Best way to send BTC? - page 2. | Bitcointalksearch.org

khaled0111

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Quote from: sumguy2017 on June 15, 2021, 06:23:50 PM

My next question is I don't see a place to put the companies BTC address too? Just Mobile, email or address? A place for a optional message and pay with BTC.

This is because you clicked the "send/receive" button. You use this feature only if you want to send to another coinbase user. It will create an off-chain transaction and this is not what you want.
You need to make an on-chain transaction to withdraw to an external wallet (the company's address or your Electrum address). To do this, you should go to your "Portfolio", click "Withdraw" next to the asset you want to transfer (bitcoin in your case), then "Withdraw To External Wallet" and fill the required fields "From", "Destination" and "Amount".

As Coinbase charges a flat fee, the best thing to do is to withdraw the whole balance to your Electrum wallet then pay the company from there.

hugeblack

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If you are not ready to send that money, you can send it with the lowest possible fee (it will require more waiting time) and if you are urgent, you may pay $20, but in general you will not have to pay that amount.

Fees are usually lower on Sundays (according to LoyceV) so if you don't want to bother with calculating, do it on Sunday (not a fixed rule but to make things look simple and uncomplicated)
Otherwise withdraw all your coins to electrum's wallet and with a few techniques you will be able to send at a low price, you need to tell us:
The number of inputs, the type of addresses, do you want to get quick confirmations or the time factor is not important.

pinggoki

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Quote from: sumguy2017 on June 15, 2021, 03:35:35 PM

I want to send $533 to a company. I have $443.25 in my Coinbase account. And $110.56 balance in my Electrum account. Total of $553.81.

   $553.00
   - 533.00
   $20.81

I believe the BTC transfer fee is around $20.00. How do I determine how much the transfer fees are from both Electrum and Coinbase to calculate or determine I'm sending the guy the correct amount of $533.00?

In Coinbase you can always see the transaction fee that you need to pay in order for you to complete the transaction in which Coinbase will be able to add the fee once you make a transaction over with it. In terms of Electrum, it is also the same you can check the gas fees that you will be able to consume by converting or transferring your BTC over a different account. Just make sure that the address is correct so that the transaction works without any problems.

leea-1334

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Agree,,, best way is to send from Electrum first to Coinbase, then take everything out. Coinbase fee is flat and you have to pay it once anyway so just make it the last transaction.

If you send to Electrum, you end up paying more because additional input into your wallet means bigger tx size.

dkbit98

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Quote from: pooya87 on June 17, 2021, 03:25:44 AM

Actually bitcoin fees are never X dollar Tongue

You also can't predict the sat/vbyte value based on the dollar value of the fee because you have no idea what the size of their transaction is.

I was not predicting anything but just stating current situation of mempool at that time, and he was speaking in terms of USD.
For years I have been using mempool.space that is showing incoming transactions, unconfirmed transactions with suggested fee and it has never failed me so far.

Quote from: pooya87 on June 17, 2021, 03:25:44 AM

It may contain a lot of inputs and/or outputs that has increased its total size hence the total fee even with a small sat/vbyte fee rate.

He has $110.56 worth of Bitcoin on his electrum, so it's probably not 110 inputs... but he can always use calculators like this:
- Jameson Lopp website
- Bitcoin Ops
- ByBitcoinWorldwide
- Coinb.in
- Bitcoindata.science

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Quote from: dkbit98 on June 16, 2021, 09:23:10 AM

Bitcoin transaction fees are not always $20, but currently it is around $1 (around 30 sat/vB) and it's even lower during weekend when mempool is cleared.

Actually bitcoin fees are never X dollar Tongue

You also can't predict the sat/vbyte value based on the dollar value of the fee because you have no idea what the size of their transaction is. It may contain a lot of inputs and/or outputs that has increased its total size hence the total fee even with a small sat/vbyte fee rate.
And finally since Coinbase is a custodial wallet the fee you pay may not exactly be related to network fee and transaction size since the "centralized company" is charging this fee.

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Quote from: sumguy2017 on June 15, 2021, 03:35:35 PM

I want to send $533 to a company. I have $443.25 in my Coinbase account. And $110.56 balance in my Electrum account. Total of $553.81.

   $553.00
   - 533.00
   $20.81

I believe the BTC transfer fee is around $20.00. How do I determine how much the transfer fees are from both Electrum and Coinbase to calculate or determine I'm sending the guy the correct amount of $533.00?

