static or mempool for withdrawal

[T86]

withdrawal fees are way to high last couple of days using ETA. ive never used static or mempool option to do a transaction.


i want to move 0.005 bitcoin and it costs 0.025 using ETA

when i click static and the lowest fee 0.0000002


if i choose the lowest fee using static will the transaction go through for sure. and how long will it take at the moment?


why wouldnt everyone just pick static lowest transaction fee when doing bitcoin transactions?

[Husna QA]

withdrawal fees are way to high last couple of days using ETA. ive never used static or mempool option to do a transaction.

i want to move 0.005 bitcoin and it costs 0.025 using ETA

when i click static and the lowest fee 0.0000002

if i choose the lowest fee using static will the transaction go through for sure. and how long will it take at the moment?

why wouldnt everyone just pick static lowest transaction fee when doing bitcoin transactions?

Static options do not consider market fee conditions, while Mempool and ETA options suggest fees according to market conditions.

So even though you get the lowest fee on the Static option, when the transaction is broadcast, the fee must still be adjusted to the current market conditions.
For this reason, you may find transactions that use the RBF or CPFP features to increase fees according to market conditions so that transactions can be processed immediately, e.g.:

@Royse777
Can you please bump up the transaction fee? I think it will take ages for this transaction to get confirmed because fees go crazy sometimes.

Just did a CPFP, so hopefully, that would do the job without Royse777 bumping the fee: https://www.blockchain.com/explorer/transactions/btc/3a5978099ea12d161f7f3b9901010c9ee4959d142ce0842ff8a8b36048661117

I'll update this post when it gets a confirmation...

Update:
It's now confirmed :)

Please read the following link to add to your insight regarding the differences between the three fee estimation algorithm options:
https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/

[nc50lc]

withdrawal fees are way to high last couple of days using ETA. ive never used static or mempool option to do a transaction.

if you want to set the cheapest possible fee rate without it getting dropped from mempools:
Check the "Purging" fee rate from mempool.space; then in Electrum, set something higher manually by enabling "Edit fees manually" option in the setting icon of 'New transaction' window.
Take note that by setting that, your transaction will be at the bottom of the mempools and may take a while to confirm.

Alternatively, the lowest in the "mempool" slider will make sure that it'll have a good chance of getting mined however, it's currently expensive & significantly lower priority than "1mb from tip".

By the way, your transaction's amount (0.005BTC) does not affect the absolute fee.
It's the transaction's size (displayed as "bytes") multiplied by the "fee rate" (displayed as "sat/byte").

[Charles-Tim]

if i choose the lowest fee using static will the transaction go through for sure. and how long will it take at the moment?

Lowest fee for static is 1 sat/vbytes. The mempool is around 184 sat/vbyte now. The transaction will only get stuck and remain unconfirmed for long time, or will be dropped out of mempool.

If you are using mobile Electrum, you can use static option to set the fee to 200 sat/vbyte. If you use desktop Electrum, you can just edit the fee as nc50lc commented about it already.

If fee customization is the problem (I mean on Android Electrum) after checking https://mempool.space, Bluewallet support fee customization. But only BIP39 seed phrase support RBF and CPFP on Bluewallet.

[o_e_l_e_o]

when i click static and the lowest fee 0.0000002

Think you've got an extra 0 in here. What you've said is a fee of 20 sats, which is far below 1 sat/vbyte for even the smallest transaction.

Lowest fee for static is 1 sat/vbytes. The mempool is around 184 sat/vbyte now. The transaction will only get stuck and remain unconfirmed for long time, or will be dropped out of mempool.

The transaction won't even broadcast at such a fee. The current minimum fee to be accepting in to the mempool for nodes running default settings (the vast majority) is around 31 sats/vbyte. If you try to broadcast a transaction at 1 sat/vbyte, most nodes won't accept it.

[T86]

thanks for the advice


ive never done a mempool transfer.

i want to move 0.005 btc using desktop electrum which is 200 ausd.


i dont need it moved within a hour or so if it takes a day thats ok as long as it gets there.


the fee when i click the lowest mempool is 6.3%. at a target fee of 87.2 sat/byte. which is 0.00325 bitcoin

when i manually change the target fee to 200 the fee gos to 0.000725.


i just dont like the high fee since its only 200 ausd or so dollars im trying to send and its costing either 13 lowest which might take ages or 30 if i choose target fee of 200 at the moment.

i have no idea how it will go as i usually always pay low fees till 2 days ago and never clicked static or mempool i have always just used ETA and never touched the advanced settings.


if someone was trying to move $200 worth of BTC 0.005 at the moment which would they choose?

[hugeblack]

ive never done a mempool transfer.

Unfortunately, the fees are currently a bit high, so if you are not in a hurry, waiting for several days may reduce the fees a lot.
Go to this site ---> https://mempool.space/ when the fees are in the 5 sat/vB to 50 sat/vB then they will be low on average.

if someone was trying to move $200 worth of BTC 0.005 at the moment which would they choose?

We cannot give you an exact answer unless we know more information such as number of inputs, number of inpouts and the type of addresses in the transaction you want to create.

I do not know if you will understand what I said, but for a better explanation, I advise you to watch some videos^{[1] [2] [3]} from aantonop YouTube channel.


