Coinbase confirming way faster than Electrum with higher fee

[webguy2000]

I use Electrum for BTC payments on my local machine, and I ran an experiment sending $10 to an address from both Electrum local wallet VS coinbase.

For some reason, sending via Coinbase with a lower fee, confirms way faster than sending from my local wallet with a much higher fee, and I have no idea why.

Experiment:

Sent $10 of BTC to X address via Electrum with a $15 fee, been 24 hours, still not a single confirmation.
Sent $10 of BTC to X address via Coinbase with a $4.57 fee, in 47 minutes there's already 2 confirmations.

Why is this happening? What am I doing wrong here?

 

[SpeedProxies]

I use Electrum for BTC payments on my local machine, and I ran an experiment sending $10 to an address from both Electrum local wallet VS coinbase.

For some reason, sending via Coinbase with a lower fee, confirms way faster than sending from my local wallet with a much higher fee, and I have no idea why.

Experiment:

Sent $10 of BTC to X address via Electrum with a $15 fee, been 24 hours, still not a single confirmation.
Sent $10 of BTC to X address via Coinbase with a $4.57 fee, in 47 minutes there's already 2 confirmations.

Why is this happening? What am I doing wrong here?

Test again with Replace by Fee unticked/disabled, not 100% sure if it will be faster.

 

[tb303]

I use Electrum for BTC payments on my local machine, and I ran an experiment sending $10 to an address from both Electrum local wallet VS coinbase.

For some reason, sending via Coinbase with a lower fee, confirms way faster than sending from my local wallet with a much higher fee, and I have no idea why.

Experiment:

Sent $10 of BTC to X address via Electrum with a $15 fee, been 24 hours, still not a single confirmation.
Sent $10 of BTC to X address via Coinbase with a $4.57 fee, in 47 minutes there's already 2 confirmations.

Why is this happening? What am I doing wrong here?

Is the $4.57 the fee you paid at coinbase or is it the fee you can see on the transaction on the blockchain?

Coinbase will be batching multiple withdrawls together into one transaction so its possible the total transaction fee is more than what you paid.

Comparing the dollar amount you see ignores a few factors like number or inputs consumed and byte size.

To correctly do your experiment you need to look up each transaction using its unique hash value on blockchain.com then look for the Sats/Byte number and compare that. It is this number that will determine speed overall.

 

[xStewie]

Yeah but Coinbase requires kyc and is a lot more regulated.... pros and cons

 

[hopitpop]

It happened to me with electrum wallet, the transaction took 9 hours to get confirmed

 

[webguy2000]

Test again with Replace by Fee unticked/disabled, not 100% sure if it will be faster.

3 hours its been, still no confirmations, didn't seem to make any difference

 

[welshman]

Is your electrum wallet segwit? I had to reset my wallet with a newer address format. Was cheaper and quicker.

 

[webguy2000]

Is your electrum wallet segwit? I had to reset my wallet with a newer address format. Was cheaper and quicker.

i think so. How do I check? Why does the format matter?

 

[tb303]

i think so. How do I check? Why does the format matter?

If the sending address starts with BC1 then its a native segwit address. Segwit transactions have a smaller byte size meaning the fees are less even when using the same sat/byte value.

 

[welshman]

Yes, I created a new wallet on electrum desktop that was Segwit (bech32) and all my addresses start with bc1 now. I transferred all my old btc in my old wallet to new wallet. Now sending via Segwit is so much cheaper and quicker.

 

[webguy2000]

If the sending address starts with BC1 then its a native segwit address. Segwit transactions have a smaller byte size meaning the fees are less even when using the same sat/byte value.

whats the older type of wallet system called? Why did they change it?

 

[welshman]

The type was called legacy before. BTC changed and most wallets changed as well.

 

[tb303]

Why did they change it?

To reduce the byte size of transactions. Smaller byte size = smaller fee & more transactions per block.