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I want to transfer all my BTC from my old Electrum wallet to a new one, so that I can claim Bcash using Electron Cash without risking losing my BTC. The problem is that my ~0.143 BTC came from hundreds of transactions (cloud mining, faucets, etc.) and even with the lowest fee on the Electrum slider (confirmed within 25 blocks), the total fee is 0.013 BTC!
Is there any way I can avoid such a huge fee, while ensuring that my money is sent. There is a 'replaceable' fee option in Electrum. Does that mean that I could try to set the fee/kB very low and up it if nothing happens, without risking my BTC getting lost?
UPDATE: I sent a transaction off with replaceable fees at ~8 satoshi/byte, thinking that there was nothing to lose. It was confirmed in less than an hour :-)
Can anyone help me with this? If so, I would very much appreciate it. – Peter – 2017-08-06T12:40:11.273
not sure, what Bcash or Electron Cash plays as role here. Still, I believe this can be done. https://bitcoinfees.21.co/ shows that fees are fairly low currently. You should try to export keys from your old electrum wallet, and load them into a new Electrum wallet (then you don't need to "transfer"), and go from there. The newer version allows to set tx fees in Saoshi/Byte. Alternativly, there are command line tools (a bit more complicated), that allows to assemble a tx, and send it to the network. Question is, how much effort you wish to invest for 40$ ...
– pebwindkraft – 2017-08-06T13:06:35.680Thanks for the reply. The Bcash reference was just for background - it's simply a question of transferring all this BTC from one wallet to another. If I ever use my bitcoins, which I'm sure I will someday, I guess I'm going to need to do a transfer like this, so I might as well do it now. The tx is 32604 bytes (!), with the lowest fee suggested by Electrum at ~39.8 satoshi/byte. – Peter – 2017-08-06T13:49:32.593
Not sure, how low you can go with latest Electrum wallet, I last recently created manually a tx (c9908124e59a2794f3807b366be7d235ff7654251adcdf396e209236341b3c32) with 20 Satoshis per Byte, having a size of 18KBytes. Later on I went down to 10 S/Byte, and I heard from people they did 5 S/Byte. If you are interested, and on OpenBSD or Linux or MAC, you could give it a try with these shell scripts: https://github.com/pebwindkraft/trx_cl_suite (you don't want to provide your private keys or similiar to anyone).
– pebwindkraft – 2017-08-06T17:35:45.580You've overpaid. 1 satoshi per byte is enough today – amaclin – 2017-08-06T20:44:02.130
@pebwindkraft: Comments are meant for seeking clarification, providing constructive criticism, or leaving transient post-it notes, however, you're answering the question. Please don't post answers in the comments. Could you please take the essential parts of your comments and post them as an answer? – Murch – 2017-08-07T00:18:58.847
wait for scaling technology to catch up... fees will decrease at some point in the future – hedgedandlevered – 2017-08-07T03:44:01.783