Unconfirmed for over 30 minutes on blockchain.info. I have transactions sitting for over 30 minutes now and I paid a transaction fee of .0001 to .0002 for each of them. A question: If I use multibit or bitcoin-qt, will the transactions be faster?
Bitcoin is not the answer for micro transactions (AKA how do I rebroadcast an unconfirmed micro transaction)?
I was under the impression that Bitcoin would be the answer for sending micro payments over the Internet, but that is apparently not the case at all. With a .0001 BTC required transaction fee for all transactions under .01 BTC, that amounts to a 6% transaction fee (at today's exchange rates) for a $1 USD transaction. And that equates to a 12% fee for a $.50 USD transaction. These fees are significantly higher than credit card fees, Paypal fees, Western Union fees, and even foreign exchange rate fees. A few days ago, I didn't realize any of this information (i.e. the required fees), so I tried to send $1 worth of BTC to a friend WITHOUT a transaction fee to show him how "amazing" this new technology is. Turns out to be not very amazing at all, because the transaction never confirmed because of the lack of the transaction fee. Worst of all, there seems to be nothing I can do about it... I can't even add the 6% fee to it now, in order to get it confirmed! :( I used the BitWallet app on iOS to send the transaction, and the hash of the transaction is: c238d939b330b682abe1c729300636600254c23c67e1eea4e8daa9abc26dd2c5 So now the transaction is in a permanent limbo state that can't be resolved, and I have effectively paid a 100% transaction fee because the money is in limbo. :( Is there anything I can do to rebroadcast this transaction with the appropriate fee, so it actually confirms?
I hope I'm in the right place. If not, it would be great if you could point me to the correct subreddit. Now to the point - I've been using bitcoin for a few years now, though I'm an infrequent user, and only buy and use coin as and when I need it - about once a month or two. Until recently I never had much trouble. However - in the past few months I've been encountering extreme waiting times for coin to move, and from what I've read, the only solution might be to add a transaction fee. I've been using Multibit classic so far, so never had a choice to add any, though I've now downloaded Multibit HD, but I don't have a clue as to how to calculate an appropriate fee to add to my transaction. I don't know enough about the workings and the maths behind bitcoin, and trying to figure out fee per kb or any of the formulas I've come across feels like it's going over my head. Could someone really simply explain the best (and cheapest. Sorry, I just can't afford much) way to add enough of a fee so my transactions get confirmed? Thanks!
My first BTC purchase experience was not so good. Trying to buy a game on Steam's web store and using BTC to pay, but it's taking over an hour to confirm the BTC from my local wallet (MultiBit); Bitpay only gives my 15 minutes before timing-out. So the transaction gets cancelled, but the BTC transfer eventually goes through. Huh?? I've tried twice. Now I'm out about 0.14 BTC, still have no game, and no idea how to get a refund. Sorry for the n00biness... I just can't understand how this could possibly work. Is there an issue with the blockchain size or something? edit: Okay I noticed my wallet was a few years old -- the original MultiBit. I installed a newer wallet, MultiBitHD, and it has an option to adjust the fee. I moved it to 0.2 mBTC/KB to get a little better priority, in case that was the problem. Re-attempted the purchase from Steam/BitPay and wham bam it went straight through in just a few seconds. Time to migrate everything off my old MultiBit wallet and get with the times. Might even go crazy and get a mobile wallet so I can zap QR codes. Thanks for the help, everyone.
“That’s such a speck of dust that the vast majority won’t even notice it.”
For you, yes. It's probably the same for most Redditors. According to this list: http://en.wikipedia.org/wiki/List_of_minimum_wages_by_country Average of Cubans win $0.05 per hour of work. If 1 BTC = $650, 1000 Sato = $0.0065, which is 13% of $0.05. 13% for 1 transaction. 13% of 1 hour of work is almost 8 minutes. The Cuban using Multibit will have to work 1 hour to do 7 transactions. Of course, peoples from Cuba will not going on Multibit, we have some other nice Wallets running. According to the UNECE's 2011 statistics on http://en.wikipedia.org/wiki/List_of_countries_by_average_wage (last table), only 30 countries offer a +$1000 wage / month to peoples. Others are below, and the population of the countries below the $1000 if probably higher than the population getting above $1000. I'll stop my maths here, but I think your enforced fee isn't fair. Bitcoin is a revolution for all and it's gonna help a lot the less wealthy countries. Don't forget them please. I understand your need of money, fair enough, your job is pretty awesome. But you need to keep the Wallet worldwide. I can't complain without an idea, maybe a solution. I understand that donations are maybe not enough, a minority are donating (well, not sure after seeing the Armory donation address). So I would have an option to remove this fee, reduce/increase it, so peoples can adapt. And also why not giving a kind a Points to users participating ? Peoples with Points could unlock special features or so. Edit to clarify some points: so far im not asking to get multibit free of charge, and im using cuba as an example, could be any other "poor" country. Some peoples here made me understand that Cuba is not the best example.
Bitcoin transaction fees (miner's fees) It is free to receive bitcoin but sending usually incurs a fee to ensure timely inclusion of the transaction into the block chain. This is because Bitcoin relies on people all over the world storing the ever-increasing block chain which consumes valuable resources such as network bandwidth and disk storage space. The developers of Multibit have explicitly disabled such a feature to change the transaction fee, citing concerns that having little or very low transaction fees would result in the transaction taking too long to process (which is going to be unbearable for the average user only interested in sending and receiving money quickly). From the GitHub issue originally submitted, the developer ... Bitcoin Fees Bitcoin Transaction Fee Chart Bitcoin Fee Calculator Bitcoin Fee Rate – Up to Date Promotions, Information and News about Current Bitcoin Fees. Get the Best and Top Reviews . Win cryptocurrencies! Play and win now on the world’s best cryptocurrency gambling platforms: SHARKOIN.com World’s largest gambling platform! SharkRoulette.com A fantastic European Roulette ... It costs a lot of time, money and effort to create and maintain quality software and MultiBit HD is no exception. In order to ensure that we can continue to provide you with software that is up to date with the latest innovations in the Bitcoin ecosystem we charge a fixed 1,000 satoshi fee on each transaction. Typically this equates to about $0 ... In the most recent version of MultiBit Classic there is a slider that you can use to adjust the fee. You can adjust it from 0.000 01 BTC/KB of transaction (too low for today's network) to 0.000 5 BTC/KB – jim618 Feb 1 '16 at 10:11
Bitcoin Fees and Unconfirmed Transactions - Complete ...
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