create account

What To Do if The Bitcoin Transaction is Stuck? by tradewonk

View this thread on: hive.blogpeakd.comecency.com
· @tradewonk ·
$6.49
What To Do if The Bitcoin Transaction is Stuck?
<br>https://steemitimages.com/DQmTYMxcBaFBirt2gH5Y1hqgWpdrXJdkpaQ3sQ6Ts7NC3yi/image.png</center>

**As the number of Bitcoin transactions increases, it takes longer for a single transaction to be processed and noted in the blockchain. In the meantime, given the limited block size, it is almost impossible to directly hit the next block with a single transaction, and blocks 2 and 3 are becoming increasingly difficult to reach. This circumstance attracts corresponding waiting times.**

At least partially, this time can be mitigated by paying an additional transaction fee (Replace-by-Fee), which goes beyond the standardized surcharge. Since miners first process the transactions that are most appealing to them, a transaction for which an extra charge is paid has a greater chance of being processed in an early block. Transactions for which no or very little transaction fee is paid can therefore take several hours, or even days at worst.

When lending a transaction fee, however, there are various circumstances to consider. The type and amount of the fee depends on the scope and relevance of the transaction. In addition, the ability to pay a fee for rapid development is different from the wallet provider used and differs from Wallet to Wallet. If the booking of a payment must necessarily be made in the next block, a correspondingly high transaction fee is required. Some wallets support dynamic fees and automatically determine the amount of fee needed for a calculated execution period.

If a transaction that has already been made does not reach its destination in the desired time frame, there is also the option of accelerating it and shortening the waiting time, provided that this is supported by the majority of miners. This process is called Opt-In Replace-by-Fee. This will make the transaction a second time - with a higher fee than the first one. Since the new transaction is processed by the miners before the old one, the transaction initially paid at no additional charge will automatically expire as it is rejected by the Bitcoin network as double-spending.

In any case, it should be noted that a transaction increases in price the sooner it has to be carried out. If time is not too urgent, consideration should be given to refraining from insisting on timely payment. In addition, given the current performance of Bitcoin, one should generally think about not doing too many of its transactions in Bitcoin - in retrospect, they may turn out to be much more expensive than initially anticipated.

__________________

**Thank you for reading!**

*Don't forget to upvote, resteem and [follow me](https://steemit.com/@tradewonk) for more content & contest*

*Tradingview, https://www.tradingview.com/u/Tradewonk/*

*Instagram, https://www.instagram.com/tradewonk/*

Or any of my other social media channels. Please consider getting your 
free account here on Steemit.

"Join the adventure and be inspired." - Tradewonk

<center>https://steemitimages.com/DQmVhPNthCtPwT4eKDKNbcys19cjHD9YtXq8agGTGyCdiMY/bloglogogra%CC%8At.png</center>
👍  , , , , , , , , , , , , , , , , , ,
properties (23)
authortradewonk
permlinkwhat-to-do-if-the-bitcoin-transaction-is-stuck
categorycryptocurrency
json_metadata{"tags":["cryptocurrency","trading","crypto","invest","news"],"image":["https://steemitimages.com/DQmTYMxcBaFBirt2gH5Y1hqgWpdrXJdkpaQ3sQ6Ts7NC3yi/image.png","https://steemitimages.com/DQmVhPNthCtPwT4eKDKNbcys19cjHD9YtXq8agGTGyCdiMY/bloglogogra%CC%8At.png"],"links":["https://steemit.com/@tradewonk","https://www.tradingview.com/u/Tradewonk/","https://www.instagram.com/tradewonk/"],"app":"steemit/0.1","format":"markdown"}
created2017-12-18 23:03:21
last_update2017-12-18 23:03:21
depth0
children4
last_payout2017-12-25 23:03:21
cashout_time1969-12-31 23:59:59
total_payout_value6.480 HBD
curator_payout_value0.009 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length3,061
author_reputation133,615,265,755,348
root_title"What To Do if The Bitcoin Transaction is Stuck?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id24,093,172
net_rshares1,045,084,445,098
author_curate_reward""
vote details (19)
@highfrequencies ·
Thank you! This just happened to me while buying Steam Power with Bitcoin. The transaction finally did go through but it was a bit nerve-wracking to wait out the hours. Brilliant! I will know for next time.
properties (22)
authorhighfrequencies
permlinkre-tradewonk-what-to-do-if-the-bitcoin-transaction-is-stuck-20171219t102407490z
categorycryptocurrency
json_metadata{"tags":["cryptocurrency"],"app":"steemit/0.1"}
created2017-12-19 10:24:03
last_update2017-12-19 10:24:03
depth1
children0
last_payout2017-12-26 10:24:03
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length206
author_reputation504,546,272,522
root_title"What To Do if The Bitcoin Transaction is Stuck?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id24,164,093
net_rshares0
@sajib7 ·
Thanks for your posting @tradewonk .
I have get a clear idea about transaction from your post. Thanks a lot. Keep going like this...:)
properties (22)
authorsajib7
permlinkre-tradewonk-what-to-do-if-the-bitcoin-transaction-is-stuck-20171219t121517408z
categorycryptocurrency
json_metadata{"tags":["cryptocurrency"],"users":["tradewonk"],"app":"steemit/0.1"}
created2017-12-19 12:15:21
last_update2017-12-19 12:15:21
depth1
children0
last_payout2017-12-26 12:15:21
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length134
author_reputation4,272,505,969,958
root_title"What To Do if The Bitcoin Transaction is Stuck?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id24,176,621
net_rshares0
@suzn.poudel ·
Great Work !! @originalworks
properties (22)
authorsuzn.poudel
permlinkre-tradewonk-what-to-do-if-the-bitcoin-transaction-is-stuck-20171219t044111185z
categorycryptocurrency
json_metadata{"tags":["cryptocurrency"],"users":["originalworks"],"app":"steemit/0.1"}
created2017-12-19 04:41:09
last_update2017-12-19 04:41:09
depth1
children1
last_payout2017-12-26 04:41:09
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length28
author_reputation70,162,157,416,366
root_title"What To Do if The Bitcoin Transaction is Stuck?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id24,127,402
net_rshares0
@originalworks ·
originalworks
The @OriginalWorks bot has determined this post by @tradewonk to be original material and upvoted it! 
<center>![ezgif.com-resize.gif](https://steemitimages.com/DQmaBi37A5oTnQ9NBLH8YU4jpvhhmFauyvgg3YRrEJwskM9/ezgif.com-resize.gif)</center> 

To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
properties (22)
authororiginalworks
permlinkre-re-tradewonk-what-to-do-if-the-bitcoin-transaction-is-stuck-20171219t044111185z-20171219t044223
categorycryptocurrency
json_metadata"{"app": "pysteem/0.5.4"}"
created2017-12-19 04:42:24
last_update2017-12-19 04:42:24
depth2
children0
last_payout2017-12-26 04:42:24
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length345
author_reputation79,292,026,602,057
root_title"What To Do if The Bitcoin Transaction is Stuck?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id24,127,555
net_rshares0