Bitcoin Forum

I added 300EUR to my Electrum Wallet.
I sent 0.0055 to 3NftSxXA3GDu2aWmercEdWsMuRkG62dD5T    but it now says UNCONFIRMED and the bitcoins have not been received.

A strange alert popped up regarding fees when I was doing the transaction.
I do not understand what went wrong.

Anybody kind enough to help?

Thanks

Is this the transaction you are asking about?
https://mempool.space/tx/dca6be0411b6c796a95ec5ec574aa312cc4b3f97638aa821d47e5b209c1a19ba

It's paying 128.5 sat/vbyte and it's currently positioned ~11vMB from tip.
If you are lucky enough, it will confirm within a day or less.

Luckily, It's flagged as rbf so you can bump the fees if needed.

If you were indeed sending to the "3NftS...x" address... then I have some bad news for you. Because you didn't send 0.0055 BTC... you've sent 0.0055 mBTC!!?! :o  which is only 550 sats!
https://www.blockchain.com/btc/tx/dca6be0411b6c796a95ec5ec574aa312cc4b3f97638aa821d47e5b209c1a19ba
https://talkimg.com/images/2023/11/14/zE1tJ.png

What wallet were you sending the coins from? ???


I suspect the alert was trying to warn you that you were about to spend 0.00018150 BTC to send only 0.00000550 BTC!!?! :o :o :-\

I believe he is using Electrum since, AFAIK, it's the only wallet that shows mBTC by default.

If sending 0.0055 mBTC to "3NftS...x" was a mistake and he was intending to send 0.0055 BTC then he should double spend that transaction asap before it gets confirmed.
Not sure if the "bumping fee" in Electrum allows you to change the destination address and the amount, but if it doesn't he still can use any online tool such as coinb.in to create the raw transaction, sign it with Electrum then broadcast it.

Electrum will default with mBTC unit which is equivalent to 0.001 BTC, in your case, you've actually sent 550 satoshi (0.00000550 BTC) as the previous posts mentioned.
You can change the base unit into 'BTC' in the settings if you want: "Tools->Preference->'General' tab->Base Unit".

The error you've received is because the total fee is much higher than the amount to be sent:

I am quite sure that replace-by-fee doesn't allow the sender to change the amounts being broadcasted. You can change the miner fees and the receiving address, but you are still spending the same UTXO. Therefore, if the original sum was 0.0055 mBTC, it has to stay 0.0055 mBTC. Doing an RBF on this transaction by decreasing the fees would also not make sense because miners are incentivized to include transactions with higher fees. If given a choice, they will never go for the one awarding them less bitcoins.

That leads me to another question. Even though it doesn't make sense to do, is it possible to bump the fees with RBF and actually broadcast a 2nd transaction with less fees than the original one?

BTW, the transaction in question has already been confirmed.

Pretty sure one of the RBF rules is that the fee has to be higher... and has to be higher by at least the minimum relay fee for another transaction. The idea being to prevent "DoS" attacks by spamming new replacement transactions etc... and also to encourage miners to not violate the system by taking an "earlier" transaction that paid a higher fee etc.

Refer: https://bitcoincore.org/en/faq/optin_rbf/#who-invented-unconfirmed-transaction-replacement-does-it-go-against-the-vision-of-bitcoin

You can change the amount by adding more UTXO(s) or removing UTXO(s).

Let's say the original transaction is as follows.

Input A -------> Output A
Input B              

This transaction can be replaced by following transactions.

Input A -------> Output B  (higher fee)


Input A
Input B -------> Output B  (higher fee)
Input C


Input A -------> Output B  (higher fee)
Input C

The full set of rules for an RBF transaction can be viewed here: https://github.com/bitcoin/bips/blob/master/bip-0125.mediawiki#implementation-details. Bold mine.


In terms of the inputs, the only requirement is that at least one of the inputs is the same and you can only included an unconfirmed input in the replacement transaction if it was also included in the original transaction. You can add or remove as many inputs as you like - as long as one of the inputs is the same, the original transaction will be replaced. Even if the original transaction has hundreds of inputs sending thousands of BTC to hundreds of different outputs, you could replace the entire thing with a transaction which sends a few thousands sats from one address to another, provided you meet the fee requirements.

I think HCP was right.

Now the transaction appears to have gone through, because it has a green Icon next to it in the History folder.
Is reads
Amount sent: 0.0055 mBTC

So how can I send BTC when the only option I have is to send mBTC?

Thanks

Either multiply everything by 1000 (so 1 BTC would be 1000 mBTC, or your intended 0.0055 BTC would be 5.5 mBTC), or change the units your wallet displays from mBTC to BTC by following the instructions given above:

Thanks guys, I have managed.
One last question, in terms of conversion,
how many BTC is 290EURO?
I find conflicting exchanges.

https://coinmarketcap.com/converter/eur/btc/?amt=290

No exchange will be exactly the same as any other.

Bitcoin dropped almost 10% the other day... in less than 30 minutes!!?! :o So, trying to send an "exact" amount of fiat using BTC is a fool's errand... you might get close, but the value when you send will likely not be the value when it is received/confirmed.

If you need to send an exact "fiat" amount... then you should use "fiat" transfer services :P

Otherwise, you will need to agree to an exact amount of BTC with whomever you are sending to or receiving from. Once both parties have agreed on a set amount of BTC, then that amount should be sent... any variance in the fiat value of BTC is then irrelevant.