Average Electrum Wallet Transfer Time

UchihaSarada

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Quote from: Joeyp on September 08, 2023, 07:18:50 AM

Please share your average BTC transfer time with Electrum wallet ( all confirmed transactions ).

You can use any Bitcoin wallet to store and broadcast your Bitcoin transaction. Electrum wallet is only one of Bitcoin wallets.

Bitcoin transaction time in average and median
https://www.blockchain.com/explorer/charts/median-confirmation-time
https://www.blockchain.com/explorer/charts/avg-confirmation-time

Joeyp

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Quote from: Bureau on September 09, 2023, 03:26:15 AM

Quote from: Joeyp on September 08, 2023, 07:18:50 AM

Please share your average BTC transfer time with Electrum wallet ( all confirmed transactions ).

Whenever I use my Electrum wallet to send Bitcoin, the transfer takes place instantly. The confirmation depends on the fee that you choose. I always follow memepool.space and depending on the priority I choose the fee. There is a network congestion at the moment and there are more than 500k transaction that are pending. I generally use the max amount the meme pool predicts insuring that my transaction gets conformed soon.

Quote from: Eternad on September 08, 2023, 12:07:57 PM

I have a pending transaction now for almost 3 days due to the shit mempool clogged due to the BRC20 sewer boys but my usual transaction transfer time is jut below 5 minutes since I use 2sat/vB higher to the high priority fee recommended on the mempool.

I'm using segwit wallet address and I have a consistent transfer speed except this current event which caught me off-guard because my wallet doesn't support RBF. Angry

I had been in the same situation earlier. My transaction did got stuck and it did not confirm for three days. I saw the option to cancel my transaction which I did and my satoshi got credited back instantly. You can either do that or increase the fee for your transaction to get a confirmation.

Thanks for the answer.

Joeyp

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Quote from: nc50lc on September 09, 2023, 01:29:03 AM

Quote from: NotATether on September 09, 2023, 12:08:26 AM

-snip- since if you use the same fee rate on both transactions, that means you are saving fees on segwit, but the amount of fees the miner gets does not increase.

Since you're saving "absolute fee" on SegWit, miners will even get less from your SegWit txn compared to Legacy txn with same "fee rate".
For example:
[1] A 1in-2out Legacy transaction of e.g. 250vBytes size w/ 5sat/vByte fee rate have 1,250sat absolute fee (to miner)
[2] A 1in-2out SegWit transaction of e.g. 125vBytes size w/ 5sat/vByte fee rate have 625sat absolute fee (to miner)
(rounded values for easier calculations, virtual size can be higher or lower)

Is the statement based from a source?
Because I think that the statement may be applicable in overall fee from a block since the saved virtual block space from lower vSize of SegWit txns can still be filled with other transactions.
For example:
Let's say that the block's max size is only 1000vBytes.
The miner can fill 4 txn [1] in it, that'll sums up to 5000sats of absolute fee for them to claim.
The miner can fill 8 txn [2] in it, that'll also sums up to 5000sats of absolute fee.

Quote from: Joeyp on September 08, 2023, 11:49:58 AM

What is your address - legacy or seqwit ? I am also very suprised about the speed of your transfer !!!

Speed is your concern? Not the cost?
Then it doesn't matter, just select "mempool" in the fee slider type drop-down menu and use anything below "1mb from tip".
"0.8mb from tip" is my usual selection but I usually edit the absolute fee a few satoshi higher, my transactions never get stuck for too long.

The difference with using SegWit and Legacy (you can't make a Legacy wallet in Electrum's GUI today) is the absolute fee that you'll pay with the same fee rate.
(see the first Example)

Thanks for your answer.

Bureau

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Quote from: Joeyp on September 08, 2023, 07:18:50 AM

Please share your average BTC transfer time with Electrum wallet ( all confirmed transactions ).

