My co worker linked his bank account via instant verification 4 days ago and then immediately made 3 tx which were all pending still today. When he went to log in it said his account was closed? Anyone have any ideas or suggestions?

I'll check it out, thank you!

On the unconfirmed graph, the higher the 'spike' the more unconfirmed transactions?  When it's sinks back down that would be the time to transfer because you can get a 5-20 sat/b confirmed?


I think I'm starting to get it.. who would pay 600+ sat/b ? It would push the transaction through fast I'm assuming? I wonder if that person is using a wallet that is charging a fortune?

Mempool graph ---> https://jochen-hoenicke.de/queue/#24h

I've been doing quite a bit of research on the Mempool.. still dont feel like I have the best understanding of it. From what I understand the mempool will tell you how many transactions, unconfirmed and pending transactions.

On the graph that says unconfirmed now there's roughly 1800 unconfirmed transactions @ 5 sat/b, how do I know if that a lot or not many? How do I gauge what sat/b fee I'd want to pay?

On the graph that says pending. At 10 sat/b there is roughly 2.3 BTC pending, how do I gauge if this is a lot or not?

The last graph is mempool size in KB. At 20 sat/b there is roughly 1,700kb, once again how do I know if this a a lot?


I feel like I can read the graph it just don't mean much to me at this point. If someone could explain or direct me to a link that could explain I'd appreciate it.

UPDATE: I sent a few transactions to my newly created Segwit wallet on my Ledger from my Legacy wallet. The original total fee for one of the transaction was $11.23, on high by default. When I manually typed it in as a low transaction the total fees were only $1.16, a $10.07 difference! The transaction took less then two minutes. After I received the tx I wanted to compare the cost of the tx on Segwit vs Legacy. I setup the same transaction on Segwit, the total fee on high, by default That came out to be $6.37. Then I did the manually custom on Segwit, total fee manually lowered. That came out to be $0.55, a $5.82 difference! Not sure how long to send the tx, didn't send it just set it up and canceled.. Either way point of post is to help new people, or anybody that did not know. You can save money in transaction fees ($10.07 myself on one tx)if you're sending from Legacy to Segwit, at least in Ledger Wallet by tweaking the a few things. It's also a good gauge for the benefit of Segwit over Legacy. Legacy was $1.16 vs Segwit $0.55, that a $0.61 difference. Reduced by more the HALF! Segwit is the way to go.

Here is some other feedback I'm getting, can anyone confirm or deny this?

"Some wallets allow you to set the fee per category like economy , normal , fast at different fee rates

Others allow the above but also allow you to manually type in the exact fee to get much cheaper rates . Thus checking here https://bitcoinfees.21.co tells you on average how many blocks to get your first confirmation .

You send a tx , it shows instantly , but it is unconfirmed until included in a block.

Thus by manually setting the fee you can see that its fine to wait 2 blocks at 10-20 sats per byte , thus avg tx size 226 bytes x 10 sats = 2260 satoshis tx fee or 11 cents instead of a couple dollars other wallets might charge you due not being as precise with the fee market


If you are dealing with small amounts it is critical that you control the amount of the fee manually so you aren't overcharged. Therefore you need to use airbitz or green address that allow this. Trezor/ledger/core allow this too. study this page - https://bitcoinfees.21.co

If you are paying high fees in bitcoin right now it means you are using a wallet that guesses the fee wrong and just need to switch wallets.

Also keep in mind that txs fees are priced in bitcoins and not USD , therefore when bitcoin is very valuable the fees can go up as well. The altcoin Bcash is worth a fraction of what bitcoin is and blocks are almost completely empty because few people use that alt and almost no merchants accept them so you really cannot compare it directly with bitcoin"

"Example- right now 130 sat will likely get in immediately, thus that is

130x226bytes= 29380 sats or 1.44 usd , but will segwit(sending from a segwit address) it will likely be 70c to 1 usd "

So when you say it will take longer to get confirmed but it will eventually get confirmed? Honestly I'll probably just pay the regular fee to send, if I even do. (Legacy > Segwit)

Just for my curiosity...I don't understand how you pick the fee manually, just come up with a number?  What if it was so low it didn't get accepted, would it sit in pending and eventually cancel?

