wallets or exchanges help!

[pastaconqueso22]

Cheers to this great community. I have a question that does not let me sleep soundly.

I'll go straight to the point

Since I got to know cryptocurrencies I have always used the exchange platform localbitcoins, I was there for many years...
A week ago I got interested in wallets like electrum, exodus, wasabi, etc ... Because I wanted to have full control of my bitcoins. So I did my research and without thinking I moved all my bitcoins to the electrum wallet and wasabi wallet (50/50).
Being at this point, there is something that I do not understand and it is the reason why I am writing this, my question is ...:

Because before, when I used localbitcoins, when sending a transaction regardless of the amount, the fee was always between $ 1-5 and the confirmation time was 10-30 minutes. I used this platform for many years and never paid more than $ 3- $ 5 fee or had to wait more than 15-30 minutes. (send thousands of high- and low-amount transactions)

Now with my money in the wallets I did a little research on fees, mempol etc ... As you know, the wallets allow you to set the fee on your own, but if I try to choose between $ 2 and $ 5, the wait is very long ( 2 or 3 days), why in localbitcoins right now you can send any amount and pay 3 $ or 5 $?

I know that for some this may be very simple, I am a newbie. Thanks in advance for the answer

[Yogee]

...Because before, when I used localbitcoins, when sending a transaction regardless of the amount, the fee was always between $ 1-5 and the confirmation time was 10-30 minutes. I used this platform for many years and never paid more than $ 3- $ 5 fee or had to wait more than 15-30 minutes. (send thousands of high- and low-amount transactions)

When was the last time you used LBC? It's possible that you made a transaction at a time when the Bitcoin blockchain wasn't congested which allowed your transaction to confirm quickly with 10-20 sats/vbyte or even less.

Now with my money in the wallets I did a little research on fees, mempol etc ... As you know, the wallets allow you to set the fee on your own, but if I try to choose between $ 2 and $ 5, the wait is very long ( 2 or 3 days), why in localbitcoins right now you can send any amount and pay 3 $ or 5 $?why in localbitcoins right now you can send any amount and pay 3 $ or 5 $?

As explained above, it could be the timing. LBC also follows the current fees based on network congestion when you send BTC to other wallets and they adjust it accordingly.

[BitMaxz]

Well if you made a withdrawal transaction today on Localbitcoins maybe they are doing batch withdrawal to reduce the fee.

According to them, the transaction depends on the current network congestion.

The size of the fee changes depending on the current usage rate of the Bitcoin blockchain, we automatically adjust this fee based on the current network congestion to make sure your transactions are confirmed as quickly as possible. The sending fee is paid from your LocalBitcoins wallet when you send a transaction.

So I guess they doing batch withdrawal?
Do you have a TXID? Let me analyze it to find out the reason why you pay less compared to non-custodial wallets.

Or maybe you made a transaction before when was the transaction fee is cheap?

[pastaconqueso22]

Do you have a TXID? Let me analyze it to find out the reason why you pay less compared to non-custodial wallets.

These are one of my last transactions on localbitcoins. They were confirmed very quickly for a low fee.

Withdraw 0.00371564
FEE 0.000082
71273c511728a4122c9fe1f12765ff429af4b86a3b0556c9c908448904852ef1

Withdraw 0.0001
FEE 0.00003741
a66a6244fb0e2c2ec96d9d692209fdb52525b54fc0c0c80a14543a027dce66c1

Withdraw 0.00144147
FEE 0.00003553
d51a582ebf689f4f52f7c8247522c51cf8d980550e756f227771ff8c6dfa1357

So I guess they doing batch withdrawal?

I think you are correct and they are withdrawing in batches. See for yourself I'm a newbie

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I will divert the subject. I will use your attention and ask you to please review my transaction made 2 days ago from electrum, I am still waiting for it. I'm starting to get scared. any advice? increase the rate or wait a little more?

Was sent from ELECTRUM WALLET
I made a multiple shipment. I sent it to two different addresses and the third one is a 2fa fee.

TXID:
4cd0513cb46cf38fc62d400ecb0ca1a0afe8ec002359cc74efb7417a1a7de394

Mempool position: 54.16 MB from tip
Sent amount 0.00366366 BTC (200.04 USD)
Commission: 0.00005198 BTC (2.84 USD) (25. sat / byte)
Size: 208 bytes
Commission Override: True
LockTime: 679945 (height)

INPUT:
71273c511728a4122c9fe1f12765ff429af4b86a3b0556c9c908448904852ef1:9    bc1q42xgtd4y9mx74jpcr67updc336e4prnx4dfddkw4gpvwqq4ycr3s5mc7g0     0.00371564

OUTPUT:
bc1qgulpve3fe7tq0j44af3cyesrm5m40ap295cyv4        0.0005    
bc1qdqgcakkzgzttnk50jsv2qqdlrnvdhr7flhz403        0.00155673
bc1qjku4dq4f5dksmw9sgndat0qjuhmvk474grpxv2        0.00160693

[Findingnemo]

LBC uses batch withdrawal system so they can afford cheap transactions in terms of USD but they also used 170sat/byte for the recent transaction you made but when you are using wallet then you are in the control of your funds so you can't share the burden with anyone. Since you used 25sat/byte when the required fee is around 200sats then you have to wait for days or until the mempool clears.

