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What queue? Is there a queue in the bitcoin network? I thought it was a question of paying a high enough transaction fee and you would get your transaction don
by throwaway4good 4y ago
What queue? Is there a queue in the bitcoin network?
I thought it was a question of paying a high enough transaction fee and you would get your transaction done faster / within 10 minutes.
- gruez 4y ago> What queue? Is there a queue in the bitcoin network? Yes, that's what the mempool is. >I thought it was a question of paying a high enough transaction fee and you would get your transaction done faster / within 10 minutes. that's broadly true, but if transaction volume spikes then your initial fee estimate might be too low. there are ways around this (RBF, CPFP), but it's unknown whether their wallet software handles it.
- throwaway4good 4y agoHow would this be an excuse for Binance to block outgoing transactions? Unless somehow all of Binance's bitcoin was stuck in the mempool ...
- rocqua 4y agoIt wouldn't need to be all their bitcoin, just their hot-wallets. Moving bitcoin out of cold wallets should generally be a slow process.
- rcxdude 4y agoThey just described a situation where most of their readily available bitcoin (exchanges do not keep more than a minimum of their available cryptocurrencies in a programmatrically available wallet) could be stuck in the mempool.
- rocqua 4y agoIt's a queue, but not a first-come first serve one. The problem I imagine is that, once you set your transaction fee, and it turns out to be too low, it is hard to retroactively pay more fee. Just because the system doesn't allow two spends of the same output in the mempool at the same time, and canceling a transaction is hard.