: o_e_l_e_o on May 04, 2023, 04:00:01 AM

Secondly, it seems that you used RBF to replace that transaction you linked, sent your coins back to yourself, and then immediately made another transaction to send those coins to the first address you initially tried to pay in your first transaction. This middle transaction (sending the coins back to yourself first) was an entirely unnecessary transaction. You could simply have directly replaced the first transaction with your third transaction, without the need for this intermediate transaction. All that transaction did was cost you a few thousand sats in fees.

really, I have been trying to do the RBF but I don't know how I can add the output of my transaction so I just cancel my transaction and then made another transaction.
i just read the RBF thread but it seems the RBF is works only if the output is same but in my transaction I need to add 1 extra output.

o_e_l_e_o

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Quote from: entebah on May 03, 2023, 07:11:06 PM

I have one transaction that got stuck for more than 2 days https://mempool.space/tx/ffa077a61be9539ea6276463cd5f80429b2009dc6132981fa5386fafd31add6e
usually, I use the same fee and it's got confirmed just within 2 hours but because the unconfirmed transaction reached 210k it got over 2 days and is still not unconfirmed.

Two comments I would make on this:

First, always using the same fee is a bit dumb. Half the time you will overpay far more than you need to, and the other half you'll end up with a stuck transaction needing to bump the fee. It takes 5 seconds to load https://mempool.space/ and choose an appropriate fee.

Secondly, it seems that you used RBF to replace that transaction you linked, sent your coins back to yourself, and then immediately made another transaction to send those coins to the first address you initially tried to pay in your first transaction. This middle transaction (sending the coins back to yourself first) was an entirely unnecessary transaction. You could simply have directly replaced the first transaction with your third transaction, without the need for this intermediate transaction. All that transaction did was cost you a few thousand sats in fees.

entebah

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Quote from: Edwardard on May 03, 2023, 09:28:20 AM

Quote from: OmegaStarScream on May 03, 2023, 03:50:42 AM

AFAIK, it's related to Bitcoin ordinals[1]. If you're transacting on a regular basis, then maybe it's better to try and stick to the lightning network for now.

[1] https://decrypt.co/138668/bitcoin-daily-fees-hit-all-time-high-with-3-million-ordinals-inscriptions

Got it, so its all about ordinals making this happen. Although, I do like the lightening network, but I think not many services support it yet?
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.

Will this ordinals thing have any impact on Bitcoin's price as well? Thoughts?

I have one transaction that got stuck for more than 2 days https://mempool.space/tx/ffa077a61be9539ea6276463cd5f80429b2009dc6132981fa5386fafd31add6e
usually, I use the same fee and it's got confirmed just within 2 hours but because the unconfirmed transaction reached 210k it got over 2 days and is still not unconfirmed.

panganib999

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A couple of things I guess.

Exchanges messing with the peoplebwith their horrendous "approximate" fees and transaction times. More and more people investing in bitcoin because somehow they caught wind of the bull run happening soon, perhaps because of Ordinals, which consequently also deserves another spot on their own because as much as people hate to admit it, they are controbuting to the transaction volume and therefore are a good reason why the fees are high too, and because of other reasons I don't know.

I think this is good really. Save for the fact that it's mad annoying to deal with and a little unhelpful at times especially if you're running out of time, but for the most part high transaction fees and volumes come during times of great prosperity in bitcoin, so it may be a stretch, but these could be telling us something you know.

stompix

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Quote from: TechW87 on May 03, 2023, 09:52:13 AM

im more concerned about the storage space needed for running the full node. it will keep increasing due to ordinals and make it harder for people to run a full node.

The single block size is still 1MB, nobody is going to run out of storage space with such an amount added each day, put in a 1TB drive and you're set for a few years.
As for the ram needed to host the mempool you can limit that from the settings, most have a 300MB limit already and it's not affecting too much, it just drops low-fee tx which would anyhow never confirm, all you need is to rebroadcast it again when times are more favorable.

Quote from: joniboini on May 03, 2023, 08:09:07 AM

So basically, people realize that the Bitcoin chain is more secure compared to other networks to print their NFT, which is why they are fine with paying 30 sat/vbyte now?

