Bitcoin transactions taking longer after segwit switchover

in blocktrades •  2 years ago  (edited)

I haven't had a chance to look into this in depth yet, but I wanted to alert customers as soon as possible. We've seen bitcoin transactions taking a lot longer to confirm since the bitcoin network switched over to segwit. The lag time has been high for both incoming bitcoin from customers and our outgoing transactions of bitcoin. We have more unconfirmed bitcoin transactions than we've ever seen, and some transactions are still unconfirmed after 20 hours!

For this reason, at the moment I strongly recommend use of an alternative coin for anyone going to fiat(USD/Euro/etc) if their fiat exchanger supports another coin (Ethereum and Litecoin are the most likely alternatives). For more details about why you should consider an alternative coin, see my previous post that covers this subject in depth:
https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently

From what I've been able to read about segwit, this sounds like it's a temporary issue, and overall fees should actually drop somewhat in the coming days. But in the meantime, strategic use of a different intermediate currency could save you time and money!

Here's a link that shows how fees and transaction confirmation times have increased recently:
https://bitcoinfees.21.co/
The table on the link above can be confusing, so to make it a little simpler to understand, it's reporting 20 hour confirmation times for only moderate sized transactions for which over $4 USD equivalent worth of bitcoin were paid as transaction fees. The most unfortunate part is those reported times have only been getting worse throughout the day.

Here's one likely alternative below:

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segwit is locked and activated but actually its not as simple as "click send" wallets/exchanges will have to add support for it, currently its complex to send a segwit transaction and its easy to make BTCs lost in the process

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For everything else, there's Bitcoin Cash.

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  ·  2 years ago (edited)

Ya they need time to update their wallet and so on. But I wonder why they didn't do it earlier. And that 0.99$ is so irritating to my eyes. Let me make it 1 $

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This also begs the question why do small blockers keep saying segwit is an immediate increase when it's clearly not the case. It's a conditional increase; it depends on several conditions in fact, one of which is that users have to upgrade as you said.

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users? I thought our wallet company will handle it...

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Nothing in CryptoSpace is easy :(

Just found out my Exodus wallet supporting Ethereum doesnt support their ERC-20 tokens, and although other say Jaxx does, it also doesn't, well only a few but not the new ones. An hour later I discovered these wallets do store the ERC-20 coins when those are send to the Ethereum address but do not make them visible nor accessible, but with some tricks it is possible to move them to some other wallet supporting the ERC-20 tokens. And although I'm not an engineer, I have a strong technical background and mind; How will CryptoSpace get to the main stream with this highly complex ways of dealing with it? Anyway, that is another topic of discussion though.

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Crypto going mainstream doesnt have to involve everyone buying tokens for speculation. It's likely at first that only one or a few cryptos will achieve mainstream adoption and at that point I guess its also likely that the wallets etc will be very easy to use as they are improved over time

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Yep, improvements have to be made, and they are generally made by new entrants. My take is that crypto space is to dominated by technical people and way to few marketing people. That said, almost no crypto coin is ready for mainstream, may none at all. Transaction speeds are way to low to be used for payments. And it is too easy to loose coins, just a single type error, and gone is the money. Steem made that last part much easier by introducing the account names, which coins have that? Anyway, we need still a lot of time before crypto (can) go mainstream IMHO.

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Just be happy your in the priest class and dont worry about the masses , they have plenty of ways to use bitcoin real easily with al the apps like coinbase etc, an so dont worry those ec20 tokens are never gonan be mainstream those are just for a small few so be happyt youre in the clib! its likea secret society bro! the tokens will keep growing in value though, but it doesnt need mainstream adoption, and bitcoin is pretty much mainstream people just have to all just download the freakin bitcoin wallet app and thats it! but anyway dont confuse your own frustration witrh storing ec20 tokens as some sort of reason why crypto wont get mainstream adoption lol come on man

pepl r dumb bro, pepl dont need crypto only the preistly crypto class will ned to bother with dealing with their ec20 tokens and not being smart and just storing them on my ether wallet like everyone TOLD them to use lol u HAD To do the lazy route righty? just kidding man but honestly i know u probly were just trying to take the easy route by using exodus u wanted to keep everything nice and neat in one place righty? hah XD u get wrecked when u do hings ur own way in crypto land best top do things the same way everyone else is doing them when it comes top doing them for the first time because it sucks to loose ur coins like this yeah man when u cant get something to work its like FUCK u rarely encounter glitches like that but once my siacoin wallet app was not working it was because new version needed computer to have 8 GB of ram and unytill i upgraded i was just not able top access my siacoins but i hve them now and its just crazy how much moneyyou can lock yourself out of!

so spread your crypto out into multiple wallets!

