Trying to get my Bitcoin Cash out of Electrum. Is it safe to create an Electron Cash wallet with a still unconfirmed Bitcoin transaction in the original Electrum wallet?
At noon yesterday, I initiated a transfer of my Bitcoin in Electrum to a new Electrum wallet. I am doing this prior to creating an Electron Cash wallet with my original Electrum wallet seed, as is recommended by Electrum. The transaction is still unconfirmed despite using a reasonable fee for the time (although the recommended fee has skyrocketed since). My question is, is it safe and advisable to create an Electron Cash wallet with a still unconfirmed Bitcoin transaction in the original Electrum wallet? There's a lot of value at play here so I want to be certain my Bitcoin and Bitcoin Cash are safe.
Bought bitcoin via Bitaccess and sent it to my Electrum wallet, it says unconfirmed. Is this bad? What can I do to actually put it inside my wallet?
I'm completely new to this, pretty much I just bought 0.05037479 BTC on Bitaccess and had it sent to my only showing receiving address on Electrum. It now says [+50.374739 unconfirmed]. Is this bad? Do I just wait it out until it goes into my wallet? Thanks for your help everyone.
How can I prevent long/delayed unconfirmed transactions in the future?
I sent a btc payment via Cryptonator wallet. My tx still has zero confirmations after 4-5 hours. I know this is either due to not enough fee sent, or congested network. Cryptonator doesn't allow me to manually increase fee amount sent, so my question is how can I prevent this (long delay due to unconfirmed tx) in the future? Should I use a different wallet?
"My transaction is stuck, what to do?" - an explainer [DRAFT]
In the last days we have been experiencing a sharp rise in price, which is historically correlated with many people transacting over the Bitcoin network. Many people transacting over the Bitcoin network implies that the blockspace is in popular demand, meaning that when you send a transaction, it has to compete with other transactions for the inclusion in one of the blocks in the future. Miners are motivated by profits and transactions that pay more than other transactions are preferred when mining a new block. Although the network is working as intended (blockspace is a scarce good, subject to supply/demand dynamics, regulated purely by fees), people who are unfamiliar with it might feel worried that their transaction is “stuck” or otherwise somehow lost or “in limbo”. This post attempts to explain how the mempool works, how to optimize fees and that one does not need to worry about their funds.
TL;DR: Your funds are safe. Just be patient* and it'll be confirmed at some point. A transaction either will be confirmed or it never leaves your wallet, so there is nothing to worry about in regards to the safety of your coins.
You can see how the mempool "ebbs and flows", and lower fee tx's get confirmed in the "ebb" times (weekends, nights): https://jochen-hoenicke.de/queue/#0,30d * if you are in hurry there are things like RBF (Replace By Fee) and CPFC (Child Pays For Parent), which you can use to boost your transaction fees; you will need an advanced wallet like Bitcoin Core or Electrum for that though. Keep also in mind that this is not possible with any transaction (RBF requires opt in before sending, f.ex). If nothing else works and your transaction really needs a soon confirmation, you can try and contact a mining pool to ask them if they would include your transaction. Some mining pools even offer a web-interface for this: 1, 2. Here’s how Andreas Antonopoulos describes it:
In bitcoin there is no "in transit". Transactions are atomic meaning they either happen all at once or don't happen at all. There is no situation where they "leave" one wallet and are not simultaneously and instantaneously in the destination address. Either the transaction happened or it didn't. The only time you can't see the funds is if your wallet is hiding them because it is tracking a pending transaction and doesn't want you to try and spend funds that are already being spent in another transaction. It doesn't mean the money is in limbo, it's just your wallet waiting to see the outcome. If that is the case, you just wait. Eventually the transaction will either happen or will be deleted by the network. tl;dr: your funds are safe
How is the speed of confirmations determined in bitcoin?
Open this site: https://jochen-hoenicke.de/queue/#0,2w Here you see how many transactions are currently (and were historically) waiting to be confirmed, i.e how many transactions are currently competing with your transaction for blockspace (=confirmation). You can see two important things: the differently coloured layers, each layer representing a different fee (higher layer = higher fees). You can point at a layer and see which fees (expressed in sat/byte) are represented in this layer. You can then deduct which layer your own transaction is currently at, and how far away from the top your position is (miners work through the mempool always from the top, simply because the tx's on top pay them more). You can estimate that each newly mined block removes roughly 1.xMB from the top (see the third graph which shows the mempool size in MB). On average, a new block is produced every ten minutes. But keep in mind that over time more transactions come into the mempool, so there can be periods where transactions are coming faster than transactions being “processed” by miners. The second important observation is that the mempool "ebbs and flows", so even the lower paid transactions are periodically being confirmed at some point. In short: what determines the speed of a confirmation is A) how high you set the fees (in sat/byte), B) how many other transactions with same or higher fees are currently competing with yours and C) how many transactions with higher paid fees will be broadcast after yours. A) you can influence directly, B) you can observe in real time, but C) is difficult to predict. So it's always a little tricky to tell when the first confirmation happens if you set your fees low. But it's quite certain that at some point even the cheap transactions will come through.
