Post
Topic
Board Wallet software
Merits 2 from 1 user
Re: New to Wallets - Help
by
o_e_l_e_o
on 09/05/2020, 19:01:23 UTC
⭐ Merited by OmegaStarScream (2)
I am a bit nervous considering I have used Coinbase for so long. Maybe I should transfer half and play with that first? In case I mess something up
If you've never made a withdrawal from your Coinbase account, I would transfer a very small amount (maybe 0.001 bitcoin, around $10) first to make sure that you do it properly and it arrives in your wallet properly. If it all looks good, then you can transfer out the rest of your funds. You don't want to lose everything because you made a silly mistake with your first withdrawal.

So that means the fee charged on my transfer will differ depending on the time of day? Maybe I should wait until a low period in the day then.
Yes. If the mempool is full (as it is just now, thanks to the recent price growth), then it is more expensive to send a transaction. If you wait until the mempool is empty, then it will only cost a cent or two to make a transaction.

I don't really understand the numbers on that link (sat/Vb?), but it says average $1.16 dollars per transfer, so if I see anything higher than that I'll wait maybe?
Sat/vB stands for satoshi per virtual byte. It is the way we measure fees. You have to pay a set fee in satoshi for each byte of space your transaction takes up. If you use multiple inputs, or send to multiple different addresses at once, then your transaction will be larger in bytes. The amount you pay in satoshi for each byte can vary, and the appropriate amount to spend depends on how full the mempool is. If you need a simple estimator for you, then use this site - https://www.coinb.in/#fees - and just copy the value at the bottom of the blue box labeled "Sat/Byte".