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Author Topic: I don't have enough for bitcoin miner fees.  (Read 313 times)
hosseinimr93
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December 16, 2022, 04:00:50 PM
 #21

Using Electrum as suggested above is the best option because you can manually input the fees even if it's 2 sat/vB which at this moment it cost $0.05.  
There is no way to know the total fee without knowing the transaction size and you can't say 2 sat/vbyte is equivalent to $0.05.
For example, if you have 100 legacy inputs and 2 outputs and set the fee rate to 2 sat/vbyte, you have to pay around 30,000 satoshi as transaction fee. That would be around 5 dollars.

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December 21, 2022, 06:54:03 AM
 #22

I don't have enough for bitcoin miner fees. What should I do?

Should I wait for Bitcoin miner fee levels to adjust downward?

or use a lower than recommended Bitcoin miner fee?

I mostly get my bounty rewards in BSC coins but this time I got in BTC and the fees are pretty high.
I did some research and found out that I can move my btc private key to another wallet, But I don't know if it's safe or not, I can use this and wait for my other btc payments and then move.
Please share your recommendation, thank you
Can you really wait for BTC miner fee levels to adjust downwards! And how long do you think you can wait, as you're not sure at a particular period when fees would lower down as that might not be happening anytime soon. You're stuck probably because you're using a wallet with a fixed transaction fees and it's best you change your wallet type to one that allows you set your preferred lower transaction fees but be reminded that these fees are time bond, in that the lower the fees the higher the duration it will take for transaction to be processed.

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December 21, 2022, 08:34:15 AM
Merited by ABCbits (1)
 #23

Can you really wait for BTC miner fee levels to adjust downwards! And how long do you think you can wait, as you're not sure at a particular period when fees would lower down as that might not be happening anytime soon.
This thread was created more than a week ago, the highest fee priority several times after this thread was created has been 1 sat/vbyte. Even as I was about to post this, the mempool is 1 sat/vbyte. Which means if you use the lowest fee rate which is 1 sat/vbyte, the transaction would be confirmed very early and it would likely be included in the next block.

but be reminded that these fees are time bond, in that the lower the fees the higher the duration it will take for transaction to be processed.
It depends on mempool congestion just as I implied above.

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