Sweeping fee | Bitcointalksearch.org

tranthidung

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Quote from: h4ns on November 11, 2024, 10:36:08 AM

Hi, I just learned the difference between sweeping and importing a private key from a paper wallet into Electrum and that, overall, sweeping is the "better" option.

What I could not find out is whether or not I have any control over the fee I have to pay.

More about Sweeping private key with Electrum wallet and minimize your transactions with Electrum wallet.

Sweeping your private keys into Electrum.
Minimize your transaction fee with Electrum wallet.

OP needs to use Electrum rightly and safely too.
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hosseinimr93

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Quote from: Mia Chloe on November 11, 2024, 01:27:04 PM

Use your transaction hash to check on the MEMPOOL if RBF is enabled on the transaction so you can adjust the fees if you want it confirmed faster.

To increase the fee using RBF method, OP has to create a new wallet with importing the private key of the paper wallet.

Quote from: EL MOHA on November 11, 2024, 03:52:44 PM

Now the reason why you weren’t able to use the RBF was because the sending wallet doesn’t have enough bitcoin left to cover up for the fees

This is completely wrong.
OP swept the private key. With sweeping a private key, you create a transaction from the address assosiated with the private key to the existing wallet.
Since the existing wallet doesn't contain the private key of the sending address, there is no way to do RBF and as I said, OP has to create a new wallet using the private key of the paper wallet, if he/she wants to do RBF.

EL MOHA

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Quote from: h4ns on November 11, 2024, 01:56:33 PM

RBF is enabled but there is no option to increase the fee in the context menu in Electrum.

I guess I'm supposed to use the MEMPOOL accelerator then?

Maybe I just wait. The fee was 8.3 sat/vB btw which is low/mid priority according to MEMPOOL.

/ Oh, I just got the 1st confirmation. Nevermind. Thanks for your help Mia!

Just in case of next time, all transactions broadcasted using latest electrum versions have RBF enabled by default so except you change that the RBf will be there. Now the reason why you weren’t able to use the RBF was because the sending wallet doesn’t have enough bitcoin left to cover up for the fees, in situations like this a CPFP might actually work if there is bitcoin on the recipient address to cover for the fees

h4ns

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RBF is enabled but there is no option to increase the fee in the context menu in Electrum.

I guess I'm supposed to use the MEMPOOL accelerator then?

Maybe I just wait. The fee was 8.3 sat/vB btw which is low/mid priority according to MEMPOOL.

/ Oh, I just got the 1st confirmation. Nevermind. Thanks for your help Mia!

Mia Chloe

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Quote from: h4ns on November 11, 2024, 01:19:11 PM

Do I have to manually broadcast something? (I watched a video where it says so)
As of now, the transaction is just sitting there with 0 confirmations after 2+ hours.
I think I messed up the fee as I just applied the default fee that was set by Electrum and it was too low so now I'm stuck for hours (maybe even days?)...

The transaction is automatically broadcasted as long as it was signed and you had an internet connection. Infact seeing it on the MEMPOOL shows it was broadcast successfully. It will eventually get confirmed as long as the fee isn't below purge fee. You can check the fees on the MEMPOOL the lower the priority the slower it gets confirmed.
Use your transaction hash to check on the MEMPOOL if RBF is enabled on the transaction so you can adjust the fees if you want it confirmed faster.

h4ns

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Quote from: Mia Chloe on November 11, 2024, 12:42:22 PM

When you make use of a private key you are simply restoring the wallet from a paper wallet the reason is simple, for you to be able to spend the coins in a wallet or sweep a wallet, the transaction has to be signed with the private keys, else there won't be a transaction id to broadcast to the network.

Do I have to manually broadcast something? (I watched a video where it says so)

As of now, the transaction is just sitting there with 0 confirmations after 2+ hours.

I think I messed up the fee as I just applied the default fee that was set by Electrum and it was too low so now I'm stuck for hours (maybe even days?)...

