Topic translated in Pidgin :
Make sure say u no de waste BTC 4 fees way 2 high– step by step guide (Electrum)Original Topic: Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)Author: 1miau
Every transaction way Dem do wit Bitcoin need to get transaction fee, so e de very important to make sure say d fee small well well, and d pesin way wan receive am go get am d correct time. D way transaction go take fast depend on d kind fee way u pay put. Dem de show dis fee 4 Satoshi per byte (sat / byte). D higher d fee 4 sat / byte, d higher d chance say Dem go add ur transaction join d next block. miners de always select d transactions according to hw d transaction fees take de 4 (sat / byte). Dis matter de normal 4 thinking based on say miners no de only receive block reward, but Dem de also de receive transaction fees way de inside d block way Dem mine.
No b all wallet de allow u adjust d transaction fees manually and even dose ones way fit do am de normally get simple setting way de on default ( and Dem 2 de expensive). One Beta wallet way go allow u set transaction fees way u wan pay by ursef na Electrum.
After U don switch D settings, E de important to find out d amount of transaction fees way u de ok wit, and u fit do am 4 some website way de reliable and accurate. But u go first need to on customized fees.
4 dis guide I de use
Electrum and D
Mempool by Jochen Hoenicke.
So, na small small step remain 4 u to take do u fit save Bitcoin way de valuable.:
1. First, u go open ur wallet 4 Electrum. After u don do am you go need to go where "Send" de and 4 there u go notice say u fit adjust d fees but na slider you go need to use. And dis one don already beta pass many other cases of many service Dem especially exchange but e no sti de perfect, bcos if u edit am manually u go fit save more btc .
2. To take adjust d fee by ursef , u go click on
Tools =>
Preferences
3. Den, one window go open up where u go fit activate one checkbox
"Edit transaction fees manually". I go also activate
"Replace-by-Fee" (RBF). Dis one go make am possible for you to take increase d transaction fee later, I u notice say the fee way u choose too low. Dis matter fit happen wen d volume of transaction way de Bitcoin network just go up once.
If u don activate d 2 function you go fit come close d window.
4. Now u go de see separate space 4 d amount of transaction fees 4 (sat / byte) and u go fit edit am manually by ursef.
Last last, u go need to find out de kind fee way go de necessary 4 ur transaction. And u go fit find am out wen u follow d step way de com next so:
5. Many many ways de to take get d transaction fee way de currently. Maybe d best way to take no as we de talk so na to look Bitcoin Mempool directly. Bitcoin Mempool no b where Dem de collect beta memes o. But e de represent Bitcoin transactions way de wait 4 confirmation. So mempool way full mean say u go need to use high fee to take send transaction fast fast, bcos many transactions de wait 4 confirmation and dem de drag to b d one way Dem go add join d next block ( only d ones way get d highest transaction fee na him Dem go select 4 d next block until e don full ), while mempool way de almost empty na him b d best to take make sure say Dem confirm ur transaction 4 low fees.
U fit get beta picture of d mempool 4 Jochen Hoenicke page:
https://jochen-hoenicke.de/queue/#0,24h.
4 d website u go fit choose different space of time where u fit observe d Mempool wella. Totally na 3 different graphs dey:
- Unconfirmed Transaction Count (Mempool)
- Pending transaction fee in BTC
- Mempool Size in MB
4 watin we de try consider, d first and d last graph go de ok Wella, while d last graph get beta effect for d purpose of watin we de fine. Becos e de show d real size of mempool 4 MB. Bcos sometimes e de happen say transactions way big well well 4 (bytes) de wait 4 mempool. And Dem de list am 4 d first graph as transaction way b single one but Dem need many space b cos Dem get many input, 4 example or Dem b many transaction way no b SEGWIT. But after al d graph resemble:
Unconfirmed Transaction Count (Mempool):
Mempool Size 4 MB:
If u de move ur mouse across d graph u go fit see which line de represent how many satoshi per byte (sat / byte). Dis one go help u take no how u go calculate how much transaction fees you go need to use 4 ur transaction. U go need still go back check time way MB of transaction way de mempool some hours ago take wait b4 Dem confirm Dem, and weda Dem empty mempool finish. Den e sti de reasonable to choose only small satoshi per byte. Normally, e depend on how fast u need to take send d transaction . If e no de necessary, e de advisable to wait or to send with fee way small way u think say de realistic 4 d next few hours.
D big matter way we nor no na wen Dem go find d next block. 4 cases way no too de common, e fit take pass one hour between 2 blocks way de follow each other. Den many transaction way Dem need add join d next block go gather and e fit tay until e reach dat time. To add join,e de possible say many new transactions fit enter mempool and if their fee big pass ur own, Dem go add am join d next block instead of ur own . So risk of choosing transaction fee way low sti de.
To add join, make you always check d transaction volume 4 days way don pass . E get some kind pattern way de repeat e sef:
- After around 08:00 CET, d transaction volume dey likely to increase, around 23:00 d Mempool go dey empty Small small (dis times fit change , sometimes e fit start early or late )
- Between 02:00 and 08:00 CET na d best time to take send Bitcoin, wen d Mempool de regularly de empty.
- most times na Monday de busy pass.
- During d weekend dMempool dey usually de much emptier pass during the week, even wen na rush hour
Keep am 4 mind say this patterns fit change anytime especially wen Bitcoin price de increase, many users de do transactions so d fees go sti likely increase join.
And last last, a short example:
D time na 01:00 CET here (night) when I take make dis screenshot, D Mempool de show d picture way de under watin u de read so (daily overview):
D day na Monday, so D transaction volume wen na day time de very high as we go take expect am. But now now d Mempool don almost empty again. And we go fit assume say e go de empty many many times dis night like e do the week way just pass and na still d whole nite remain.
If you look d size of all d transaction way de mempool wen u dey move ur mouse across the graph, u go see say d last block no full finish (approx. 0.55 MB (normally data way pass 1 MB na him de size block.)). 4 dis kind place I go choose 2 Satoshi / byte and d probability say Dem go add ur transaction join d next block high well well.
And wen u look d graph well u go notice say some transaction de use fee way high well well.... dis na bcos Dem send their transaction with fee way pass 100 satoshi / byte, although say fee of only 2 satoshi / byte 4 reach to take make Dem add d transaction join d next block. ^^
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