That's really low fees. To ensure sufficient granularity of the money supply , clients can divide each BTC unit down to eight decimal places a total of 2. For transactions which consume or produce many outputs and therefore have a large data size , higher transaction fees are usually expected. Views Read View source View history. How many times have you ever made a transaction with BTC?
Because if not, then that means central is completely pointless in confirmation the system. When you use Bitcoin to pay for goods zero services, you will of course need to provide your name and address to the seller for delivery purposes. The funds already bitcoin will be spent on transaction sort of advertising, as intended. Login way, miners ensure that people can only spend bitcoins they own. But how to decide who to trust to do this?
Especially if I like you and your company. Bitcoin has a tendency to strengthen hearts with time so you should be fine as long as you don't go all in on day 1.
I see a lot of these posts and I don't get it. I never have major issues with confirmations even when the backlog is high. This was a high fee for my typical experience, the confirmation time was average to long from my typical experience. Maybe I'm lucky or is everyone just sending much larger size in bytes transactions? Its a transaction ID. Whenever you send a Bitcoin a transaction ID is generated so you can see the details of your transaction.
Couple of weeks ago I was waiting more than 24 hrs for confirmation when had replinished account from one of exchange service. The TX is faultless. So there is no problem at all! Don't worry the bitcoin network was recently attacked with many spam transactions slowing it down. Just have patience your money will arrive soon.
This may take some time. You were most likely notified by your wallet that it will take a long time so I don't know what you expect. Even then, it doesn't mean your coins are safe. Really what "return to the original wallet" means, is that your wallet will allow you to spend those coins again. If that second transaction goes through before the first transaction say, if you used a higher fee , that first transaction will officially be cancelled. Until you do that, there will always be the possibility that some miner somewhere will include your first transaction in a block.
Nothing will happen to your btc, tx will either go through, or taken off the mempool after a couple days, in which you can send the bitcoin again. If you turned on rbf then you can also add an additional fee to get the transaction through quicker. Could you post the transaction id? Idk man, if you set your fee too low than it is unlikely the tx will go through, because of the mempool spam.
Got them in no time. I mean, we're both talking anecdotally. Lots of spam transactions from those people you have already known.
Your bitcoin is safe and secure in mempool and it will be processed. As long as there is no fork accrued, then there is no chance of double spending.
Which ever transaction process first by a miner, the rest of transaction will be canceled and not confirmed to prevent double spending. Something like this happened to me.
I tried sending bitcoin a few days ago. It was stuck for a few days pending in the other address, and then it was sent back to my original wallet. I ended up with. I never, I repeat, never had any problem at all with any Bitcoin transactions at all! At the time of writing this, this post was posted 5 minutes ago, and it went straight to the top of the subreddit with over upvotes in 5mins. Nothing to see here. All VERified organic haha. Even if you tripled it every few years it would add like 1k usd worth of memory to run a node over a decade.
It's not a concern worth having. If you do the math even if we're increasing it all the time it's not a concern. Or we could force peopel running nodes to buy more hard drives at very little cost to anyone. Less than a few hundred thousand in hardware for all the nodes in the world. So why would we take this step in ?
It ameks no sense to piss on what took us from a 1 dollar to Not make it go away entirely. Lightning providers need to be able to move their BTC too, and with an ever expanding network the need for larger blocks will grow and grow.
Tripling the block size would make it much more expensive to do again assuming this was all an attack which it obviously was not most of those transactions were "legitimate" as you would define them. The biggest draw back to raising the block size is having to do it all over again x amount of time later.
I've often wondered what motivates people with no technical understanding of Bitcoin, to engage in technical discussions about bitcoin. If you don't have a clue, spare us your insights, please. The answer for people like you is always 0.
Same with the bitcoin core dev team. Dudes don't even own BTC. I can tell that you are uneducated from the way you write, so I guess criminal is a fitting path for you. I have mined pretty much all the coins I own and spend BTC all the time.
You're obviously a non technical numpty who just likes to pretend he knows stuff. So no plebe, in IQ and education i'm well above you. When you have a IQ it's not a great bet your'e smarter than anyone there bud.
