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Unconfirmed bitcoin transactions
Due to the bitcoin block size of 1MB, there are more and more transactions waiting for miners to add to the blockchain lately. Once a transaction is created and broadcast to the bitcoin network, it's in the miners' hands. We are unable to cancel it and the money will not be returned to us. This is frustrating for everybody but it is the reality we need to face.
To mitigate the problem, we increased the flat miner fee we charge to 0.001 BTC not longer ago. If your transaction got dropped from mempools, we can
- rebroadcast the same transaction for you. Or,
- Since we send all transactions as BIP125 replaceable (Replace-by-Fee) now, which means that you got one chance to increase the miner fee to get your transactions confirmed quicker. Contact customer support if you need this service. Let us know
- the new miner fee you'd like to pay
- how'd you pay the difference? By decreasing the transaction amount? Or using your LakeBTC balance? If the latter, make sure you have enough BTC balance to cover the increased fee.
Q: How to find the optimal miner fees?
A: There are so many unconfirmed transactions (about 100,000 as of the writing) waiting to be included into the 1MB block. Miners tend to prefer those with highest fees per byte. There are several websites where you can find the average or optimal fees per byte for the unconfirmed transactions, expressed in BTC/KB or Satoshi/B. Multiply it by the size of your transaction to get the miner fee to use.
Q: Is optimal fee guaranteed to get my transaction confirmed immediately?
A: No. Optimal fee is just an educated guess and there's no guarantee. The fee market changes quickly, and not all miners work in the same way. Generally speaking more you pay, quicker confirmations you get.
Q: If my fee is less than the optimal fee, is my transaction doomed?
A: Not necessarily. Again, optimal fee is just a guess and it's probably accurate ON AVERAGE. For individual transactions, things vary. Many transactions with much lower fees do get confirmed eventually but on average it takes longer.
Q: Why don't you just use the optimal fees?
A: There are several reasons. First of all is optimal fee itself is a guess and there's no guarantee at all. Secondly, the market changes quickly and it's hard, if not impossible, to track it step by step. Thirdly, it'd be hard to know the transaction size beforehand. And lastly, it could be too much for some users to afford. We'll let the users to decide, giving them one opportunity to bump the fee if it's taking too long.