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Author Topic: [OCT 2019] Fees are low, use this opportunity to Consolidate your small inputs!  (Read 25955 times)
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August 04, 2019, 07:02:06 PM
 #141

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?
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August 04, 2019, 07:19:55 PM
 #142

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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August 04, 2019, 07:34:27 PM
 #143

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.

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August 05, 2019, 04:49:43 AM
 #144

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.

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August 07, 2019, 08:22:41 AM
 #145

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.

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August 07, 2019, 02:11:16 PM
 #146

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.

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August 09, 2019, 02:01:06 PM
 #147

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 Smiley If fees ever reach their peak again, this same transaction would cost like $500.

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August 09, 2019, 02:50:09 PM
 #148

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 Smiley 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.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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September 05, 2019, 12:08:48 PM
 #149

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

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September 27, 2019, 03:03:49 PM
 #150

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.

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September 27, 2019, 05:47:25 PM
 #151

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)...

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September 27, 2019, 10:33:23 PM
 #152

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.

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October 14, 2019, 02:02:42 PM
 #153

Consolidate Bump!
Consolidate this small pocket change!

In the past months, I saw recommended fees rise to more than 50-100 sat/byte, when blocks were full during large market fluctuations. Fees are low again! Consolidate your small inputs while you can, low fees won't last forever.

1 sat/byte is still possible!

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October 14, 2019, 02:47:42 PM
 #154

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.

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