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You maybe right

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The support for this will come. Be patient. The beauty of the BTC community is that we are the adults in the room. We can't get sloppy and release things that have issues.

Bitcoin fees and transaction processing time is always headache to every bitcoin user, even after segwit this problem is not solved. Now more people are switching to bitcoin cash to overcome these problems.

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There has been only one block above 1mb so far, and it was 32kb above. You have to give a few days for wallets and miners to safely upgrade.

I would be extremely cautious holding bcas I expect it to be doing up and downs in the 30% range daily.

I suggest you use a wallet that allow to bump the transaction fee via CPFP or RBF in case the network conditoin worsen and you really need the transaction to confirm in the next block.

I know Electrum and Mycelium allow for this (Not mycelium on IOS)

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good post thanks
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Check how cheap it is to sent steem sbd bts bit assets etc

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Seems right now BCC is only an investment tool. I'll wait until it has some practical applications, or purchase power. I can spend BTC at hundreds of places & find 5 ATM's within a few miles of my house. I'm not discounting BCC, just not worth the instant market cap.

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would you mind naming the places for usage? as an overseas searcher

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8mb blocks = minimal fees

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  ·  2 years ago (edited)

You are right my friend.thanks for post your comments.

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Eso no es nada mire lo que me paso a mihttps://steemit.com/blocktrades/@fannyamor/problema-con-transferencia-en-blocktrades#comments aqui le deje un articulo con un problema que me paso con @blocktrades me gustaria que me ayudara con eso

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And guess what we are still early in the mining business 🤑🤑 60 days to break even, well theoretically. but still I'm going full on! after that break even, it's free money anyway.

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Isn´t Litecoin faster and cheaper to use (micro trading) than Bitcoin?

I feel its extremely underrated

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I love you all and love your publications. You are heroes in my opinion. I want to be like you I would appreciate it if you followed me and you liked my publications😍😍😍😍

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yes there is a Problem with transaction timing and fees, But anyway Bitcoin is still the best cryptocurrency to buy, and this problem will be solved soon.

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It will be ok aftwr updating dont get to pain

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Segwit optimise l’espace des blocs afin d’y inclure un plus grand nombre de transactions et corrige surtout le problème de la malléabilité des transactions, ouvrant ainsi la voie à de nouveaux chantiers :

– MAST (Merkelized Abstract Syntax Trees), une amélioration qui exploite à la fois les transactions Pay to script hash (P2SH) et les arbres de Merkle. MAST pourrait permettre d’effectuer sur Bitcoin des « smart contracts » plus complexes tout en réduisant la quantité de données nécessaires à leur exécution et en améliorant la confidentialité

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Don't forget about Dodge, it's a sleeping Giant!

Just use Litecoin instead.

It has the most developed ecosystem, you can even buy LTC straight from Coinbase and any other major exchange.

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Honestly, Litecoin offers pretty decent functionality and is much cheaper to obtain for smaller purchases where it's accepted. This helps avoids highly disproportional fees. It's also become much more than just the "Silver to BTC's Gold" and is psychologically a solid alternative among general market sentiment during BTC price corrections.

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Or just use Dash instead which is even faster than Litecoin and it has proper governance whereas ltc does not.

I can't wait for cheaper fees

I noticed slow confirmation times today personally ($4 fee - simple 1 input; 2 output).

After 20 minutes or so of waiting i checked the mempool and found a huge back log. TX did confirm after ~40 minutes.

BTC 30 Day Mempool

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You are the hero I want to be like you and I would be grateful if you supported me

Thanks for the info. Useful.

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THats not good news

Thanks for the info. I also melted sbd through blocktrades. But you never see my post. When all my friends post, you present in their posts I feel you do not want to be my best friend because you never see me.

how I can be like you, you have a very great article, I really want to learn like you, if I can @blocktrades

I thank for stating all of this @blockttrades however i resently have an issue i transac a SBD to ETH transaction and i havent seen it yet after 3 days. What should i do and is there a way i can contact u guys for fixing that transaction error.

Not a very good news... hope it will be fixed soon. I have no worrie about the future of the bitcoin.

If fees and transaction times are not solved soon Bitcoin might be in for big troubles.

