How to send 1 BTC with the lowest commission?

SquirrelJulietGarden

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Quote from: mahvettin on March 06, 2024, 09:59:40 AM

0.14 BTC with 10 sats pending Sad

The transaction disappeared from my trust wallet history. My balance is the same as before I sent it, but it won't let me make new transfers. Will the transfer be completed automatically, even if it is late?

With mempools now: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),8h,weight

Transactions with fee rates from 12 sat/vbyte + will have good chance to be confirmed this weekend but because from 12 sat/vbyte to 10 sat/vbyte, there are many pending transactions, your chance is small with 10 sat/vbyte.

There are about 13,000 pending transactions between 10 sat/vbyte to 12 sat/vbyte.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),8h,count

mahvettin

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LoyceV

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Quote from: mahvettin on March 06, 2024, 09:59:40 AM

0.14 BTC with 10 sats pending Sad

The transaction disappeared from my trust wallet history. My balance is the same as before I sent it, but it won't let me make new transfers. Will the transfer be completed automatically, even if it is late?

Your fourth screenshot shows: "mempool conflict". That sounds like you're double spending the same funds in another transaction.

mahvettin

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Activity: 4

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Hi everyone,

0.1 BTC with 19 sats confirmed
1 BTC with 16 sats confirmed
0.14 BTC with 10 sats pending Sad

The transaction disappeared from my trust wallet history. My balance is the same as before I sent it, but it won't let me make new transfers. Will the transfer be completed automatically, even if it is late?

Code:

https://i.imgur.com/yjJeiAw.jpeg

Code:

https://i.imgur.com/QtWk1F5.jpeg

Code:

https://i.imgur.com/cGhhJDL.jpeg

Code:

https://i.imgur.com/G8bc3d0.jpeg

Findingnemo

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Bitcoin = Financial freedom

Quote from: mahvettin on February 28, 2024, 11:04:10 AM

Instead of sending 1 BTC at once, sending 0.1 BTC 10 times and setting the sats value to 30 (maybe lower) significantly reduces the total commission I will pay. Maybe I'm wrong, I'm just making this comment based on the estimated commission shown by trust wallet. I want to send my entire balance with simple solutions without being too complicated. I think it would be reasonable for me to pay a total commission of $30-50.

You might have more Inputs that is why you are getting more on fee when you are trying to send the entire balance. You can wait for the fee to drop or just pay the fee and move it to wherever you want if it is an emergency. Or you can wait and the fee might drop to 10 sat/vb which is what a couple of days back to be paid.

As said move to better wallet like electrum if you plan to hold the BTC for longer term than importing cause trust wallet is closed source and with amount like 1BTC, it can't be trusted.

LoyceV

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Quote from: mahvettin on February 28, 2024, 11:04:10 AM

Instead of sending 1 BTC at once, sending 0.1 BTC 10 times and setting the sats value to 30 (maybe lower) significantly reduces the total commission I will pay. Maybe I'm wrong, I'm just making this comment based on the estimated commission shown by trust wallet.

You're wrong. It could be your wallet selects the largest input first, that would explain why the fee goes up a lot when you send more. My advice: just send 0.1 Bitcoin now, and see from there.
Another advice: never sell everything! What if Bitcoin goes up 10-fold again the coming years? Sell some, but keep some too.

Quote from: hosseinimr93 on February 28, 2024, 11:15:03 AM

I recommend you to import your wallet into a software that supports RBF

That's dangerous advice. OP is holding quite a large amount, messing around with importing increases the risk.

hosseinimr93

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Quote from: mahvettin on February 28, 2024, 11:04:10 AM

Instead of sending 1 BTC at once, sending 0.1 BTC 10 times and setting the sats value to 30 (maybe lower) significantly reduces the total commission I will pay.

With making 10 transactions sending 0.1 BTC in each, you will have to pay higher fee.
Since you want to send the entire balance, you have to use all your UTXOs and the only solution for decreasing the fee is decreasing the fee rate.

I recommend you to import your wallet into a software that supports RBF, so that you can increase the fee, if your transaction stays unconfirmed for a long time.

Edit:
LoyceV is right about the risk involved in importing your keys into other wallets. It would be more secure to make your transaction using trustwallet itself.

mahvettin

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Quote from: LoyceV on February 28, 2024, 10:25:51 AM

I've never used Trust wallet, but fees are based on the transaction size in bytes (or vbytes). 49 sat/vbyte is currently a bit high, but if sending 1 BTC costs more than sending 0.1 BTC, that means you have many different inputs (UTXOs).