Whenever I use my Electrum wallet to send Bitcoin, the transfer takes place instantly. The confirmation depends on the fee that you choose. I always follow memepool.space and depending on the priority I choose the fee. There is a network congestion at the moment and there are more than 500k transaction that are pending. I generally use the max amount the meme pool predicts insuring that my transaction gets conformed soon.

Quote from: Eternad on September 08, 2023, 12:07:57 PM

I have a pending transaction now for almost 3 days due to the shit mempool clogged due to the BRC20 sewer boys but my usual transaction transfer time is jut below 5 minutes since I use 2sat/vB higher to the high priority fee recommended on the mempool.

I'm using segwit wallet address and I have a consistent transfer speed except this current event which caught me off-guard because my wallet doesn't support RBF. Angry

I had been in the same situation earlier. My transaction did got stuck and it did not confirm for three days. I saw the option to cancel my transaction which I did and my satoshi got credited back instantly. You can either do that or increase the fee for your transaction to get a confirmation.

nc50lc

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Quote from: NotATether on September 09, 2023, 12:08:26 AM

-snip- since if you use the same fee rate on both transactions, that means you are saving fees on segwit, but the amount of fees the miner gets does not increase.

Since you're saving "absolute fee" on SegWit, miners will even get less from your SegWit txn compared to Legacy txn with same "fee rate".
For example:
[1] A 1in-2out Legacy transaction of e.g. 250vBytes size w/ 5sat/vByte fee rate have 1,250sat absolute fee (to miner)
[2] A 1in-2out SegWit transaction of e.g. 125vBytes size w/ 5sat/vByte fee rate have 625sat absolute fee (to miner)
(rounded values for easier calculations, virtual size can be higher or lower)

Is the statement based from a source?
Because I think that the statement may be applicable in overall fee from a block since the saved virtual block space from lower vSize of SegWit txns can still be filled with other transactions.
For example:
Let's say that the block's max size is only 1000vBytes.
The miner can fill 4 txn [1] in it, that'll sums up to 5000sats of absolute fee for them to claim.
The miner can fill 8 txn [2] in it, that'll also sums up to 5000sats of absolute fee.

Quote from: Joeyp on September 08, 2023, 11:49:58 AM

What is your address - legacy or seqwit ? I am also very suprised about the speed of your transfer !!!

Speed is your concern? Not the cost?
Then it doesn't matter, just select "mempool" in the fee slider type drop-down menu and use anything below "1mb from tip".
"0.8mb from tip" is my usual selection but I usually edit the absolute fee a few satoshi higher, my transactions never get stuck for too long.

The difference with using SegWit and Legacy (you can't make a Legacy wallet in Electrum's GUI today) is the absolute fee that you'll pay with the same fee rate.
(see the first Example)

NotATether

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Quote from: Joeyp on September 08, 2023, 11:49:58 AM

What is your address - legacy or seqwit ? I am also very suprised about the speed of your transfer !!!

The type of the address does not matter when trying to get your transaction confirmed, since if you use the same fee rate on both transactions, that means you are saving fees on segwit, but the amount of fees the miner gets does not increase. So in these current mempool conditions, when you're using the default fee suggested by electrum (about 15 or something), then your transaction's going to get jammed while even more transactions with a similar fee pile up and it will be stuck there for hours.

Charles-Tim

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Merit: 4795

Quote from: Eternad on September 08, 2023, 12:07:57 PM

I have a pending transaction now for almost 3 days due to the shit mempool clogged due to the BRC20 sewer boys but my usual transaction transfer time is jut below 5 minutes since I use 2sat/vB higher to the high priority fee recommended on the mempool.

Block 806755 was mined 28 minutes after block 806754 was mined.
Block 806758 was mined 5 minutes after block 806757 was mined.
Block 806759 was mined 7 minutes after block 806758 was mined.
The next block can be mined before 2 minutes (I have seen it before)
The next block can be mined after 10 minutes (I have seen after 30 minutes before)
The next block can mined very fast.
The time the last block was mined in relation to the time you make high fee transaction also matters

If you are only relating this to time, it makes it not accurate. Using the next block is better.

