Post
Topic
Board Beginners & Help
Re: Claiming BCH from BTC stored in Electrum and moving everything to Ledger Nano S
by
Lucius
on 02/12/2020, 11:01:33 UTC
Thanks for the link on how to split BSV from BCH. I'm reluctant to introduce yet another wallet into the mix, as I haven't used Coinomi in the past.

I can't say anything bad about Coinomi, I used that wallet for a short time to receive some altcoins that were not supported by Nano S - but since you only need that wallet temporarily and it has a detailed explanation of how to safely claim and split coins that you interested, you have one extra choice in case you need it.

I just went to try and transfer a very small amount (BTC from Electrum to Nano) as a test. I tried to transfer 0.0001 BTC. However, I noticed the fee was larger than this amount!
So I'm confused... I'm just trying to read up on fees now...  Roll Eyes

It’s definitely something you need to learn to avoid paying a lot more than you need at a given time. The fee depends on a lot of factors and always increases when we have a large number of transactions on the blockchain. Furthermore, the fee depends on how many inputs you have (total number of addresses from which you send the transaction), and the number of outputs (number of addresses to which you send BTC) - which ultimately creates the size of the transaction. So if you have transactions in size of 226 bytes (1 input+2 outputs) and you pay minimum fee (1 satoshi byte) it will cost you only 226 satoshi ($0.04) currently, but it will take a very long time for the transaction to receive the first confirmation.

See the following link -> https://jochen-hoenicke.de/queue/#0,24h and the third chart (mempool size in MB) and there you can see by point to current time how much you need to pay to get in the next block (so all that is 0.xx MB).