Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum) - page 2.

Learn Bitcoin

hero member

Activity: 462

Merit: 767

Instant cryptocurrency exchange with own reserves!

Quote from: 1miau on November 06, 2023, 04:44:34 PM

So, if you could do that, it would be very nice. If you don't have time, I can do it somewhen later.

When I saw the pictures were outdated, I started downloading them and gathering all of them, and I was about to write it. Now I see you are already aware and you wanted to fix it. Since I already downloaded and uploaded them to talkimg, I am posting them here so you can fix the OP in a few minutes. I have maintained the image serial. So, just replacing the link would be fine.

Code:

[img]https://talkimg.com/images/2023/11/07/trZuq.jpeg[/img]
[img]https://talkimg.com/images/2023/11/07/trC4G.jpeg[/img]
[img]https://talkimg.com/images/2023/11/07/trQxD.jpeg[/img]
[img]https://talkimg.com/images/2023/11/07/trMPf.jpeg[/img]
[img]https://talkimg.com/images/2023/11/07/trmrZ.jpeg[/img]
[img]https://talkimg.com/images/2023/11/07/tr6O8.jpeg[/img]
[img]https://talkimg.com/images/2023/11/07/trRC3.jpeg[/img]
[img]https://talkimg.com/images/2023/11/07/trti9.jpeg[/img]
[img]https://talkimg.com/images/2023/11/07/trFwN.jpeg[/img]

Chilwell

hero member

Activity: 728

Merit: 507

The Alliance Of Bitcointalk Translators - ENG>PID

Quote from: 1miau on November 06, 2023, 04:44:34 PM

Quote from: Chilwell on November 06, 2023, 03:25:45 PM

For the pictures l will try and get the pictures, let me handle it I will take it as a challenge for myself to research on it. I am ready to learn so let me fix the pictures. I want to know if I can be able to do it myself.

Wow, that would be nice. It's quite easy but a bit time consuming:
- quote my OP to get all Imgur links
- enter all Imgur links as URL
- Imgur will show you these pictures, you need to save them separately
- uploade all the pictures on TalkImg
- replace all previous link
- done

For each picture.

So, if you could do that, it would be very nice. If you don't have time, I can do it somewhen later.

Thanks for guide, it not matter of time but it's something that I must know, so I will create time for it, because any time I come across this it shouldn't be new thing to me. Reserve a space for me.

1miau

legendary

Activity: 2226

Merit: 6947

Currently not much available - see my websitelink

Quote from: Chilwell on November 06, 2023, 03:25:45 PM

For the pictures l will try and get the pictures, let me handle it I will take it as a challenge for myself to research on it. I am ready to learn so let me fix the pictures. I want to know if I can be able to do it myself.

Wow, that would be nice. It's quite easy but a bit time consuming:
- quote my OP to get all Imgur links
- enter all Imgur links as URL
- Imgur will show you these pictures, you need to save them separately
- uploade all the pictures on TalkImg
- replace all previous link
- done

For each picture.

So, if you could do that, it would be very nice. If you don't have time, I can do it somewhen later.

Chilwell

hero member

Activity: 728

Merit: 507

The Alliance Of Bitcointalk Translators - ENG>PID

Quote from: 1miau on November 06, 2023, 03:06:42 PM

Quote from: Chilwell on November 06, 2023, 03:19:07 AM

Quote from: 1miau on September 08, 2019, 01:25:31 PM

< >

With your permission I will like to translate this topic to my local board naija "pidgin language". Thank you.

In general, my guide is a bit outdated because Electrum has introduced new features but my advice is still somehow useful, so a translation of your language would make sense. I've also noted it, so you are first in line but I still need to get new pictures for my OP because Imgur doesn't work any longer.
I'll try to update all pictures next weekend and maybe you can post a reminder here for an official request next weekend if possible?
But your request is noted for now.

For the pictures l will try and get the pictures, let me handle it I will take it as a challenge for myself to research on it. I am ready to learn so let me fix the pictures. I want to know if I can be able to do it myself.

1miau

legendary

Activity: 2226

Merit: 6947

Currently not much available - see my websitelink

Quote from: Chilwell on November 06, 2023, 03:19:07 AM

Quote from: 1miau on September 08, 2019, 01:25:31 PM

< >

With your permission I will like to translate this topic to my local board naija "pidgin language". Thank you.

In general, my guide is a bit outdated because Electrum has introduced new features but my advice is still somehow useful, so a translation of your language would make sense. I've also noted it, so you are first in line but I still need to get new pictures for my OP because Imgur doesn't work any longer.
I'll try to update all pictures next weekend and maybe you can post a reminder here for an official request next weekend if possible?
But your request is noted for now.

