Used Electrum, noticed the default miner fee was like $ 15 for my $ 120 payment. Manually adjusted to 90 satoshi per byte, and the calculation based on https://bitcoinfees.21.co/ at the time said it would have taken 6 hours max. 12 hours later I have zero confirmation. Couldn't add more fees to the transaction afterward….
So what happens now that my transaction isn't being mined?
Also, is this a temporary thing ($ 15 fees), or is this the new thing with Bitcoin, never had issues before with default fees and relatively low miner cost…
This question already has an answer here:
I’m new to bitcoin and only have a small clue as to what I’m doing. I was sending small amounts of money to another wallet and those weren’t getting confirmed. I read online that the solution to this problem was to send the money to yourself. I made another wallet and I did so and now that transfer is unconfirmed also. What have I done? Have I lost all the money? Whats going on? Many thanks, Tom
It seems that choosing a good factor to use to expand Bitcoin’s capacity is a good idea. The software would divide some of its calculated values by this factor, such as the target time between blocks during difficulty calculation, the number of blocks between difficulty adjustments, and the subsidy. To achieve the security of “one hour’s worth of hashing power,” the recommendation for confirmations would be multiplied by this factor. It seems that using a factor of two from time to time (whenever the community finds it valuable) would be appropriate.
Let’s suppose we choose a factor N. This will allow the blockchain itself to grow N times as fast, providing N times the transaction fees to miners, multiplying the number of rewards by N (but dividing the reward itself by N), dividing the average wait for a confirmation by N, and multiplying the rate at which transactions are confirmed by N. This also reduces the variance of mining revenue.
This allows time (instead of network bandwidth and computer memory) to be used to expand the carrying capacity of the bitcoin ecosystem. Should such a proposal be written into a BIP?
The post Vcash: A Cryptocurrency That Completes Transactions Without Confirmations appeared first on CryptoCoinsNews.
I tried sending 193.09 LTC from my mobile wallet. There wasn’t an option for how much of a fee to add to the transaction, so I just sent as is. It took a long time to send from my phone and then once it processed from my mobile wallet it just sat (and as of now still is) on the blockchain unconfirmed. I’m a relative noob to Litecoin, but I know that BTC and ETH won’t even let you trade unless you attach the right amount of fees or gas, so I thought my transaction should go through just fine.
My question is, will this eventually go though?
Do I have any options to remedy this? Or is it just a matter of time before it gets confirmed?
Hash ID can be seen here:
If there’s any other relevant info needed to diagnose I’ll gladly provide. Thanks in advance!
Satoshi built Bitcoin to be a decentralized network. Some of the original recommendations (such as waiting for 6 confirmations) relied on statistics that related to level of decentralization.
According to the math on page 9 of the whitepaper there is less than a 0.1% chance of successful a double spending attack if a rogue miner controls 10% of the network hash rate and the recipient waits for 5 confirmations. However if a rogue miner controls 45% of the network hash rate you would have to wait for 340 confirmations to reach the same level of confidence (less than 0.1% chance) of a double spend not occurring.
Are there any tools that automatically monitor the hashrate of the major pools and dynamically use that data to change the number of confirmations merchants request? My intended use case would kick in for large purchases when/if a major pool went down, giving another pool (at least temporarily) a very large percentage of the network hash rate.
I did several payments about 14 days ago. There are 618 confirmations, but the amount remains red and nothing happens. See the example of my blockchain wallet and 4 more examples. The balance of my blockchain wallet is Zero. In the other examples i have more then 1000 confirmations and still rising every hour. What do I wrong ?