Most probably you don't have dollars at Coinbase, you clearly have no dollars in Electrum and probably you don't have to send dollars to that company, so let's talk in bitcoin/satoshi.
What I would do is:
1. Withdraw from Coinbase to Electrum
2. When [1] whas confirmed, enter that 533 or whatever dollars into http://preev.com/ and see how much Bitcoin that is. Maybe round up a tiny bit to make sure you are OK (555$?)
3. Copy the preev bitcoin amount into Electrum's amount in the send page. Fill the other fields too (recipient address).
4. Check the recommended fee/vByte at https://mempool.space/ and set that for sending. And send.

Electrum will send the money to "that company" and will also send back to you the remaining change, which may even be the equivalent of some 15-20$, depending on Bitcoin price fluctuation and how full the mempool (network) is.

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Quote from: sumguy2017 on June 15, 2021, 06:23:50 PM

Thank you all for your input, appreciate it. I only do 3-4 transaction per year, if that? So I'm kind of new to it all, the terminology, etc.

But the thing I'm not to sure of is sending my Coinbase BTC to my Electrum account. Coinbase says Send/Receive. I'm both sending and receiving. I would think I'm sending to my Electrum account. But I don't want to assume anything? Seems like/is a dumb question, lol? But I'm sending to my Electrum account correct? Rather be dumb here then lose $400+ BTC?

You're sending and it's not yet going to send unless you input the bitcoin wallet address from your electrum wallet.

Quote from: sumguy2017 on June 15, 2021, 06:23:50 PM

Or I could send directly to the companies BTC address I'm purchasing from?

You can do this as long as the amount is exact with the fees.

Quote from: sumguy2017 on June 15, 2021, 06:23:50 PM

My next question is I don't see a place to put the companies BTC address too? Just Mobile, email or address? A place for a optional message and pay with BTC.

They probably also have a Coinbase account and it's normal if the sender and receiver both has an account. It can be sent directly as an off chain transaction.

dkbit98

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Quote from: sumguy2017 on June 15, 2021, 03:35:35 PM

I believe the BTC transfer fee is around $20.00. How do I determine how much the transfer fees are from both Electrum and Coinbase to calculate or determine I'm sending the guy the correct amount of $533.00?

Bitcoin transaction fees are not always $20, but currently it is around $1 (around 30 sat/vB) and it's even lower during weekend when mempool is cleared.
I am not sure how much are withdrawal fees from Coinbase (check that on their website faq page) and I would suggest not to hold your coins on exchanges in future because they often charge extra fees from customers like this.
Sending all coins from your own wallet is always best option, and I think that only exception is FTX exchange that still offers zero fees for sending BTC.

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Quote from: sumguy2017 on June 15, 2021, 03:35:35 PM

I want to send $533 to a company. I have $443.25 in my Coinbase account. And $110.56 balance in my Electrum account. Total of $553.81.

   $553.00
   - 533.00
   $20.81

I believe the BTC transfer fee is around $20.00. How do I determine how much the transfer fees are from both Electrum and Coinbase to calculate or determine I'm sending the guy the correct amount of $533.00?

The problem here is with the Coinbase, you can't set a custom fee here. And then we have bitcoin's volatility as the price might change dramatically.

If I'm in your shoes, I will try to send $443.25 to the company first, and then see how much money it will end up in that company. And then my Electrum, customised your fees and hope that it will have enough to cover that $553.00.

What do you mean you can't see the place where you can put the BTC address? There should be one in either Coinbase or Electrum.

sumguy2017

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Thank you all for your input, appreciate it. I only do 3-4 transaction per year, if that? So I'm kind of new to it all, the terminology, etc.

But the thing I'm not to sure of is sending my Coinbase BTC to my Electrum account. Coinbase says Send/Receive. I'm both sending and receiving. I would think I'm sending to my Electrum account. But I don't want to assume anything? Seems like/is a dumb question, lol? But I'm sending to my Electrum account correct? Rather be dumb here then lose $400+ BTC?

Or I could send directly to the companies BTC address I'm purchasing from?

My next question is I don't see a place to put the companies BTC address too? Just Mobile, email or address? A place for a optional message and pay with BTC.

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Quote from: JakobFugger on June 15, 2021, 05:01:31 PM

Then send everything that is in your electrum wallet, you can set a lower fee there.

