Bitcoin Core fees

[GR Sasa]

Hello together,

Here I'm a noob that only uses Bitcoin core as his wallet.

Let's say i want to send 10 Bitcoins using Bitcoin core to only one other address.

What is the quickest method to do, to make sure it gets confirmed as fast as possible or after the first block that gets mined?

Do you recommend me sending custom fees, or the recommended fees that is in Bitcoin core?

If I want to send a custom fees, how much sat do i need to send per kilo byte to gets it confirmed fast?

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[Little Mouse]

If you pay the maximum estimated fee, your transaction will be included in the next block. For the fee estimation, you can check mempool.space, according to their estimation, right now, you have to pay 31 sats per byte.
It's always better to use custom fees. In this way, you don't have to pay higher fee or you don't have to pay lower and wait long for confirmation.

[LoyceV]

If you pay the maximum estimated fee, your transaction will be included in the next block. For the fee estimation, you can check mempool.space, according to their estimation, right now, you have to pay 31 sats per byte.

OP is using Bitcoin Core, which has it's own fee selection. So: Transaction Fee: Recommended. That's currently 0.68308 mBTC/kvB, and estimated to confirm within 2 blocks.

Let's say i want to send 10 Bitcoins using Bitcoin core to only one other address.

I'm not sure how serious you are, but if you have 10 Bitcoin in a hot wallet, you have other things to worry about. This should be a setup with cold storage, including offline signing. Getting a confirmation in the next block shouldn't be your priority when handling a quarter million dollars. Make security your priority.

What is the quickest method to do, to make sure it gets confirmed as fast as possible or after the first block that gets mined?

Note that fee estimates are based on the past, and the future can change. If the next block takes a while, and more transactions pile up, your fee may not be enough. If you want to it to be very likely to get confirmed quickly: overpay.

[GR Sasa]

I'm not sure how serious you are, but if you have 10 Bitcoin in a hot wallet, you have other things to worry about.

I was worrying because of double spending. Incase someone gets my private keys after me sending a transcation, i need to make sure it gets as soon as possible to my targeted address, so the attacker doesn't double spend it and takes my money before me taking my own money... That's why I asked what's the correct fee i need to send, in order to get it confirmed in the next block.

Anyways, thank you guys for your answers!

[LoyceV]

Incase someone gets my private keys after me sending a transcation, i need to make sure it gets as soon as possible to my targeted address, so the attacker doesn't double spend it and takes my money before me taking my own money...

What if the attacker gets your private key before you make your transaction? That's why I mentioned offline signing: if your private keys never touch an online machine, no (online) attacker can get to them.

[GR Sasa]

What if the attacker gets your private key before you make your transaction? That's why I mentioned offline signing: if your private keys never touch an online machine, no (online) attacker can get to them.

You are completely right. This is more horrible than attempting to double spend.

[o_e_l_e_o]

If you think your private keys are going to be exposed, then even overpaying a high fee is insufficient to guarantee your safety. Because of the way mining works, the next block might not be found for an hour or even longer simply due to random chance, and there are bots which can broadcast transactions to sweep funds on compromised private keys in under a second.

As Loyce says, you should be signing this transaction offline.

[GR Sasa]

As Loyce says, you should be signing this transaction offline.

Sorry, but how is this possible to sign a transcation offline?

Dont i need an internet connection to broadcast the transactions to other nodes? Am i too dumb to understand this? 

[LoyceV]

Sorry, but how is this possible to sign a transcation offline?

"The internet" doesn't need your private key. Bitcoin Core can do it, but it's easier in Electrum:

Online:
Install Electrum on your PC.
Import your address to create a watch-only wallet.
Preview the transaction, Copy the unsigned transaction. Put it on a USB stick.

Offline and running without hard drive storage:
Get a Linux LIVE DVD. Use Knoppix or Tails for instance, or any other distribution that comes with Electrum pre-installed.
Unplug your internet cable. Close the curtains. Reboot your computer and start up from that DVD. Don't enter any wireless connection password. Keep it offline.
Start Electrum. Import your private key.
Copy your unsigned transaction from the USB stick, load it into Electrum.
CHECK the transaction in Electrum. Check the fees, check the amount, check all destination addresses (character by character).
If all is okay, sign the transaction. Copy it back to your USB stick.
Turn off the computer. That wipes the Live LINUX from memory and all traces are gone.

Online:
Use your normal online Electrum to (check again and) broadcast the transaction.

Dont i need an internet connection to broadcast the transactions to other nodes?

Of course But broadcasting isn't the same as signing.

Am i too dumb to understand this? 