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Thanks for this rich info @blocktrades ...am happy to be a steemiam as i get good upto date infos...tks

This is what I am waiting for, your article is very amazing, I always liked your article @blocktrades

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  ·  2 years ago (edited)

"Yabba Dabba Doo".....this is damn great news for Bcash followers.....it's a message from the haven. Great information @blocktrades

The highly expected future changes are made for more easy and convenient,Of course these same problems if allowed to continue would make consumers uncomfortable,So parties concerned it is desirable for the soon complete. thank you

Please help my introductory vote.
I am new in steem and I am very proud to join in steemit ,,
@blocktrades

Thank you very much the greatest @blocktrades.Your info Is very useful, not only to me, but also all people who joining in steemit.I hope you always remember y account and help me to be better in my future and life.

The fee is too much, they better review it downward.

  ·  2 years ago (edited)

This might also lead to a (temporary) loss of confidence in Bitcoin and thus a dramatic increase in the BCH value since the mining efficiency is increasing for this one. Hope Segwit2 will not take too much time to fix this. Otherwise it might be very good news for BCH.

I wonder if this bad news for BTC will help BCH (Bitcoin Cash). BCH has been hovering sideways for a few days now.

Now it's clear, thank you

Thanks @bloktrades has reminded us.
Approximately until when normal return bitcoin transactions.
And what we can do if it happens as you mentioned above. Do we have to stop the transaction?

Upvote if you think that BitcoinCash is the original Bitcoin :)

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yes I think it is more original than of late, but Segwit has cool ideas too. Success of segwit has allowed believers in 8 meg block size to finally get what they want after years of effort.

Funny how one size does not fit all. So what was best for 1 meg/segwit folks turns out to also be best for 8meg folk, to agree to disagree and segment the market.

Its very simple: Segwit-Bitcoin is losing hashpower to Bitcoin Cash. Because of this, the blocks are slower and the fees are higher.

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An interesting theory is that miners will move to what pays them most, therefore making original bitcoin ideas gather hash-power and adoption. But I do not completely agree with this theory.

People will move to what is best for variety of reasons, knowing eventually it may eclipse all else. Two reason to give up temporary higher rewards: convenience, ethics and effort/time to get reputation.

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"miners will move to what pays them most"

Not necessarily. Bitcoin Cash has been more profitable the last 3 days, and there have still been plenty of miners who continued to mine the legacy chain even though it was less profitable to do so.
Just saying, there are more factors involved.

I really appreciate the tip!

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That is bad news

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Wow, thanks for the update! You would think things would improve after Segwit, hopefully they can fix this soon

Mining was cut in half and then spiked back up to normal so there is a bit of a delay which should be back on track here very soon.

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Bitcoin Difficulty: 923,233,068,449
Estimated Next Difficulty: 886,978,918,154 (-3.93%)
Adjust time: After 1 Blocks, About 10.3 minutes

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Soon is a relative term for anyone who's been waiting 20 hours for their bitcoin to arrive :-)

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Thanks for discussing

Can somebody please help me. If blocktrades doesn't see this can show meone tell me best way to bring a dispute if I did not get anything back for a transaction? I'll Up vote any good response at 60%!or higher power

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Issuie resolved! Blocktrades is fast and reliable! Thank you blocktrades!

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I think I done messed up! I might of forgot the memo for the first time, either way please blocktrades send me back the steem of that's the case

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Yes, the memo was missing. I've refunded the steem, but it's more efficient if you use our email contact from our web page for support messages. Our support people do not monitor our blog, only I do.

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Oh wow ! So sorry my friend ! I haven't made that mistake before! I tha I you for reversing this so quick! U r good people!

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What's the webpage ? I see no link on your profile ?

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Our web page is https://blocktrades.us. Our support email address is [email protected]

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just started today to pick withnesses off course I selected blocktrades also.. You are doing so great with supporting the community. thx again

Interesting times. Speaking out of both sides of their bitcoin core mouth.

You have so much steem power that one upvote from you could change my life lol

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true

nice, very useful. thnks

I sent STeem Dollars For Litecoin and haven't received anything in return . It's been 15 hours or so
Please return the steem if the amount was to small or there was another issue . I took ur advice and did litecoin because it was only 6 steem dollars and I didn't wanna pay the bitcoin fee which I know Is higher

i hope this issue will be solved soon waiting for the best and hoping for the greatest

  ·  2 years ago (edited)

is this real?

Segwit is too complicated for most ordinary users.

I've already started using doge to move from currency to currency and if I could find an exchange that let me convert steem directly to eithe fiat or bitcoincash, I'd be happy.

@blocktrades have a nice day.
fantastic thanks for share.
very useful information.

Why blocktrades have such a huge fee? I made a conversion from eth to steem and they charge me near 20%, is this normal? Please opinions! 😢

We all knew there was going to be some growing pains involved once Segwit completed its first block. I think things will get better once the dust settles in the next few weeks.