Chilwell

hero member

Activity: 728

Merit: 507

The Alliance Of Bitcointalk Translators - ENG>PID

Quote from: 1miau on September 08, 2019, 01:25:31 PM

< >

With your permission I will like to translate this topic to my local board naija "pidgin language". Thank you.

Coin_trader

copper member

Activity: 2800

Merit: 1179

Leading Crypto Sports Betting & Casino Platform

Quote from: blue Snow on May 31, 2020, 07:55:19 AM

I did 4 sat/byte (Size: 134 byte) today without a hours my bitcoin landing in gambling house.
weekend is good time to transfer bitcoin with less fee.

Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

Bitcoin mempool is not heavily loaded the time you send and you are very lucky. That 4 sats/byte is the slowest and if you used that during the halving then maybe you will wait for a week or so.

The guide above was really helpful, I hope that bitcoin wallet such as electrum will have a suggested fee based on the current condition of mempool so that user will have any idea on the amount of fee that will be efficient for sending transactions on that moment. Just on the local wallet on our country (Coins.ph) which is the fee varies base on mempool condition.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: ShowOff on May 31, 2020, 08:07:06 AM

On May 22 I had to pay a higher fee to send a certain amount of bitcoin. I had to spend 111.5 sat/ byte at that time and that was the lowest "minimum" fees recommended by the mobile wallet that I was using.

Hopefully you have since changed to a better wallet. On May 22nd, at worst a fee of 111 sats/vbyte would have put you 2 MB from the tip, which isn't a low fee by any stretch of the imagination. The mempool was frequently clearing down to around 15 sats/vbtye, and went as low as 10 sats/vbyte. If 111 was the "minimum" your wallet would let you pay, then you were being grossly overcharged, and I shudder to think just how much the "high priority" fee it recommended would have been.

It is wallets like this that make fees excessive for everyone. There was no need to for you to pay a fee that high, and by doing so, other wallets see that high fee and then unnecessarily go even higher to try to overcome it. Even now, with the mempool essentially being empty for the last 24 hours, within 5 minutes of each block the fee to get within 0.1 MB of the tip jumps from 1 sat/vbyte to over 100 sats/vbyte. If everyone just took 5 seconds to pick a sensible fee, everyone would save >90% of their fee and still confirm just as quickly.

ShowOff

legendary

Activity: 2618

Merit: 1181

Quote from: blue Snow on May 31, 2020, 07:55:19 AM

I did 4 sat/byte (Size: 134 byte) today without a hours my bitcoin landing in gambling house.
weekend is good time to transfer bitcoin with less fee.

Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

On May 22 I had to pay a higher fee to send a certain amount of bitcoin. I had to spend 111.5 sat/ byte at that time and that was the lowest "minimum" fees recommended by the mobile wallet that I was using. Really, today I can confirm that transaction fees are cheaper than 100% from last week. Based on the mobile wallet recommendation I used, todays minimum transaction fee is 1 sat/ byte. Hopefully it can last.

blue Snow

legendary

Activity: 1526

Merit: 1032

Up to 300% + 200 FS deposit bonuses

I did 4 sat/byte (Size: 134 byte) today without a hours my bitcoin landing in gambling house.
weekend is good time to transfer bitcoin with less fee.

Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

BrianZAK

newbie

Activity: 24

Merit: 1

This is a great guide. A friend of mine who just started using Bitcoin asked me this very question yesterday and I saw this before I got around to writing a guide. Kudos!!

jademaxsuy

full member

Activity: 924

Merit: 221

This is indeed a good thread for newbies knowing about changing transaction fees as most wallets doesn't let you change the transaction fee. I am adding this to your op about using electrum on mobile where it is also possible to change what you wanted to use between three of the choices available. ETA, STATIC and MEMPOOL by going to Send and tap on the fee to adjust it and tap on the right side of the method to change it either to ETA (by blocks) the fastest is next block and the slowest is within 25 blocks, Mempool (by size: mb) fastest is 0.1 MB from tip and the slowest is 10.0 mb and Static which is by sat/byte from 1 sat/byte the slowest and 300 sat/byte the fastest. Thanks to this thread I found out that I can change which method I'm gonna use between those three methods just now.

1miau

legendary

Activity: 2226

Merit: 6947

Currently not much available - see my websitelink

Due to the halving, occurred on May 11, 2020, the reduced block reward has caused that it became temporarily quite unattractive for the miners to mine Bitcoin. That will finally change when the difficulty is adjusted again, because right now the difficulty from before the halving is still active, when there were 12.5 Bitcoin per block.