[pastaconqueso22]

LBC uses batch withdrawal system so they can afford cheap transactions in terms of USD but they also used 170sat/byte for the recent transaction you made but when you are using wallet then you are in the control of your funds so you can't share the burden with anyone. Since you used 25sat/byte when the required fee is around 200sats then you have to wait for days or until the mempool clears.

Give me your advice. If I increase the rate with the option "replace-by-fee" will speed up my transaction?

I should increase it to what the mempol currently shows, right?
Median fee ~ 100 sat / vB ($ 7.50)

[BitMaxz]

TXID:
4cd0513cb46cf38fc62d400ecb0ca1a0afe8ec002359cc74efb7417a1a7de394

Well, it seems I'm right that they use a batch withdrawal system.

About the Electrum transaction, you paid 25.0 sat/vB and this is a segwit transaction 25sat/byte but still not enough to get the transaction to be confirmed.

Anyway, you can try this tool to accelerate the transaction http://viabtc.com/tools/txaccelerator?
It's free but you need a timing because they have a limit of 100 transactions per hour and I'm sure you are not the only one who use it. Just keep submitting the transaction(TXID) from time to time until the result show "accelerated" then wait for a couple of minutes or hours it must be work.

[pastaconqueso22]

Thank you very much for all the support.
Ok I will try with your tool.
Can you answer my question, if I increase the rate from electrum to about 100 sat / byte will it speed up my transaction? will I get a better result?

[TryNinja]

Can you answer my question, if I increase the rate from electrum to about 100 sat / byte will it speed up my transaction? will I get a better result?

The higher the fee, the higher are the chances your transaction gets confirmed first. Right now the mempool is quite congested, so the fee for "next block confirmation" is around 200-250 sat/vbyte, which means that your 100 sat/vbyte fee won't get confirmed as fast as you think.

The 100 sat/vbyte transactions are hovering the 6-7 blocks area, so that would be 60-70+ minutes assuming people just stop sending transactions until them (they won't, so it's probably going to take quite a bit more).

[pastaconqueso22]

The 100 sat/vbyte transactions are hovering the 6-7 blocks area, so that would be 60-70+ minutes assuming people just stop sending transactions until them (they won't, so it's probably going to take quite a bit more).

Thanks for your answer, I replaced it with 105 sat / vbyte and it was confirmed in about 25 minutes, with 25 sat / vbyte it seemed eternal.

All my doubts were resolved thanks to all.

 In conclusion, I do a lot of small transactions and paying fees of 95 to 120 sat / vbyte to place my transactions in an hour is a problem for me. I am investigating exchange platforms or wallets that use the same localbitcoins system (send by lot) since with this the rates are low and the shipment is fast, if anyone knows any leave it here

[mk4]

Mempool being congested aside, let's not forget that Bitcoin transaction fees are priced using sats, not USD. So obviously, if bitcoin's price today is 5x higher than it was last year, then of course if you're looking at USD values, then transaction fees would also be 5x more expensive compared to last year. Because again, fees are priced using sats, not USD. The Bitcoin network doesn't care about USD values.

[Findingnemo]

The 100 sat/vbyte transactions are hovering the 6-7 blocks area, so that would be 60-70+ minutes assuming people just stop sending transactions until them (they won't, so it's probably going to take quite a bit more).

Thanks for your answer, I replaced it with 105 sat / vbyte and it was confirmed in about 25 minutes, with 25 sat / vbyte it seemed eternal.

All my doubts were resolved thanks to all.

 In conclusion, I do a lot of small transactions and paying fees of 95 to 120 sat / vbyte to place my transactions in an hour is a problem for me. I am investigating exchange platforms or wallets that use the same localbitcoins system (send by lot) since with this the rates are low and the shipment is fast, if anyone knows any leave it here

Transaction fees on exchanges are higher too and some exchanges have insanse fee which includes both withdrawal fee and network fee with minimum withdrawal limits so just stick with the LBC if you are someone who withdraw small funds too often but don't forget to enable all the security features like email authorization and 2FA.

[khaled0111]

I am investigating exchange platforms or wallets that use the same localbitcoins system (send by lot) since with this the rates are low and the shipment is fast, if anyone knows any leave it here

Most exchanges/web wallets charge flat fees ranging from 0.0005 btc to 0.001 btc per transaction. Even if you find a service that charges less than that, you still have to make a deposit transaction and pay high fees.
So instead of looking for such service, why don't you just use your own wallet to make batch transactions! Most wallets have this feature and all you have to do is to combine all your small transactions into a single one.

[hulla]

I believe the time you move your to Electrum and wasabi wallet was the time when there's no network congestion because i don't there's any p2p exchange that will $1-5 as withdrawal fee now though some spot exchange still do this but they mostly combine 2 or more transactions.
Meanwhile, the issue of transaction fee in personal wallet can't be compare with exchange wallet but you should enjoy good fee rate if your wallet address are bech ( wallet that starts with bc1).