Topic: Question about segwit and fees in Electrum wallet. (Read 279 times)

It's not cheaper, it just happens that your slider was set to the lower portions I think.
"Static" fee slider is used when you want to set a fixed amount of fee rate that's not based on neither mempool nor previous blocks.
It's useful if you're not using the advanced preview where you can manually set the fee.

Yeah, Im in no hurry. Also, there was another fee option with much less fee, "static" fee, as I understand this option is almost never used?

If you're not in a hurry, i'd just leave it. Binance (as most other exchanges) create a unique deposit address for you.. It doesn't matter if you fund it today or next month, so you can just wait it out (unless you're in a hurry exchanging btc to fiat, but there's no "technical" need to speed up the confirmation time).

As for increasing the fee (creating an rbf): i couldn't find any info about them accepting rbf tx's using a quick google search, but i'd be seriously supprised if they'd fail to recognize your funding transaction if you created an rbf transaction... They're one of the biggest exchanges, and they're pretty up-to-date, so i don't think they'd give you troubles if you'd increase the fee... If you want to be 100% sure, i'd either wait untill somebody who actively trades on binance sees this thread and confirms my response, or i'd open a support ticket with binance and see if they're ok if you create an rbf tx.

Thx for the answer,  sure it's okay. Im trying to send it to my binance account and then sold my btc through p2p and get direct pay to my credit card in fiat. You mentioned about specific case,  so where I can find that information about gateways etc?
(EDIT- it's already 8MB from tip, does it means things are going well?)

Well, it means that the fee you used places your tx in the top 10 Mb of the mempool. This sounds ok, but in reality it's not. It means that a lot of other transactions payed a higher fee than you did, and you'll have to wait untill those transactions ended up in a block (or were pruned). While waiting for this to happen, newer transaction with a higher fee/vbyte might be broadcasted, pushing you down even further.
Wether or not the fee is to low depends on your usecase.... If you transfer funds to a friend, this fee would be perfectly fine as long as your friend doesn't need his money straight away. If you transferred funds to a shop using a payment gateway, odds are your order will be cancelled after your transaction stays unconfirmed for x minutes/hours, in this case you might be in "trouble".

The "increase fee"-option generates a rbf transaction. If you were sending to a trustworthy thirth party this might do the trick... However, some older services do not recognize rbf transactions, so use with caution.

The bottom line: it'll take at least ~10 blocks * 10 minutes (on average)  before you have any chance of getting your transaction confirmed, and that is if nobody broadcasts transactions with a higher fee in this time window. There's a very small chance it'll get confirmed sooner, but i wouldn't hold my breath. If you payed a shop and they have given you a specific time window in which your tx need to be confirmed: contact them.
If you're paying some automatically generated invoice (a shop, an exchange,...) and you want to do an rbf (increase fee): read their FAQ first, if nothing is mentioned about "bump fee", "increase fee" or "rbf": contact them first...

There IS some knowledge in the community about which payment gateways have timeouts, which gateways do automatic refunds, which gateways accept rbf tx's, but if you want more specific info, i'm afraid you'll have to tell us more about your specific case (if this doesn't hurt your privacy)

Okay, so it's been a few hours since I made transaction, set the fee using mempool like you said, and now it has unconfirmed status.
There is some data that I dunno what means. Maybe someone can explain me, guys?
Position in mempool 10 MB from tip. Size 190 bytes. And fee is 127 sat/byte (3.3 USD)
What does this numbers means, and how do you think, I have set normal fee, or it's too low?
There is option "increase fee" on my transaction. So, does this means if I will wait for too long and nothing will happen, I can just increase the fee to complete transaction?

Your OP is confusing me. So you want to deposit your Bitcoins onto an exchange and convert them into $? I assume this is the actual fiat $, not Tether or another stablecoin. If that is the case, you don't need to worry about the legacy/segwit dilemma because you can send coins to a legacy wallet from a segwit one. You can't do it the other way around if the service you send from doesn't support segwit. Once your money is converted into $, you no longer need to worry about segwit/legacy because you have no Bitcoin anymore but a fiat currency.

When it comes to fees, when you make a withdrawal from a centralized crypto exchange, they usually apply a fee equivalent to $5. Take into account additional fees that you will have to bear when you withdraw your new fiat currency from the second exchange into your bank, credit card, or other online payment processor that you intend to use.

Sure.




Segwit transactions are smaller in size. And since transactions are paid using a fee rate (fee per weight), the smaller the transaction (in size) is, the smaller the total fee is.
So in the end, yes. Segwit transactions require a smaller fee than legacy transactions.




A few outdated services didn't update their code to check for valid bitcoin addresses. These sanity checks are in place so that no one enters a wrong address (where the checksum doesn't match, etc..).
These services weren't able to update a few lines of code within multiple years.

I would recommend to not use such sites/services. If they can't update this within a few years, they won't be able to fix vulnerabilities. And i'd expect them to have quite a few of them.

Regardless, sending from segwit addresses never is a problem. So if you want to deposit your BTC to an exchange, it doesn't matter whether you send them from a legacy or segwit address.
This all only applies to withdrawals from exchanges or other sites.




