And people who HODL are known as HODLers. Originated from a misspelling of “hold”, it is commonly explained as an acronym for “Hold On for Dear Life”. This attitude is known in the crypto community by the slang HODL. Just out of curiosity, there are people who buy Bitcoin and hold it with no intention of selling it.
How do I Deposit/Withdraw Cryptocurrency.In case you need more information about the Binance deposit process, please refer to the following pages of the Binance Support: I’ll not dive into details here, but if you want to know more, read about change addresses and address reuse.īinance notifies you by email that the deposit has been received. That’s because, different from bank account numbers, Bitcoin addresses change. Note: when sending bitcoins, it’s a good practice to always ask the receiver’s address. To deposit crypto on Binance, once you are logged in, go to Wallet > Overview, click Deposit at the top right corner of the screen and choose Deposit Crypto: Mempool depth: 80- Bitcoin Core Fee May 3, 2021 Just for you to have an idea, compare with the fee estimates from today, when I write: Mempool depth: 70- Bitcoin Core Fee April 20, 2021 On the days I took these screenshots, fees were unusually high (actually, they were at record-highs): There is a Twitter bot, the that tweets fee estimates hourly. But trying to explain briefly, transaction fees are calculated based on two factors: the transaction length (the more number of bytes needed to encode a transaction, the higher the fee) and the market fee density (fees get higher on days when the network is congested by more people making transactions).
If you choose to pay a lower fee, take care not to choose a fee so low that your transaction never gets confirmed.īitcoin fees are a complex topic and deserve a post for their own. If you need your transaction to be confirmed faster, you need to pay a higher fee. But Electrum, different from Binance, allows you to customize the fee. Also, remember that on every Bitcoin transaction there is a fee to be paid to miners, so you can’t transfer your total Bitcoin balance. The following steps are the same if you are making a payment or donation.Īs I said previously, Bitcoin transactions can be made at any time, including non-business hours and weekends.
#ELECTRUM BITCOIN WALLET FEES HOW TO#
To exemplify the transfer of bitcoins from the Electrum wallet, let’s see how to return the bitcoins we got in part 2 to the exchange. Deposit: transferring crypto from wallet to exchange I’m also leaving links to Binance Support texts where you can find more information about Binance rules, fees and procedures. In case you have any doubt about Binance, please refer to the Binance Support. But of course, to buy and sell bitcoins any exchange will do. In this trilogy of posts, I’m using Binance as example of exchange. Bitcoin for beginners with the Electrum wallet - part 2: buying and transferring bitcoins to the wallet.Bitcoin for beginners with the Electrum wallet - part 1: basic concepts and setup.If you fell into this page, I recommend that you start your reading from the previous posts: Additionally, you are going to see how to sell bitcoins in case you need to convert them to fiat currency (United States dollar, Brazilian real, etc). As an example, we are going to use as the transfer destination the exchange’s custodial wallet. Today you are going to see how to transfer bitcoins out of your desktop non-custodial wallet. Now with the bitcoins in our wallet there is only two things we can do: hold or transfer (for paying for a good or service, donating, converting to fiat currency, etc). We have bought or received (from friends, family, customers, donators, etc) some bitcoins.
This is the part 3 of our trilogy of posts about how to transact bitcoins using the Electrum Bitcoin wallet.
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