So what happens if my transaction stays unconfirmed for days or even weeks?
Transactions are being broadcast by the full nodes on the network. Each node can adjust their settings for how long they keep unconfirmed transactions in their mempool. That’s why there is not a fixed amount of time after which a transaction is dropped from the mempool, but most nodes drop unconfirmed tx’s after two weeks [IS THIS CORRECT?]. This means that in the absolute worst case the unconfirmed transaction will simply disappear from the network, as if it never happened. Keep in mind that in those two weeks the coins never actually leave your wallet. It’s just that your wallet doesn’t show them as “available”, but you still have options like RBF and CPFP to get your transaction confirmed with higher fees, or to “cancel” your transaction by spending the same coins onto another address with a higher fee.
Helpful tools to estimate fees for future transactions:
Here are some resources that can help you estimate fees when sending a bitcoin transaction, so you don't end up overpaying (or underpaying) unnecessarily. Keep in mind that in order to take advantage of this, you need a proper bitcoin wallet which allows for custom fee setting. A selection of such wallets you can find here or here. The order here is roughly from advanced to easy. 1) https://jochen-hoenicke.de/queue/#0,24h Here you can see a visualization of how many unconfirmed transactions are currently on the network, as well as how many were there in the past. Each coloured layer represents a different fee amount. F.ex the deep blue (lowest layer) are the 1sat/byte transactions, slightly brighter level above are the 2sat/byte transactions and so on. The most interesting graph is the third one, which shows you the size of the current mempool in MB and the amount of transactions with different fee levels, which would compete with your transaction if you were to send it right now. This should help you estimating how high you need to set the fee (in sat/byte) in order to have it confirmed "soon". But this also should help you to see that even the 1sat/byte transactions get confirmed very regularly, especially on weekends and in the night periods, and that the spikes in the mempool are always temporary. For that you can switch to higher timeframes in the upper right corner, f.ex here is a 30 days view: https://jochen-hoenicke.de/queue/#0,30d. You clearly can see that the mempool is cyclical and you can set a very low fee if you are not in hurry. 2) https://mempool.space This is also an overview of the current mempool status, although less visual than the previous one. It shows you some important stats, like the mempool size, some basic stats of the recent blocks (tx fees, size etc). Most importantly, it makes a projection of how large you need to set your fees in sat/byte if you want your transaction to be included in the next block, or within the next two/three/four blocks. You can see this projection in the left upper corner (the blocks coloured in brown). 3) https://whatthefee.io This is a simple estimation tool. It shows you the likelihood (in %) of a particular fee size (in sat/byte) to be confirmed within a particular timeframe (measured in hours). It is very simple to use, but the disadvantage is that it shows you estimates only for the next 24 hours. You probably will overpay by this method if your transaction is less time sensitive than that. 4) https://twitter.com/CoreFeeHelper This is a very simple bot that tweets out fees projections every hour or so. It tells you how you need to set the fees in order to be confirmed within 1hou6hours/12hours/1day/3days/1week. Very simple to use. Hopefully one of these tools will help you save fees for your next bitcoin transaction. Or at least help you understand that even with a very low fee setting your transaction will be confirmed sooner or later. Furthermore, I hope it makes you understand how important it is to use a wallet that allows you to set your own fees.
What is Bitcoin Cash and some exchanges to try out!
Bitcoin Cash (BCH) came about in August 2017 after a hard fork and a split in the Bitcoin blockchain. Bitcoin Cash is a direct result of the constant debates and many opinions about the future of Bitcoin’s scalability and mass adoption.
Bitcoin vs. Bitcoin Cash
Bitcoin’s blockchain has grown exponentially in recent times. This means that many more users are using the cryptocurrency, which is slowing down the network. The limited Bitcoin block size of 1 MB means that blocks are filling up quickly, resulting in a long queue of unconfirmed transactions. As a result, at peak times, transactions have become slow and expensive. Bitcoin cash, on the other hand, was initially created with an 8MB block, which was later on increased in size to 32MB. This change allows for more transactions to be processed in each block mined. Many see this as a step forward in terms of how best to scale the network. Bitcoin Cash opposers remain adamant that it’s simply a short-term fix that doesn’t solve the problem in the long run. Also, they claim there’s no implementation of ideas such as Segwit to help effectively break transactions down into smaller, more manageable pieces. Bitcoin Cash (BCH), Sometimes referred to as Bcash, is a fork of Bitcoin (BTC). When a fork occurs on a Blockchain, the currency is basically duplicated. This means that anyone with Bitcoins in his possession at the time the fork occurred, got credited with the same amount of Bitcoin Cash.
