Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 55. (Read 88277 times)

Earlier this morning I had a transaction of 1 sat/Byte was confirmed in less than 10 minutes then I made another transaction and that was again confirmed in less then 10 mins then again I made another transaction and this one is still unconfirmed LOL. Only few hours gone I think. However I know it will be confirmed sooner or later.

There is no point to spend 50x or 100x times for transaction fees if you are really not in hurry. One in a thousand time I end up using 20 sat/Byte :-P

You're really overpaying when fees are low! Today, many blocks aren't full and 1 sat/byte is enough for a fast transaction. I expect the same tomorrow.
If your coins would get stuck, you could always use CPFP to get them confirmed.

yeah if you are not waiting desperately for coin.

 consolidation would be good right now.

Depending on a few things and size of coin movements  you can do  20 sats  for a bigger value movement if you fear coins getting stuck.

viabtc.com still has free transaction accelerator service. but the tx fee had to be 20 sats a byte.

So when I move a larger amount  say 0.1btc I will do 20 sats a byte in case it gets stuck.

when I move small amounts I use 5 to 10 sats a byte.  So if they get stuck it is not a lot of coin.


Since the network is not filled up and backlogged the viabtc.com free service will work in under a day.


and if you are moving say 10 tx at 5 stats with a low coin total say 0.005 btc they will clear.

I have 2 trezors and use them to consolidate between each other.  or within their own selves.

Fees are low! Just sent a 20 sat per byte transaction and it confirmed within about an hour (probably sooner).

Take the opportunity. I'm not sure if some miners are not accepting 1 sat per byte transactions but mine didn't show up on btc.com before (but I did 3 double spends so)...

Also were on July!

Fees have been not too bad recently I hope it can continue the more people have to spent the more chance of them spending
Low fees = more use 

Unimportant transactions can be sent with low fees anytime you want.

I sent a few days ago for within 25 blocks and it confirmed in the next. Don't trust what your wallet tells you 1 sat per byte for insignificant transactions works!

IMPORTANT NOTE.
DON'T JUST TRUST THIS THREAD BEING UP OR BUMPED AS "NOW IS A GOOD TIME"

Check the time / date of the last bump that LoyceV did.

AND CHECK THE FEES AT SOME OF THE KNOWN FEE SITES FROM THE 1st POST IN THIS THREAD.

I don't know what it was when he bumped it 9 hours ago but as of now 10:40 EST you have over 10MB paying over 100 sat/byte in the mempool.

Check before sending, it will save you grief.

-Dave
This post may have been triggered by me not taking the above advice.

Nope. No downsides.

But, if you already use ledger live to get an receiving address, you might as well just consolidate using ledger live (given that you simply want to consolidate all UTXO's).
Saves you one step.

But doesn't really matter tho. If you'd rather use electrum, use electrum  

Guys, thanks again for trying to help!

I was thinking of doing it this way.
Generate a new address in Ledger Live, copy this address to Electrum making sure it is the correct address and consolidate all my transactions using Electrum. Is there any downside in doing it this way?  

Unless you're in a rush, it doesn't matter if it's "the best time" or not. My Bitcoin Core estimates that 1.18 satoshi/byte is enough to confirm within 24 hours. If fees go up and it doesn't confirm, it'll probably confirm on Sunday.
So as long as you're not in a hurry, just set a low fee, broadcast the transaction, and you'll see it confirmed eventually.

Personally, i prefer https://jochen-hoenicke.de/queue/#0,24h.

The first and the third graph can help you determining which fee you should choose to get a transaction confirmed in a reasonable amount of time (given that there is no spike coming the moment after you broadcasted your transaction).

However, it honestly doesn't matter which site you are using.
Choose the one which feels informative and clear to you.

At the risk of blowing my cool, I don't get that site in the slightest.

At present and as long as you're not in a hurry any fee above truly piddling amounts will get you there in the end. Like I said 7-9 have worked within a few hours for me recently.

I wouldn't be 100% about 1-2.

Ohh I am sorry, I wasnt trying to derail the conversation in an unwanted direction.

Looking at https://coinb.in/#fees it seems that the perfect time to consolidate some inputs could come soon. The suggested fee is now 7 Sat/Byte.
This site is however confusing me https://jochen-hoenicke.de/queue/#0,1w
Which of these should I use to send my transaction during the best time?

Correct. All you need to do is unlock your Ledger with your PIN like you would usually, navigate to the bitcoin app, open Electrum on your computer, and then Electrum can create a new wallet using your unlocked Ledger. You do not need to enter your seed, and if it prompts you do so, you've chosen the wrong option. You are correct in saying that as long as you do not enter your seed, your security is not compromised. Many users use their hardware device to unlock a variety of desktop wallets every day.

