bitcoin fees - what are you paying currently?

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I stopped using bitcoin when the fees became outrageous.

Hoping the fees have come down to be reasonable.

What does it cost to send $250 worth of btc?

[Optional]

The amount of bitcoin does not make a difference.

Right now the "optimum fee" to get it transferred in the next block is $2.25

But you could go as low as 50 cents and still have it confirmed within 30 or 40 mins.


You can check the current best fee to use here https://bitcoinfees.earn.com/

[icon]

The amount of bitcoin does not make a difference.

Right now the "optimum fee" to get it transferred in the next block is $2.25

But you could go as low as 50 cents and still have it confirmed within 30 or 40 mins.


You can check the current best fee to use here https://bitcoinfees.earn.com/

That is good news!

My deposits are never more than $500 max so paying $15 or more to send a hundred or so didn't make sense.

[GradyFuson]

Try this as a guide.

http://dedi.jochen-hoenicke.de/queue/#

My wallet allows me to set a custom fee and I've been setting it at about 40 Satoshi/byte. This is below a dollar for 5 figures.

The mempool has been looking really good. If it stays like this I'd expect bitcoin to dominate over the next 6 months.

[Roscoe_Word]

I'm sure this has been discussed before, but I'm slowly beginning to understand. Could an SBR member please explain again "what's the difference between a Segwit Wallet and a non-Segwit Wallet.

Also, do I have this assumption correct:

Blockchain Wallet = non Segwit Wallet

Electrum Wallet 3.0.5 = Segwit Wallet

I guess that a Segwit Wallet is more efficient in fees and transaction times, but I don't quite understand how.

[Optional]

I'm sure this has been discussed before, but I'm slowly beginning to understand. Could an SBR member please explain again "what's the difference between a Segwit Wallet and a non-Segwit Wallet.

Also, do I have this assumption correct:

Blockchain Wallet = non Segwit Wallet

Electrum Wallet 3.0.5 = Segwit Wallet

I guess that a Segwit Wallet is more efficient in fees and transaction times, but I don't quite understand how.

Segwit was a software upgrade last year that allowed the signature part of each transaction to be separated out, making the byte size of each transaction smaller.

Wallets are just starting to change over. There are a couple of ways to do it, a pseudo segwit system that supports it but does not take advantage of the full byte savings. And a native segwit wallet which does. AFAIK, Electrum Ver 3 is the only native segwit wallet so far.

Just about every wallet and exchange should be converted to it by around April/May I would guess.

[Roscoe_Word]

Segwit was a software upgrade last year that allowed the signature part of each transaction to be separated out, making the byte size of each transaction smaller.

Wallets are just starting to change over. There are a couple of ways to do it, a pseudo segwit system that supports it but does not take advantage of the full byte savings. And a native segwit wallet which does. AFAIK, Electrum Ver 3 is the only native segwit wallet so far.

Just about every wallet and exchange should be converted to it by around April/May I would guess.

Thanks, Opti.

[Roscoe_Word]

Hey Opti,

I just went Coinbase > Electrum.

I read somewhere, and I think you mentioned, Electrum is a Segwit wallet.

I read somewhere else that Segwit addresses are as follows:

A) P2SH-P2WPKH....addresses that start with a 3
B) bech32/BIP173.....addresses that start with a bc

Yet Electrum generated a "receive address" that started with a 1.

No big deal as my transaction went through, just wondering.

[hotcross]

tell me if this was strange....Friday Feb.9

sent from standard BTC wallet to standard address = more than 4 confirmations in under 1 hour

sent from standard BTC wallet to SegWit address = took approx 3 hours for 4 confirmations

both sent with priority fees $2.21, which I'm going by memory not looking it up but something like 186 satoshi / byte

why was sending to the SegWit address so much slower?

[Optional]

Hey Opti,

I just went Coinbase > Electrum.

I read somewhere, and I think you mentioned, Electrum is a Segwit wallet.

I read somewhere else that Segwit addresses are as follows:

A) P2SH-P2WPKH....addresses that start with a 3
B) bech32/BIP173.....addresses that start with a bc

Yet Electrum generated a "receive address" that started with a 1.

No big deal as my transaction went through, just wondering.

When you install Electrum you chose Standard Wallet, instead of SegWit.

Thats why the address starts with a 1

If the address starts with 3, it is a SegWit COMPATIBLE wallet. (Electrum does not offer this) Which means they are using a trick to reduce the byte size a bit, but not as much as SegWit allows. But also means you can transfer with a Standard wallet using them. Thye are kind of a stop gap measure.

The Electrum segwit wallet is BENCH32, is a full native implementation of SegWit taking full advantage of the byte savings. But it is not compatible with any standard wallet apart from Electrum's own.

You can only load it from another BENCH32 wallet or the ELctrum Ver3+ standard wallet.

tell me if this was strange....Friday Feb.9

sent from standard BTC wallet to standard address = more than 4 confirmations in under 1 hour

sent from standard BTC wallet to SegWit address = took approx 3 hours for 4 confirmations

both sent with priority fees $2.21, which I'm going by memory not looking it up but something like 186 satoshi / byte

why was sending to the SegWit address so much slower?

You don't make any savings sending from a standard wallet no matter what type of receiver. As the wallet doing the send creates the transaction and byte size.

The difference would just be luck. Nothing to do with the receiver wallet.

[Optional]

@ Roscoe, just start up Electrum and change the wallet file name and create a segwit wallet if you want to see it or try it.

Its a bit of a chicken and the egg thing with it right now. What comes first the commercial offerings or the user base.

[Roscoe_Word]

@ Roscoe, just start up Electrum and change the wallet file name and create a segwit wallet if you want to see it or try it.

Its a bit of a chicken and the egg thing with it right now. What comes first the commercial offerings or the user base.

Thanks, Opti.......per usual.