Buying Bitcoin Cash in 3 Simple Steps
Step 1: Get a Bitcoin Cash Wallet
Before you can buy Bitcoin Cash, you’ll need a Bitcoin Cash wallet to store it in. Hardware wallets that support Bitcoin Cash include industry leaders Ledger and TREZOR. Both Ledger and TREZOR provide functions for you to use Bitcoin Cash as you would any other cryptocurrency. Both have also introduced the ability to claim your funds if you already owned Bitcoin at the time of the Bitcoin Cash hard fork. Additionally, there are a variety of software wallets you can use to store Bitcoin Cash as well. Exodus provides a great user experience with a seamless coin exchange service known as Shapeshift built in. Edge is a mobile wallet for iOS and Android that supports multiple cryptocurrencies including Bitcoin Cash. It also has a variety of features allowing you to buy cryptocurrencies and exchange them from within the app. Electron Cash is a clone of the awesome Electrum wallet for Bitcoin. If you’re used to Electrum, then you’ll have no problem jumping on board with its sister technology. Other wallets that support BCH include Keepkey, BTC.com, Bitpay, and Coinomi. You can view all available wallets on the official Bitcoin Cash website. Once you have your wallet, you will need your Bitcoin Cash address. It’s a long string of letters and numbers that start with either a “1” or a “3” — similar to normal Bitcoin addresses. Since many people got confused and started sending Bitcoins to Bitcoin Cash wallets and vice versa, a new format was invented for Bitcoin Cash. The format, called “Cash Address” is 42 characters long and starts with a “p” or a “q”. Here’s an example: qpm2qsznhks23z7629mms6s4cwef74vcwvy22gdx6a Keep in mind that Cash Addresses are just a representation of original Bitcoin Cash addresses. This means that the same address can be represented in two different ways (normal format or Cash Address format). Not all wallets support Cash address format.
Step 2: Find a Bitcoin Cash Exchange
Most Bitcoin exchanges will also allow you to buy Bitcoin Cash, here are top ones around.
Buy Bitcoin Cash Through eToro
eToro allows users from around the world to buy and sell Bitcoin Cash with a variety of payment methods. eToro is more aimed towards investing in BCH for making a profit in fiat currency (i.e. Dollars, Euros, etc.) rather than actually using it. That being said, eToro does give you access to your coins and allows you to send coins from eToro to other people. If you use eToro for investment only, you don’t actually need a Bitcoin Cash wallet as you won’t be withdrawing the coins. *75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. CFDs are not offered to US users. Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
Buy Bitcoin Cash Through Coinmama
Coinmama, one of the oldest exchanges around, allows you to buy Bitcoin Cash with a credit card, debit card or SEPA transfer. Coinmama accepts users from almost all countries around the world.
Buy Bitcoin Cash Through CEX.io
CEX.IO, based in London, is a trusted, experienced name in the industry, having been around since 2013. You can choose from a selection of cryptocurrencies on the site, including Bitcoin Cash. The exchange has a brokerage service (easier to use, more expensive) and a trading platform (cheaper but more complex).CEX accepts credit cards, debit cards, wire transfers and SEPA.
Buy Bitcoin Cash Through Coinbase
Coinbase is a reputable Bitcoin exchange that supplies a variety of other services including a wallet, a trading platform (Coinbase Pro) and a Bitcoin debit card. If you’re a beginner, it’s probably best to use the brokerage service which is a bit more expensive, but easier to use. Advanced users can use Coinbase Pro to buy Bitcoin Cash with lower fees. Coinbase accepts debit cards and wire transfers.
Buy Bitcoin Cash Through Bitstamp
Bitstamp, the oldest exchange around, supports the trading of BCH to Bitcoin and direct purchases with US dollars or Euros. There’s also an option to buy Bitcoin Cash with your credit card at a higher price. If you know your way around Bitcoin trading platforms it’s best to use that service and not the credit card service since you’ll save substantially on fees. Other options to purchase Bitcoin Cash include Bitfinex, Cryptmixer, Kraken, Poloniex, HitBTC, and more (you can view all available exchanges on Bitcoin Cash’s website).
Step 3: Transfer the BCH to your wallet
As usual, I recommend that you never leave money on an exchange. Once you’ve finished buying your Bitcoin Cash, move it to your own wallet (the one you chose in step 1). You can then follow the status of your transaction using a Bitcoin Cash block explorer. Once you receive three confirmations for your Bitcoin Cash, you can safely say you’ve completed the process.
