Topic: What do you think about trust wallet? (Read 1644 times)

Transactions don't become "void" simply because they haven't been mined after x amount of time. The transaction remains entirely valid and can be rebroadcast at any time, such as once the average mempool fee is lower and the transaction has a higher chance of confirming. The only way to make a transaction void is to spend one of the inputs in the transaction in a competing transaction.

Further, the bitcoin won't be returned to the sender's wallet, because it never left. Until a transaction is confirmed, the bitcoin has not moved and is still in the sender's wallet. The sender can choose to spend those same bitcoin in a new, different transaction which pays a higher fee at any point they like while the original transaction is still unconfirmed.

Not getting a quick confirmation is really not a big problem if you are sending the coins to yourself or time isn't a priority for whatever reason. The coins either reach the destination address or they don't and are returned to where they were sent from. There is no third option, and if you have RBF enabled, I wouldn't lose any sleep over it.

One can't always wait for the congestion to clear up before sending a bitcoin transaction. Some transactions are time-sensitive, and then you have to do the best you can taking into consideration the current network state.

Each node has its own mempool and each of them can have a different setting.
By default, transactions are dropped from the mempool if they stay unconfirmed for 14 days. It's also possible that a transaction is dropped from the mempool earlier due to the node reaching its limit of RAM usage.

Well, if you set a too low fee, the transaction won't remain in the mempool forever and I remember I read somewhere that the transaction will become void after 14 to 21 days and the amount of the bitcoin will be returned to the sender's wallet.

A better way is to wait for the mempool to become less congested and then place the transaction so that it confirms quickly and there are no chances of the transaction not being confirmed over a period of two weeks. If you place the transaction will a low fee at a time when the mempool fees are higher, the chances are that your transaction may be dropped off the blockchain after a certain time.

This was already answered, so I am not going to add anything else to it. But this is a feature you won't have to use if you have a wallet with RBF enabled and if you broadcast transactions with enough fees. Plus, if you are patient and have no problems waiting for confirmations a bit longer than the average person. One situation where it can come in handy is if someone else sent you bitcoin with a low fee rate, and you need that transaction to confirm faster.   

Quick correction here. You were trying to say that if you are not in a hurry, you can set the fees to a lower amount and then patiently wait for the transaction to confirm.

If you store your savings in stablecoins, then you are in danger because of panic, fomo and so on but if you just hold Bitcoin on Binance and one day your country decides that Binance should stop operating there, then you'll have a timeframe to withdraw your coins. Completely chaotic scenario is possible but I believe there is a very low chance of that but overall, I totally follow your advice, people should store their coins in self-custody wallets and take care of the security of their devices very seriously, as they should take care of their private keys.

using Trust wallet to send Bitcoin when the fees are fluctuating or even on the rise is a pretty tricky choice. The absence of a  RBF feature can complicate getting your transaction confirmed quickly. Setting a fee of 5 sats/vbyte isn't a good option right now either... your transaction might get purged and possibly won't be confirmed.

If you want to get cheaper fees with the help of your Android device, you can use a Telegram bot to receive notifications and updated data about fees taken from mempool.space ... at least when the network fees go down, the fees set in Trust Wallet will also decrease.

Telegram bot for fee information and fee alerts: https://t.me/BitcoinFeesAlert_bot
Official thread by @TryNinja discussing this bot: https://bitcointalksearch.org/topic/telegram-bot-bitcoin-fees-fees-and-tx-tracker-5445635

Using mempool.space is so easy.
If you are in hurry, use the fee rate they display for high priority.

Just take note that the fee rate displayed on mempool.space or any other website are just estimations. The required fee rate may increase once you broadcast your transaction and it takes a long time to be confirmed.

I recommend you to avoid trust wallet and use a wallet which supports RBF. In this way, you can increase the fee even after broadcasting the transaction easily.

Using jochen hoenicke's website is also easy.


Take a look at the following image. I just just took it from the website.



Acording to the image:
There are around 200 vMB of transactions paying at least 1 sat/vbyte and waiting for confirmation.
There are around 80 vMB of transactions paying at least 2 sat/vbyte and waiting for confirmation
..
..
..
There are around 1.4 vMB of transaction paying at least 50 sat/vbyte and waiting for confirmation.
There are only 0.78 VMB of transaction paying at least 60 sat/vbyteand waiting for confirmation.


Since miners prioritize transactions based on their fee rate and each block can contain up to 1 vMB of transactions, if I want my transaction to be confirmed fast, I should set the fee rate to at least 60 sat/vbyte.
Note that since more transaction will enter the mempool, there is no guarantee that 60 sat/byte will make my transacton in the ext block and I can set the fee rate to 70 sat/vbyte or even more to increase the chance of getting confirmation in the next block.