The ones minting brc20 tokens are not giving a damn about security, they've smelled another hype and are trying to make some money, that's all. These people would create tokens on any clone of a shitcoin of an altcoin if it were profitable, I'm willing to bet quite a few of them don't even know BTC is not GPU minable.

o_e_l_e_o

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Quote from: Synchronice on May 03, 2023, 10:24:48 AM

I've been watching mempool and I often see that despite the fact that there are a bunch of transactions on block with low transaction fees and overall fee becomes lower, someone comes out of nowhere and sends transaction with 10 times, 20 times, 50 times more fees than recommended. Then other people join them and overall our transaction fees get higher. One could say that it's because of old software but these transactions come from SegWit addresses.
Idk, there is no logical explanation.

I've spoken about this before too: https://bitcointalksearch.org/topic/m.57336047

The explanation is that lots of people just blindly accept the fee that their chosen wallet or website tells them, and that the vast majority of wallets and websites are absolutely awful at suggesting an appropriate fee. As you say, all it takes is one exchange to kick start the process by dumping a bunch of overpaying transactions in the mempool, and then 90% of wallets and websites out there start matching those exorbitant fees, and we get in to a vicious cycle. If everyone (exchanges included) actually just paid attention to the fee they are paying, then everyone could save 90% on all their fees, all the time.

Quote from: tbct_mt2 on May 03, 2023, 10:40:33 AM

Replace-by-Fee is chosen by a software wallet default if I am right.

Some wallets do not support it. Which was kind of my point - if he is using wallet software which does not support RBF, then time to find better wallet software.

Quote from: tbct_mt2 on May 03, 2023, 10:40:33 AM

Without that opt-in, the only option left is Child-Pay-For-Parents which is more complicated than RBF.

And also more expensive.

tbct_mt2

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Quote from: o_e_l_e_o on May 03, 2023, 10:02:25 AM

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.

Replace-by-Fee is chosen by a software wallet default if I am right.

So why the user did turned it off in the past? I am not sure what is a reason to turn it off. With RBF opt-in, we can bump the fee rate any time we want to do that. Without that opt-in, the only option left is Child-Pay-For-Parents which is more complicated than RBF.

How Replace-By-Fee (RBF) an Child-Pays-For-Parent (CPFP) can speed up confirmation
[TUTORIAL]getting a low-fee transaction unstuck by creating a CPFP with electrum

Synchronice

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Quote from: Edwardard on May 03, 2023, 03:49:25 AM

Since the past few days (probably a week), Im observing that the bitcoin transaction fee (for a tx to get confirmed and included in the next block) has increased to an unreasonable level and is not ready to come down. My tx used to get confirmed at 1sat/vB in the past months. I was just curious to know as to what has caused this sudden congestion in the mempool? I cant find a reason.

I created a thread about that too, a little earlier but to be honest, I haven't received logical explanations, only overall ones. I've been watching mempool and I often see that despite the fact that there are a bunch of transactions on block with low transaction fees and overall fee becomes lower, someone comes out of nowhere and sends transaction with 10 times, 20 times, 50 times more fees than recommended. Then other people join them and overall our transaction fees get higher. One could say that it's because of old software but these transactions come from SegWit addresses.
Idk, there is no logical explanation.

o_e_l_e_o

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Quote from: Edwardard on May 03, 2023, 09:28:20 AM

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.

Doan9269

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Quote from: Edwardard on May 03, 2023, 03:49:25 AM

Since the past few days (probably a week), Im observing that the bitcoin transaction fee (for a tx to get confirmed and included in the next block) has increased to an unreasonable level and is not ready to come down.

Read about bitcoin ordinals, there have been several topics created already onnthis aspect and members have discussed on this same issue countless times, but i want to believe this is bot where the end is going to land, things will soon get better and back steady as before.

Quote from: Edwardard on May 03, 2023, 03:49:25 AM

My tx used to get confirmed at 1sat/vB in the past months. I was just curious to know as to what has caused this sudden congestion in the mempool? I cant find a reason.

Maybe you noticed this late, it's quite few months now that you make any transaction in nothing less than 4 sat/vbyte, later it increases to about 9 to 11 sat/vbyte and to over 20 sat/vbyte the more the congestion the higher the fee rate.

TechW87

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im more concerned about the storage space needed for running the full node. it will keep increasing due to ordinals and make it harder for people to run a full node.

Topic: Why is the transaction fee and mempool congestion increasing ? - page 3. (Read 686 times)