It’s apparent that Bitcoin Cash has still not gained full acceptance by large parts of the cryptocurrency community. It still sits firmly in second place to its older brother in terms of both price and usage. Bitcoin Cash has the advantage of being the first major split that has garnered acceptance. Most forks after it didn’t receive nearly enough attention from the community or the media. However, with internal conflicts inside its founding team and accelerated Bitcoin development for scalability solutions, I’m not sure if there’s an actual use case for Bitcoin Cash other than price speculation.
Well impressed with the speed of bitcoin transactions just recently
Bought some a few mins ago and I’ve already received them and sent them to a CBD vendor who has also received them very quickly. Nice 1 bitcoin this is a huge advantage as doing a wire transfer would of taken days and cost me a lot of money in bank fees. 👏👏👏👏
Transaction not getting confirmed for almost 24 h now?
I have send some BTC from an electrum wallet to an address on another electrum wallet. Almost 24h have passed now since I signed the transaction and the status is still remaining unconfirmed. What gives? I am a newbie to Bitcoin as you guys might have presumed.
Failed transaction from 10 days ago ... re-broadcast?
I understand the mempool is jammed and transaction fees are up. About 10 days ago I tried to self-transfer bitcoin from a hot wallet (wasabi) to hardware (using electrum). I used 1 sat/byte fee. At the time the fees had just started rising and I was ok waiting several days/weeks for it to confirm. For the first week, I could see the unconfirmed tx in both wallets. Yesterday I noticed that wasabi put the funds back into my wallet, and the transaction was deleted from my history completely. I still see the unconfirmed inbound tx in electrum, but it says "Local". Both wallets are pointed at my own Node. Since electrum saw the inbound transaction, is there any way to push this tx through? It seems like in wasabi I can "double spend" these funds.
Question about "Not enough funds" message I'm seeing in Electrum
Hi, I apologize if this is a question that comes up often but not sure why I'm getting a "Not enough funds" message in the lower left-hand corner of my Electrum window after I tried to send funds about an hour ago. I have Electrum 3.3.8. I have fees set to the lowest possible amount on this "Fee" scroll indicator in they have in Electrum (says "Target: Within 25 blocks" when I hover over it) and then I clicked "Max" which I figured would give me the maximum amount of bitcoin I could send accounting for the subtraction of a fee. I sent around .120 BTC and the fee was 0.00000494 BTC (2.6 sat/byte) - when I added the amount I wanted to send to the fee it came out to exactly the amount I had in my wallet so I clicked "Send" to send the money as I figured that meant I'd have enough to pay whatever fees. Shortly thereafter, I see a "Not enough funds" message in the lower-left hand corner of my Electrum window. Why am I receiving this message and will this be an issue (I've never seen this message before when trying to send bitcoin)? Sent just an hour or so ago but the funds are still listed as "unconfirmed". I am seeing in my preferences that I have the "Use Replace-By-Fee" option checked. Will I end up having to revise or recall this transaction somehow? Sorry, not much experience with Bitcoin and have never seen this issue before...
Hi. This is my first time using Electrum. I withdrew money from Bovada, online gambling site, to my Electrum wallet. I checked Bovada and it states the the withdraw has been processed to my Electrum bitcoin address I used. an unconfirmed transaction just appeared, but the amount isn't the same as what I had sent to the wallet. I had $825 sent, but it's only showing +116.79459. Is this only $116.79459. Where is the rest of the $825. Sorry, I'm new at this and don't want to lose $700. Any help would be greatly appreciated.
The Bitcoin blockchain is a series of interconnected transactions and balances between hundreds of thousands of addresses and wallets. To keep track of all of this in a safe way, cryptography was… Erzeugung der Wallet – ein Backup machen und kann damit alle zukünftig erzeugten Schlüssel wiederherstellen. Das geht beispielsweise bei Armory, Electrum oder sogar bei der Hardware-Wallet von Ledger Wallet. (Und wahrscheinlich noch bei einigen weiteren.) Die Schlüssel sind nicht unsicherer, als die des „alten“ Bitcoin-Nodes. If you are using Electrum, there is no equivalent to -zapwallettxes. The closest thing you can do is to restore your wallet from a seed. This will wipe your client of any unconfirmed transactions. Then, you can resend the transaction with a higher fee. This website has guides for users of the electrum bitcoin wallet.I hope to add content over time so that it a grows into a useful resource. Check out the links in the left sidebar to see what’s already been published. Electrum Bitcoin Wallet. Impressum This website is hosted by Electrum Technologies GmbH Electrum Technologies was founded by Thomas Voegtlin in 2013. Its mission is to develop, package and distribute Electrum software, and to provide services to Bitcoin users and businesses.
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