[Apr 2024] Fees are HIGH, wait for opportunity to Consolidate your small inputs

[bob123]

I was thinking of doing it this way.
Generate a new address in Ledger Live, copy this address to Electrum making sure it is the correct address and consolidate all my transactions using Electrum. Is there any downside in doing it this way?  

Nope. No downsides.

But, if you already use ledger live to get an receiving address, you might as well just consolidate using ledger live (given that you simply want to consolidate all UTXO's).
Saves you one step.

But doesn't really matter tho. If you'd rather use electrum, use electrum  

[1715083574]

1715083574

[1715083574]

1715083574

[1715083574]

1715083574

[1715083574]

1715083574

[DaveF]

IMPORTANT NOTE.
DON'T JUST TRUST THIS THREAD BEING UP OR BUMPED AS "NOW IS A GOOD TIME"

Check the time / date of the last bump that LoyceV did.

AND CHECK THE FEES AT SOME OF THE KNOWN FEE SITES FROM THE 1st POST IN THIS THREAD.

I don't know what it was when he bumped it 9 hours ago but as of now 10:40 EST you have over 10MB paying over 100 sat/byte in the mempool.

Check before sending, it will save you grief.

-Dave
This post may have been triggered by me not taking the above advice.

[jackg]

Unimportant transactions can be sent with low fees anytime you want.

I sent a few days ago for within 25 blocks and it confirmed in the next. Don't trust what your wallet tells you 1 sat per byte for insignificant transactions works!

[DaCryptoRaccoon]

Fees have been not too bad recently I hope it can continue the more people have to spent the more chance of them spending
Low fees = more use 

[jackg]

Fees are low! Just sent a 20 sat per byte transaction and it confirmed within about an hour (probably sooner).

Take the opportunity. I'm not sure if some miners are not accepting 1 sat per byte transactions but mine didn't show up on btc.com before (but I did 3 double spends so)...

Also were on July!

[philipma1957]

yeah if you are not waiting desperately for coin.

 consolidation would be good right now.

Depending on a few things and size of coin movements  you can do  20 sats  for a bigger value movement if you fear coins getting stuck.

viabtc.com still has free transaction accelerator service. but the tx fee had to be 20 sats a byte.

So when I move a larger amount  say 0.1btc I will do 20 sats a byte in case it gets stuck.

when I move small amounts I use 5 to 10 sats a byte.  So if they get stuck it is not a lot of coin.


Since the network is not filled up and backlogged the viabtc.com free service will work in under a day.


and if you are moving say 10 tx at 5 stats with a low coin total say 0.005 btc they will clear.

I have 2 trezors and use them to consolidate between each other.  or within their own selves.

[LoyceV]

Depending on a few things and size of coin movements  you can do  20 sats  for a bigger value movement if you fear coins getting stuck.

You're really overpaying when fees are low! Today, many blocks aren't full and 1 sat/byte is enough for a fast transaction. I expect the same tomorrow.
If your coins would get stuck, you could always use CPFP to get them confirmed.

[AB de Royse777]

I expect the same tomorrow.

Earlier this morning I had a transaction of 1 sat/Byte was confirmed in less than 10 minutes then I made another transaction and that was again confirmed in less then 10 mins then again I made another transaction and this one is still unconfirmed LOL. Only few hours gone I think. However I know it will be confirmed sooner or later.

There is no point to spend 50x or 100x times for transaction fees if you are really not in hurry. One in a thousand time I end up using 20 sat/Byte :-P

[gentlemand]

Here's an interesting stat - https://twitter.com/nic__carter/status/1156212615095492609

At some point later this year Bitcoin fees will total $1 billion in expenditure since inception, that figure is adjusted for the cost on the day.

As for fees right now they're still doing well. My last cleared in less than an hour at 4 sats per byte.

[jackg]

@gentlemand, that $500 million spike looks really weird (around 1/1/18)... Must have been when a lot of people pulled out as their money hasn't returned to this market yet (since we aren't at $20k).

I've had 20 sats per byte confirm quickly so it's quite nice at the moment (we probably won't see one of those spikes again for a while).

[LoyceV]

@gentlemand, that $500 million spike looks really weird (around 1/1/18)... Must have been when a lot of people pulled out as their money hasn't returned to this market yet (since we aren't at $20k).

