Which transfer fee to pick?

[clifjw]

Hi,

I'm looking to do my first transfer, its more of a test really. I want to move the very small amount I have from my Electrum software wallet to cold storage.

I'm not fussed about it being a super fast transfer, but I don't want it to not get confirmed either. The lowest I can do is 20 sat/b, but the next level up is 119 sat/b, but that's 50% of the BTC I'm trying to transfer. If I do it on the lowest one, is it likely it won't get confirmed? Or will I just have to live with the loss and use the 119 sat/b?

Thanks all.

[1715194634]

1715194634

[ranochigo]

Depends on the mempool conditons. There should be a box for you to toggle between Static, ETA and mempool. ETA is the most conservative of them all and almost always guarantees a confirmation within X number of blocks. Mempool reflects the current state and doesn't necessarily guarantee a confirmation; putting it anywhere near 1vMB of the mempool should give you a confirmation within a few blocks, a block would probably shave 1vMB of transactions from the tip.

Fees are quite elevated right now; I would recommend you to just wait a day or two to see if it drops. Alternatively, you can still make a transaction as usual with a lower fee but make sure it is replaceable. Note that doing so would not allow you to lower the fees but would allow you to increase it instead. Be as conservative as you like and keep an eye out for the mempool conditions as well[1].

[1] https://jochen-hoenicke.de/queue/#BTC,24h,weight

[Charles-Tim]

The mempool is congested for now but that does not mean you can not make 20 sat/vbyte transaction, just make sure that the transaction support replace-by-fee so you will be able to pump it in case it does not confirm in time. If not confirmed in time, you can still decide to wait, your funds are safe, but pump it if you think it is getting too late and needed to be done. I will advice you not to waste Bitcoin on fee while pumping it, if 20 sat/vbyte do not confirm in time, you can decide to you 50 sat/vbyte, but if you are the owner of the sender and receiver wallet, you can just make use of 20 sat/vbyte and wait until the Bitcoin is confirmed if you are not in haste, the transaction can take long, but it will be later be confirmed.

[mediaBuzz]

Hi,

I'm looking to do my first transfer, its more of a test really. I want to move the very small amount I have from my Electrum software wallet to cold storage.

I'm not fussed about it being a super fast transfer, but I don't want it to not get confirmed either. The lowest I can do is 20 sat/b, but the next level up is 119 sat/b, but that's 50% of the BTC I'm trying to transfer. If I do it on the lowest one, is it likely it won't get confirmed? Or will I just have to live with the loss and use the 119 sat/b?

Thanks all.

Feel free to send it at 20 sat/byte. It is gonna take 36-48 hours or a little longer but it surely will go through. I always send at this speed.

Here is a screenshot of my last transaction.

[clifjw]

There should be a box for you to toggle between Static, ETA and mempool.

I don't get those options unfortunately. Its just a sliding scale in Electrum for Android which alters the Target (Mempool) value from lowest 10MB from the tip to 0.1MB from the tip.

I note a few of you mentioned "replaceable". How do I ensure that's enable for my transfer? There aren't any options I can see in the pay section to do this?

[ranochigo]

I don't get those options unfortunately. Its just a sliding scale in Electrum for Android which alters the Target (Mempool) value from lowest 10MB from the tip to 0.1MB from the tip.

Press the "Target (mempool)" and it should toggle.

I note a few of you mentioned "replaceable". How do I ensure that's enable for my transfer? There aren't any options I can see in the pay section to do this?

Make sure "Final" is left unchecked.

[clifjw]

I don't get those options unfortunately. Its just a sliding scale in Electrum for Android which alters the Target (Mempool) value from lowest 10MB from the tip to 0.1MB from the tip.

Press the "Target (mempool)" and it should toggle.

I note a few of you mentioned "replaceable". How do I ensure that's enable for my transfer? There aren't any options I can see in the pay section to do this?

Make sure "Final" is left unchecked.

Ahhhh I see. Yes it has changed when tapping the value and allows those other options.

So if I did the lowest at 20 sat/b, left "Final" unticked, but found it hadn't confirmed in say 2 days. How would I go about bumping it?

[BIT-BENDER]

Hi,

I'm looking to do my first transfer, its more of a test really. I want to move the very small amount I have from my Electrum software wallet to cold storage.

I'm not fussed about it being a super fast transfer, but I don't want it to not get confirmed either. The lowest I can do is 20 sat/b, but the next level up is 119 sat/b, but that's 50% of the BTC I'm trying to transfer. If I do it on the lowest one, is it likely it won't get confirmed? Or will I just have to live with the loss and use the 119 sat/b?

Thanks all.

I use 30 sat/byt but how fast my transaction goes is dependant on Factors, some of my transaction using that fee can be very fast or can last up to 4 days but for sure I haven't made any transaction that did not confirm or go through, I don't think you should rack your brains about if it would go through except you made mistakes while making the transaction. So now it's your choice a higher fee or bumping the fee can slash the time period for your transaction to be confirmed a low fee  transactions are not taking up readily by miners like a high fee.

