Topic: Make sure say u no de waste BTC 4 fees way 2 high– step by step guide (Electrum) (Read 341 times)

How many sats/vbyte wey you add to your transaction? As things be now ehn, if you used anything less than 70 sat/vbyte, then no hope for your transaction to be confirmed and you just have to wait. Another thing wey you fit do na to try to use ViaBTC free accelerator, but that one na if your transaction meet their requirement. ViaBTC dey help Bitcoin users by accelerating 20 transactions every hour, so if you dey lucky, you fit be one of the people wey dem go accelerate im transaction.

Very true, high fees are a bummer if one has to rely on sending a transaction during such times. We all know it from signature campaigns, when our weekly rewards have to be sent and fees are higher than some small payouts.
Or for normal transactions from ourself, when we have to make payments which are due.
It's not good for people who are new to Bitcoin and it's not helpful for Bitcoin as a whole, if people are switching to different Altcoins for cheaper transactions, such like Litecoin.

As you've said, it's not nice at all. 

At this point I guess I am kind of having a fear, don't know if I should call it FOMO. But my kind of fear is that fees would probably not be returning to normal anytime soon and this is quite alarming. Bitcoin has once again hit that point where some Bitcoiners have to switch to making use of altcoins to make simple day to day transactions since fees have become uneconomical.
Although it happens sometimes it's not nice at all. Events like this fee skyrocket has happened several times in the past however none has gotten to this extent. Just like late last year ordinals also posed a kind of fee increment on the network and yet it wasn't has bad as this.

If we have time of several days to confirm, yes.
But yesterday, 38 sat/vbyte was nowhere from being realistic.
It'll probably take several days for 38 sat/vbyte to get into a Bitcoin Block (and get a first confirmation).
 
I don't know why Mempool.space is giving such a low number because in my opinion, 38 sat/vbyte for a transaction to confirm anytime soon, is simply misleading.
So, I would say 38 sat/vbyte is pretty unralistic to get confirmed anytime soon. Even 100 sat/vbyte is pretty oprimistic and it'll take several hours to confirm.

Today, we are back to 70 sat/vbyte, so 38 sat/vbyte is still quite far away.

Omo no be only you dey think about towards that direction oh, Omo me na victim of this high fee at the moment oh, and the bad part be say e don even take more days for my transaction way i initiate for the blocks to complete upon high fee way I pay oh, which is very usually for my side.
The truth be say to just wait till the transaction fee reduce before person begin initiate transactions or make the person ready to pay outrageous fee at the moment.

As things be now, na wetin most people dey do, runes don make transaction fee rise like mad and if you wan send coins via the Bitcoin network now, the fees wey you go pay go dey excessive. Wetin dey pain me be say, e go hard make you tell person about Bitcoin right now, because even if the person decides to use Bitcoin, how dem go take buy am as fees cost like this, the matter tire me wella.

38 sat/vbyte is actually manageable and may carry out transaction and fasting it with accelerating tools for quicker confirmation.

If this were the case there would have been a special announcement that could have spike up the high gas fee don't you think so?

With the way fee high reach this period the best nah just to save the BTC way you get and if you get any need to pay anything with crypto nah to buy any Altcoin carry make the payment make person no go pay fee pass Watin him wan pay for because the fee nah really something else, I they see fee way they high but this time around nah the highest way I don experience.

It's quite interesting how fees maybe driving new investors away from bitcoin.just this morning, the highest fee was about 116.5 sat/vByte which was around 13$. And now couple of hours later it's already back to 266.5 sat/vByte. Some investors might not be patient with such swaying of Bitcoin fees. They will just use altcoins instead which may seem as a better of option to them therefore reduce Bitcoins adoptability. Also, for those who leaves money in centralized exchanges, they won't have much of an issue right now. But do we now encourage others to store funds in centralized bodies?


That's still something I've been trying to understand. Why spend so much getting their transaction into the first block. I don't know if it's kind of an  award or something. But like everyone already knows, the major cause of the high fee was inscriptions which it's developers made sure to get on the first block. These guys are really messing up the Blockchain.

Fees are still too uneconomical right now. I think I will be making used of altcoins for the mean time.

It's really very ridiculous. I even don't know why people are spending so much to get a transaction into Bitcoin's first block after rewards are halved. Maybe it's related to ordinals and Bitcoin sent in that block gets somehow special or eligible for an Airdrop (just my guess) I haven't figured out yet, why people pay so much fees...

Even right now it's still pretty high:



Time to wait once again a few days until making transactions, I guess...

