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Author Topic: how to transfer 0.002 btc from my wallet ? "transaction require a higher fee"  (Read 53 times)
LePuppy
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December 19, 2017, 08:23:14 PM
 #1

Hello,

My Electrum wallet contains 0.002 btc. I would like to transfer them back to gdax. But there's two things :
- on the gdax deposit page, it's written that the minimum deposit is 0.01 btc
- when I try to sent them, an error message appears on Electrum : "This transaction requires a higher fee or it will not pe propaged by the network"

I just had an issue with a tx so I'll ask before doing it : Should I transfer 0.008 btc into my wallet so the minimum amount of btc will be reached ? But what about the fees ? Will it reduce my tx to less than 0.01 btc so I won't able to transfer them ?

Thanks
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TryNinja
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December 19, 2017, 08:43:43 PM
 #2

- on the gdax deposit page, it's written that the minimum deposit is 0.01 btc
So why are you trying to send deposit 0.002BTC?

- when I try to sent them, an error message appears on Electrum : "This transaction requires a higher fee or it will not pe propaged by the network"
That's self-explanatory. Increase your fee or your transaction won't get through. And that's also where you should tell us how much are you trying to pay in fees.

I just had an issue with a tx so I'll ask before doing it : Should I transfer 0.008 btc into my wallet so the minimum amount of btc will be reached ? But what about the fees ? Will it reduce my tx to less than 0.01 btc so I won't able to transfer them ?
You will obviously have way lower than the minimum amount after fees. Even if you try to "save money" by putting a small fee of 0.0001 or something, your transaction will probably never get confirmed anyway. Just forget about it.

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December 19, 2017, 08:45:00 PM
 #3

My Electrum wallet contains 0.002 btc. I would like to transfer them back to gdax. But there's two things :
- on the gdax deposit page, it's written that the minimum deposit is 0.01 btc
Fees are terrible high at the moment. Sites don't like small deposits, because it costs a lot to consolidate the small inputs.

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- when I try to sent them, an error message appears on Electrum : "This transaction requires a higher fee or it will not pe propaged by the network"
You can set a lower fee manually, but that means your transaction will take a long time. Currently, any input lower than 0.001BTC isn't worth sending. The required fee is higher than that amount. If you have 0.002BTC in your wallet, in 2 or more small inputs, the sad reality is you can't use it until the fees go down.

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I just had an issue with a tx so I'll ask before doing it : Should I transfer 0.008 btc into my wallet so the minimum amount of btc will be reached ? But what about the fees ? Will it reduce my tx to less than 0.01 btc so I won't able to transfer them ?
This won't help. Suppose you add 0.008BTC, bringing your total balance to 0.01BTC. Now suppose the required fee is 0.004BTC, that leaves you 0.006BTC to send. You're better off sending the 0.008BTC directly to somewhere else.

My advice: Keep your 0.002 BTC, but don't bother trying to use it at this current high fees.

JoyofCrypto
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December 19, 2017, 08:45:50 PM
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I don't think it is worth for you to transfer some more btc into your electrum wallet just so you could then deposit it into GDAX. 0.002 BTC is not that big of an amount anyway.
LePuppy
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December 20, 2017, 09:50:42 AM
 #5

I tried to increase fees as much as I could (with a bar) and the message wouldn't change. Well I guess I'll give up on that money, it's not big but it's still 20-30 $ and I planned to withdraw my money. I created a wallet cause a youtuber made a video about securizing your btc. At the end, I lost a little money for a whole amount that's not that big haha.
Fee : 963.sat/byte and it's the max.
LoyceV
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December 20, 2017, 09:59:10 AM
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I tried to increase fees as much as I could (with a bar) and the message wouldn't change. Well I guess I'll give up on that money, it's not big but it's still 20-30 $
Don't give up on it, just keep it until fees get lower again (somewhere in the far future?).

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Fee : 963.sat/byte and it's the max.
Are you sending 1 input worth 0.002BTC entirely to miners?

LePuppy
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December 22, 2017, 07:41:40 AM
 #7

I'm sending 2mBTC to my gdax (coinbase) account. I don't know much about fees but I guess I'm sending them the 963.sat/byte part, I don't even know how much it represents.
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