[ranochigo]

Ahhhh I see. Yes it has changed when tapping the value and allows those other options.

So if I did the lowest at 20 sat/b, left "Final" unticked, but found it hadn't confirmed in say 2 days. How would I go about bumping it?

In the history tab, select your unconfirmed transactions, you should have an option to see the Details and there should be an option called Bump Fee. Click on it and adjust your fees accordingly.

[clifjw]

Great stuff. Thanks everyone for your help and suggestions. As this is such a small amount and a test I've set it at 20 sat/b. I'm not fussed on receiving it in any length of time so I'll have a look in a few days and try the bump function if it still hasn't confirmed.

[Whytee]

It's a good thing to ask questions so we don't make mistakes. That's why we are here to learn from each other and to impact our own ideas. It's best that you take your time to understand every process before you proceed. Gather all the advice given to you. Also make your own personal research  on ways to handle it.

I also like to say it's a good idea to get so many links of informations from a globally recognized source. Take your time so you won't engage into lost

Good luck.

[CryptocurencyKing]

12sats per byte is way much too less charge to get confirmed even after waiting in the transaction for a whole day. Its still most likely not to be confirmed. The mempool at the moment is very congested and only waiting it out to get confirmed, booming the fees or using the services of a bitcoin accelerator.
There is a common confusion amongst most newbies when we discuss this fee thing, I was thought so at a time too. You know, many people feel the fees are usually up in a bullrun and as such, people are constantly withdrawing there ROI or  at some point take out there capital hence, the bear market is expected to be the reverse.

Well, they are almost the same thing and it is circumstance regulated. In one instant your selling of nean while in the bear market, your buying to stalk or for other purposes and these transactions needs to be confirmed. Therefore, having a congested Mempool is very possible.

[pakhitheboss]

First check mempool.space and then decide how much Satoshi you would like to assign for fee. As of now 15-375 sat/byte is the fastest. I generally use this website whenever I am uncertain with the fee. Highly recommended if you do not want your transaction to get stuck.

[Lucius]

12sats per byte is way much too less charge to get confirmed even after waiting in the transaction for a whole day. Its still most likely not to be confirmed. The mempool at the moment is very congested and only waiting it out to get confirmed, booming the fees or using the services of a bitcoin accelerator.

Where did you get 12 sats when the OP paid 20 sat/byte? It is also not true that the mempool was congested at the time you wrote the post, because the 20 sat/byte transactions were about 6 MB from the tip, and this morning they were already entering the next block because the mempool was pretty empty.

In any case the OP transaction was 100% confirmed without having to increase the fee or use any other methods.

[Quickseller]

There should be a box for you to toggle between Static, ETA and mempool.

I don't get those options unfortunately. Its just a sliding scale in Electrum for Android which alters the Target (Mempool) value from lowest 10MB from the tip to 0.1MB from the tip.

I note a few of you mentioned "replaceable". How do I ensure that's enable for my transfer? There aren't any options I can see in the pay section to do this?

Do you have the ability to get electrum installed on your computer? If so, there is the option to set the fee rate for your transactions.

If you are not concerned about a quick confirmation, you can choose a lower fee rate. If the rate is too low, your transaction may never confirm.

You can visit https://bitcoinfees.earn.com/ to get an idea as to what fee rate you might want to pay.

[skyblueworld]

The transaction fee is a major concern here. If you can wait for some time, let the fee drop so that you don't end up paying unnecessarily. But if you are in a hurry, you will have to deal with the elevated fee.

[cryptoaddictchie]

The transaction fee is a major concern here. If you can wait for some time, let the fee drop so that you don't end up paying unnecessarily. But if you are in a hurry, you will have to deal with the elevated fee.

If you are a trader or someone who uses crypto everyday, I dont think youll concern yourself from the fees that much. Bitcoin and eth fee are based on the network congestion, so when you used it during let say congested network then the fee is likely huge and you got no choice but to process it. But most likely traders dont mind it. But for other whom consider the fee gor their transaction then its wise to wait for it to go down. Technically not for people who rushes everything.

[Peanutswar]

I highly recommend checking the mempool this gives you an idea about the current transaction pool by this you have an insight if it's already congested or not also try to check the different ranges of transaction fee but expect it may vary because of the number of the transaction if you immediately needed to go for the faster transaction but it cost too much if you really don't need as soon as possible go for the medium range. Recently i always check the mempool and I just saw over ~three dollars for the fast transaction.

[joniboini]

I think OP already knows the answer to his question. There's no need to repeat and tell OP, again and again, to check the mempool or use some tools. It's a one-month-old thread anyway, without any indication that OP will come back and clarify things.

[GeorgeJohn]

I think OP already knows the answer to his question. There's no need to repeat and tell OP, again and again, to check the mempool or use some tools. It's a one-month-old thread anyway, without any indication that OP will come back and clarify things.

Your right, and even though op don't know the answer initially but he has gotten the answer through here, reading through the response will enable he or her to decide because all the comments dropped here are reasonable to my liking, my advice to op, is that let him calm down and read read everything stanza by stanza, i believe that  it he grab the concept.