When bitcoin price drops transferring bitcoin to exchange question

[vaoviixkji]

.

[1715627693]

1715627693

[1715627693]

1715627693

[1715627693]

1715627693

[OmegaStarScream]

If you send 1 BTC to an exchange, you receive 1 BTC regardless the price of bitcoin. Your hardware wallet should give the ability to choose fees, take the highest option If you want them to be credited to the exchange fast, It's the bitcoin network being busy and not the exchange itself.

[pawel7777]

...
Basically what i am asking is if i do choose a decent mining fee would you get the bitcoin deposited into the exchange within a hour or? so you can sell?
...

Heavy "traffic" won't affect frequency of blocks being mined (every 10 minutes on average), but it's harder to get your transaction included in the next block.

The higher fee you choose to pay - the higher the chance of your transaction getting in the next block. But no one can guarantee you that. If million people send their txs exactly the same time (even with super-high fees) most of them will have to wait for the next blocks.

Also note that every exchange sets their own preference in terms of minimum confirmations (before making your btc deposit available to you). Usually it's around 3. So even if your transaction goes through fast, you'll have to wait for miners to mine 2 more blocks. So the process would take (on average) 20-30 minutes.

[Dapper]

This type of bottle neck is what the flash traders bank on.   

I keep a hold fund that is air gapped and a trading fund split between a few exchanges.   There is risk to doing the latter but that is the only way to profit in both up and downward trends.

[avikz]

I have found a nice resource for you to get more clarity on the bitcoin transaction fees. Just scroll down to the bottom of the article and you will find few important links from where you can calculate the current ongoing fees for any transactions.

https://news.bitcoin.com/how-to-calculate-bitcoin-transaction-fees-when-youre-in-a-hurry/

Hope this helps!

[pawel7777]

So 30 minutes from wallet to exchange and to be able sell is double while massive price drops and demand? I just assumed next day or at least many hours.

No, 20-30 minutes is the minimum time you should expect before you can trade your deposit assuming your transaction gets in the next block (and that exchange requires 3 confirmations).

The short answer: If time is a priority to you - send your transaction with highest possible fee. That's the only thing you can do. Most of the time it will get 3 confirms within 1 hour (even during high demand), but again - it's not guaranteed.

[pawel7777]

ok so there stories online of of people having their money stuck in between a wallet and the exchange and not being able to sell for 12 hours or a day is incorrect even after they used highest possible fees?

Could be true, I can't tell, you'd have to look at each case separately to tell what was the reason. There are plenty of factors to consider, such as: many wallets have poorly designed fee calculations (their 'priority fee' could be insufficient), exchanges tend to have problems during high traffic and deposits are stuck as 'pending' even when confirmed, blocks are not always mined every 10 minutes (especially when the hashrate drops), miners could be mining empty blocks or prioritising transactions of their clients etc. And of course, what I mentioned above - if the demand exceeds network capacity - some transactions simply won't go through.

[pawel7777]

ok thanks for explaining!

So just another couple question if ok, when you say "send your transaction with highest possible fee" what roughly is the dollar amount for a fee like this?

Fees are defined in BTC (satoshi per byte) not USD. If your wallet allows you to set fee manually, check what are the current recommended fees and set it slightly higher:
https://bitcoinfees.earn.com/

Scroll down, you'll see:

Which fee should I use?

The fastest and cheapest transaction fee is currently 510 satoshis/byte, shown in green at the top.

If your wallet only gives you options to choose i.e. "low priority", "normal", "priority" - go for the highest ("priority") and hope it's sufficient, not much more you can do.

And which of trezor or nano hardwired wallets are better?

Don't use any of them so don't know.

[HeRetiK]

And which of trezor or nano hardwired wallets are better?

Don't use any of them so don't know.

Both hardware wallets are fine and have a great track record. In terms of basic functionality such as security and determining transaction fees both are pretty much equal. Ledger is cheaper and supports more coins. Can't compare in terms of overall user experience as I only have a Trezor though.