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  1. #1
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    Default 8 hours and counting.. slow bitcoin confirmations

    Still unconfirmed it's been over 8 hours.. there was a time i could transfer and within 20 mins the other address was credited.. what's going on?

  2. #2
    MMM
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    You are at your regular internet connection in terms of speed? I was travelling in some semi third world country and had to wait hours for it to get approved.
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    Quote Originally Posted by MMM View Post
    You are at your regular internet connection in terms of speed? I was travelling in some semi third world country and had to wait hours for it to get approved.
    Do you come to England often?

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    MMM
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    Quote Originally Posted by RacingJim View Post
    Do you come to England often?
    been a few times, mainly for conferences. Actually there, the wifi never works...
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    I've noticed confirmation times of a few hours the last few times I've moved bitcoin to Kraken for conversion to USD. Much different than what I remember the first time I did a transfer. Of course, Kraken requires six confirmations before allowing you to convert and withdraw funds.

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    at over 12 hours now.. still no confirmation and i even pay a higher fee..

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    I just did a quick search to get a better sense of bitcoin transaction confirmation times. I found the following chart claiming to show average confirmation time:

    blockchain.info/charts/avg-confirmation-time

    Although I also found statements made elsewhere on the web that the average confirmation time chart actually shows the median time for the first confirmation.

    Twelve hours does seem like a very long time, although I do note that the referenced chart does show a fair amount of variation, with one day in recent history where the median initial confirmation response time was 454 minutes (7 hours 34 minutes).

    Looks like bitcoin can be quite sluggish compared with fiat currency transfer times.

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    Sherlock's Avatar
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    Quote Originally Posted by MMM View Post
    You are at your regular internet connection in terms of speed? I was travelling in some semi third world country and had to wait hours for it to get approved.
    This does not affect anything even if you are lost on carribean beach on GPRS. The transactions are processed by the miners, who have the top connection and on the top the speed is not about it, but about the overall network that just consumes electricity of 1/4M city.

    It is just too many transactions to handle=too low fee used for now.


    Def use something this if you want to avoid problems like that in future: https://bitcoinfees.21.co/
    When it is already late try: https://www.viabtc.com/tools/txaccelerator/ (never tried, curious if works)
    Here is a chart of stuck transactions: https://blockchain.info/charts/mempo...imespan=60days
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    Quote Originally Posted by wonderpunter View Post
    at over 12 hours now.. still no confirmation and i even pay a higher fee..
    This is a bit of a worry. Does it have to do with the wallet/exchange you're using, or is it something else? Please keep us updated.
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    Quote Originally Posted by MichaelCorfman View Post
    Of course, Kraken requires six confirmations before allowing you to convert and withdraw funds.

    Michael
    this might be the crux, at other places transactions are often confirmed after one confirmation

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    This is a bit of a worry. Does it have to do with the wallet/exchange you're using, or is it something else? Please keep us updated.
    I think you do not get it. The link above https://blockchain.info/charts/mempo...imespan=60days shows that so called mempool is full. It means bitcoin network has currently a limit like 3 transactions per second. And that limit just hit ceiling,partly because we have alltime high times. If you want your transaction to be confirmed, just throw away a bit higher fee. That is it. There is no worry. (The scalability must be resolved somehow, but no money is lost.)
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    I'll answer with a slightly LESS rosy view of bitcoin and it's structure.

    -------------

    BITCOIN HAS LIMITED CAPACITY.


    Basically the BTC infrastructure is swamped with transactions - there is a block mined every 10 minutes or so (usually - sometimes 20-30 minutes) and that will confirm between 2500 to 3000 BTC transactions.

    SOURCE : https://blockchain.info/

    So theoretically, you get your first confirmation in somewhere between 0-19 minutes, and then that set of transactions contents will be confirmed by subsequent blocks every 10 minutes or so - so to get to 6 confirmations takes 6 blocks or around an hour.

    ------------

    PEOPLE ARE EXCEEDING BITCOINS CAPACITY.


    BUT, bear in mind that BTC is getting more and more popular, and currently the high price is generating interest and there are a lot of people trying to do transactions. In fact there are currently over 66,000 BTC transactions WAITING for a confirmation.

    SOURCE : https://blockchain.info/unconfirmed-transactions

    --------------

    SO YOU NEED TO PAY TO BE INCLUDED IN A BLOCK QUICKLY.