When creating your new wallet with Electrum, you will reach a screen which asks you to choose your address type. You should choose "p2sh-segwit" (which will give you a derivation path of m/49'/0'/0') to reach your "3" type addresses.

In Electrum, you can see all the coins you have received and which addresses they were received to. Choosing which ones to spend is a simple as highlighting these addresses, right clicking, and clicking on "Spend from this address".

In terms of opting in to RBF, you can click on Tools -> Preferences and check the box which says "Use Replace-By-Fee". This will allow you to boost your transactions' fees after they have been made if you are getting impatient and want it to confirm faster. Doing so is again as simple as right clicking on your unconfirmed transaction, selecting "Replace-By-Fee", inputting a new fee, and broadcasting it.

I am aware we are going slightly off topic here. If you have further questions, you could open a topic in the Electrum sub-board here for more help.

o_e_l_e_o Thank you for the explanation.
I will defiantly make sure to verify the signatures, yes.

If I understood everything clearly nowhere during the process of using Electrum will I need to enter my seed, so the seed never leaves my hardware wallet correct? I dont need to consider my security compromised since I used my hardware wallet in connection with a desktop wallet?

I have heard about options such as coin control and RBF (I think it is called that way). Basically I would be able to select which transactions to consolidate and have an option to increase the fee in case it is needed. Can you tell me a bit more about that?   

Yes. The reason being if you need to make a transaction that uses lots of different coins from your Ledger, and fees are high at the time, you will end up paying a lot. If you consolidate them all in to one when fees are cheap, it will save you on fees down the line.

You can move from all these addresses to any other kind of address you like. I would probably stick with another nested SegWit "3" address since that's what you are currently using anyway.

Lots of people use Electrum with their Ledger because it is easy to do so, and Electrum has more functionality than Ledger Live. You don't have to, however, and can still consolidate all your coins with Ledger Live if you wish.

Not immediately. But the whole point of consolidating is to pay a small fee when you are not in hurry. I would always consolidate with a low fee of around 1-2 sat/vbyte, and just be prepared to wait a couple of days for it to confirm.

You don't need to move coins from Ledger to Electrum. If you wish to use Electrum, first download it from electrum.org (make sure not to download from any other site, there are a lot of fake electrum sites out there). To be extra safe, you can verify your download following the instructions here: https://bitcoinelectrum.com/how-to-verify-your-electrum-download/. Once Electrum is installed, it is very easy to open your Ledger wallet in Electrum by following the instructions here: https://support.ledger.com/hc/en-us/articles/115005161925-Set-up-and-use-Electrum/. By following these steps, you essentially use Electrum to open your Ledger, in the same way you currently use Ledger Live (I assume) to open your Ledger. The coins never need to move to do this.

Essentially, all you need to do is send all the coins in your wallet to a new address in your wallet, and make sure you set very low fees. Ledger Live or Electrum will do everything else for you.

Advisable indeed. You never know what fees will get to but you might wind up with an outrageous bill further down the line that's relative peanuts now and you have a lot of stuff to gather up. I've done it in the past and I do it periodically if coins need consolidating.

I haven't used my Ledger in absolutely ages but I'm pretty sure there's a custom fee you can set so no need to use Electrum. I could be totally wrong.

Dunno about 1-2 satoshis but I did an 8 sat/byte transaction yesterday and it took about 7-8 hours to be fully confirmed.

All my bitcoins are currently on my Ledger hardware wallet. I have many different amounts ranging from 0.01 - 0.3 per address. Probably about 50 different transactions. Is it advisable and necessary to consolidate these amounts?
All addresses are segwit - starting with 3.

I have used some desktop wallets in the past and from there I have moved my bitcoins to Ledger. Other transactions came straight to my Ledger from exchanges.
I have never used Electrum or Bitcoin Core so I have no experience with those.
From reading the topic it was suggested that I use Electrum for the consolidation.

From what I can see the Fees now are pretty high so using 1-2 Byte/Sat would not work right now?

Do I need to move my bitcoins from Ledger to a new address on Electrum or can I sync those two together and do the consolidation on Electrum?
I have no experience calculating size, inputs, outputs, can someone please tell me how to do this properly as I have never done that before?
 

If it doesn't support it, you'll get a message saying it doesn't so you may as well try it.

If it doesn't, consolidating onto one legacy address is still a good idea (or nested segwit is accepted by all - the "3" type).

As long as your wallet supports it, you can send funds to bc1 addresses.