[1] https://www.youtube.com/watch?v=FffX32ENGKc
[2] https://www.youtube.com/watch?v=r9Iltlnb1EU
[3] https://www.youtube.com/watch?v=JHUjC6gqJoA

[Synchronice]

thanks for the advice


ive never done a mempool transfer.

i want to move 0.005 btc using desktop electrum which is 200 ausd.


i dont need it moved within a hour or so if it takes a day thats ok as long as it gets there.


the fee when i click the lowest mempool is 6.3%. at a target fee of 87.2 sat/byte. which is 0.00325 bitcoin

when i manually change the target fee to 200 the fee gos to 0.000725.


i just dont like the high fee since its only 200 ausd or so dollars im trying to send and its costing either 13 lowest which might take ages or 30 if i choose target fee of 200 at the moment.

i have no idea how it will go as i usually always pay low fees till 2 days ago and never clicked static or mempool i have always just used ETA and never touched the advanced settings.


if someone was trying to move $200 worth of BTC 0.005 at the moment which would they choose?

Do it, just do it now, pay with 87.2 sat/byte to get it instantly confirmed. You may try lower fees but no one knows if mempool gets stuck again or not, it depends on you, you may risk and tomorrow you'll get your transaction confirmed with 30 sat/byte because slowly fees are going down as it seems throughout the day but there is a chance that people will spam blockchain and fees will skyrocket again. Decide yourself, keep in mind that bitcoin price changes by some % throughout the day, keep that in mind.



@joker_josue
Congrats, my first image officially uploaded on your website

[T86]

i have done the transaction it took an hour to get put into the account i wanted it in

https://mempool.space/ showed high priority 49 sat/vB  $1.89



I picked high priority 51 sat.byte

[hosseinimr93]

https://mempool.space/ showed high priority 49 sat/vB  $1.89

It may worth mentioning that what shown on mempool.space as total fee is for a normal segwit transaction with 1 input and 2 outputs.
If you have more number of inputs or outputs or you use legacy addresses, you have to pay more transaction fee.

[khaled0111]

i have no idea how it will go as i usually always pay low fees till 2 days ago and never clicked static or mempool i have always just used ETA and never touched the advanced settings.

The Static option allows you to set whatever fee rate you want. Eta and Mempool use different algorithms for fee estimation. It doesn't matter which option you choose, it won't affect the speed at which your transaction will get confirmed. What matters is the fee rate you set.
You can also use mempool.space to have a rough estimation on what fee rate you need to set for your transaction to have a fast/medium/low priority.

[Charles-Tim]

The Static option allows you to set whatever fee rate you want.

The better option to set whatever fee rate that you want to use is to customize the fee. Static gives option for 1, 2, 5, 10, 20, 30, 50, 70, 100, 150, 200, 300 sat/vbyte. Assuming the mempool highest fee priority is at 16 sat/vbyte, you have no option than to use 20 sat/vbyte if set to static.

[Pmalek]

why wouldnt everyone just pick static lowest transaction fee when doing bitcoin transactions?

Because the mempools wouldn't even accept their transactions and add them to the list of other unconfirmed ones. Or your transaction would have a low priority, which would result in you waiting days or weeks for a confirmation. It doesn't matter what you call it (ETA, mempool, or static), you have to pay a high-enough fee.

Don't rely on what Electrum or any other software shows you as a recommendation. Learn how to check the current state yourself by going to https://mempool.space/ and https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),8h,weight before you send bitcoin.

[tranthidung]

It doesn't matter what you call it (ETA, mempool, or static), you have to pay a high-enough fee.

Don't rely on what Electrum or any other software shows you as a recommendation. Learn how to check the current state yourself by going to https://mempool.space/ and https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),8h,weight before you send bitcoin.

If we are careful about fee rate, transaction fee and don't want to overpay transaction fee, checking mempool before pick a fee rate for our transaction is what we have to always do.

Wallets might have their inaccuracy in transaction fee (fee rate) estimation and suggestion and we must double check their estimations with different options.

• Minimize your transaction fee with Electrum wallet
• In Electrum wallet, mempool is the best option if we need to choose one default option for transaction fee estimation.

[Oshosondy]

In Electrum wallet, mempool is the best option if we need to choose one default option for transaction fee estimation.

The best is to use your own node mempool like Bitcoin Core to set the fee. If you do not use full node wallet, you can check the mempool on a third party site.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

You should not rely on the fee a wallet is estimating for you, check the mempool for best fee to use.

[tranthidung]

In Electrum wallet, mempool is the best option if we need to choose one default option for transaction fee estimation.

The best is to use your own node mempool like Bitcoin Core to set the fee.

This thread is about Electrum wallet and options to set fee rate for a transaction.

If you do not use full node wallet, you can check the mempool on a third party site.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

You should not rely on the fee a wallet is estimating for you, check the mempool for best fee to use.

If you read my post and my thread, you will see that I only suggested Mempool as a best option if you want a default one but it is still overpaid and the best of the best (in Electrum wallet) is double-check with mempool site before you pick a fee rate for your transaction.

Running your own full node will give you more accuracy of information about what's going on the network, mempool as well as give you better privacy, I know that.

[Pmalek]

People worry unnecessarily if they don't see a quick confirmation. It's only a problem if you have a deadline or a payment window, during which the transaction most be confirmed. Be extra careful about those kind of transactions. In cases where you are sending to yourself, there is no reason to be in a hurry or stress yourself if the transaction will be confirmed in 1 hour or 1 week. It's your money going from one of your wallets to another one. It will will either confirm or be dropped and you can try again.

[FinneysTrueVision]

I always ignore the fees suggested by the wallet I use. Instead I will check on mempool.space to see what is the lowest fee I can get away with while still getting my transaction finalized in a reasonable amount of time. Taking a little extra time to check the state of the mempool for yourself is worth it if you are looking to save on fees.