Very ridiculous like you said, why pay so much transaction fee, how hastily can a person be to carry out any transaction that will cost him even higher than his intended amount to transfer.


Is it really necessary to spend this much for just a transaction, with time everything is going back to normal, so we can adjust our time schedule to make any transaction and observe the market.

Hello everyone. 
I would like to bump my topic since transaction fees have spiked a lot recently.
People were willing to pay up to 2000 sat/vbyte recently for transactions, which is beyond ridiculous and not helpful for anyone.
Even Jochen Hoenicke's website doesn't have any colours above that limit anymore.



So, make sure to check the mempool first before sending a transaction and keep in mind to avoid paying too much transaction costs.

Yes, this is what this thread is also about. To let people know that they can customize their own fee on Electrum. There are some other open source wallets that can also do that.

This thread is about how you can know the exact fee that you can use to broadcast your transaction. That is why 1miau also discussed about https://jochen-hoenicke.de/queue/. It is not just about using low fee, but about using accurate fee.

Omen I get strength to read dis kind long thread. Na only few things I go capture. Op though no be you get di thread nad na only translation work you do and carry am come here. But even at dat, I think say Electrum dey adjust transaction fee manually oh. Although to some extent you can say, him fit do am because di fee adjustment bar or line to increase or reduce even at that di fee dem don already fix di price nd not you put your desire fee again. And for dis time wey di transaction fee na one in town if you put am for dat low fee , men di receiver go wait for like two plus weeks or even month.

Thanks for the heads up Charles-Tim I will take permission from the op to update the images.

If you click on preference on Electrum, you will not see fee. I mean you will not be able to edit fee manually.



That was 2019 post. It is still a good post but that requires little editing about setting Electrum fee manually. To set the fee to manual on preference, it is no longer available on the recent version of Electrum. You can only do that after you press on send, input your address and click on pay. After you click on pay, you will see this:



On the image are ? And x symbols, below the x symbol is another symbol that looks like a spinal on a screwdriver in x shape. Like this image below:




Click on it and you will see this:




Check ✔️ edit fee manually.

Mia's little additional information
My contree pipo I greet una oo this topic na ogbonge one oo as we way de use BTC well well 4 here go find am very useful, especially now way Mempool na hot cake.
Make we take Time go through am oo as e no easy to de waste money 4 fees and e no sti sharp if our money hook 4 mempool bcos say fee way we use 2 small.
I greet oo my pipo make we keep our keys safe 2 oo

Hey, thanks for translating this topic. It's something I suggest our local board members read. I recommend taking out the part you added from the original post and posting it as a reply here. This way, it won't complicate the author's original message. I'll start my review soon.

Topic translated in Pidgin : Make sure say u no de waste BTC 4 fees way 2 high– step by step guide (Electrum)
Original Topic: Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)
Author: 1miau

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Every transaction way Dem do wit Bitcoin need to get transaction fee, so e de very important  to make sure say d fee small well well, and d pesin way wan receive am go get am d correct time. D way transaction go take fast depend on d kind fee way u pay put. Dem de show dis fee 4  Satoshi per byte (sat / byte). D higher d fee 4 sat / byte, d higher d  chance say Dem go add ur transaction join d next block. miners de always select d transactions according to hw d transaction fees take de 4 (sat / byte). Dis matter de normal 4 thinking based on say miners no de only receive block reward, but Dem de also de receive transaction fees way de inside d block way Dem mine.

No b all wallet de allow u adjust d transaction fees manually and even dose ones way fit do am de normally get simple setting way de on default ( and Dem 2 de expensive).  One Beta wallet way go allow u set transaction  fees way u wan pay by ursef na Electrum.

After U don switch D settings, E de important to find out d amount of transaction fees way u de ok wit, and u fit do am 4 some website way de reliable and accurate. But u go first need to on customized fees.

4 dis guide I de use Electrum and D Mempool by Jochen Hoenicke.

So, na small small step remain 4 u to take do u fit save Bitcoin way de valuable.:



1.

First, u go open ur wallet 4 Electrum. After u don do am you go need to go where "Send" de and 4 there u go notice  say u fit adjust d fees but na slider you go need to use. And dis one don already  beta pass many other cases of many service Dem especially exchange but e no sti de perfect, bcos if u edit am manually u go fit save more btc .

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2.

To take adjust d fee by ursef , u go click on Tools => Preferences

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3.

