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

[Rath_]

They have stated "not yet supported" but I am not sure for how long that statement  have been on their wiki page.

At least a year and a half judging by this Github issue.

What about Ledger or KeepKey?

KeepKey is far behind Trezor and Ledger, so you can guess what the answer is. It looks like Ledger does not support it either, but you can see such an option on one of the preview images. The only way is to pair all of these hardware wallets with Electrum. What a shame.

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[jackg]

To sign an rbf transaction, you don't have to support it. You can merely flick a zero to a one and sign the new value (rbf is literally one byte if you check the bitcoin wiki spec). It makes more sense to sign it as an rbf if not just for debugging purposes.

[pooya87]

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?

as it was said, Electrum doesn't automatically broadcast transactions, user must do it.
as for transactions that drop out of memory pool, in older versions your wallet removed them from its database so it would have looked like as if the transaction never happened and you had to create it again from scratch.
ever since version 3.2.0 if a transaction is dropped from mempool or simply if the Electrum node you are connecting to doesn't have the transaction, your wallet won't remove it. instead it marks it as "local" so you still have access to it and can decide to remove it or rebroadcast the same thing again.

[LoyceV]

Today I was in a hurry, making a few payments for hosting. To prepare, I consolidated my 2 inputs into 1 at 1 sat/byte yesterday.
Even though coinb.in recommended 1 or 2 sat/byte, I went as high as 4 sat/byte. My transactions got confirmed in the next block.
Low fees can work! Meanwhile, Bitcoin Core and Mycelium recommended a 6 times higher fee.

I paid the first 2 services in 1 transaction. I could have saved more on fees if I would have sent all 3 outgoing payments at once, but the last one wasn't ready yet when I started.

[jackg]

It is weird, I was trying to send a payment today and had the slider on 25 blocks and it predicted 1.1 sat per byte, within the next block it was hundredfold at about 100 sat per byte...

If you send a 1 sat per byte transaction now, it'll likely clear within six hours.

[LoyceV]

With 5000 sat fee, it took 211 minutes to confirm my transaction with 17 uncompressed legacy inputs. I signed the transactoin on an offline system (LIVE Linux DVD) with coinb.in.
Not bad for consolidating just over 3 kB of data If fees ever reach their peak again, this same transaction would cost like $500.

[philipma1957]

With 5000 sat fee, it took 211 minutes to confirm my transaction with 17 uncompressed legacy inputs. I signed the transactoin on an offline system (LIVE Linux DVD) with coinb.in.
Not bad for consolidating just over 3 kB of data If fees ever reach their peak again, this same transaction would cost like $500.

Yeah I have dropped to 3-5 sats.

It is all good.

[jackg]

1 sat per byte is confirming really quickly this afternoon if you need to consolidate dust, now's your chance.

[Dabs]

I managed to use low fees too recently. If I'm not in a hurry and can wait 4 hours or more, I just set the fee lower. I look at the https://bitcoinfees.earn.com/ or other fee estimator websites and not rely on Core's estimate.

They also have an api if you don't want to look at all the graphs. https://bitcoinfees.earn.com/api/v1/fees/recommended

It's a little bit high at the moment with 1 hour fee = 20 sats, but during certain times (maybe evening in some countries or everyone is sleeping) the fees drop to 2 sats.

No matter what, this is still much faster than waiting for a check to clear, and if you're doing the consolidating you know there is no other attempt to double spend it.

[jackg]

Can you get mempool estimates in core? Electrum let's you pick how far from the tip you want a transaction to be. If you need it confirmed quickly, it might be more helpful that cores default estimate which takes in the past couple of blocks over a few days.

The weekends are a good time to get your transactions confirmed if you send them at a low fee (you're better off starting at a low fee and then bumping it up or cpfp if you're in a rush). I think you pay less and get it confirmed faster that way (or you can send with a low fee to other places where they'll spend your coins with a high fee)...

[squatter]

The weekends are a good time to get your transactions confirmed if you send them at a low fee (you're better off starting at a low fee and then bumping it up or cpfp if you're in a rush).

I noticed there's always a huge spike in transactions during daytime in the US too. Apparently this is due to BitMEX's "comically unoptimized" once-daily withdrawal system.

If you can wait until evening or overnight (US time) for confirmation, it's consistently cheaper. Getting 1 satoshi/byte transactions confirmed within a day has been consistently easy for the past couple months.

[jackg]

I sent a 2 Sat per byte transaction a couple of days ago that seemed to confirm in the next block!

Fees are definitely very favourable atm... Don't miss your opportunity to consolidate.

[Pmalek]

At the moment 10-12 Sat/Byte would be needed for a faster confirmation but it is getting back to lower fees slowly. 20 Sat/Byte was suggested just 30 minutes ago and the mempool is getting emptier since then.

[Dabs]

Just did a transaction a couple hours ago, and paid 1/sat. Still not confirmed, but monitoring it, it should confirm by the end of the day.

Summary
Size    510 (bytes)
Weight    1071
Received Time    2019-10-17 12:23:14
Lock Time    Block: 599766

Inputs and Outputs
Fees    0.00000268 BTC
Fee per byte    0.525 sat/B
Fee per weight unit    0.25 sat/WU

So it's even less than 1 sat/B ... all inputs are segwit. May have to wait a little longer than I expected. Hopefully 24 hours should be enough.

[jackg]

@dabs, if you're not in a rush I'd suggest just leaving it to its thing...

According to electrum, it should take 1.1 sats per byte to confirm in 5 hours (25 blocks) so give it up to about 8 hours and it should confirm.

[Dabs]

Lock Time    Block: 599766
Included In Blocks    599810 ( 2019-10-17 20:03:23 + 460 minutes )
Confirmations    1

A little under 8 hours. 7 and a half. 44 blocks. Got that right! That should be a new game show:  When does it confirm?

@dabs, if you're not in a rush I'd suggest just leaving it to its thing...

According to electrum, it should take 1.1 sats per byte to confirm in 5 hours (25 blocks) so give it up to about 8 hours and it should confirm.

[pooya87]

you just got unlucky and created your transaction somewhere around the first yellow circle when fees were a little above 1 s/b but not that much then mempool started to grow. you specifically got unlucky when the fees dropped but not down to 1 s/b (down to 1.093) then it grew even more until the second yellow circle when your tx was mined

When does it confirm?

that would be a gambling game because it is not possible to predict it since you would be predicting the activity of thousands of people who are transferring bitcoin every minute.

[naska21]

snip
1 sat/byte is still possible!

Please, tell me if I accidentally put into consolidation list those inputs which may be pertaining to the "dust attack", could that threaten  my privacy?

[LoyceV]

Please, tell me if I accidentally put into consolidation list those inputs which may be pertaining to the "dust attack", could that threaten  my privacy?

Yes!
You should use "coin control" to manually select which inputs to use to prevent this. Or (depending on your wallet) "freeze" the dust inputs.

[jackg]

Please, tell me if I accidentally put into consolidation list those inputs which may be pertaining to the "dust attack", could that threaten  my privacy?

Yes? If you consolidate small inputs you don't recognise then they couldve been sent to you as a dust attack.

Most wallets will let you pick which inputs you want to consolidate with coin control features (and those that don't may have a way of exporting seeds and keys to electrum of bitcoin core for example if you're confident doing it).

If you have enough dust you might want to donate it to someone who doesn't care about dust attacks or just send the funds to another key you own on a separate wallet and leave them there as there's no reason why you shouldn't use them if they're worth using (you could store it for when you want to buy something with it for example if you got like 0.0001-0.001 from dust attacks - I don't know whether there's a chance they can get multiple addresses from the same wallet).