Retrieving my unspent Bitcoin output

1

I have sent my only begotten BTC from my exchange currency account but not yet received in my blockchain wallet, and when I inquire with my transaction ID, I found my the transaction to be stuck for four days now... So, it seems to be there and but it is not clear when it will be released to my account. Should I be able to retrieve them back to a senders account.

Can we have that option please so that we can be safe and able to make some other options to use our money.

This thing of unspent outputs and stuff delays us to the business and for security being we won't trust the network for the fact that many are transaction awaited on an unknown same address. Those transactions stays for a long period of times.

Can we please given only an option to retrieve them back not anything else we may need on this. Maybe it could even ease the system to flow easy and transparent to us.

Menzi

Posted 2017-09-15T11:56:22.217

Reputation: 11

Answers

3

I'm afraid this is how Bitcoin works, and there is little we can do about it. Think of it like a bank transfer you initiate on a Friday, it has to be processed by the bank at some point in time, only banks do not settle transactions during weekends, and large backlogs will further delay the processing. Now replace the centralized bank, with the Bitcoin blockchain. While it does not have holidays, it does have to deal with backlogs.

In times of a large number of transactions hitting the network at the same time the backlog grows, and this has been the case for the last few days, since the network's capacity is lower than the influx of new transactions. You can get ahead of the queue by adding more fees to your transaction (try looking for RBF or CPFP), but in order for the backlog to be reduced we need some time (usually weekends) when the capacity of the network exceeds the influx of new transactions.

We can also not retract transactions, since that in itself would be another transaction that needs to be processed, and even worse, all nodes in the network would have to agree to discard the transaction, which is in itself a consensus problem, which is why we had to come up with the whole blockchain business in the first place.

So, while it certainly is frustrating having to wait for confirmations, it'll eventually confirm, and you can influence your position in the queue by adding more fees, replace-by-fee, or child-pays-for-parent.

cdecker

Posted 2017-09-15T11:56:22.217

Reputation: 7 878

So, while it certainly is frustrating having to wait for confirmations, it'll eventually confirm, and you can influence your position in the queue by adding more fees, replace-by-fee, or child-pays-for-parent. AYT but I need some more helps about the options to push it to confirm as now I heard with some steps to take but not clarified to me... I'm really new at this – Menzi – 2017-09-15T12:47:05.243

Can I please have some clear assistance on how to deal with this situation when I have to add more fees, replace-by-fee, or child-pays-for-parent. Step by step... Am I going to use the same address or I can pay to another address – Menzi – 2017-09-19T09:14:35.507

Cdecker where to go about this... Is it where it says request payment and then put the reason as replace-by-fee or child-pays-for-parent ? – Menzi – 2017-09-19T20:31:10.697

Is the transaction still not confirmed? In that case I'd contact the exchange support and ask for a new transfer, they obviously botched the fees on that transaction. Otherwise it might have been purged from mempool and simply bitcoin-cli sendrawtransaction <hextx> might work. Alternatively could you share the transaction ID (only do this if you don't mind associating the TX publicly with you) and we can figure out what to do. – cdecker – 2017-09-20T11:45:10.270

OK 6583dcce398d3bf322f94674570ebb1518d3e9a1766d0bdf7c81c65845ea7f43. Only if I got sorted Sir. I have no option now. Help me please – Menzi – 2017-09-22T18:43:00.220

That transaction was confirmed in block 484639 (00000000000000000130230373ab1b88e9d64d5e1c078e82b9e4934078d5ed7f) are you sure you haven't received your coins? – cdecker – 2017-09-22T22:27:04.910

Yes I haven't and they appear as UTXO when checking on the tx – Menzi – 2017-09-23T10:03:47.473

@Menzi: UTXO stands for "unspent transaction output", i.e. a balance that is available for spending. – Murch – 2017-09-25T15:30:33.803

Aish you know I think that's confuse me now because as they appear as unspent they are one of my BTCs that I should have received on my wallet on the other side. And now its been two full weeks waiting as unspent tx. So I currently don't know what would help them being spent to appear on my wallet. If the is a solution I should have gotten maybe to resolve the issue. As the time went over n over I miss my business then – Menzi – 2017-09-27T09:57:10.770

What wallet are you using? – cdecker – 2017-09-27T14:01:58.067

I used altcointrader wallet to blockchain wallet so it didn't appear on my blockchain wallet – Menzi – 2017-10-04T06:44:03.513

You should really contact altcointrader and blockchain.info with a request for clarification. Both of those wallets are hosted and you can't do much on your own. – cdecker – 2017-10-05T11:10:53.987

Asked: 2017-09-15T11:56:22.217

Viewed: 5 658 times

Active: 2017-12-12T14:22:21.340