Segwit has been in place for multiple years now.
Besides lower fees, it fixed transaction malleability. I'd recommend to choose segwit whenever possible.

Based from the context, you want to send from: Service (source of BTC)->Electrum->Exchanger (trade to $).

If that's the case, then using SegWit Electrum wallet won't be a problem at all.
The exchanger that doesn't support SegWit will still be able to receive from a SegWit wallet,
the issue comes when you're trying to send from those services that doesn't support it since they won't recognize native SegWit addresses.

For more accuracy, I'd suggest you to use "Mempool" instead of "ETA", the latter usually suggests an overpay.
Also, the current state of mempools is "busy" with lots of transactions.

It's beside the fee slider in the "send dialogue box" or "Advanced Preview".

Additionally for the fee, you're not going to notice it with the fee rate, the difference is the absolute fee that you're gonna pay.
That's the total paid fee depending on the total virtual size of the transaction multiplied by the fee/vB (displayed as n sat/B).
SegWit's virtual size is smaller than legacy so you'll pay less absolute fee.

Even if the exchange you are sending to does not support SegWit addresses themselves, and does not let you withdraw to SegWit addresses, the should still let you deposit from SegWit addresses. There is no good reason they wouldn't allow that, and indeed, no way they can stop people making transactions to them from a SegWit address. If you tell us the name of the exchange we can double check this.

If this is the case, then you can just use a SegWit address for the whole thing, service -> SegWit wallet -> exchange.

If you are not in hurry at all, then you don't even need to pay the 10 sats/vbyte as in that image. 1 sat/vbyte is fine if you are happy to wait for the mempool to empty.

Exchanges usually doesn't allow you to set the fee. But you can do so for the transaction you are going to make using Electrum.
Just note that the less you pay for the transaction fee, the more you have to wait until your transaction get confirmed.

For lowering the fee in Electrum, you need to move the slider to left when making a transaction. (Look at the image below).



Currently, the minimum fee recommended by Electrum is about 70 satoshi per vbyte.

If you want to use a lower fee for your transaction (only if you are not in hurry), click on "Advanced"  and then set the fee manually at bottom of the window. (Look at the image below)

yes. Segwit => legacy, legacy => segwit... It's all possible.

For equal transactions (the same number of inputs and outputs), the fee created by the segwit wallet should be less.

In that case, you'll probably want to receive funds on your legacy wallet... Receiving said funds on your segwit wallet, moving to your legacy wallet and then to the exchanger will probably cost more (fee-wise). That being said, i'd probably suggest you find an exchanger that does accept funds from a segwit wallet. I've seen services that do not accept bech32 addresses for withdrawing funds, but not the other way around... And recently it seems like allmost no services are unaware of segwit... Might i ask witch exchanger you're planning to use?


Please support segwit... Bitcoin is about freedom, you're free to keep using a legacy wallet, but please don't... By doing so, you fill the first 1Mb of a block with more data than if you'd use a segwit wallet. If everybody would do this, the fee would be pushed upwards in case of full blocks (witch is very often the case lately).

the fee has nothing to do with the value you transfer. You pay a fee to incentivese a miner to include your transaction into the blocks he/she is trying to solve. A block has a limited size, so you pay a fee per vbyte of size your transaction will occupy in a block. The size of your transaction is based on the amount of inputs you use and the amount of outputs you create with your transaction. It does not matter if you use 100 inputs with a value of 0.01 and fund an address with ~1 BTC or if you use 100 inputs with a value of 10 BTC to fund an address with ~1000 BTC, the fee should be about the same since you created a tx with 100 inputs and one output, so the sizes are equal...

I think you should probably pick a different exchange if you can. If they don't accept segwit deposits I'd have doubts their security is up to a good standard (because its taken them so long to update and they should have a contingency to be able to "plug" the blockchain directly in to the server for changes like this).

But yes you're able to send between segwit and legacy addresses fine as long as both wallets/services support it but if they don't you just won't be able to you won't lose anything by trying.

And its cheaper to both send and receive to/from segwit. I think it's about 80 bytes per input for native segwit v 140 bytes for legacy but I could be wrong on that one...

Hi everyone. Im newbie in crypto world so I decided to ask someone who knows all this stuff.
I created electrum wallet and make 2 wallets, one segwit and one legacy.
If I want recieve btc on my segwit wallet, can I send  btc after that,  from my segwit to my legacy wallet?
And what is the difference in fees, because I found info that segwit wallet transactions have less fee?
I want to receive some money from one service which pays onto bitcoin wallet and seems like they are accept segwit wallets, and then cashout bitcoin through
exchanger into $, but those exchanger does not support segwit.
Can someone explain or help me what should i do?
Maybe I shouldn't use segwit at all and better just receive and cashout only using standart (legacy) wallet?
And also, maybe someone know how to setup minimum fee? Because amount that I want to cashout is really small (around 100$) and very big fee is not good for me because I will also loose some money after using exchanger from bitcoin to $.