How to solve the problem of low Bitcoin fee setting and no confirmation for a long time?

The principle of Bitcoin handling fees is similar to the bidding system. When demand is strong, users add higher handling fees to transactions, and miners will include the transaction in the block. Each Bitcoin transaction includes payment to the miners. There is a small handling fee for processing transactions, and miners prioritize transactions with higher handling fees. That is, the higher the handling fee, the higher the possibility that the transaction will be included in a new block. This will also lead to the situation where Bitcoin handling fees are low and are not confirmed. , faced with such a situation, many investors are sweating and worried that their transactions will be swallowed up. They really don’t understand what to do if the Bitcoin handling fee is low and they are not confirmed? Generally speaking, you can wait a little longer, or try to use the transaction hash to rebroadcast your transaction, etc. to recover. The editor will explain it in detail below.

What should I do if the Bitcoin handling fee is low but not confirmed?

If the Bitcoin transaction fee is set low, it may cause the transaction confirmation time to become longer, or even cause the transaction to fail to be confirmed when the network is busy. To deal with this situation, I have these five suggestions: 1. Wait patiently for confirmation: Although a transaction may take longer to confirm, more often than not, the transaction will eventually be confirmed. Waiting patiently can avoid making other moves prematurely. 2. Rebroadcast the transaction: If your transaction has not been confirmed for a long time, you can try to rebroadcast the transaction. Doing this increases the chance that the transaction will be received and confirmed by miners. 3. Use acceleration services: Some acceleration services can help you increase the speed of transaction confirmation. These services often pay miners an extra fee to confirm your transactions faster. 4. Use adjustable

1. Wait for confirmation:

If your transaction has been broadcast to the Bitcoin network, but the confirmation time is long, you can wait for a while until the transaction is confirmed by the miners confirm. Typically, it takes anywhere from 10 minutes to a few hours to confirm a transaction.

2. Rebroadcast the transaction:

You can try to rebroadcast your transaction using the transaction hash. Some Bitcoin wallets offer rebroadcast options, which can increase the chances of your transactions being mined. It is important to note that rebroadcasting does not change the handling fee, it is simply to increase the visibility of the transaction.

3. Use acceleration services:

There are some third-party services that can speed up transactions, but they require additional payment. They promise to get your transactions confirmed by miners as quickly as possible. But be aware that using these services comes with risks, so make sure you choose a reputable service provider.

4. Use a wallet with adjustable fees:

Some Bitcoin wallets allow users to choose the fee level when sending transactions. With such a wallet, you can adjust fees based on network conditions to increase transaction priority.

5. Learn to adapt to the current network situation:

As the transaction volume of the Bitcoin network fluctuates, the demand for handling fees will also change. When the network is busy, paying a higher fee may be key to ensuring fast confirmations.

Who is the Bitcoin fee paid to?

The handling fee for Bitcoin transactions is actually paid to the miners (mining fees). In the Bitcoin network, miners are individuals or mining pools that verify and package transactions by participating in the mining process. Mining is a computationally intensive process that requires large amounts of computing power and electricity.

When you send a Bitcoin transaction, you can choose the amount of fees to pay the miners. Paying a higher fee increases the chance that your transaction will be prioritized and confirmed by miners. Since miners consume resources in the process of packaging transactions, they will choose the transaction with the highest mining fee to obtain higher profits.

The payment of fees is critical to the proper functioning of the Bitcoin network, as it incentivizes miners to provide computing power to the network and ensures that transactions are confirmed quickly. In the Bitcoin network, each block contains a set of transactions, and the block is created by miners by solving a mathematical puzzle. As a reward for their labor, miners are entitled to block rewards including mining rewards and transaction fees.

The above is the detailed content of How to solve the problem of low Bitcoin fee setting and no confirmation for a long time?. For more information, please follow other related articles on the PHP Chinese website!