Thanks for the replies! From more research it looks like by setting the fee manually, which some wallets allow the fee to be set manually could be a fraction of the price? Although it might now be accepted right away, would have to wait for a block. Any truth to this and how much cheaper?

Forgot to post the link where I found this information https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

From what I've read the avg tx fee for BTC is $8+ per transaction (is this correct?) and the avg transaction fee for Bitcoin Cash BCH is 0.3 USD .30 cents (is thao correct?) if so why and how could there be such a difference? I know more miners =lower fees but that much lower? Hopefully someone can shed some light on my confusion. Thanks !

If anyone is interested or cares I found this video that was very helpful!

https://m.youtube.com/watch?v=2aRVfV8rjfI

A week ago I set up my Ledger S Nano. When I accessed it today to add to it I got a message "Choose your address Type". It gives me 3 options "I don't know", "Legacy" and "Segwit". Is there any reason I shouldn't pick "Segwit"? What would the benefits be and are there any risks doing this?

Thanks
New2Coin

It's all lies, scare tactics to cause panic buying!!

I save them for the future. The reward is super high and the risk is even higher!!

Bitcoin cash is like Skechers to Nike.

I can't argue with this. I am one of those people that have a semi understanding of bitcoin, but I think I'm learning more daily.

Thanks!

As I mentioned I newer to the bitcoin world.

1. I don't actually have any evidence that the darkweb is directly linked to bitcoin but from what I've read and heard a good percentage of the darkweb transactions are made with bitcoin. So I was thinking it could affect bitcoin if it was taken down.

2. Learn something new everyday, I don't know banks invested in bitcoin. Which bank has the largest investment in bitcoin or is that information not public?

3. Those that own a good percent of bitcoin because they bought early is probably not that many people. (I don't have any data to support that, just opinion). Also they will not be dammed by me. I don't think anyone should control who owns what/how many bitcoins, once again in my opinion I don't think it's good for the investors of bitcoin for a small percent to own a good majority of anything.

Thanks for all you're responses, much appreciated

New2Coin
Bitcoin is King #BiK

[/quote]

1. Around 2013-2014, dark web had an influence on bitcoins price, the silk road shutdown did affect bitcoins price, but it is 2017, the adoption has increased hundredfold. Japan legalized bitcoin, do you think it is because Japanese are into dark web. Japan, US, China, the three big players in trading volume, guess all the majority of trade and a price of $3800 is pumped into dark web, ain't it? Stop drawing the equation, bitcoin = dark web. It is a fact that dark web markets are dependent on bitcoins for their success, but bitcoin doesn't give a damn about their failure. Recent eg: Alphabay.

2. Yeah, banks could create a mess for bitcoin, question is would they? If they do how much is it going to be effective against a decentralized currency which is growing at a rapid rate. At a time when countries are realizing the potential of bitcoin and trying to capitalize/integrate it into their economy, I don't see a bank threat anytime soon.

3. Guess it is about the deflationary spiral. Yeah when all the bitcoins have been mined and everyone is hoarding, demand would gradually die, price would plummet and if that happens hoarders would dump their bitcoins to meet the small demand and then supply and demand cycle begins again. But what I think would happen is there would be a constant circulation of bitcoins to keep the market stable. In future bitcoin might become a somewhat stable medium of exchange.

As far as rich vs poor is concerned, you can't blame bitcoin, economic system ain't fair, but bitcoin is divisible, if you can't afford 1 BTC then you can settle down for 0.1 BTC and do remember it is never too late to invest in bitcoins.
[/quote]

Thanks for the response! A lot of good input and points! Thanks for touching on all three of my concerns.

As far as the last paragraph, I understand it's not bitcoins fault. I just don't think it's good for smaller buyers such as myself, or maybe I just a little jealous I can't afford multiple bitcoins. 😜

Thanks again
New2Coin
Bitcoin is King #BiK

Skyline247 that is so true! Not only can it be confusing but that confusion  can cost you money. I'm still trying to piece things together myself.

It seems to pay off to be patient in most cases but with bitcoin being patient has cost me a good amount of money.. almost a lose lose at this point. With that said the reward seems to still outweigh the risk for the most part.