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Tradesatoshi unconfirmed btcHow to unstuck a low-fee transaction with 24crypto.de? - Bitcoin Stack Exchange
Bitcoin is becoming more and more popular. The amount of transactions per day is increasing and is at an all times high:. While this is good news, it also has its downsides. Because the size of each mined block is fixed to 1MB, the amount of transactions per block is limited.
There is a lot of debate whether this should be changed. The consequence in the current system is that not all submitted transactions can be processed quickly.
The time until a transaction is confirmed can therefore become rather long. Fortunately, the bitcoin network is based on market principles. The invisible hand takes care of this issue: By adding higher processing fees to your transaction you can make sure that it receives higher priority. It is even possible that it will never get confirmed. Recently, I experienced this case myself. My transaction was stuck for more than 24 hours because my wallet software, Electrum, was outdated. It proposed a way too low fee for the transaction and since I never had to change the default in the past, I just submitted it.
After a few hours, I lost my hope that the issue will resolve itself. So I started reading up on solutions and came along quite a few:. Would better hardware make a difference? The modus operandi of the Bitcoin network presupposes that each block is mined every ten minutes or nearly so , and the same timeframe would remain in place even if every miner had a chance to be equipped with super powerful hardware.
In order to get all the insights into the current state of the mempool, one simply has to visit the website of a German software engineer Jochen Hoenicke: it displays all current Bitcoin fees along with the current mempool size. The most obvious way to get to the top of the mempool and get your money transfer confirmed is to pay a higher fee. During the Bitcoin boom in December, some users would have to pay a jaw-dropping 40 percent fee in order to send a single payment.
However, how to make sure that your fee is high enough for your transaction to be confirmed? It is not always reasonable to accept any fee that is automatically suggested by your wallet software. There is a website called bitcoinfees. As mentioned above, the transactions that are going to pay less in fees are going to be processed first.
The dark blue line indicates the number of transfers that went through the mempool — it clearly shows how much money people paid to get their payment completed. All high priority transactions appear in the green area. Those who want to save money can go for a lover fee, and they may get their transaction processed relatively fast if they get lucky and the whole mempool gets cleaned out in a snap.
Is there a way to get out of this predicament for those individuals who are not willing to shell out higher fees? Still, there are certain workarounds that will help you confirm your transaction faster even with lower fees:. Do not send your payments during the time of day when the Bitcoin network usually experiences the highest level of congestion.
Join the Roger Ver crowd, and switch to any other altcoin. Litecoin, Bitcoin Cash, and other top 10 entire have faster payments and lower fees, but there is a roadblock in the form of poor merchant adoption. On the right, you can see the delay in minutes that shows how long you have to wait to get your transaction processed. How many confirmations do you need? It actually depends on the size of your payment. Crypto bulls will have to go through a whopping number of confirmations before getting their millions, which is fair enough.
The particular number of confirmations also depends on the exchange of your choice. For instance, Coinbase, the most popular fiat-to-crypto exchange in the world, requires three confirmations before any payment is completed.
On top of that, there is a direct link between confirmations and the digital asset of your choice. Before taking any further steps, you have to check whether your transaction is confirmed or not.
Pick any Blockchain explorer for instance, Blockchain. If your transaction remains in limbo for a prolonged period of time, there are three ways to find a way out of this predicament:.
Continue waiting for your confirmation it may up to a week for your transaction to get confirmed. Alternatively, you can simply sit and wait until your transaction expires after being dropped from the mempool. Lastly, one can also replace an already existing transaction through Replace-By-Fee. Notably, Satoshi was the one who came up with this idea buy later he decided to shelve the fee replacement feature.
Later, it made a comeback with Bitcoin Core 0. In this guide, we will be discussing what steps you need to follow in order to avoid unconfirmed Bitcoin transactions. There are primarily 5 steps that we will be discussing here which will help you in getting a confirmation faster and they are —. Choosing the right fee is very crucial for a Bitcoin transaction to get confirmed. Although most wallets do provide an idea of what will be the ideal fee and duration for a transaction to get confirmed, due to the high USD value of fees we tend to lower the amount.
To counter this issue you can visit mempool. If still, your transaction does not confirm within the specified time then you can check for the Bitcoin network for congestion.
Network congestion is the main reason why the Bitcoin lightning network has been invented. To check whether the network is congested or not you can visit the below websites —. I personally prefer the first one as it is more descriptive than all the rest. Rebroadcasting an unconfirmed transaction means rebroadcasting the same transaction to the servers to try and get your transaction re-propagated through the network.
You need to rebroadcast an unconfirmed transaction if possible in a regular interval until it gets confirmed. You still can rebroadcast a transaction when there is network congestion but in my experience, it hardly works. Most Bitcoin wallets like Mycelium wallet have this feature.
It is more useful when your transaction gets dropped from the mempool for being unconfirmed for too long. If you are not aware of this step then let me tell you it is one of the highly recommended ways of accelerating a transaction or in other words getting Bitcoin unconfirmed transactions, confirmed.