Darknet Markets Are Back – But With the Blockchain Bloated Who’s Buying?
4 stars based on
Bitcoin is becoming more and more popular. The amount of transactions per day is increasing and is at an all times high:. While this is good news, it also has its downsides.
Because the size of each mined block is fixed to 1MB, the amount of transactions per block is limited. There is a lot of debate whether this should be changed. The consequence in the current system is that not all submitted transactions can be processed quickly. The time until a transaction is confirmed can therefore become rather long.
Fortunately, the bitcoin network is based on market principles. The invisible hand takes care of this issue: By adding higher processing fees to your transaction you can make sure that it receives higher priority. It is even possible that it will never get confirmed. Recently, I experienced this case myself. My transaction was stuck for more than 24 hours because my wallet software, Electrum, was outdated. It proposed a way too low fee for the transaction and since I never had to change the default in the past, I just submitted it.
After a few hours, I lost my hope that the issue will resolve itself. So I started reading up on solutions and came along quite a few:. For me, only the last method was practicable and this will often be the case.
I found some pretty decent descriptions of the method here and here. However, applying the method in the practice with Electrum was somewhat tricky. Therefore, I offer a more detailed step by step how-to here. The basic idea is to create a new transaction which uses part of your unconfirmed transaction as an input. This transaction should have an elevated fee.
For miners to confirm it they will also have to include the previous, unconfirmed transaction into the block. If the fee of the second transaction is high enough to compensate for both transactions, miners will willingly do this.
Just spend some of the received coins or send to yourself with an extra juicy fee. This is because most of the time some amount of the transaction gets back to you as "change". You can see this by looking at transaction details and checking the outputs. This will take you to the "Send" tab where the "From" field already includes the correct input.
Notice that usually Electrum determines the inputs automatically and hides the "From" field. Otherwise, skip the next step and come back to it after reading on. Go on and enter one of your receiving addresses in the "Pay to" field. Additionally, make sure to add an appropriate fee for the transaction. This is the crucial part! To determine the fee go to https: Now, find out the combined size of both your transaction.
For your unconfirmed one, go back to the "history" tab and check the "size" field in the details. For the current one, click the "Preview" button. Add those numbers and multiply by the recommended fee per byte. This gives you a good idea of the total fee you should now enter in Electrum. If there is no field to enter a fee manually but only a slider, make sure to check the "Edit fees manually" box in the preferences.
Sign and broadcast your transaction. Now you know how to resolve unconfirmed transactions with Electrum. As a next step, I recommend to update your wallet software. Most recent versions recommend an appropriate dynamic fee for every transactions. With that, unconfirmed transactions should be a thing of the past. Toggle navigation Data Dive. About Alexa Analytics How-to Python.