I wrote a topic on consolidating inputs, it's worth a read.

Censoring only a part of your Bitcoin addresses in screenshots is futile, it's still very easy to find the full address.

Quote from: ?? on ??

In your case, your wallet is using the same amount of UTXO as input for either 1 or 0.1 BTC transaction probably because you only has one UTXO.

His fee went from $8 to $242.

The reliability of the Bitcoin address is not important to me. I can send the bitcoin address (public key) if anyone wants to check it.

Instead of sending 1 BTC at once, sending 0.1 BTC 10 times and setting the sats value to 30 (maybe lower) significantly reduces the total commission I will pay. Maybe I'm wrong, I'm just making this comment based on the estimated commission shown by trust wallet. I want to send my entire balance with simple solutions without being too complicated. I think it would be reasonable for me to pay a total commission of $30-50.

Mia Chloe

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Firstly let me start by saying this; for the sake of privacy and safety of your coins you're not advised to disclose transactions of such huge amounts.
Anyways when we talk about Bitcoin fees, it really doesn't depend directly on how much Bitcoin you are transacting but rather the block space it will occupy and the availability of spaces In the block you broadcasted your transaction. Fees are calculated in sat/byte so the larger the block space your transaction occupies the more Satoshi you have to pay for confirmation.

To get the best fees , you can simply check the Mempool or you can use the Mempool observer topic by stompix courtesy bitmover via feebuddy.

Don't forget to keep your keys safe mate.

hosseinimr93

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Quote from: ?? on ??

In your case, your wallet is using the same amount of UTXO as input for either 1 or 0.1 BTC transaction probably because you only has one UTXO.

That's not the case.
According to OP, the required fee was $8.64 worth of bitcoin for sending 0.1 BTC and $242 for sending 1 BTC.
Given the current price of bitcoin and the fee rate of 49 sat/vbyte, OP's transaction virtual size should be around 290 vbyte for sending 0.1 BTC and around 8000 vbyte for sending 1 BTC.

AB de Royse777

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Right now with a 30 sats/byte you can get a confirmation within a few block. You don't need 49 sats/byte.

LoyceV

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I've never used Trust wallet, but fees are based on the transaction size in bytes (or vbytes). 49 sat/vbyte is currently a bit high, but if sending 1 BTC costs more than sending 0.1 BTC, that means you have many different inputs (UTXOs).

I wrote a topic on consolidating inputs, it's worth a read.

Censoring only a part of your Bitcoin addresses in screenshots is futile, it's still very easy to find the full address.

Quote from: ?? on ??

In your case, your wallet is using the same amount of UTXO as input for either 1 or 0.1 BTC transaction probably because you only has one UTXO.

His fee went from $8 to $242.

OmegaStarScream

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As mentioned above, it's because of your transaction size. In your last screenshot, you can change the fees and make them a bit lower if you're not in a rush. The fees you're seeing on Trustwallet are meant for "high priority" and that's the same thing you can see on Mempool.

hosseinimr93

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Quote from: mahvettin on February 28, 2024, 10:12:29 AM

Trust wallet > Binance
It automatically applies 49 sats ($8.64) for 0.1 BTC.
For 1 BTC, it still applies 49 sats ($242).

The transaction fee doesn't depend on the amount you send.
The fee is higher when sending 1 BTC, because you have to use more UTXOs for your transactions.

Every time you receive bitcoin, you receive a new UTXO. Since you have received the 1 BTC in multiple transactions, now you have to use multiple UTXOs for your transactions.
The more inputs your transaction has, the more fee you have to pay.

mahvettin

newbie

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Trust wallet > Binance
It automatically applies 49 sats ($8.64) for 0.1 BTC.
For 1 BTC, it still applies 49 sats ($242).

When I leave a few dollars of commission and want to send the entire amount (1+ BTC), it gives an utxo error and does not send it.

Mempool.space shows an average of 20 sats.
I have never sent large amounts of btc before. I was using the trust wallet for savings purposes. I want to exchange it now.

Code:

https://i.imgur.com/8nuAFyf.jpeg

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https://i.imgur.com/i9WBStV.jpeg

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https://i.imgur.com/FHjh4k9.jpeg

Topic: How to send 1 BTC with the lowest commission? (Read 209 times)