Help Me Understand About the Bitcoin Transaction method.

[BITCOIN4X]

Previously, I had never used wallet that started with "bc1q" because I was too comfortable with previous wallet from the wallet app with the "3" prefix. But lately the transaction fees set by the wallet are so high that I have to pay $1 more for each transaction and that is the minimal amount.

Now i have downloaded one of the other famous wallet android version "Electrum" via playstore. I've got the wallet and I'm a little confused by the transaction method this app offers. There are three methods offered.
1. Mempool
2. Static
3. ETA.

Can anyone help me understand about this method ?

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[jackg]

The mempool method sets out how far your want the transaction to be from the tip of the mempool.

If it's below 0.8mb then it's likely to get confirmed in the next two blocks (or next block depending on how fast it's mined). I'd say 0.2 would almost guarentee it entering the next block. I wouldn't go further than 5-10 as 20 would probably take a while to confirm when fees are high (few days possibly).

Eta is using the other servers fee estimates (presumably derived from bitcoin core ones) which analyses both the relative increase in fees over the past blocks and the current fee rate for confirmed transaction and tries to estimate what sort of fee you'd need based on that..

Static is just static. I think the values are generally starting at 1 sat per byte and ending at 500. It's sometimes helpful for some tasks - you don't care when it confirms but want a specific rate for example pre set (mødt exchanges use a system like that so it might just be making people who only use those services more comfortable - and it does allow you to set very low fees like 1 sat per byte for if you want to consolidate inputs).

[BITCOIN4X]

The mempool method sets out how far your want the transaction to be from the tip of the mempool.

If it's below 0.8mb then it's likely to get confirmed in the next two blocks (or next block depending on how fast it's mined). I'd say 0.2 would almost guarentee it entering the next block. I wouldn't go further than 5-10 as 20 would probably take a while to confirm when fees are high (few days possibly).

Eta is using the other servers fee estimates (presumably derived from bitcoin core ones) which analyses both the relative increase in fees over the past blocks and the current fee rate for confirmed transaction and tries to estimate what sort of fee you'd need based on that..

Static is just static. I think the values are generally starting at 1 sat per byte and ending at 500. It's sometimes helpful for some tasks - you don't care when it confirms but want a specific rate for example pre set (mødt exchanges use a system like that so it might just be making people who only use those services more comfortable - and it does allow you to set very low fees like 1 sat per byte for if you want to consolidate inputs).

Thanks for answering jackg, because this is what I needed. If so, I am only interested in the above two transaction methods and they are pool and static. These two method seem to be very helpful to me in reducing the transaction fees I have to pay for each previous transaction.
It shouldn't be a problem for me to pay higher fees to get a fast transaction. However, if the cost is much different from the others, it doesn't hurt to save costs. Just curious, is the Android version of the Electrum wallet safe enough to use ?

[Upgrade00]

Just curious, is the Android version of the Electrum wallet safe enough to use ?

I would say; Yes, it is safe enough to use.
The Android version works a bit differently, on it you can only use a 6-digit PIN to secure your keys and sign transactions (*only applies to versions before v4). But if one maintains high level of security consciousness by filtering the apps they download, the permissions they allow those apps to access on their device and the networks they connect to, then, your wallet files should be secure.
There is however the risk of carrying your device around making it inconvenient for cold storage.

Not since v4 it doesn't.

Thanks for the info. I last accessed it on version 3.3.8, great security update.
I couldn't get the accurate character limit for the password, but seems to be a very high number.

[jackg]

The Android version works a bit differently, on it you can only use a 6-digit PIN to secure your keys and sign transactions. But if one maintains high level of security consciousness by filtering the apps they download, the permissions they allow those apps to access on their device and the networks they connect to, then, your wallet files should be secure.

Not since v4 it doesn't. You can set the password potentially to as long as you like (I don't actually know what the limits are, but they changed it to a keyboard input which is much better/more secure).


I'd say the mobile version is pretty secure (as secure as it can be). The same attack vectors probabky exist for both the PC and mobile now so I think it's pretty much the same.

