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Author Topic: Help me make sense of my first Bitcoin sent to Electrum please  (Read 236 times)
jackhulk
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November 01, 2017, 08:38:06 PM
 #1

Hello

Ok so I've purchased my first Bitcoin and attempted to send from Kraken to Electrum, but not sure I've done this right.

I had one Bitcoin and after Kraken fee of 0.00100, 0.999 would be sent to Electrum. In Electrum I therefore set the requested amount to 0.999.

On Kraken the status has updated to 'Success'. On Electrum however it was unconfirmed for a while and now that's been replaced with a clock icon (2 confirmations). The balance shows 999. mBTC.

Some questions please...

1. Have I done this right, if not where have I gone wrong?

2. When receiving why do I have to enter the amount. Shouldn't a wallet simply know the amount once received like that of a bank account transfer? What happens if I input incorrect amount compared to what is actually received?

3. I understand that transaction times may varies, but roughly how long should it take?

4. Does the balance of 999. mBTC seem right? I expected it would be show 0.999.

5. Do I get to see the miners fee costs?

Thank you
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LoyceV
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November 01, 2017, 08:43:22 PM
 #2

I had one Bitcoin and after Kraken fee of 0.00100, 0.999 would be sent to Electrum. In Electrum I therefore set the requested amount to 0.999.

On Kraken the status has updated to 'Success'. On Electrum however it was unconfirmed for a while and now that's been replaced with a clock icon (2 confirmations). The balance shows 999. mBTC.
This is normal. You'll get an average of 6 new confirmations per hour.

Quote
1. Have I done this right, if not where have I gone wrong?
It's in your wallet and it's confirmed. That means you did it right.
Did you also write down the backup seed phrase? And keep that in a safe place?

Quote
2. When receiving why do I have to enter the amount. Shouldn't a wallet simply know the amount once received like that of a bank account transfer? What happens if I input incorrect amount compared to what is actually received?
You don't have to enter the amount. On Kraken, all you need to enter is your Bitcoin address.
This feature can for example be used when you want someone to pay you a certain amount, and he scans the QR-code on your screen with his phone. You don't need this for Kraken.

Quote
3. I understand that transaction times may varies, but roughly how long should it take?
Assuming Kraken uses a high enough fee: anywhere between a minute and an hour or more. On average it's 10 minutes.

Quote
4. Does the balance of 999. mBTC seem right? I expected it would be show 0.999.
You can set your Electrum wallet to show Bitcoins or milliBitcoins. Yours is set to mBTC.

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5. Do I get to see the miners fee costs?
You can find details on the transaction.

jackhulk
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November 01, 2017, 09:08:03 PM
 #3

Phew thanks LoyceV, thats put me at ease!

Yeah I've written down backup seed phrase thank you... now just need to find a safe place that I won't forget!  Cheesy

Wooha, clock has now turned to green tick! Took just over an hour.

I didn't know about miners fee and that its possible to set these. I assume the lower you set, the longer a transaction would take right? Not that I'm going to mess with this, I will just leave it set to use dynamic fees.

Looking at the transaction details the fee shows as 'unknown'. Why would this be? As my balance shows 0.999 it would appear a fee hasn't been taken. That can't be right can it?







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November 01, 2017, 09:54:49 PM
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Wooha, clock has now turned to green tick! Took just over an hour.
I'm not sure about Electrum, but if it waits for 6 confirmations (as recommended) to be completely okay, an hour makes sense.

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I didn't know about miners fee and that its possible to set these. I assume the lower you set, the longer a transaction would take right?
Correct.

Quote
Looking at the transaction details the fee shows as 'unknown'. Why would this be? As my balance shows 0.999 it would appear a fee hasn't been taken. That can't be right can it?
The 0.001 was taken by Kraken, they probably send payments in batches, so you're not the only receiving party with a much higher fee.
The fee Kraken charges you has no direct relation to the fee miners get.

KomrelliManikanta
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November 04, 2017, 05:27:55 PM
 #5

Yes that is a normal transaction. Everything is fine. No issues

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sigtmerchant
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November 04, 2017, 07:15:24 PM
 #6

Hello

Ok so I've purchased my first Bitcoin and attempted to send from Kraken to Electrum, but not sure I've done this right.

I had one Bitcoin and after Kraken fee of 0.00100, 0.999 would be sent to Electrum. In Electrum I therefore set the requested amount to 0.999.

On Kraken the status has updated to 'Success'. On Electrum however it was unconfirmed for a while and now that's been replaced with a clock icon (2 confirmations). The balance shows 999. mBTC.

Some questions please...

1. Have I done this right, if not where have I gone wrong?

2. When receiving why do I have to enter the amount. Shouldn't a wallet simply know the amount once received like that of a bank account transfer? What happens if I input incorrect amount compared to what is actually received?

3. I understand that transaction times may varies, but roughly how long should it take?

4. Does the balance of 999. mBTC seem right? I expected it would be show 0.999.

5. Do I get to see the miners fee costs?

Thank you

I don't think I ever had to add requested amounts in Electrum in order to receive a payment. Just enter address and amount into exchange withdrawal screen and you should be fine.

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November 04, 2017, 07:19:33 PM
 #7

nothing to worry about sir. you're all good. it shows unconfirmed as the transaction is still being mined in the network (you'll understand why BTC forks - to solve the issue of sluggish transactions). 999mBTC is equals to .999 BTC, so you still have all your coins intact. Best of luck Smiley

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