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To read his first post on transaction fee basics, click here. In our previous post, we covered the what, why, and how surrounding bitcoin transaction fees. For example, the Blockchain Wallet uses dynamic fees that calculate the required fee for you so that your transaction will confirm as reliably and quickly as possible. You also have the option to set your fees manually by using Advanced Send.
Different wallets handle fees differently, and you should find out how your wallet handles the fees for you if at all. Before transactions get packaged into blocks and inserted into the blockchain they wait around in the transaction pool , also known as the memory pool or mempool for short.
Each transaction in the mempool has a certain degree of priority. I will not go into detail about what each of these parameters mean, but what is important to understand is this: The first 50kb of each of transaction space in each block is set aside for high priority transactions. Other transactions may sit in the mempool for a long time, mature, and then finally move forward in priority in order to be included in the next block.
If your transaction is stuck, it will either sit there long enough to gain a higher priority, or it will get rejected and flushed out of the mempool within roughly a week in most cases. If you still have questions, connect with us on Twitter , Facebook , or visit our Help Center for even more resources. A bitcoin blogger since , Ofir owns 99Bitcoins and the popular Bitcoin Obituaries section. He is an Internet marketer and public speaker focused on getting as many people as possible to know what bitcoin is and why it is so important.
Home About Blockchain Support Wallet. What if my transaction is still stuck in the mempool due to low fees or low priority? To wrap things up: This can be done automatically by your wallet e. Our partnership with Imperial College London: The Digital Asset Research Lab. Newsletter Subscribe to our newsletter.