Of course you've never mined a block and of course you've never actually used BTC yet here you are. You could simply send a transaction that sends someone else's coins to yourself.
Luckily no one in the network will accept your transaction. When you want to spend bitcoins from a certain address, you will need to sign the transaction with the private key of that address. Other clients in the network can verify that you own that private key because they have the public key.
This method is based on public-key cryptography. So when miners try to bundle unconfirmed transactions into a block, they first need to confirm every transaction to make sure that all transactions in its block are valid. When they are not, other clients will not accept the block they mined when they send it to the network.
This is the least difficult one to understand. The Bitcoin protocol sets the difficulty of the mining problem so that averagely every 10 minutes a new block can be found by some miner. This way, a transaction takes 10 minutes to be confirmed on average. However, after a transaction has been included in a block, it still is not irreversible. This is not easy to understand, but when a miners try to mine a new block, they include in that block the number and the ID of the previous one.
So let's say someone mined block , which follows number It can happen that someone else didn't notice that someone found a valid block to follow on 99 and makes a valid number itself as well, let's call it '. In this case, most clients will only accept the first block they received. But it can happen that another miner received ' first and will find a block following on ' and not on Then we have following situation:.
When clients notice such a situation, they will always choose the longest existing chain that only consists of block they think are valid. This means that block will be discarded and that ' and ' or now the two last block of the main chain. This means that a transaction that was confirmed by block is now possibly no longer confirmed. Luckily, the miners who found block ' or ' probably also knew of the transaction and most probably they also included it in one of those blocks. But it can happen that they did not and so a transaction can be undone.
For this reason, most clients and merchants require a transaction to be confirmed by at least 6 blocks. This means it must be included in a block that has at least 5 blocks after it. The fact that a transaction will be able to be considered confirmed after averagely 1 hour, makes it a stable situation.
It happens rarely that transactions confirmed for more than 1 hour will ever be reversed again. The previous part about stability already included some security aspects of mining. It is clear that miners make the Bitcoin block chain trustworthy.
When a transaction is included in a block and 5 or more other blocks have passed, you can be sure it is irreversible and safe to accept it as a payment. It is also clear that the safety and security of Bitcoin as a payment system is in the hands of the miners and that every time one of them solves a block, he has the power to decide what transactions he accepted to the block chain.
Mostly, all miners are fair and they will include as much valid transactions as possible. Whenever a miner is not fair and it selectively excludes some transactions, some other miner will likely include it in the next block. There is however one flaw. When a miner has more computation power than all other miners combined , it can always create new blocks at a faster rate than the others.
This gives him much power over the block chain, and that is to be avoided at all cost. But this is a security flaw, what has this to do with why miners should mine?
Currently, to own hardware capable of performing such an attack would be so enormously expensive that it is economically unfeasible to do, if not completely impossible. So, every miner who contributes his power to the network ensures that only fair miners will find blocks and that the network will be safe for people to trust upon. In order to prevent double spending, signed transactions need to be time-stamped in a well defined order so that clients can determine the validity of each transaction; i.
Rather than have a single centralized trusted authority, Bitcoin distributes this function across the network. Taking into account the total number of Bitcoins mined, the monetary base of the Bitcoin network stands at over million USD. While using bitcoins is an excellent way to make your purchases, donations, and p2p payments, without losing money through inflated transaction fees, transactions are never truly anonymous.
Buying Bitcoin you pass identification, Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. Bitcoin activities are recorded and available publicly via the blockchain , a comprehensive database which keeps a record of bitcoin transactions.
All exchanges require the user to scan ID documents, and large transactions must be reported to the proper governmental authority. When you use Bitcoin to pay for goods and services, you will of course need to provide your name and address to the seller for delivery purposes. This means that a third party with an interest in tracking your activities can use your visible balance and ID information as a basis from which to track your future transactions or to study previous activity.
In short, you have compromised your security and privacy. In addition to conventional exchanges like Bitstamp, Bitfinex, Kraken and Coinable there are also Peer to peer exchanges like localbitcoins and Paxful. Peer to peer exchanges will often not collect KYC and identity information directly from users, instead they let the users handle KYC amongst themselves. These can often be a better alternative for those looking to purchase bitcoin quickly and without KYC delay.
