Bitcoin fee too low

bitcoin fee too low

On the Bitcoin network, the average confirmation time for a BTC payment is Transactions with low fees will often have to “wait” more than one block in. A fee that's “too low” simply means that. No information is available for this page. BITCOIN CASH TO CAD

In , a policy was proposed in BIP to allow replacement transactions. It essentially enables you ie. When the replacement transaction is sent to the nodes, they will replace the old transaction with the new one and broadcast it to their node peers. Remember, this can only be initiated by the sender. In a child pays for parent CPFP scenario, you can get your pending transaction confirmed by sending another transaction to yourself using the change from that pending transaction.

In other words, either party A2 or B from the example above can use the funds they receive in the parent transaction to cover a higher transaction fee in a child transaction. They become a package deal. In other words, the average of the two fees must be greater than the current fee level required to get a new transaction confirmed. In practice, creating a CPFP transaction is much more difficult as it requires spending from an unconfirmed transaction, something that many wallets do not allow.

This is a service offered by miners where they will take an external payment e. Basically, you provide adequate financial incentive to miners by paying them an extra fee on the side. Stratum V2 brings greater transparency to out-of-band payments, as you can read about in this article from Deribit Insights.

For example, exchange wallets typically force a fixed fee no matter the amount being sent. That makes sense, as stuck transactions will inevitably create unhappy users and support headaches for them. Self-custody wallets where you control your own keys will often have more available options to boost a stuck transaction.

As a BTC user, you have the opportunity to be your own bank. That comes with many advantages including censorship and seizure resistance, but it also means that you can get into confusing situations like having a stuck transaction. We hope this article helped you understand what to do and how to prevent this from happening again in the future. By miners, for miners.

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Something went wrong. But if you aren't in a rush, you can choose a lower fee and wait for it to be included eventually. In addition, under the "purging" header, mempool. But, again, only some wallets support the feature, including Blockstream Green and Electrum. Developers have long anticipated the scenario of rising transaction fees as more users swarm to Bitcoin. That's one reason they're building the Lightning Network, a network that sits on top of Bitcoin to allow the network to support more transactions, relieving congestion.

This is the best long-term solution for users planning to make several transactions in the future. With Lightning, the user does need to pay a fee when initially setting up the channel. But after that, they'll be able to send as many transactions as they want assuming they have enough money in their account with lower fees. Back to our traffic jam analogy. Users need to get through the initial traffic jam. But with Lightning they will be able to bypass the traffic jam completely by using another alternative lane just for them.

And they can do this as many times as they want. Again, not all wallets support Lightning transactions. In fact, the most popular ones, such as Coinbase and Blockchain. At least for now, there are some further caveats. For one, Lightning is still new and not everyone accepts this type of payment.

So, whether it is useful to users depends on whether they're making payments to accounts that accept Lightning — or if they can convince those receiving payments to use it. Not to mention, Lightning is still experimental. While the technology has matured over the last couple of years, there's still a possibility users could lose funds.

In other words, users shouldn't put their life savings in it. Though SegWit has been around for a while now, not all wallets and exchanges have gotten around to adopting this type of transaction. On top of SegWit, bech32 addresses add even more improvements and decrease fees a little more as well. Some services have adopted SegWit transactions but not bech32, a format specifically made for SegWit transactions.

SegWit, bech32 — all these different changes are confusing. If you're just looking to get a discount on fees, take a look at this list or this list of wallets and exchanges. The more checkmarks or green squares an entity has, the higher the discount on fees you'll likely see when using the app. Note: These lists might not be fully up to date. Some more recent SegWit adopters, such as BitPay , have not made these lists yet.

That said, SegWit is not necessarily the default type of transaction in wallets that support it. Users will need to make sure to specifically select the SegWit option when creating their wallet to make sure they can send bitcoin transactions with lower fees.

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In fact, the most popular ones, such as Coinbase and Blockchain. At least for now, there are some further caveats. For one, Lightning is still new and not everyone accepts this type of payment. Not to mention, Lightning is still experimental.