Mia Chloe

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Quote from: h4ns on November 11, 2024, 10:36:08 AM

Hi, I just learned the difference between sweeping and importing a private key from a paper wallet into Electrum and that, overall, sweeping is the "better" option.
What I could not find out is whether or not I have any control over the fee I have to pay.
I read some reddit threads about "Outlandishly high fees for sweeping from a paper wallet" or " it will not doing it for anything less than %5" and now I'm a bit worried as I never tried the sweep option before (I used to use Blockchain.info only) and it's a relatively high amount, so I don't want to pay like thousands of dollars* just to cover a third-party fee I have no control of.
*which is probably not going to happen but, you know, just in case...
Thank you guys. Any help is highly appreciated.

Sweeping in simple terms is moving all the coins you have in a particular wallet to another wallet. This means that even if you have coins scattered all over the addresses , the wallet will automatically consolidate all inputs to a single out put which is your new receiving wallets address. When you are sweeping you can still adjust your fees depending on how long you wish to wait before it gets confirmed on the MEMPOOL.

When you make use of a private key you are simply restoring the wallet from a paper wallet the reason is simple, for you to be able to spend the coins in a wallet or sweep a wallet, the transaction has to be signed with the private keys, else there won't be a transaction id to broadcast to the network.

h4ns

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Activity: 148

Merit: 41

You were right, Zaguru & Omega. In the YouTube videos I watched, they never showed the fee screen, so that's why I was confused.

I just completed the sweeping process and the fee was surprisingly low.

Thank you guys so much for your help!

OmegaStarScream

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Quote from: h4ns on November 11, 2024, 10:50:24 AM

Quote from: Zaguru12 on November 11, 2024, 10:39:03 AM

You will definitely set the fees yourself. No matter what you do on wallets like electrum you are the going to be the one to set your fees.

Once you setup the sweeping private key procedure which includes the recipient address you can go ahead and click on sweep and just like Normal transaction the fees window will open and you can set the fee suitable for you and then proceed to pay or send.

So you're saying after hitting the "sweep" button I can still choose the amount of fee I want to pay?

https://i.imgur.com/w3pz0Kf.png

That is correct:

Quote from: https://bitcoinelectrum.com/sweeping-your-private-keys-into-electrum/

Click on sweep and electrum will look up what bitcoins have been sent to the corresponding address. It’ll then display a window where you set the fee and enter the wallet password if any. After you’ve set a suitable fee click on send and the coins will be swept to the address you set in the previous step.

It's an old guide, but the same logic should apply. The funds are not going to be sent automatically without you double-confirming or choosing the fees

h4ns

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Quote from: Zaguru12 on November 11, 2024, 10:39:03 AM

You will definitely set the fees yourself. No matter what you do on wallets like electrum you are the going to be the one to set your fees.

Once you setup the sweeping private key procedure which includes the recipient address you can go ahead and click on sweep and just like Normal transaction the fees window will open and you can set the fee suitable for you and then proceed to pay or send.

So you're saying after hitting the "sweep" button I can still choose the amount of fee I want to pay?

https://i.imgur.com/w3pz0Kf.png

OmegaStarScream

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Sweeping = sending a transaction using the private keys. It's pretty much the same thing as if you were sending funds from any other wallet.

If the transaction size is big, the fees are going to be high. Have you been receiving small amounts for a few years now? If so, then the fees are likely to be high. But the network is not busy[1], so that helps.

[1] https://mempool.space/

Zaguru12

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You will definitely set the fees yourself. No matter what you do on wallets like electrum you are the going to be the one to set your fees.

Once you setup the sweeping private key procedure which includes the recipient address you can go ahead and click on sweep and just like Normal transaction the fees window will open and you can set the fee suitable for you and then proceed to pay or send.

h4ns

member

Activity: 148

Merit: 41

Hi, I just learned the difference between sweeping and importing a private key from a paper wallet into Electrum and that, overall, sweeping is the "better" option.

What I could not find out is whether or not I have any control over the fee I have to pay.

I read some reddit threads about "Outlandishly high fees for sweeping from a paper wallet" or " it will not doing it for anything less than %5" and now I'm a bit worried as I never tried the sweep option before (I used to use Blockchain.info only) and it's a relatively high amount, so I don't want to pay like thousands of dollars* just to cover a third-party fee I have no control of.

*which is probably not going to happen but, you know, just in case...

Thank you guys. Any help is highly appreciated.

Topic: Sweeping fee (Read 130 times)