Den, one window go open up where u go fit activate one checkbox  "Edit transaction fees manually". I go  also activate "Replace-by-Fee" (RBF). Dis one go make am possible  for you to take increase d transaction fee later, I u notice say the fee way u choose too low. Dis matter fit happen wen d volume of transaction way de Bitcoin network just go up once.




If u don activate d 2 function you go fit come  close d window.

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4.

Now u go de see separate space 4 d amount of transaction fees 4 (sat / byte) and u go fit edit  am manually by ursef.



Last last, u go need to find out de kind fee way go de necessary 4 ur transaction. And u go fit find am out wen u follow d step way de com next so:

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5.
Many many ways de to take get d transaction fee way de currently. Maybe d best way to take no as we de talk so na to look Bitcoin Mempool directly. Bitcoin Mempool no b where Dem de collect beta memes o. But e de represent Bitcoin transactions way de wait 4 confirmation. So mempool way full mean say u go need to use high fee to take send transaction fast fast, bcos many transactions de wait 4 confirmation and dem de drag to b d one way Dem go add join d next block ( only d ones way get d highest transaction fee na him Dem go select 4 d next block until e don full ), while mempool way de almost empty na him b d best to take make sure say Dem confirm ur transaction 4 low fees.

U fit get beta  picture of  d mempool 4  Jochen Hoenicke page: https://jochen-hoenicke.de/queue/#0,24h.

4 d website u go fit choose different space of time where u fit observe d Mempool wella. Totally na 3 different graphs dey:
- Unconfirmed Transaction Count (Mempool)
- Pending transaction fee in BTC
- Mempool Size in MB

4 watin we de try consider, d first and d last graph go de ok Wella, while d last graph get beta effect for d purpose of watin we de fine. Becos e de show d real size of mempool 4 MB. Bcos sometimes e de happen say transactions way big well well 4 (bytes) de wait 4 mempool. And Dem de list am 4 d first graph as transaction way b single one but Dem need many space b cos Dem get many input, 4 example or Dem b many transaction way no b SEGWIT. But after al d graph resemble:


Unconfirmed Transaction Count (Mempool):

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Mempool Size 4 MB:





If u de move ur mouse across d graph u go fit see which line de represent how many satoshi per byte (sat / byte). Dis one go help u take no how u go calculate  how much transaction fees you go need to use 4 ur transaction. U go need still go back check time way MB of transaction  way de mempool some hours ago take wait b4 Dem confirm Dem, and weda Dem empty mempool finish. Den e sti de reasonable to choose only small satoshi per byte. Normally, e depend on how fast u need to take send d transaction . If e no de necessary, e de advisable to wait or to send with fee way small way u think say de realistic 4 d next few hours.

D big matter way we nor no na wen Dem go find d next block. 4 cases way no too de common, e fit take pass one hour between 2 blocks way de follow each other. Den many transaction way Dem need add join d next block go gather and e fit tay until e reach dat time. To add join,e de possible say many new transactions fit enter mempool and if their fee big pass ur own, Dem go add am join d next block instead of ur own . So risk of choosing transaction fee way low sti de.


To add join, make you always check d transaction volume 4 days way don pass . E get some kind pattern way de repeat e sef:




- After around 08:00 CET, d transaction volume dey likely to increase, around 23:00 d Mempool go dey empty Small small (dis times fit change , sometimes e fit start early or late )
- Between 02:00 and 08:00 CET na d best time to take  send Bitcoin, wen d Mempool de regularly de empty.
- most times na Monday de busy pass.
- During d weekend dMempool dey usually de  much emptier pass during the week, even wen na rush hour


Keep am 4 mind say this patterns fit change anytime especially wen Bitcoin price de increase, many users de do transactions so d fees go sti likely increase join.

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And last last, a short example:

D time na 01:00 CET here (night) when I take make dis screenshot, D Mempool de show d picture  way de under watin u de read so (daily overview):


D day na Monday, so D transaction volume wen na day time  de very high as we go take expect am. But now now d Mempool don almost empty again. And we go fit assume say e go de empty many many times dis night like e do the week way just pass and na still d whole nite remain.
 
If you look d size of all d transaction way de mempool wen u dey move ur mouse across the graph, u go see say d last block no full finish (approx. 0.55 MB (normally data way pass 1 MB na him de size block.)). 4 dis kind place I go choose 2 Satoshi / byte and d probability say Dem go add ur transaction join d next block high well well.

And wen u look d graph well u go notice  say some transaction de use fee way high well well.... dis na bcos Dem send their transaction with fee way pass  100 satoshi / byte, although say fee of only 2 satoshi / byte 4 reach to take make Dem add d transaction join d next block. ^^

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