Topic: Receiving Bitcoin on Coinbase from ledger? (Read 134 times)

Once again, you should be thinking of a fee rate in satoshi, not an absolute fee in some fiat currency.

The fee you need to pay depends on two things - the size of your transaction in bytes (which is not the same as the value of your transaction in bitcoin or fiat), and how many other transactions are waiting to be confirmed and what fee rates those transactions are paying.

Every time you send or receive bitcoin, you create an output. Each output is separate, even if they are on the same address. Each output contributes a number of bytes to a transaction size. So the more outputs you have, the larger your transaction. So if you have received to your Ledger wallet 0.01 BTC on 5 different occasions, your Ledger will display a balance of 0.05 BTC, but that is still split across your 5 outputs. If you want to spend that bitcoin, you have to pay for all five outputs. Conversely, you could receive 1 BTC in a single output, and so spending this single output of 1 BTC will be cheaper than spending your five outputs totaling 0.05 BTC.

The other thing to consider is all the other transactions currently waiting to be confirmed. You can get a good representation of this by using a site such as https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),8h,weight. If you pay the minimum fee of 1 sat/vbyte, then your transaction will be right down the bottom of the blue part, with all the other transaction paying a higher fee rate taking priority over yours. Conversely, if you were to pay something like 20 sats/vbyte at the moment, then your transaction would be right at the peak, and will almost certainly be included in the next block.

When you make a bitcoin transaction, you can set the fee rate to any amount equal or greater than 1 sat/vbyte.
As already said, miners prioritize the transactions based on their fee rate. So, the bigger the fee rate you use for your transaction, the faster it can be confirmed.
You paid lower fee for your second transaction probably because the network was less congested and your wallet used the lower fee rate for that.

The fee you need to pay for a transaction depends on:
- Number of inputs and outputs
- How fast you want your transaction to be confirmed
- How busy the network is
- The addresses type

I have just sent some more Bitcoin from my ledger to coinbase but this time the fee was only 10p.

What does the fee depend on? The other day it was 51p and now only 10p?

As hosseinimr93 says, you should pay attention to the fee rate, not the absolute fee. Paying 50 cents to send a transaction which is 200 bytes is very different to paying 50 cents to send a transaction which is 2,000 bytes.

But also, you shouldn't think in terms of cents (or pence in your case) at all. Your fee is paid in bitcoin. Miners do not care about the fiat value, and this will change constantly anyway. They care about the fee rate in satoshi.

I would point out that over the last year or so, a fee rate of 50 sats/vbyte would be a vast over-payment like 99.99% of the time, even if you were desperate to get in to the next block.

^This is very useful and I used this every time I wanted to have transactions on BTC, check always the mempool.space to know the accurate fee for your transaction fee, if you are not in hurry, use the low priority but if you want quick to pay the fee over the amount of the high priority option on mempool space. Something like 30-50 sat/vB depending on the network status.
However, if it takes a longer time, I usually used a BTC transaction accelerator which is there is a free service like viabtc.com and btcnitro.com, they offered free accelerator.

What matters is the fee rate, not the total fee. Also, it doesn't matter whether you sent a few cents or 1 million dollars worth of bitcoin.
The fee rate is measured in sat/vbyte and note that the total fee you pay for a transaction is equal to the (virtual) size of the transaction multiplied by the fee rate.

To confirm, the fee was 51p and I sent £35.00

Completely wrong.
The confirmation time has nothing to do with the amount of the transaction. It doesn't matter for a miner how much bitcoin is sent in a transaction and as already said, they prioritize transactions based on their fee rate. 

OP's transactions has been already confirmed. Please, read previous posts before posting.

Usually miners would validate those with higher amount before confirming yours if is smaller amount you are sending out.
Just calm do not panick, in as much you copied the right bitcoin address then it will be delivered to your account. It only requires patient, last I tried to send from trustwallet to Binance it was confirmed within 4 to 10 minutes of my sending it.

How much fee did you pay for that transaction? As they say, the speed depends on the pay that you'll fee and the amount will depend on how clogged or empty the network is. Now, if it's ever received then the better test that you should make is how long it will be able to send from Coinbase to your Ledger wallet, and since you'll have the idea about how the fees with, you'll have to increase the fee then to avoid this experience again.
Well, congrats on your gains!

To deposit bitcoin to Coinbase you need at least 2 confirmations to consider a transaction final AKA update balance. this table (Click me) for other Altcoins
Go to the deposit section, you will find your transaction with the word processing next to it, check that you have deposited to the correct address, and that your transaction is at least confirmed.
If these conditions apply to your transaction and the balance has not been updated, contact the support team.


- Yamane

 

It took 59 minutes in the end for the transfer to complete.

I don’t mind that just didn’t realise it would take soo long!

I am 22% up on Bitcoin so time to take some profits and put elsewhere.

I am gambling on Bitcoin having at least one more crash when I will then buy more.

Depends on how much you pay and depends on how many tractions are waiting for confirmation in the mempool, there is no "usual".
One time 1sat/b can be enough, other times even with 10sat/b you will wait for hours.


Yeah, pay more!
Next time take a look at the mempool, see how many transactions would be competing with yours and try to pay just a tiny bit over them to get priority if you're in a hurry. Or if you don't mind $ and just want it as fast as possible, outrank them all! Also, you can insert the tx id on that website and see where in the queues you are now, the worst-case scenario would be this night, it's weekend and usually the mempool gets emptied, so even if you paid the minimum it will still get confirmation.

Your transaction hasn't been confirmed yet and there is no way to know when exactly it will be confirmed.
Miners prioritize the transactions based on their fee rate. Therefore, the confirmation time depends on the fee rate you used for your transaction and the network state.
How much is the fee rate you used for your transaction?


Use fee rate estimation tools like mempool.space.

I have tried to send some Bitcoin from my ledger to Coinbase for the first time but it is taking a lot longer than I thought it would.

It has been 50 minutes so far and still says pending - how long does it usually take?

Is there a way to make it faster next time?