bitcoin wallet address

[slotplayer]

How long should it take to send BTC from an Electrum wallet (v4.09) to the exchange?
Its been a couple hours and all it says under the send tab status is unpaid.


Thanks for any help.

[MMM]

it depends on the fees you used. when you create the transaction it shows you there in how many blocks it is expected to be processed.
and you can see the blocks N/hour here: https://www.blockchain.com/explorer

[slotplayer]

it depends on the fees you used. when you create the transaction it shows you there in how many blocks it is expected to be processed.
and you can see the blocks N/hour here: https://www.blockchain.com/explorer

Thanks, I used the lowest fee, so I guess its 25 blocks.
I looked at blockchain/explorer earlier didn't see any info yet.

[Sherlock]

No offense really, but how long takes people to understand how bitcoin works before they start sending money?

With electrum it is important always to enable the enhanced mode. It is done in view -> show addresses.

Then, when sending money, always use "spend from" (an address). This way you know how to spend exactly the coins from exactly the address you want to use. This way you prevent mixing coins.

Then before sending money do NOT use automatic fees. Always use manual fees in sat/Byte. Use fee estimator like this: http://core.jochen-hoenicke.de/queue/#0,1w

Never ever use fee estimator in any wallet = no wallet is able to pick up the proper fees as good as human brain, it applies to all wallets. People who use fee estimators in wallets will always either overpay and complain why I paid 100usd/tx? Or they will complain that it takes so long and why.

If you use spend from address it does not just makes your privacy better. Generally this way also fees are lower. If worst they are the same. But mixing btc while sending from more addresses is always more costly than sending btc from one address. The cheapest is always to empty one address at once, so there is no change also called UTXO.

[Sherlock]

Thanks, I used the lowest fee, so I guess its 25 blocks.
I looked at blockchain/explorer earlier didn't see any info yet.

You do not get it at all. Lowest fee maybe in 50%+ times is confirmed in 1st block. If you use the lowest fee, but even the high fee, nobody will ever guarantee that the next block or 25th block will pick it up. This applies to Mondays when fees always rise. During weekends fees drop.

The botched fee estimators therefore on Monday morning generally undershoot the fees and at the end of week they overshoot it.

There is no other way than using this: http://core.jochen-hoenicke.de/queue/#0,1w

With many wallets you can speed up the transaction with RBF function that is simply a rebroadcast with higher fee.

[slotplayer]

No offense really, but how long takes people to understand how bitcoin works before they start sending money?

With electrum it is important always to enable the enhanced mode. It is done in view -> show addresses.

Then, when sending money, always use "spend from" (an address). This way you know how to spend exactly the coins from exactly the address you want to use. This way you prevent mixing coins.

Then before sending money do NOT use automatic fees. Always use manual fees in sat/Byte. Use fee estimator like this: http://core.jochen-hoenicke.de/queue/#0,1w

Never ever use fee estimator in any wallet = no wallet is able to pick up the proper fees as good as human brain, it applies to all wallets. People who use fee estimators in wallets will always either overpay and complain why I paid 100usd/tx? Or they will complain that it takes so long and why.

If you use spend from address it does not just makes your privacy better. Generally this way also fees are lower. If worst they are the same. But mixing btc while sending from more addresses is always more costly than sending btc from one address. The cheapest is always to empty one address at once, so there is no change also called UTXO.

Thanks, I'm not offended.

[Sherlock]

Great, I am really glad. So here is how to use the jochen hoenicke estimator

Case study about fees rn:

https://ctrlv.link/shots/2021/01/11/itXZ.png

1. Move mouse to the last {drop/saddle/simply when the chart is broken down most on right} on chart, where it indicates processing of the last block. (indicated by upper arrow on pic)
2. The the box with pending tx fees in mempool appear
3. On average we know, or at least everyone should know, that block can process ~ 3000 tx per block
Therefore from the lower arrow on picture we can estimate that 120 sat/B transactions were processed in last block, but 100 sat/B were already most likely not processed (because there is 2649 tx with fee 120 and higher but 15773 tx with fee 100 and higher, so most of fees 100-119 will not win the auction)
4. It is Monday and the chart is trending up, so the next fee most likely will be the same, higher or if block is not found quickly even much higher
5. If I want to process the transaction now = next block with 95% probability, I would put there like 145 sat/B, 99% is 170 sat/B, 99.9999% (e.g. I am dying in mountains and I must pay for helicopter with BTC) is 450 sat/B
5a. I am never in hurry, I have no problem to confirm the tx on weekend, so to confirm during next weekend with 90% probability I would use 1 sat/B, 95% is 2 sat/B (my favourite), 99% is 10 sat/B

The fee is estimating non-segwit addresses. If you use segwit addresses (starts bc or 3) the lower fees by 40-70% can be applied for the same speed as higher fees for non-segwit address

[iso2009]

Wow, interesting read. Can you guys please help me with a more practical matter, since I am very new to crypto payments?

So today I am expecting a payment from Webpartners, which is shown as "done". I gave them the Binance BTC address of my wallet. So far, nothing in the wallet. Maybe in the Webpartners system the payment is done, but not actually completed (waiting on a queue?). To be honest, it's a bit confusing since I never was an adopter of crypto.

[MMM]

Done you mean in Webpartners system? I am not sure when they "mark" it done exactly, but i wouldn't worry - it will appear in a day or so.

In any case, since you are "forced" to deal with crypto, i suggest that you read more posts here on the topic.
One of the advices here would be not to send directly from program to exchange.

[iso2009]

Done you mean in Webpartners system? I am not sure when they "mark" it done exactly, but i wouldn't worry - it will appear in a day or so.

In any case, since you are "forced" to deal with crypto, i suggest that you read more posts here on the topic.
One of the advices here would be not to send directly from program to exchange.

Yes, in the Webpartners system. The message is "Manual Payment Issued". I'm waiting, it's not like I can do anything else It's my first crypto payment, feels like walking on quicksand.

Thanks for the tip.

[Pokerface]

I use a number of different wallets including Exodus. They are very fast. Unfortunately you then need to be able to transfer to your bank however there are quite a few options available.

[LolaDavies]

I am not crypto expert, but to keep it simple.
Option 1 - follow Gonner and Sherlock advice here and learn.
Option 2 - don't hold crypto at all. get a wallet and an account on exchange. Each time receive payment to your wallet, transfer it same day to exchange, turn into fiat and withdraw to your bank. That's it. That way even if something happens on the way, not much harm's done.

Your signature contains very useful information, thank you.