Quote from: Eternad on September 08, 2023, 12:07:57 PM

I'm using segwit wallet address and I have a consistent transfer speed except this current event which caught me off-guard because my wallet doesn't support RBF. Angry

Bitcoin open source wallets that support replace-by-fee (RBF)

Eternad

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Quote from: Joeyp on September 08, 2023, 07:18:50 AM

Please share your average BTC transfer time with Electrum wallet ( all confirmed transactions ).

I have a pending transaction now for almost 3 days due to the shit mempool clogged due to the BRC20 sewer boys but my usual transaction transfer time is jut below 5 minutes since I use 2sat/vB higher to the high priority fee recommended on the mempool.

I'm using segwit wallet address and I have a consistent transfer speed except this current event which caught me off-guard because my wallet doesn't support RBF. Angry

Charles-Tim

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Activity: 1512

Merit: 4795

Quote from: BitMaxz on September 08, 2023, 08:52:05 AM

If I follow the mempool.space fee recommendation in low priority it takes around 3 to 10 minutes and for medium priority sometimes it's instant or it takes 3 to 5 minutes and the high priority it is almost instant but sometimes it's around 3 minutes.

For high priority, be expecting the transaction to be confirmed in the next block mined, it is not about time. The time to the next block to be mined can take up to 10 minutes or more. The time you make the transaction in relation to the time to the next block also matters.

Quote from: o_e_l_e_o on September 05, 2023, 07:01:57 AM

More specifically, you can read how the suggestions are calculated here: https://github.com/mempool/mempool/blob/827b0f6ad1c419e79d1a5cfa55b74b9c993a4748/frontend/src/app/docs/api-docs/api-docs.component.html#L199

Snipped and reformatted for easier reading:

Quote

High Priority. This figure is the median feerate of transactions in the first mempool block. Consider using this feerate if you want confirmation as soon as possible.

Medium Priority. This figure is the average of the median feerate of the first mempool block and the median feerate of the second mempool block.

Low Priority. This figure is the average of the Medium Priority feerate and the median feerate of the third mempool block. Consider using this feerate if you want confirmation soon but don't need it particularly quickly.

No Priority. This figure is either 2x the minimum feerate, or the Low Priority feerate (whichever is lower). Consider using this feerate if you are in no rush and don't mind if confirmation takes a while.

Joeyp

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Merit: 37

Quote from: BitMaxz on September 08, 2023, 08:52:05 AM

If I follow the mempool.space fee recommendation in low priority it takes around 3 to 10 minutes and for medium priority sometimes it's instant or it takes 3 to 5 minutes and the high priority it is almost instant but sometimes it's around 3 minutes.

Take note any wallet with a custom fee has the same transfer time no wallet has a special feature to make a transaction faster, Like the above said it doesn't matter what wallet you use the transfer time depends on how much fee you pay and how the network congested is.

What is your address - legacy or seqwit ? I am also very suprised about the speed of your transfer !!!

BitMaxz

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Block halving is coming.

If I follow the mempool.space fee recommendation in low priority it takes around 3 to 10 minutes and for medium priority sometimes it's instant or it takes 3 to 5 minutes and the high priority it is almost instant but sometimes it's around 3 minutes.

Take note any wallet with a custom fee has the same transfer time no wallet has a special feature to make a transaction faster, Like the above said it doesn't matter what wallet you use the transfer time depends on how much fee you pay and how the network congested is.

Charles-Tim

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Activity: 1512

Merit: 4795

Why do you make this thread a self-moderated thread? A rhetorical question.

Transaction does not depend on Electrum, it depends on the fee that you paid and how congested the mempool is.

For fee rate estimation, you can use:

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

Address type can also cause high fee. For low fee, be using segwit addresses (bitcoin addresses that start from bc1)

Joeyp

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Activity: 112

Merit: 37

Please share your average BTC transfer time with Electrum wallet ( all confirmed transactions ).

Topic: Average Electrum Wallet Transfer Time (Read 122 times)