Bitcoin Forum

I want to transfer my btc from Luno exchange to my Electrum wallet. In Luno there is no option to change the miner fee and it will pay the default dymanic fee of 0.0028 btc (around $20) which I think is too high.

If I just go ahead and send the full amount of btc I have in Luno to my Electrum address, in other words, I don't pay the mining fee. Is it safe to do it? I don't mind waiting for 1 day to get confirmation, as long as my btc isn't lost somewhere I am okay.

your btc won't be delivered unless you pay a fee. 0.0028 btc is too much but your transaction will be returned after some time if you don't pay a fee.

You should pay miners, otherwise no BTC

Is sending only 0.00001 btc enough instead of the dynamic fee of 0.0028 btc? 

Where is it mentioned that it would be free if you send all of your BTC from there to another BTC address? Could you give as a reference? As you've said, there is a dynamic fee and as far as I know it is what it is regardless of the amount you send UNLESS you'll be sending it to another Luno account. If they wouldn't charge you, that means they will be covering the transaction fee for you (that's unlikely to happen though if they already set dynamic fees).  ???

In another forum, one member stated 'There is a way to send BTC without any fee from Luno, that is to send all and don't leave any balance. Fee is charged if you have balance on Luno'

This really depends on the memory pool, when it is/ would be almost empty, you could get a confirm within 1-3 days.

Unfortunately for you, it is currently absurdly high, there's a backlog of over 200k transactions i believe. See https://blockchain.info/charts/mempool-size?

You could try it, but i doubt it that your TX will get confirmed.

I just tried that and it took me only 17 minutes to get 1 confirmation! I basically only pay 0.0000444 btc (around $USD 0.30). I guess because the address sends to 4 different address at the same time, so other people pay more in mining fees.

I just tried paying a $1 fee on about $130 in btc yesterday and it still hasn't been confirmed. I'm not in any rush, but I didn't feel like paying $10 or so. We'll see if it actually gets confirmed or not. At least btc has gone up in price while it's been sitting there.

check https://bitcoinfees.earn.com/ for estimated times and prices.

Miners fee are determined on a competitive basis. You can set commission as low as you want but if there is a steady flow of new transfer requests with higher commission then your request will never be processed.