The next difficulty adjustment should take place in 2 days and 14 hours, until then the blocks will still be found only sparsely, which is causing a full Mempool:

Please make sure to keep in mind that transactions have to be sent temporarily with a higher fee in order to get into a block by time. The accumulated transactions will also affect the mempool negatively for the time after the difficulty adjustment, so that it can take some time until the Mempool is completely empty again.
If you want to save fees and don't have a reason to hurry, it's a good option to wait and send your transaction later when the Mempool is empty again.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: 1miau on September 09, 2019, 07:25:19 PM

~
Yes, finally I have paid 1 sat/byte more for my transaction than required. Tongue

But it's not known while sending a transaction, when a new block will be found. It's possible that the block will be found 1 minute later or 20 minutes later. And in the meantime, the size of the mempool can increase especially with transactions paying more sat/byte than my transaction so that they will be included in a new block first.
So, I tend to set always 1 or 2 sat/byte more when in doubt. That's not much $ (also depending on the size of the transaction) but will increase the possibility to get the transaction into the next block.

of course that is also what i would do to stay ahead of the curve.
but i was just pointing out how these charts work because i think it is easy to misinterpret them, i used to do it myself. specially since they are satoshi per "byte" not "virutal byte" and it causes some trouble with SegWit transactions you make.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Additional with this, try also to use this website if you want to check current suggested feen in satoshi per byte:
https://coinb.in/#fees , you can also try some input there and you will see calculated fees.

1miau

legendary

Activity: 2226

Merit: 6947

Currently not much available - see my websitelink

Quote from: pooya87 on September 08, 2019, 10:10:28 PM

Quote

And when you have a look at the graph you’ll also notice some transactions using a fee way too high… They had sent their transaction with more than 100 satoshi / bytes, although a fee of only 2 satoshi / byte would have been enough to get the transaction into the next block. ^^

the values on this chart are aggregated size not the size at that s/b value. meaning when you see 0.294 MB in front of 2+ it means there are 0.294 MB transaction that pay a fee of 2, 2.1, 2.11,... 2.2, 3, ...,4... and so on fee. so when you see it says 0.556 MB in front of 1 s/b then it means if you had paid 1 satoshi/byte fee or less your transaction would have been confirmed in the next block. and 2 was overpay.

Yes, finally I have paid 1 sat/byte more for my transaction than required. Tongue

But it's not known while sending a transaction, when a new block will be found. It's possible that the block will be found 1 minute later or 20 minutes later. And in the meantime, the size of the mempool can increase especially with transactions paying more sat/byte than my transaction so that they will be included in a new block first.
So, I tend to set always 1 or 2 sat/byte more when in doubt. That's not much $ (also depending on the size of the transaction) but will increase the possibility to get the transaction into the next block.

Quote from: nc50lc on September 08, 2019, 10:59:55 PM

If it is Electrum, you don't have to use that online chart.
That "mempool size in MB" chart is basically the same as Electrum's fee estimation (mempool setting) slider.

Yes, it's a nice tool and much better than the other two (Static / ETA). However, it's always useful to have a look at the Mempool to get an impression about the overall situation (a few hours) before. (If there are many transactions incoming or the mempool is getting emptier step by step.

hugeblack

legendary

Activity: 2702

Merit: 4002

This is a study^[1] that shows how the fees change based on timezone and thus filter you the best times to send Bitcoin. I don't know if a site offers such services but it would be nice if someone knew a similar site.
If you find some time and the fees are low, don't forget to use this opportunity to Consolidate your small inputs!

[1] Bitcoin Fees Can Be Cheaper Depending on the Timezone

nc50lc

legendary

Activity: 2534

Merit: 6080

Self-proclaimed Genius

If it is Electrum, you don't have to use that online chart.
That "mempool size in MB" chart is basically the same as Electrum's fee estimation (mempool setting) slider.
Preferences->Fees Tab->Fee estimation drop-down list: Mempool
failed_to_load

Then user just have to pay attention to the lowest possible fee for less than "1MB from tip" priority transactions.
Now it's currently "1sat/B": (Send tab)
failed_to_load

.

Just make sure that your internet connection is fast for this to be accurate.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote

And when you have a look at the graph you’ll also notice some transactions using a fee way too high… They had sent their transaction with more than 100 satoshi / bytes, although a fee of only 2 satoshi / byte would have been enough to get the transaction into the next block. ^^

the values on this chart are aggregated size not the size at that s/b value. meaning when you see 0.294 MB in front of 2+ it means there are 0.294 MB transaction that pay a fee of 2, 2.1, 2.11,... 2.2, 3, ...,4... and so on fee. so when you see it says 0.556 MB in front of 1 s/b then it means if you had paid 1 satoshi/byte fee or less your transaction would have been confirmed in the next block. and 2 was overpay.

the reason why the last number (total) is 2.845 MB is that there are more transactions paying a fee between 0 and 1 and that is mainly because this is satoshi/byte instead of virtual byte and when you send a SegWit tx and you are paying for example 1 s/vb that is smaller in s/b.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Here you go: Bitcoin Transaction Fees - Everything in one
By the way, I updated my OP with your topic.

Topic: Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum) - page 2. (Read 1449 times)