I'll be nice today: you're learning

[GR Sasa]

Offline and running without hard drive storage:
Get a Linux LIVE DVD. Use Knoppix or Tails for instance, or any other distribution that comes with Electrum pre-installed.
Unplug your internet cable. Close the curtains. Reboot your computer and start up from that DVD. Don't enter any wireless connection password. Keep it offline.
Start Electrum. Import your private key.
Copy your unsigned transaction from the USB stick, load it into Electrum.
CHECK the transaction in Electrum. Check the fees, check the amount, check all destination addresses (character by character).
If all is okay, sign the transaction. Copy it back to your USB stick.
Turn off the computer. That wipes the Live LINUX from memory and all traces are gone.

Wow Verdammt Der SOHN... This is a lot of steps. I rather just import my private keys into Bitcoin core with a encrypted wallet...With this a attacker cannot find or use the Bitcoin core command "Dumpprivkey" to show my keys..

So i assume i'll be safe then...

OR other alternative... i just buy new brand new Notebook for 500$, i only download bitcoin core and import its keys there... with this there is no way a malicious software or any attacker could steal my keys.. because Notebook is new.

Yes, indeed i'm learning... Thank you..

[odolvlobo]

As far as fees go, investigate what the current fee rates are and decide how much you need to pay, or just go with what Bitcoin Core says.

As for protecting your bitcoins, a hardware wallet is the way to go if you prefer convenience. $150 is not much to protect 10 bitcoins.

[tranthidung]

OR other alternative... i just buy new brand new Notebook for 500$, i only download bitcoin core and import its keys there... with this there is no way a malicious software or any attacker could steal my keys.. because Notebook is new.

It is true at beginning when you use the Notebook a first time.

However if you use it for other things, with time and with your usages, you will probably connect your Notebook with more potential threats and that device will become less safe over time.

It depends on how you use a device, new or old is only one factor.

Best is using it as a device for your air-gapped wallet or as one of co-signers of your multi-sig wallets (like 2/2 multisig wallet or 2/3 multisig wallet)

• Creating a multisig wallet with Electrum wallet

[o_e_l_e_o]

I rather just import my private keys into Bitcoin core with a encrypted wallet...With this a attacker cannot find or use the Bitcoin core command "Dumpprivkey" to show my keys..

The fact remains that your private keys are stored on a hot wallet - that is, a wallet which is on a device with an internet connection. This exposes them to potential attacks. Even if they are encrypted at rest, they must be decrypted in order to sign a transaction or a message, an attacker could try to brute force your decryption key, they could plant a key logger on your machine, and so on.

Hot wallets as described above are one of the least secure types of wallet. You should look in to either a good hardware wallet (such as Passport), or a permanently offline system.

i just buy new brand new Notebook for 500$, i only download bitcoin core and import its keys there... with this there is no way a malicious software or any attacker could steal my keys.. because Notebook is new.

A separate brand new device is a possibility, but only if it never connects to the internet and remains permanently airgapped. This means not connecting it just to download an update, or just to download Core, or just to broadcast a transaction, etc. It should never connect to the internet. Put Core (or Electrum) on it via a USB drive, and transfer unsigned and signed transactions back and forth via USB drive or QR code.

[PawGo]

All what was written about fees is correct, but just for record (and maybe for novice users):
Blocks are "mined" by miners which do some calculations based on the given difficulty set for some period of time. Difficulty is adjusted every 2000 blocks, just to have the average performance 1 block every 10 minutes. But, it is average speed, it does not mean transaction will be processed in max 10 minutes. Unfortunately we cannot tell when next block will be mined. For example in the current "evaluation period" we are statistically 20 blocks late and soon difficulty will be decreased by +- 1%.
As a consequence, you should be aware that it is possible to wait a long time for block and fee does not change anything. The risk is that if block is very late (it happens that we have 30, 40 minutes or 1h without block), fee which was sufficient 1 h ago, is not sufficient now, as your transaction will be removed from the 1st expected block as other users prepared lot of transactions with much higher fee.

I skip talking about low-fee transactions purged from mempool as we talk about high fees.

[LoyceV]

This is a lot of steps. I rather just import my private keys into Bitcoin core with a encrypted wallet...With this a attacker cannot find or use the Bitcoin core command "Dumpprivkey" to show my keys..

So i assume i'll be safe then...

The attacker doesn't need to dump your private keys, any "decent" attack means the keys are compromised the moment you enter them. That also means your Bitcoins disappear before you get the chance to make your own transaction.

OR other alternative... i just buy new brand new Notebook for 500$, i only download bitcoin core and import its keys there... with this there is no way a malicious software or any attacker could steal my keys.. because Notebook is new.

That's probably okay, but never as safe as offline signing. It may sound like a lot of steps, but once you know how to do it, it beats buying a new laptop each time you want to make a Bitcoin transaction from cold storage.