Bitcoin Fees and Unconfirmed Transactions | Mempool Explained
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- Опубликовано: 4 авг 2024
- In this video I show you why your Bitcoin transaction is still unconfirmed and show you how to use the mempool on your umbrel full node or hosted on mempool.space.
Bitcoin settles on the blockchain every 10 minutes but if your fee (sat/byte) is low like mine was when I purchased my ColdCard Mk4 using Strike (the best way to spend BTC - by using USD and avoiding capital gains taxes) it might take a long time for your transaction to get confirmed if the network is clogged up (something that happens during bull/bear markets where lots of people are trying to move bitcoin on chain).
Because of how slow the base Bitcoin blockchain is, if you are going to purchase something using Bitcoin I recommend using the lightning network (when you don’t need the security assurances of the main chain - don’t buy a house over lightning) when possible to avoid fees and to settle your transaction immediately.
⚡️ Checkout Strike the fastest way to buy Bitcoin with low fees! Verify your Account and Earn $5: rhett.blog/strike
🖥 Set up your own Full Node: • Run a Bitcoin Full Nod...
🚀 Hosted Version of Mempool: mempool.space
Finding Your Transaction 0:00
Mempool.space vs Umbrel Full Node: 0:38
Using Mempool 1:19
Transaction Confirmed 2:45
How Does the Mempool Work? 3:49
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What's the longest you've waited for a Bitcoin transaction to be confirmed?
A couple days
@Jonathan Basallaje daaaaaamn :/ couple of days might make me crazy haha
8 days still waiting. RBF is not supported for my wallet. So I'm looking into CPFP to push it through. There absolutely needs to be a more convenient way to address this issue. I'm wondering how long a bitcoin transaction can stay unconfirmed for before it's purged and stops broadcasting from the node, so the funds hit back to you wallet. Any insight on this from anyone would be appreciated.
@@OneLedger are you get your transection back ???
@OneLedger wondering if it’s possible to initialize the same wallet in software that supports RBF
I admire your tenacity and dedication to building your YT channel. And thanks for the great info as usual
Thanks Gianluca 😁 no problem!
Is the risk of a rigged mempool real?
IMO probably not but a lot of people will tell you not to trust anything and to verify instead 🤷🏻♂️
Great information, love the demo. Thanks Rhett Longest wait 3 hours.
Cheers George! 3 hours not too bad :)
Good Info, I would love a video about a simple explanation how to RBF a transaction to increase the fee and how to possibly Cancel a transaction that has not cleared in the mempool
That’s a good idea. I’ve never used replace by fee would be interesting to learn about
I recently ordered a MK4, with btc too. Looking at the mempool has calmed my nerves several times when thinking I messed something up lol.
Definitely haha I used to get so freaked out that the money was just gone - now I check the mempool and freak out a little less haha
Thanks for this. Good knowledge to take on regarding mempool. Happy New Year
Happy new year :D
Great Content! is there any chance to speed up the transaction if it is already in the mempool?
There’s a concept called replace by fee (rbf) where you can increase your fee and get your transaction included faster. However, the issue is, that feature is not available in every wallet.
Learn more here: buybitcoinworldwide.com/rbf/
Hi Rhett! I just initiated a transaction from my Ledger nano s to my Binance address. I issued a BTC Segwit transaction. Is it possible that this can take a few hours, maybe a day? Thank you!!!
Yeah it could take a long time depending on how full the mempool was and what your fees were. You should be able to follow these steps on mempool.space to see how long it will take your transaction to clear
@@RhettReisman are you get your transection back ???
How do I increase my fee to get confirmation faster? I’ve been waiting 24+ hours the btc was sent from cash app to block chain
Cash app wallet won’t allow you as far as I know unfortunately. Good reason to use a different wallet. If you’re sending it to a separate wallet you control you can do child pays for parent. ruclips.net/video/Q62NoR2qhiw/видео.htmlsi=JaE2p7jkyUWWDjc3
I see my transactions but I have send it to the wrong address. Is there a way I can get back my founds or its lost forever
Unfortunately, you can't get it back it's in that new address with whoever controls that address
I made the mistake of setting the transaction fee too low once. I was like "I don't need it right away" 2 weeks later.. I was like oops lol better RBF! Dope vids as always!!
That’s crazy lol 2 weeks is so long!
are you get your transection back ???
hi i sent btc from blockchain to another blockchain and its been 24hours and over,how i do fasten the speed or make it faster please
Hey sorry what do you mean you sent it to another blockchain? Like you sent it to Ethereum's blockchain?
It’s been over a week for me , how do I get my transaction confirmed ?
Around 15 days you should be able to resend the transaction with a new fee. Alternatively you can use the steps in this video (load your hot wallet seed into sparrow / connect your hardware wallet to sparrow) and then do Child Pays for Parent ruclips.net/video/Q62NoR2qhiw/видео.html&pp=ygUbcmhldHQgY2hpbGQgcGF5cyBmb3IgcGFyZW50
Or if the wallet you're using has Replace by Fee (RBF) or Fee Bump you can add a new fee to send faster
@@RhettReismanI reversed a deposit bc I tried to deposit bitcoin on cash app and it was rejected
I might not be understanding correctly - you deposited BTC to your cash app from a mobile wallet but then you cancelled it and the funds aren’t back in your mobile wallet? How did you cancel it?
Can you help me out my transaction is still unconfirmed
What kind of wallet did you send from? Do you have the ability to resend yet?
Dude... 1 sat/vb is... LOW... did Strike calculate it? If you set it, I can understand... but "better" apps will query the mempool and suggest a higher rate. To answer your question, I once waited for about a day one time.
Yeah very low haha. You can see when I bought the mempool blocks were clearing at like 10+ sat/vb lol - yeah they definitely need to get a feature built to help you set fee based on the current mempool
are you get your transection back ???
Yeah my transaction went through it took about a day. Now with ordinals fees might be structurally higher for a while. Mempool might not clear like that again for days/weeks
@@RhettReisman how maxmum time memo pool can take to clear???
Hello sir Good day
LO m8 👋
Please btc was sent to me yesterday from trust wallet to my trust wallet.from my transaction history it shows that btc was sent to me but my balance is still 0.00 what can i do please 🙏 it's over a day now
Do you have the transaction id? Check mempool.space
Do you mean my btc address or the senders address
Thanks 👍 for your response
What is the transaction ID please 🙏
Yeah the transaction id. You can probably put in your address to mempool.space and find the transaction id. But once you find the transaction id you can see how long it estimates it will take for you to get confirmed
Bro can i send you my address so you can help me check please 🙏🙏