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Re: What should the txn fee for a 1550 byte transaction be?
First, lets get the errors out of the way, shall we?
The TX pays a 79122 satoshi fee and has a size of 1555 byte. Thats a 50.88 satoshi fee per byte and a very good fee currently, according to your own (@OP) estimate of core as well. Im not sure where the 2mBTC (or 0.2mBTC) come from, but they have nothing to do with the TX linked.
The TX pays a 79122 satoshi fee and has a size of 1555 byte. Thats a 50.88 satoshi fee per byte and a very good fee currently, according to your own (@OP) estimate of core as well. Im not sure where the 2mBTC (or 0.2mBTC) come from, but they have nothing to do with the TX linked.
Also, the linked transaction is now confirmed.
Sorry, sorry, sorry, it was the wrong transaction. I've updated the original post with the correct link and here it is again:
https://blockchain.info/tx/5b842d282c2086add3dc3eaa9f5d0f8d05a8056c16703b54607a3a635e43960e
(really, this is the correct one now - and still unconfirmed).
Re: What should the txn fee for a 1550 byte transaction be?
.00077500. or 1mbtc if you want to be sure.
Thank you --Entrypted--, glad my maths is not completely off.
Re: What should the txn fee for a 1550 byte transaction be?
most companies probably just have a fixed fee and their customer support isnt usually doing more than repeating standard answers
in recent days (hours), the number of unconfirmed tx spiked, this allows the miners to cherry pick the highest paying tx and still fill a block, so they do.
in recent days (hours), the number of unconfirmed tx spiked, this allows the miners to cherry pick the highest paying tx and still fill a block, so they do.
Agree there's been a huge spike, but even with a lowish fee (say bitcoind's estimatefee 6) things are still going through in a couple of hours. This has been 32 hours!
They do use a fixed fee - it's 0.0002 BTC each time - which is fine when there's 1 input and 2 outputs, a 300byte txn - but when there are 10 inputs and 2 outputs and it's 1550 bytes that simply isn't enough (IMHO). Kraken on the other hand charge users a fixed fee, but on the actual transaction they apply the correct fee.
However, can anyone confirm or deny my maths on the fee for this txn?
Re: What should the txn fee for a 1550 byte transaction be?
Use http://cointape.com/ for finding out the best fee for every KB according to the current number of uncomfirmed transaction.
It might be because of the ongoing blockchain attack
It might be because of the ongoing blockchain attack
Yes, I think that backs up my calculations - but like I say I am really tired and would appreciate someone who is less so to either back my numbers up or show me where I am going wrong.
EDITED - Changed link to the correct transaction (like I said, I was tired).
I'm in the middle of a dispute with a bitcoin supplier who have sent me a txn with what I believe to be a too low fee. I wanted to ask the community for their thoughts.
In short, this 1550 byte txn was sent with a 0.0002 BTC fee:
https://blockchain.info/tx/5b842d282c2086add3dc3eaa9f5d0f8d05a8056c16703b54607a3a635e43960e
it's been pending for 32 hours now when other txns with what I believe to be correct fees are being included in a couple of blocks.
Accoding to bitcoind's estimatefee, for a:
1 block confirm the fee is 0.00048871 BTC per kb
6 block confirm the fee is 0.00024609 BTC per kb
So, I suspect for a 1550 byte txn, the fee should be between 0.00038143 BTC and 0.00075750 BTC - so from 2x to 4x the actual fee used.
However, the exchange feels differently - here is there response in what is now a long email exchange:
"As a bitcoin developer, you'll know that the minimal bitcoin fee is calculated based on transaction size, not cardinal number of inputs or outputs. Looking at the specs, you'll see that for a 1.55KB transaction, 1mBTC would be perfectly acceptable, and yet, we pay 2mBTC. That's why you'll notice that the blockchain.info page is showing this a "high priority"."
He says 2mBTC, but surely he means 0.2 mBTC?
Are my calculations wrong here? Sorry for the possibly dumb questions - I've not had much sleep the past 24 hours....
I'm in the middle of a dispute with a bitcoin supplier who have sent me a txn with what I believe to be a too low fee. I wanted to ask the community for their thoughts.
