Refund address / Affiliate address / receiving address - Questions

[data_streem]

Hi guys,

Just a few questions on the receiving side of things for Electrum please.

I have an "affiliate address" used for receiving a small percentage from new sign ups, does this address automatically receive any coins that are sent to it? pretty much a similar  question on a "refund address" should a transaction not go through this is where the refund would be sent too.....

Do i need to do anything?

I've just deposited 0.011 of coins from where i bought them from and had to fill in the details in the "receive tab" so wondering about the 2 questions above if you know what I mean?

also, do you pay a fee for receiving coins in Electrum as when i click on "details" i see a small few that has been paid? 0.000374

EDIT: yes...it looks like I've paid 0.09p to receive the coins...why is there a charge?

p.s after you've bought coins and sent them to "Electrum" do you have to leave it running until the coins are delivered or can you slow it down and open it up later and the coins will be deposited?

Thanks again

[TryNinja]

I have an "affiliate address" used for receiving a small percentage from new sign ups, does this address automatically receive any coins that are sent to it? pretty much a similar  question on a "refund address" should a transaction not go through this is where the refund would be sent too.....

Do i need to do anything?

You don't have to do anything. When they send the amount to your address, you will always get the money as soon as the transaction confirms in the network. You can re-use the same address multiple times and the coins will always be on the same wallet you control.

I didn't really understand the second question.

I've just deposited 0.011 of coins from where i bought them from and had to fill in the details in the "receive tab" so wondering about the 2 questions above if you know what I mean?

Those details don't really mean anything. All you need to share is the Bitcoin Address.

also, do you pay a fee for receiving coins in Electrum as when i click on "details" i see a small few that has been paid? 0.000374

The user sending the transactions is the one paying the fees. For example, someone wants to send you 0.05 BTC with a fee of 0.001, they will pay 0.051 from their balance and you will receive 0.05 Bitcoins.

p.s after you've bought coins and sent them to "Electrum" do you have to leave it running until the coins are delivered or can you slow it down and open it up later and the coins will be deposited?

No. You don't have to keep it open. You will always be able to receive payments and your coins will show up when you open the wallet again.

[data_streem]

awesome, thank you so much....i'd been reading the "help" pages but couldn't see them questions.

Just one question on the fees.....

requested amount.... (at today's rate) 0.011 BTC, when i go to send it says "balance" 0.01095191, so 0.011 - 0.01095191 = 0.00004809 which at today's rate is a difference of £0.09 pence....

So where's the £0.09 gone?

Thanks again


EDIT: oh wait, i have a total balance of 0.011 BTC so therefore that must be the maximum amount i can send with the transaction fee taking off? think i have it....thanks again

[kolloh]

EDIT: oh wait, i have a total balance of 0.011 BTC so therefore that must be the maximum amount i can send with the transaction fee taking off? think i have it....thanks again

Yep, that is correct. It is the maximum amount you can send minus the fee. Although a fee of 0.00004809 sounds way too low. I'd recommend using the dynamic fee option to help ensure you get accurate sized fees.

[HCP]

if the transaction is only 192 bytes (likely of sending with 1 input and 1 output, sending whole balance so no change) then that fee is 4809 / 192 = 25 sats/byte... most of the current unconfirmed transactions are in the sub-20 sats/byte bracket... according to: https://btc.com/stats/unconfirmed-tx

I'd guess that fee stands a relatively decent chance of confirming in a few hours...

[data_streem]

Thanks for that.....

I need 1 confirmation to show within 15 minutes......

so would you use within 25, 10 or 5 blocks in Electrum?

Thanks

[HCP]

If you're using Bitpay, you DON'T need 1 confirmation in 15 minutes... you just need to broadcast the transaction within 15 minutes. Once broadcast, they'll happily wait a few hours for the first confirmation... I've done this multiple times with BitPay payments.

If it is for another service/payment processor... tell them their system is dangerously flawed. There is no guarantee in any given 15 minute window that a block will be found. The "10 minute block time" of BTC is an average! I've seen time between blocks of almost an hour before...

If it isn't BitPay, would you mind saying what service it is that has this requirement??

[john2231]

Thanks for that.....

I need 1 confirmation to show within 15 minutes......

so would you use within 25, 10 or 5 blocks in Electrum?

Thanks

5 blocks in electrum is the fastest transaction in dynamic fees but you can also choose 10 as medium transaction speed and 25 for slowest transaction speed..
Well for me if i really need the amount this day i always choose 5 blocks so that i can receive the transaction with few minutes..
Or if you really want to more faster i think you can choose to go manually put fees you want but always check the list of fast fees here https://bitcoinfees.21.co/