Mixing services are used to avoid compromising of privacy and security. Mixing services provide to periodically exchange your bitcoins for different ones which cannot be associated with the original owner. In the history of bitcoin, there have been a few incidents , caused by problematic as well as malicious transactions. In the worst such incident, and the only one of its type, a person was able to pretend that he had a practically infinite supply of bitcoins, for almost 9 hours. Bitcoin relies, among other things, on public key cryptography and thus may be vulnerable to quantum computing attacks if and when practical quantum computers can be constructed.
If multiple different software packages, whose usage becomes widespread on the Bitcoin network, disagree on the protocol and the rules for transactions, this could potentially cause a fork in the block chain, with each faction of users being able to accept only their own version of the history of transactions. This could influence the price of bitcoins. A global, organized campaign against the currency or the software could also influence the demand for bitcoins, and thus the exchange price.
Bitcoins are awarded to Bitcoin nodes known as "miners" for the solution to a difficult proof-of-work problem which confirms transactions and prevents double-spending. This incentive, as the Nakamoto white paper describes it, encourages "nodes to support the network, and provides a way to initially distribute coins into circulation, since no central authority issues them.
Nakamoto compared the generation of new coins by expending CPU time and electricity to gold miners expending resources to add gold to circulation. The node software for the Bitcoin network is based on peer-to-peer networking, digital signatures and cryptographic proof to make and verify transactions. Nodes broadcast transactions to the network, which records them in a public record of all transactions, called the blockchain , after validating them with a proof-of-work system.
Satoshi Nakamoto designed the first Bitcoin node and mining software  and developed the majority of the first implementation, Bitcoind, from to mid Every node in the Bitcoin network collects all the unacknowledged transactions it knows of in a file called a block , which also contains a reference to the previous valid block known to that node.
It then appends a nonce value to this previous block and computes the SHA cryptographic hash of the block and the appended nonce value. The node repeats this process until it adds a nonce that allows for the generation of a hash with a value lower than a specified target.
Because computers cannot practically reverse the hash function, finding such a nonce is hard and requires on average a predictable amount of repetitious trial and error. This is where the proof-of-work concept comes in to play. When a node finds such a solution, it announces it to the rest of the network. Peers receiving the new solved block validate it by computing the hash and checking that it really starts with the given number of zero bits i.
Then they accept it and add it to the chain. In addition to receiving the pending transactions confirmed in the block, a generating node adds a generate transaction, which awards new Bitcoins to the operator of the node that generated the block. The system sets the payout of this generated transaction according to its defined inflation schedule. The miner that generates a block also receives the fees that users have paid as an incentive to give particular transactions priority for faster confirmation.
The network never creates more than a 50 BTC reward per block and this amount will decrease over time towards zero, such that no more than 21 million BTC will ever exist. Bitcoin users often pool computational effort to increase the stability of the collected fees and subsidy they receive.
In order to throttle the creation of blocks, the difficulty of generating new blocks is adjusted over time. If mining output increases or decreases, the difficulty increases or decreases accordingly.
The adjustment is done by changing the threshold that a hash is required to be less than.
23 Aug Low fee? I paid almost 1/9th of my transaction in fee's.. 50 cents on $9 is now a " low fee" its a low fee in todays broken bitcoin platform You can no longer do low cost micro transactions with bitcoin.. that's what is broken should i have paid $3 on a $9 transfer to get it processed? That's fucking broken and. 31 Jan To help ease these deposit delays, we're proud to introduce zero-confirmation pre-credited Bitcoin deposits. Here's how it works: we're running every Bitcoin deposit on Gemini through a proprietary analysis to determine how likely it is to get confirmed, even if the network is clogged with other transactions. This way, new bitcoins are added to the network and it can be ensured that transactions can be confirmed. Fairness. Since Bitcoin is peer-to-peer and there is no central authority to control it, every one can send any kind of transaction to the network, whether or not it is valid. You could simply send a.