In short, this 1550 byte txn was sent with a 0.0002 BTC fee:
https://blockchain.info/tx/5b842d282c2086add3dc3eaa9f5d0f8d05a8056c16703b54607a3a635e43960e
it's been pending for 32 hours now when other txns with what I believe to be correct fees are being included in a couple of blocks.
Accoding to bitcoind's estimatefee, for a:
1 block confirm the fee is 0.00048871 BTC per kb
6 block confirm the fee is 0.00024609 BTC per kb
So, I suspect for a 1550 byte txn, the fee should be between 0.00038143 BTC and 0.00075750 BTC - so from 2x to 4x the actual fee used.
However, the exchange feels differently - here is there response in what is now a long email exchange:
"As a bitcoin developer, you'll know that the minimal bitcoin fee is calculated based on transaction size, not cardinal number of inputs or outputs. Looking at the specs, you'll see that for a 1.55KB transaction, 1mBTC would be perfectly acceptable, and yet, we pay 2mBTC. That's why you'll notice that the blockchain.info page is showing this a "high priority"."
He says 2mBTC, but surely he means 0.2 mBTC?
Are my calculations wrong here? Sorry for the possibly dumb questions - I've not had much sleep the past 24 hours....
BTCC prioritizing transactions feels like a bad development. I've always been somewhat on the fence about increasing the blocksize, but if the result of not increasing the blocksize is transactions being prioritised based on their 'background', who they know or where they are from (let's coin this 'transaction racism' - that's sufficiently silly and serious to spark some controversy) then I have to say I'm definitely swinging more towards increasing blocksize.
Weve always known there no defined order to transactions getting accepted, but to add ordering based on origin or some predetermined contractual agreement between companies in a conglomerate (+1 @2112) feels like a very bad direction to be heading.
Weve always known there no defined order to transactions getting accepted, but to add ordering based on origin or some predetermined contractual agreement between companies in a conglomerate (+1 @2112) feels like a very bad direction to be heading.
https://www.solidi.co/img/solidus-516px.png
Solidi is a new P2P Digital Currency exchange.
We match buyers and sellers of Digital Currency, enabling you to buy or sell your Bitcoins quickly and with ease. Payments are completed using the UK Faster Payments System. Other payment methods will be online shortly.
We're now ready to open our Beta test up to more participants. This program is the fully running system. We're simply limiting the numbers while we test things out.
So what makes us different?
Speed & Price
With a fully automated system for both buying and selling we're fast. Most trades complete in under a minute from sending your payment to releasing the bitcoins from escrow. And as the whole process is automatic our traders can be very competitive on price.
Sell your Bitcoins with ZERO commission!
Got currency to sell? Then come and sell it to one of our buyers and have cash in your bank in just a couple of minutes. For a limited period there is no commission on all trades.
Got lots of currency to sell? Get in contact with us about our automated trading system. We think you'll be impressed.
Big name backing
Solidi Ltd is part of University of Cambridge Judge Business School's Accelerate Cambridge incubation program - you can be assured you're dealing with a well vetted and reputable company.
No ID
Small transactions require no ID at this stage, inline with the Payment Services Regulations.
Phone Support
Got a question? Just want to chat? Give us a call!
And more...
We've got lots more we want to announce, so even if you are not needing to buy or sell, join the beta so you'll be the first to receive our up and coming announcements.
Click here to join the beta:
https://www.freepbx.org/files/images/join_beta.png
We'll be keeping this link open for the next day or so to see how things go.
Solidi is a new P2P Digital Currency exchange.
We match buyers and sellers of Digital Currency, enabling you to buy or sell your Bitcoins quickly and with ease. Payments are completed using the UK Faster Payments System. Other payment methods will be online shortly.
We're now ready to open our Beta test up to more participants. This program is the fully running system. We're simply limiting the numbers while we test things out.
So what makes us different?
Speed & Price
With a fully automated system for both buying and selling we're fast. Most trades complete in under a minute from sending your payment to releasing the bitcoins from escrow. And as the whole process is automatic our traders can be very competitive on price.
Sell your Bitcoins with ZERO commission!