Though SegWit has been around for a while now, not all wallets and exchanges have gotten around to adopting this type of transaction. On top of SegWit, bech32 addresses add even more improvements and decrease fees a little more as well. Some services have adopted SegWit transactions but not bech32, a format specifically made for SegWit transactions. SegWit, bech32 — all these different changes are confusing. Note: These lists might not be fully up to date.

Some more recent SegWit adopters, such as BitPay , have not made these lists yet. That said, SegWit is not necessarily the default type of transaction in wallets that support it. Users will need to make sure to specifically select the SegWit option when creating their wallet to make sure they can send bitcoin transactions with lower fees. Taking to Twitter today, Dorsey answered a couple questions posed by a Twitter user: Was Musk investing contingent on Dorsey leaving?

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Markets closed. Dow 30 34, Nasdaq 13, Russell 2, If transaction is unconfirmed you may just double spend it. It would probably require creating a transaction manually I have used node. I would suggest also paying a bit higher fee for the new transaction being confirmed before the old one and not reusing any of source addresses used by either the old or new transaction, as double spend is easy to detect and people may not trust you. If the point is to just make the original transaction confirmed you may just try to resend it using console.

It sometime helps as unconfirmed transactions are broadcasted by the network only for limited time. If you have access to the core API and there is 'change' from the txn, spend the change with a high fee:. Lookup the txn, the change address is the zero based output from the spend. For your own amount - figure the change amount minus a large fee.

Make sure you understand the fee will be the change from original txn minus the spend to the address. Normally protections are in place to prevent fee bloat - this method ignores them. The only thing you can do is to wait for the transaction confirmation, like me now.

This link show that more than Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Start collaborating and sharing organizational knowledge. Create a free Team Why Teams? Learn more. How to unstuck a low-fee transaction with blockchain. Ask Question. Asked 4 years, 10 months ago. Modified 11 months ago. Viewed k times. Improve this question. Add a comment. Sorted by: Reset to default. Highest score default Date modified newest first Date created oldest first.

This probably won't help at all, and it's the exact opposite of 0b, so it's probably not a good idea 1 Double spend with a higher fee RBF. Improve this answer. Arrays start at 0. Very good. I've had a transaction take longer than 24 hours due to not including a large enough miner's fee And currently there's no way to cancel a transaction after it's already sent, even if it's still unconfirmed.

I've merged the question this answer was posted on originally into this more canonical topic. Please check if you should edit it to adapt it to this topic. Replace-By-Fee is this feature, but blockchain. Stefan Stefan 2 2 silver badges 11 11 bronze badges. Please check if you should edit your answer to adapt it to this topic. I want to delete my unconfirmed transactions from Blockchain. Is there any way I can recover my bitcoins?

Mark Messa Mark Messa 4 4 silver badges 14 14 bronze badges. I am in the same situation. I contacted my wallet provider and this was the responce. David Wyness David Wyness 31 2 2 bronze badges. I appreciate and i think the best thing to do right now is to wait and see what will happen — Adedeji Mine have now confirmed, took 4 days, so its worth waiting, chances are it will confirm soon.

Please check if you can edit it to adapt it to this topic. OK so finally the answer. I've submitted a couple of low fee transactions for a test and curious how this plays out. So in case of blockchain. I can't find any info on rejected transactions though — Toolkit. Seems like Blockchain. The proper way of course is not to use it at all and go for RBF wallet. There is no guarantee tx gets rejected old.

It looks like your Tx may have dropped out — Wizard Of Ozzie. Yeah, submit a higher fee double-spend transaction. If you have access to the core API and there is 'change' from the txn, spend the change with a high fee: you will need the stuck txn id the change private key vout is the output for the change address. Richard Richard 5 5 bronze badges. This is technically exactly the definition of a double spending.

Sherman Sherman 1. The Overflow Blog. Will chatbots ever live up to the hype?

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