[Findingnemo]

Android version of the Electrum wallet safe enough to use ?

I have been using it for a while and never had any issues in the recent days, sometimes there will be keyboard bugs while entering the pin to access the wallet but apart from that I don't find any issues.Android version doesn't allow you to set the fees manually like what sat/byte you want to go.You can change the priority of your transaction from which block to get confirmed and the least value can set is 25 blocks and it will be cheaper though.

[jackg]

Android version of the Electrum wallet safe enough to use ?

I have been using it for a while and never had any issues in the recent days, sometimes there will be keyboard bugs while entering the pin to access the wallet but apart from that I don't find any issues.Android version doesn't allow you to set the fees manually like what sat/byte you want to go.You can change the priority of your transaction from which block to get confirmed and the least value can set is 25 blocks and it will be cheaper though.

Try pressing the "eta" button/label thing... Someone suggested it to me, works wonders

[BITCOIN4X]

I would say; Yes, it is safe enough to use.
The Android version works a bit differently, on it you can only use a 6-digit PIN to secure your keys and sign transactions. But if one maintains high level of security consciousness by filtering the apps they download, the permissions they allow those apps to access on their device and the networks they connect to, then, your wallet files should be secure.
There is however the risk of carrying your device around making it inconvenient for cold storage.

Sure enough, I didn't get any negative reviews which caused me to hesitate to use it at a later date.
The only security it offers is a 6 digit password at the start (previous versions) and now security is much better because it can combine letter and number as well as symbol, but I can make it much more secure with the help of android security and app lock even though I very rarely keep my assets in the wallet.

I have been using it for a while and never had any issues in the recent days, sometimes there will be keyboard bugs while entering the pin to access the wallet but apart from that I don't find any issues.Android version doesn't allow you to set the fees manually like what sat/byte you want to go.You can change the priority of your transaction from which block to get confirmed and the least value can set is 25 blocks and it will be cheaper though.

Good, thank you buddy for the review. This should be fine for me at the moment and ETA is another option if I want the sat/ byte value as I want it and that's as jackg explained in the second post.

[Findingnemo]

Try pressing the "eta" button/label thing... Someone suggested it to me, works wonders

I wonder how I didn't noticed this for almost years.

Just now felt the magic!

[o_e_l_e_o]

If you are not in a hurry, select "Static" and set it to the minimum - 1 sat/vbyte - to pay the smallest possible fee and save the most money.

If you are in a hurry, select "ETA" and choose how quickly you would like Electrum to aim for a confirmation, bearing in mind that at any time someone could drop a few megabytes of transactions in to the mempool, or there could be an hour long block time which pushes your transaction down the priority order.

[khaled0111]

Not since v4 it doesn't. You can set the password potentially to as long as you like (I don't actually know what the limits are, but they changed it to a keyboard input which is much better/more secure).

Besides, unlike older versions, V4 and above request to enter the password only when you open your wallet. You will not be requested to enter it again when you sign a transaction.

I am only interested in the above two transaction methods and they are pool and static. These two method seem to be very helpful to me in reducing the transaction fees I have to pay for each previous transaction.

Choosing any of these estimation methods wil not reduce the fees you pay, they only help you decide which fee rate is most suitable for you. So, it doesn't really matter which one you use since they simply show you where your transaction will be positioned but from different perspectives.

[BITCOIN4X]

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Of course, I don't feel rushed to make any transaction. It is difficult to know what method the wallet I am currently using as we are not able to choose. The recommended fees were too high even when we chose minimal fees. Electrum seem to be the right choice for me right now and I will try these three method as needed.

Choosing any of these estimation methods wil not reduce the fees you pay, they only help you decide which fee rate is most suitable for you. So, it doesn't really matter which one you use since they simply show you where your transaction will be positioned but from different perspectives.

I just want to have the convenience of setting the amount of fees I wanted and that I didn't get in my previous wallet. If I were to compare the two wallet, I would choose Electrum because it suits my need.