Got currency to sell? Then come and sell it to one of our buyers and have cash in your bank in just a couple of minutes. For a limited period there is no commission on all trades.
Got lots of currency to sell? Get in contact with us about our automated trading system. We think you'll be impressed.
Big name backing
Solidi Ltd is part of University of Cambridge Judge Business School's Accelerate Cambridge incubation program - you can be assured you're dealing with a well vetted and reputable company.
No ID
Small transactions require no ID at this stage, inline with the Payment Services Regulations.
Phone Support
Got a question? Just want to chat? Give us a call!
And more...
We've got lots more we want to announce, so even if you are not needing to buy or sell, join the beta so you'll be the first to receive our up and coming announcements.
Click here to join the beta:
https://www.freepbx.org/files/images/join_beta.png
We'll be keeping this link open for the next day or so to see how things go.
Interesting.
I tried with CurrencyFair the other day and was not able to transfer to Bitstamp, but in fairness they were very apologetic when I spoke to them about it and it's clear it's definitely not their fault or something they have control over.
Will give OKPAY a try now.
I tried with CurrencyFair the other day and was not able to transfer to Bitstamp, but in fairness they were very apologetic when I spoke to them about it and it's clear it's definitely not their fault or something they have control over.
Will give OKPAY a try now.
You can't pay tax on 100 Bitcoins until it becomes a taxable event, which would be the gain you make when you change them into GBP.
If you take your income (income tax already paid) and then gamble it, there is no further tax to pay whether you win or lose.
If you take your income (income tax already paid) and then gamble it, there is no further tax to pay whether you win or lose.
I think the problem is how you class the initial acquisition of the bitcoins.
I think that's likely to be the taxable event, probably as Income Tax (although this would depend if you mined on a Pool, individually etc). When you sell them / give them to someone else, that's probably a second taxable event, this time as Capital Gains (increase in value between the first and the second event).
There after, yes, if you gamble them with someone who is licensed then any gain or loss is probably exempt of tax.
This really needs an accountants opinion. Preferably one who is also prepared to sign off your tax return.
Store the majority of the bitcoins offline. Only keep a small amount online. Only transfer to the online wallet when the balance gets low.
Otherwise your really going to be lining yourself up to be the next bad bitcoin news when you get hacked and lose the lot.
Otherwise your really going to be lining yourself up to be the next bad bitcoin news when you get hacked and lose the lot.
Probably.... but are you sure you really want to be generating a new address to send bitcoins to and store the private key on a server connected to the internet? What happens if the server gets hacked and you lose your wallet?
Re: Who will be first major player to accept bitcoins in UK?
Why not? If they're only making minimal money from Bitcoin sales just keep it and see how much it's worth in a few months or later in the year. If the price is going to gradually rise they'd be silly to spend it.
I agree with your logic, but most businesses I've spoken to are far more concerned about running their business than speculating on a currency. Definitely it depends on the sector, but for example, retail & entertainment certainly are not currently interested.
Re: Who will be first major player to accept bitcoins in UK?
Maybe, but it's fine for smaller retailers. They can just hold the Bitcoin themselves. Maybe they'll see it as an investment.
Unless they're got a really strong interest in Bitcoin, it's really unlikely they will want to hold (can you blame them?).
All the retailers I've spoken to as part of my day job really have way to many other things to worry about. Even reduced txn fees don't seem to be a big draw and the variable indoors 3G coverage between networks make in person payments very difficult to demo convincingly.
Re: Who will be first major player to accept bitcoins in UK?
The volume on Bittylicious is low and it's effectively peer to peer, not an exchange.
I don't think any retailer doing thousands of transactions a day is going to risk waiting for Bitstamp to do a BTC - USD - EUR - GBP conversion when their entire profit margin might only be 1-5% and that could vapourise into a loss instantly. Overstock and anyone else in the US goes straight into dollars.
I don't think any retailer doing thousands of transactions a day is going to risk waiting for Bitstamp to do a BTC - USD - EUR - GBP conversion when their entire profit margin might only be 1-5% and that could vapourise into a loss instantly. Overstock and anyone else in the US goes straight into dollars.
Yup, without a real exchange, and a real payment processor, there really can't be a big player accepting bitcoins in the UK.