    Because there is a backlog, MINERS get to earn money two ways - they get rewarded when they solve a block (but this drops with every halving) - and they also get rewarded by picking up the "fees" included in every transaction. So MINERS will pick and choose which transactions that they will include - and this usually means transactions paying a slightly higher fee to get included earlier.

    Here is a chart showing current fees per byte - and it thinks that a current fee of 200 Satoshis per byte or 45,000 satoshis per typical 226 byte transaction will get the job done. That is about 55 US cents.

    SOURCE : https://bitcoinfees.21.co/

    Note that if you are paying half that fee (100 Satoshis per byte) then your delay is somewhere between 3-35 blocks (half an hour to six hours) and if your fee is less then you may never be included ... as there is that huge backlog of transaction to pick and choose from.

    So check that your wallet is set for medium fees - and you should be fine.


    ---------------

    SUMMARY :
    Bitcoin and blockchain are very clever things, but they are not really designed as an INSTANT transfer - nor as a high volume system - or a free ride - you need to expect movement take about an hour IF you pay the going rate for fees.


    Sherlock may know how to get those funds back - there may be a system that boots out (or flushes) old transactions that never confirmed, I have not looked into that ?

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    Thanks for this clarification. I am still trying to learn about Bitcoin and feel the jury is still out on Bitcoin. I read your comments and Sherlock's hoping to understand better.

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    No booting out. The fund will either go through or they will be returned after they are definitely refused by miners (it can be many days if I recall).
    So the solution is to push the transaction through. Either try the form of viabtc miner group as I posted above. Or send the transaction again (=doublespend; which is not supported by all wallets and you have to google how to do it technically).

    On the other side there are plenty of businesses that can use zero confirmations. There are both bookies and exchanges that do that. So in a way the transactions are instant at around level of credit card. Because cc transaction is reversible as well via cashback, then 0 conf transactions are similar in a way.

    +++++++++++++++++++++++++

    Bitcoin operates at free market. This also means that the market will decide which kind of bitcoin is necessary. There is a tradeoff between security and capacity of the network. The solutions to make bitcoin with much more capacity exist and they are even coded (Segwit, Lightning network, larger blocks, other offchain solutions [either another chain or centralised]), but no miners' consensus was found yet. The miners must agree with majority about any new bitcoin code. I think the fees must be much higher than now until something happens. There will be also many ups and downs in bitcoin price. Just hodl on tight.
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    My transaction has been unconfirmed for nearly 48 hours despite paying the higher fee.

    1. Is it possible for a bitcoin exchange to delay a transaction while saying they don't control how quickly transactions are confirmed?
    2. Are smaller transaction amounts usually confirmed and processed faster than larger ones?
    Last edited by sweetbet; 25 May 2017 at 5:16 pm. Reason: typo
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    The latest Electrum software allows you to pay the highest fee which is one block.. usually takes 20 mins max

    Quote Originally Posted by sweetbet View Post
    My transaction has been unconfirmed for nearly 48 hours despite paying the higher fee.

    1. Is it possible for a bitcoin exchange to delay a transaction while saying they don't control how quickly transactions are confirmed?
    2. Are smaller transaction amounts usually confirmed and processed faster than larger ones?

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    Same problem. Is this something to do with my country?

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    Quote Originally Posted by wonderpunter View Post
    The latest Electrum software allows you to pay the highest fee which is one block.. usually takes 20 mins max
    Unfortunately, I'm not using Electrum for this particular transaction.
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    Quote Originally Posted by sweetbet View Post
    My transaction has been unconfirmed for nearly 48 hours despite paying the higher fee.

    1. Is it possible for a bitcoin exchange to delay a transaction while saying they don't control how quickly transactions are confirmed?
    2. Are smaller transaction amounts usually confirmed and processed faster than larger ones?
    How high the fee was? There are solutions to solve this regarless of wallet. It is called CPFP.

    1. Impossible.Either the transaction is in blockchain with zero confirmations and then the exchange has no control. Or they lie and did not send it.
    2. No, but if we are talking about transactions on blockchain. Then it is all about the fees. But what you probably paid is not a miner fee for processing the bitcoin transfer. You paid a third party, the exchange, to make the transfer. You must understand the difference. The payment to the exchange is generally unrelated.Sometimes it is the same fee,sometimes higher or lower. Depends on the exchange policy.
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    Quote Originally Posted by Viktor Ekermo View Post
    Same problem. Is this something to do with my country?
    It is better to write details.More that "same problem". Which country and which exchange?
    We are all bloodsucking ticks, hungry, devious
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