Noob question about Armory and SegWit

[ConnyH]

Hi!

So this is my problem. A while ago I tried to make a transaction from one of my armory wallets to another one of my armory wallets. The problem was that the transaction contained very many addresses with small amounts of BTC in them, and the size of the transaction was therefore very big (approx. 5000 bytes). At the time of transaction the recommended transaction fee was something like 600 satoshis per byte, and the recommended transaction fee therefore was something like 400 dollars. This sounded waaaay to high for me, so I decided to use a much lower transaction fee in hope of it being accepted anyway (and I also tried to use free services for acceleration of stuck transactions since I’ve used one before). This transaction is still stuck. So today I read something about something called “SegWit”, which, if I understood it correctly might help me lower my transaction fee. Is this correct? I then googled Armory and SegWit and found a post saying that Armory is SegWit enabled.

So my question is, can I send the same bitcoins, but using SegWit instead (or did I automatically use SegWit when I sent my original transaction?)?. Will this lower my transaction fee? Or am I screwed since I already tried to send my bitcoins? (even though the transaction is stuck?) Is there any risk of losing my bitcoins if I do something wrong?

When I did the original transaction, I knew it was a fairly bit chance of it becoming stuck, so I used the RBF function, so the transaction is “RBF flagged”. I’m not completely sure if I understood the feature correctly, but to me it sounded like I could send the same transaction again but with a higher fee if I used that function.

I’m a complete noob (as evidenced by me just today finding out that SegWit exists..), please keep that in mind when answering 😊
And thank you so very much for your help!

[1714478480]

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[1714478480]

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[PhoenixFire]

Are you willing to provide a transaction id? You'll lose some anonymity, but I can probably advise you a bit better on it. PM if you like?
Scratch that, found your previous post.
So your transaction was about 15 satoshi/byte. Definitely on the low side. Fees have been relatively low in the past few days (30 sat/byte), but not that low. They seem like they're going back up now, and it is anyone's guess as to whether they'll stay low-ish or even drop again at the weekend. A difficulty change is about to happen in the next day or so which will slow blocks down again.
Right now, it looks like a RBF to 200 satoshi/byte would get you into the next block. You are welcome to try for lower first or wait it out and hope that it drops to similar levels at the weekend.

Segwit won't magically help you with lower fees in this case - The discount applies when sending coins from a segwit address. These addresses start with a 3 (or bc1 in other wallets) rather than a 1. It would definitely be beneficial, going forward, to send the coins to a segwit address. Assuming you have an up to date Armory and Bitcoin Core setup, you can generate segwit (P2SH-P2WPKH) addresses inside Armory.

You are correct on the purpose of RBF, as far as I know. I'm actually ignorant as to whether you can bump the fees and change the output to a new segwit address in a wallet that you control. That'd be the ideal thing to do though.

[goatpig]

You are correct on the purpose of RBF, as far as I know. I'm actually ignorant as to whether you can bump the fees and change the output to a new segwit address in a wallet that you control. That'd be the ideal thing to do though.

The "bump fee" feature spawns the Send dialog with the exact same tx settings preloaded (utxos, change address, payment address). At this point you can do anything you normally do in the Send dialog. You can also use the RBF control feature (under the coin control feature) to pick replaceable UTXOs and effectively create a completely different tx if you wish so.

[PhoenixFire]

The "bump fee" feature spawns the Send dialog with the exact same tx settings preloaded (utxos, change address, payment address). At this point you can do anything you normally do in the Send dialog. You can also use the RBF control feature (under the coin control feature) to pick replaceable UTXOs and effectively create a completely different tx if you wish so.

Good to know - thanks!

@ConnyH
You're at 5 confirmations at the time of this posting! Mempool cleared up nicely in the past few hours

[ConnyH]

You are correct on the purpose of RBF, as far as I know. I'm actually ignorant as to whether you can bump the fees and change the output to a new segwit address in a wallet that you control. That'd be the ideal thing to do though.

The "bump fee" feature spawns the Send dialog with the exact same tx settings preloaded (utxos, change address, payment address). At this point you can do anything you normally do in the Send dialog. You can also use the RBF control feature (under the coin control feature) to pick replaceable UTXOs and effectively create a completely different tx if you wish so.

Thanks for your answer, I got confirmations now! (didn't do anything though)

The "bump fee" feature spawns the Send dialog with the exact same tx settings preloaded (utxos, change address, payment address). At this point you can do anything you normally do in the Send dialog. You can also use the RBF control feature (under the coin control feature) to pick replaceable UTXOs and effectively create a completely different tx if you wish so.

Good to know - thanks!

@ConnyH
You're at 5 confirmations at the time of this posting! Mempool cleared up nicely in the past few hours

Thanks for your answer, I saw I got confirmations!