Bitcoin Forum

Hi guys,

I have some bitcoin on a bitcoin.com wallet. This one https://wallet.bitcoin.com/
I have just bought a Nano S and I want to move my BTC to Nano S.
What is the most cost effective way to do this with minimum fees with the bitcoin.com wallet? There is an option under Advanced to change between standard, economy and priority but I am not sure how high the fees are. Or is it possible to input my keys/seed in a different wallet and send the BTC from there?

Have patience with me, i dont have any experience moving cryptos.

Yes, it should be.
I'm not that familiar with Bitcoin.com's wallet, but if you have a seed, definitely try to import it into an SPV such as Electrum, and see if that works.

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This guide shows how to export your Bitcoin.COM keys? https://www.bitcoin.com/guides/how-to-import-and-export-bitcoin-private-keys
Those are importable to electrum.

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Electrum allows you to set your own fee, which can/is usually lower than the "Economy" settings of those webwallets. (Down to 1 sat/b)


https://electrum.org/#home

Fees are not big these days and you can always check how much to pay on some site like this one :

- https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Since you have three options on that online wallet, it is depend on you which one will you pick, but standard option should be fine, and it will probably be mined in next 1-3 block, so you will wait from 10 to 30 min max for first confirmation.

There is no need to send BTC to some other wallet, just be careful with your receiving address from Ledger, and try to not send coins to wrong chain (BCH).

Here (https://support.ledger.com/hc/en-us/articles/115005161925-Set-up-and-use-Electrum) is the guide on how you can synchronize your own Ledger Nano S to your Electrum Wallet. Its a step by step guide with pictures so I don't think it will be hard to follow. If you like video guides there are also a video version of the steps created by a youtube channel if you like to watch here (https://www.youtube.com/watch?v=wPzbUIZrPn0l) it is. One thing to remember though is to make sure your computer is clean of any viruses or malware so your wallet has not vulnerabilities.

Guys, thank you for your help. I will still have to decide whether it is better to send my bitcoin from the bitcoin.com desktop wallet or import my wallet in Electrum for example.

The bitcoin.com wallet has an option to send a transaction with 1 sat/byte fee. thats the lowest there is according to the info from the wallet.
Just above that there is a transaction fee of 14 sat/byte.
I dont know how to calculate this and what it means exactly. If I need to move 0.14 BTC how big will the fee be with those numbers I posted?
And will the 1 sat/byte transaction even be accepted since it seems so small?

For safety, I think it is better to send your bitcoin from bitcoin.com to your new wallet(like electrum) just make sure that you have the seeds backup and I think better to choose recommended transaction fee from your wallet because if you pay 1 sat/byte the process may slow and the confirmation may longer to confirm.
You can use this site https://bitcoinfees.earn.com/ to find which fee you must use.

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For Electrum to ledger nano s you can follow the guide from the link given by Theb (https://support.ledger.com/hc/en-us/articles/115005161925-Set-up-and-use-Electrum) after you setup your ledger nano you can directly send your bitcoin from bitcoin.com wallet to your electrum wallet(connected with hardware wallet)

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It should be safe compared to import your seed from bitcoin.com wallet to electrum.

For fee estimation, I typically use the site Earn.com's fee estimator (click here) (https://bitcoinfees.earn.com/) as well. The site provides you a pretty good idea of what the mempool is currently looking like for transactions, and right down under the charts should be a spot titled "Which fee should I use?", with an estimation of the most efficient fee to use for a transaction and an estimation of how much the fee might be for an average-sized transaction right under that. Right now that number is right around 20 satoshis/byte.

The cost of the transaction depends on how many inputs and outputs are in the transaction you're trying to send. I'd expect the fee to be under about $0.3 or $0.5 USD, nothing significant, though I don't know the exact size of the transaction you're trying to send so I have no exact way of knowing how much the fee might be.

Just send it off to your Ledger Nano S's bitcoin wallet address with a 1 sat/byte transaction fee if you're that conscious about the fees and if you don't mind waiting for a while. It'll get there eventually anyway, just not in a few hours most likely.

Why complicate things when they can be simple? You get nothing by import seed from bitcoin.com to Electrum, both give you option for lowest fee and your main goal is to transfer BTC from online wallet to hardware wallet.

Before you send transaction from bitcoin.com there should be some preview window where you can see all data, total amount of BTC, sending/receiving address, total fee... So you should know size of your transaction to calculate fee, and size of transaction is depends on number of inputs/outputs.

For example, if your transaction is 300 bytes and you pay 1 satoshis/byte, fee will be 300 satoshi. Currently fastes and the highest fee to get confirmation in next block is 8 satoshis/byte and 300 bytes size transactin would cost you only 2400 satoshi.

The only question is how fast you want to get first confirmation, so why not use middle option (economy)?

I have used bitcoin, btc wallet app on my phone and i can set the fee, it was higher than other wallets at that time, but now the fee should not be so high so you can easily transfer your bitcoins from bitcoin com to your hardware wallet. You should choose economy or standard fee.

Thanks for your suggestions. I want to ask something else. I am using ver 4.04 of that wallet and I cant find an option so update it, or does it update automatically. Does anyone know what the latest version is and how do i updated it safely without risking my BTCs? THX

I assume you're talking about the Bitcoin.com wallet?

-- https://wallet.bitcoin.com/

It seems like the latest version is 5.2, which you can download from here. https://github.com/Bitcoin-com/Wallet/releases (Or simply click the link above.)

I'm not sure how exactly Bitcoin.com handles the updating process/whether or not your wallet files will be saved. To be sure, i'd recommend to make a backup of those files before downloading the new version (By exporting the current wallet.. (Although it's quite unnecessary if you have your seed.)

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If they don't save your wallet files, you should probably try to import the Backup Seed into the wallet.