The delay has nothing to do with the SegWit (no one is using it) but with BCH and its EDA (so miners switch to mining BCH from BTC).

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  ·  2 years ago (edited)

Thank you for the vote you gave me hope we can be a better friend. thank you! @blocktrades

Very good post!
I like post your sharing

Yo tengo un problema el cual publique en un articulo y aun no tengo respuesta algunahttps://steemit.com/blocktrades/@fannyamor/problema-con-transferencia-en-blocktrades#comments

https://steemit.com/blocktrades/@fannyamor/problema-con-transferencia-en-blocktrades#comments aqui le deje un articulo con un problema que me paso con @blocktrades me gustaria que me ayudara con eso

Thanks for info

I did a bitcoin transaction and moved it into an exchange. It took an hour for it to clear.

Thats why in some places like here in the philippines suffers in investing in bitcoin because there's no alternative coins you can use as payment. I think that's one of the reasons why bitcoin is still going up in price. Bitcoin is our gateway in order to invest in crypto's.

Its real .....Tnx to share this nice post
I follow u

Do you guys think that it would go back to normal as soon as possible?

As these issues are not completely resolved yet, is there a possibility of the price of bitcoin taking a dip while people look into alternative coins for transactions? Any insight on this would be highly appreciated.

Just use Bitcoin Cash enough said. Unlike segwit, Bitcoin Cash's capacity increase really is immediate.

Hello sir, good day! I am just a newbie here on steemit, however, I got curious about this so called BITCOIN. I am interested. Can you help me? I want to get knowledge and learn it here on steemit.com :) Thanks in advance :)

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Sell your Bitcoin which has been infected with banker software, and buy Bitcoin Cash which is the real Bitcoin anyway.

Check out how cheap and fast it is to send Bitcoin Cash!

Lighting network needs to come quick without any issues :/

Upvote @shamuel blocktrades

hmmm that true .Bitcoin fees and transaction processing time is always headache to every bitcoin user, even after segwit this problem is not solved. Now more people are switching to bitcoin cash to overcome these problems.


🤘👉 @apvlog

Great info! keep up the good work!

I think in the future there will be a better solution. Now there's a lot of pressure on the Bitcoin and that's a good thing so we can figure out how best. And I think a lot of the digital coins will exploit this to improve themselves in the future.

Oh totaly didn't expect that to happen since the effect should've been completely different. Well at least you say it's a temporary thing. Hopefully it will recover soon.

There are other coins for faster online transactions and LTC is one of them.

Lol this is why I'm glad you offer Dogecoin @blocktrades... SUPER fast and TINY fees 😄

Is this game market players @blocktrades? Is it because the bitcoin price is so high that the transaction is deliberately made jammed ,?
Sorry,! I'm not worse than my friend, it's just a question, you as a broker there must be an answer.

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No, it's not some form of manipulation, its all ultimately because the increasing number of bitcoin transactions have begun to fill up the bitcoin network's capacity.

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O ya sir @blocktrades! Sorry if this hurts you, maybe this is my experience in forex trader, sometimes there is broker, when their deposit do so smoothly, and when we make withdrawal, its work very slowly.

Thank you very much for your reply @blocktrades, again i do not mean to vilify your company in the public eye, i think your company works well, this is business and we have to trust each other.

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that was the intent of the integration of segwit, so not really a bad thing.

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You do not understand pele

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Ever heard of irony?

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Have you heard of it?

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How ironic of you!

Since aug 1:st I have practically started using Dash more and Bitcoin less. Coinapult have added Dash as a option.

Problem in the philippines is that the only crypto we have that enables us to converts earnings to peso is bitcoin.

You probably aren't sending to a segwit wallet address, in order for it to be a segwit transaction, you need to send to a wallet that starts with the number 3 (for example my segwit address is 352BZAx5w6Jabk5aYNpNLaqTYkLnorZDSN) also im not 100% sure but i believe you also have to send from your segwit wallet to. Meaning both parties have to have a segwit address.

its all happening because of monopoly of BCH as the difficulty decreases in BCH miners are moving to BCH to get more reward and then back to BTC when difficulty increases again on BCH they keep doing this which is why its all happening

Use litecoin instead

Good news ... I have no worry about Bitcoin because it can't be stopped by anyone.The value of Bitcoin will keeps on increasing
@saimegh
Following and resteemed

Very nice. I am already using blocktrades for transaction .sometime bittrex and that too is good yet

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I followed and upvoted.Would you like to follow and upvote me.
!

Go long litecoin!

This is a useful news for the people who use it, including me.
Thank you for this information, with this posting everyone knows more about the process of exchange an alternative currency that takes a longer time.