If I am not in a hurry, I can set the fee rate 12 sat/vbyte. That will put my transaction around 11.5 vMB from tip and since more and more transactons will enter the mempool, my transaction will take a long time to be confirmed.



CPFP means Child Pays for Parent.

Assume that I have received a transaction with a low fee and it's unconfirmed.
If I spend the unconfirmed output(s) received on that transaction in a new transaction with high fee, I can increase the chance of getting confirmation.

Take note that transaction can't be confirmed as long as they have unconfirmed parent. So, if the child is paying high fee, so that it's enough for both transactions (the unconfirmed parent and the child) to get confirmed, miners  will include both of them in the same block.

If you want to do CPFP, you can spend the fund received in an unconfirmed transaction with a high fee to your own address.


The post was edited to fix a typo. Thanks Pmalek for the correction.

Thanks sir,I understand, the difference in name between bitcoin fees and altcoins even though the purpose is the same for shipping costs, I am starting to be interested in studying wallet and I started from here, from expensive fees, see sir, maybe I'm interested in this mempool.space, for web 1 again I don't understand how to use it, is there another thread that discusses about this Johoe's website sir?

I see sir, I think I'm the only one who feels awkward with trust wallets, what is CPFP sir is there a guide? if you wish I would like to send you an inbok message, want to learn a lot of wallets to you, when do you have free time sir? I want to ask about trust wallets and desktop wallets, I have started using it but am still confused about synchronization which takes up to 1 year to synchronize blockk, afraid it's off topic even though we both discuss wallets

From my experience, they used to overestimate the fees when you want to publish a transaction. So if they set it to 70 sats/vbyte, most of the time it is the median fee for the next block. I'd not recommend you change them to as low as 5 sats or less without checking the mempool. I also suggest you check your transaction with other wallets since Trust Wallet transactions do use the RBF flag, so you might be able to bump it or do a CPFP, CMIIW.

First, there is no gas fee in bitcoin. The gas is the term used for some altcoins like ethereum. In bitcoin, we have fee rate.
Second, the transaction fee has nothing to do with the amount of bitcoin you send.


The network is so congested now and you used a very low fee rate. Don't expect your transaction to be confirmed soon.


You can use mempool.space for fee estimation.
Or Johoe's website, if you want to analyze the mempool by yourself.

Bump, excuse me sir. I want to ask you that the current appearance of the trust wallet is so annoying, I have been accustomed to using this swallow for a long time, my impression is simple, makes me comfortable and easy to use. But lately maybe the developer wants to improve his class, towards a professional swallow, including setting the gas fee can be customized by himself, this is how it looks,

           

I was going to send $20 in bitcoin about 0.00055 but the gas fee by default ask me for 72 sats/byte and that for 24 hours only dropped to 50-57 sats/byte on yesterday's day, about $2.8 for gas fee to day with amount That's it, two hours passed I tried to custom 5 sats/byte but it was slow and had not entered my bitcoin to the exchange.

Please tell me today's normal gas fee for bitcoin? how do I get updates? so that I don't guess and there is a guideline for determining the gas fee for bitcoin in the tust wallet because it is done manually, I am used to being automated and choosing the best gas fee and just agreeing to it, either in the selection option or by default it is usually cheap and reasonable.

I would not say that keeping funds in a Trust wallet is safe as it is also owned by Binance. However, if there is a person who keeps funds in binance or on any centralized exchanges, then he can move these funds in trust wallet and by doing this his funds will be much secure as compare to leaving them on Binance.

Later on, when the person is used to the decentralized wallets, then he may move some of these funds to unstoppable and other better wallets. Of course, a hardware wallet is better than all of the wallets but until you don't have a hardware wallet you have the option of an unstoppable wallet and a trust wallet for storing altcoins.

I know it's debatable, but the "weaker power" should use all the technology it can utilize to weaken the "stronger power's" political stronghold. Is it Bitcoin? Probably yes, probably no, but I do believe so.



And it's exactly that feature that the institutions of power don't want and wish to change because it's a thorn in their side. Whether by advocating POS or by other means. We haven't considered a scenario where they turn the general population against Bitcoin advocates on the principles of divide and conquer. Instead of us being the bad guys trying to ban Bitcoin, let's influence the opinions of the educated masses and incentivize them to turn against the asset. When they do, we (the saviors) step in and give the people what they want. Not only did we grant their wishes, but we used them as our foot soldiers and our hands are clean.