Just make sure to check the mempool before sending the TX, and make sure to use RBF just in case the fee suddenly increases. Don't use the Coinbase fee as the standard, that can give you trouble if you're not careful. It's not a good practice either. I also believe that it's a good thing to send your money from Coinbase to Electrum first, so you don't have to deal with two different transactions. Looking at the mempool right now, I doubt it will cost you more than $10 for all of the necessary transactions. Especially if you do it on the weekend.

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Quote from: JakobFugger on June 15, 2021, 05:01:31 PM

First negotiate which Bitcoin rate the two of you will use. There are several "prices" that can be used. Set the value in BTC, not in dollars. Then send everything that is in your electrum wallet, you can set a lower fee there. And complement what is missing with the value you have in coinbase.

I tend to agree with this one, Bitcoin fees aren't in the dollar base, it should be on sat per byte.

Quote from: sumguy2017 on June 15, 2021, 03:35:35 PM

How do I determine how much the transfer fees are from both Electrum and Coinbase to calculate or determine I'm sending the guy the correct amount of $533.00?

The link that shared above was right, you can calculate the fee according to the mempool fees, the fees rate is the same with Bitcoin price, it is very volatile and it will fluctuate every now then, it is hard to determine how much exact amount of satoshi per your transaction. Coinbase wallet and Electrum wallet has different fees rate.

Quote from: bolawin on June 15, 2021, 05:16:29 PM

why not put it all first on 1 wallet, then send it.

Still, OP needs to transfer the Bitcoin because they aren't the same wallet, as I expected Coinbase here has a big amount of fees.

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why not put it all first on 1 wallet, then send it.

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First negotiate which Bitcoin rate the two of you will use. There are several "prices" that can be used. Set the value in BTC, not in dollars. Then send everything that is in your electrum wallet, you can set a lower fee there. And complement what is missing with the value you have in coinbase.

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Quote from: Ryker1 on June 15, 2021, 04:26:51 PM

Well, I think you need these tools as your reference regarding the transaction fee and you problem. ^{[ https://mempool.space ]} and the bitcoin calculator to estimate the fee ^{[ https://bitcoinfees.net/ ]}. As I know Electrum wallet have a feature of modifying transaction fee while Coinbase has a flat fee rate. So it will always depend on the required amount on the mempool space will be the result of your calculation is having fees. Make your own calculation if you completely understand.

Yes, you are right here. I think you can't manage the custom fee rate on Coinbase.
I will suggest doing the first "consolidation" from Coinbase to Electrum on weekends, when the network is least congested and usually on weekends the fee is lowest, and transactions are realized quickly.
Of course, if OP needs urgently to send BTC, then there is not much calculation on how to significantly reduce tx costs.

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Well, I think you need these tools as your reference regarding the transaction fee and you problem. ^{[ https://mempool.space ]} and the bitcoin calculator to estimate the fee ^{[ https://bitcoinfees.net/ ]}. As I know Electrum wallet have a feature of modifying transaction fee while Coinbase has a flat fee rate. So it will always depend on the required amount on the mempool space will be the result of your calculation is having fees. Make your own calculation if you completely understand.

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Quote from: sumguy2017 on June 15, 2021, 03:35:35 PM

How do I determine how much the transfer fees are from both Electrum and Coinbase to calculate or determine I'm sending the guy the correct amount of $533.00?

Transaction fees can be determined by checking the mempool status, there are currently some websites that offers such service; estimating the fees for the next blocks. This however only applies to electrum. Coinbase, where you hold majority of the funds fix their own ferrate using their own estimate, which is mosttimes different from the recommended one. There are also internal fees you'll need to pay.

To determine how much you'll pay;
• Use an estimator to determine the current ferrate (this is one - https://www.buybitcoinworldwide.com/fee-calculator/)
• Check that with the size of your transaction (inputs mostly)
• Calculate the internal fees on coinbase
• Attempt sending a transaction to compare the ferrate estimation on coinbase.
• Check to confirm if the desired amount can be sent.

sumguy2017

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I want to send $533 to a company. I have $443.25 in my Coinbase account. And $110.56 balance in my Electrum account. Total of $553.81.

I believe the BTC transfer fee is around $20.00. How do I determine how much the transfer fees are from both Electrum and Coinbase to calculate or determine I'm sending the guy the correct amount of $533.00?

Topic: Best way to send BTC? - page 2. (Read 415 times)