It's more likely it was caused by the very high fees at that time, 800 sat/byte was "normal", resulting in $25 or more in fees for a small transaction, and many thousands of dollars for a transaction with a lot of inputs and outputs.

[Boriss]

Earlier this morning I had a transaction of 1 sat/Byte was confirmed in less than 10 minutes then I made another transaction and that was again confirmed in less then 10 mins then again I made another transaction and this one is still unconfirmed LOL. Only few hours gone I think. However I know it will be confirmed sooner or later.

There is no point to spend 50x or 100x times for transaction fees if you are really not in hurry. One in a thousand time I end up using 20 sat/Byte :-P

Regarding this transactions of 1 satoshi/Byte, did your transactions ever get stuck permanently with so low fees?
I see that Trezor hardware wallet still doesn't support RBF in their native BTC wallet, only way to use Replace-by-fee (RBF) would be to connect Trezor to Electrum wallet to secure low fee transaction from going to limbo

[gentlemand]

Regarding this transactions of 1 satoshi/Byte, did your transactions ever get stuck permanently with so low fees?
I see that Trezor hardware wallet still doesn't support RBF in their native BTC wallet, only way to use Replace-by-fee (RBF) would be to connect Trezor to Electrum wallet to secure low fee transaction from going to limbo

Worst case is that your coins return to the wallet after several days, but at the moment despite the odd spike there've been plenty of periods of time where the mempool has been empty. A 1 sat transaction may sit there and do nothing for a few hours or days if things briefly heat up but it'll get through.

If time is any type of consideration then you need to be monitoring the fee situation and cough up accordingly.

[AB de Royse777]

Worst case is that your coins return to the wallet after several days, but at the moment despite the odd spike there've been plenty of periods of time where the mempool has been empty.

I never had this experience although most of the time I use very low fees, not caring about mempool's congestion. Is there any specific days for the payment to be reversed or it's just random?

A 1 sat transaction may sit there and do nothing for a few hours or days if things briefly heat up but it'll get through.

The max I experienced is 5 days I guess but not more than that.

only way to use Replace-by-fee (RBF) would be to connect Trezor to Electrum wallet to secure low fee transaction from going to limbo

Then use it with Electrum. Is must not be too much hassle. I know connecting Ledger is very easy like 1, 2, 3...

[LoyceV]

Worst case is that your coins return to the wallet after several days

It depends on the wallet, if it keeps broadcasting (like Bitcoin Core does) it needs manual intervention if you want it to return to your wallet.

[AB de Royse777]

It depends on the wallet, if it keeps broadcasting (like Bitcoin Core does) it needs manual intervention if you want it to return to your wallet.

How about Electrum?

[Rath_]

How about Electrum?

Electrum does not rebroadcast transactions automatically. Nodes will keep the transaction for a couple of days and eventually drop it. All transactions are now marked as replacable by default if you use Electrum 3.1 or newer.

[jackg]

How about Electrum?

Electrum does not rebroadcast transactions automatically. Nodes will keep the transaction for a couple of days and eventually drop it. All transactions are now marked as replacable by default if you use Electrum 3.1 or newer.

Doesn't core automatically expire transactions after 7 days or sonething (or it used to)?

On online trezor are they marked rbf by default, if not we should suggest that?

If so, it's really easy to connect hardware to mycelium as it scans all 3 derivation paths so you can use segwit and legacy...

[Rath_]

Doesn't core automatically expire transactions after 7 days or sonething (or it used to)?

Bitcoin Core nodes used to drop transactions after 72 hours, but it has been extended to 2 weeks. Keep in mind that these are the default values and some nodes might keep transactions for a longer or shorter periods of time. -zapwallettxes parameter can be used to forget the unconfirmed transaction locally which allows you to create a new one. Technically, transactions never expire once you sign them. They become invalid once you spend previously signed inputs.

On online trezor are they marked rbf by default, if not we should suggest that?

Unfortunately, they are not. I am sure that Trezor team is well aware of this since there is a wiki entry about it.

[Boriss]

Unfortunately, they are not. I am sure that Trezor team is well aware of this since there is a wiki entry about it.

They have stated "not yet supported" but I am not sure for how long that statement  have been on their wiki page.
Not sure if any other  hardware wallet supports RBF in their native wallet without connecting to third party like Electrum.

What about Ledger or KeepKey?