Bitcoin unconfirmed transactions. Is it network overload?
Hi,
Is it just me or do you have similar problems? I've send BTC from my MultiBit wallet to two exchanges and they are staying in limbo mode!
One of them was seen by 75nodes!!! The other might be slow as I haven't increase the fee and there might be double spending on it, but still the blockchain network should resolve those issues in less than 9 days!!!
The friend of mine send BTC to Kraken at the same time and it looks like he suffers from the same problem.
Any comments? Do you know any proven techniques / options for speeding up the the transaction?
lol - have you sleep the last year? Thats the blocksize discussion about whats going on since 2 years or so and is even in media. The mempool size is not less these days.
https://blockchain.info/de/charts/mempool-size
Speeding up -> pay more fee.
I've done transactions at the beginning of May at the same fee level and they were cleared in less than 48h after 10 confirmations.
Do you know how to estimate the time when the transaction will be dropped from the blockchain and my BTC will be available agaoin on my wallet?
The Bitcoin transactions are stored in a node's memory pool for 72 hours by default, though some nodes are configured to keep mempool transaction indefinitely. In any case, a transaction will simply return to the mempool if it is still being broadcast (as transactions usually are until they are confirmed). Normally it takes you around 2-3 days what I saw in past and had on my own.
As my wallet (MultiBit) is running on the PC which is switched on 24/7 then:
Transaction1:
https://blockchain.info/tx-index/feb04801d99c0d8d12249e5f052fb7fc1a8b00526ffcea30162d8f319d02355f
Transaction 2:
https://blockchain.info/tx-index/92846927e894d0d56a1dbdb89217675c5f7c3773b30da938376916e712f64015
it gets even worse,ill share how you can tell what fee to pay. Atm the fee to pay to make sure your transaction is included in a block is 0.0000039 btc(or $7.8 per kb @BTC $2000)and this will most likely get higher tomorrow!!!
here is where you want to check https://bitcoinfees.21.co/
Great, thank you very much.
The only way for speeding up a transaction is to put a bigger fee. There are some website that recommend a fee according to the last block stats, and there are also some wallets that calculate the ideal fee, but always check the proposed fee as sometimes the algorithm fails and suggest an extremely high fee.
Also some wallets allow the replace by fee option, which lets you increase the fee without waiting for the transaction to get out of the mempool. Multibit does not offer this option yet.
Thx