Transfer Bitcoin From Electrum To Coinbase

[Fergus128]

I would like to transfer the Bitcoin in my Electrum wallet to Coinbase as I intend cashing in my Bitcoin over the next few months.

1. What is the most cost effective way to do this, all at once from Electrum to Coinbase or in the smaller lots that I intend to cash in?

2. Should I do it from Electrum "send" or Coinbase "request" or does it make no difference?

3. I read somewhere that fees are less at the weekend is this correct?

4. Should I just select the lowest fee as I am not in a hurry to have the transfer confirmed and is there much difference between the highest and lowest fees? I have a total of around 0.320 Bitcoin.

Please note that I am a complete newbie. I bought the coins about seven years ago, put them in Electrum and have not been involved in any transactions since then, so any assistance would be appreciated.

   



   

[OmegaStarScream]

1. I would try and send a small amount to the Coinbase address just to make sure you have the correct one. And then send the rest of the money.

2. Well, both? You should get the receiving address from Coinbase and then go Electrum's send tab, to copy that address and send the funds to it.

3. The network fees are not really that high anyway. It shouldn't cost you much whether you're sending on the weekend or not. The fees you should be thinking about are Coinbase's fees when cashing out, I would imagine those would be higher (and you can't really negotiate or change)

4. Again, it probably doesn't make much difference. You're transferring 25K $. I would say it's worth paying whatever fees you have to pay, to get your transaction confirmed as soon as possible. Have you tried checking the fees that Electrum shows you when you try to send the funds? If not, try that without actually sending to have an idea.

[PX-Z]

4. Should I just select the lowest fee as I am not in a hurry to have the transfer confirmed and is there much difference between the highest and lowest fees?

Yes, lowest fee is okay but i suggest to at least add it up for better and faster (a bit) confirmation as the network seems fine and seems no network congestions will happen, as of the moment 8 sat/vb is the recommended fees its too low for a few actually.

[Charles-Tim]

4. Should I just select the lowest fee as I am not in a hurry to have the transfer confirmed and is there much difference between the highest and lowest fees? I have a total of around 0.320 Bitcoin.

Use https://mempool.space/ high priority for the fee estimation. You can make it a little higher.

Bitcoin transaction fee are less during weekends but the mempool is not that congested. If you are making the transaction now, you can use 15 sat/vbyte. Although, 11 sat/vbyte is enough.

[Fergus128]

Many thanks for the quick and excellent replies!

[Stalker22]

I bought the coins about seven years ago, put them in Electrum and have not been involved in any transactions since then, so any assistance would be appreciated.

Judging by your forum history, it seems you bought coins near the peak of the 2017 bull run. If so, congrats on your patience for holding onto your investment all these years.
 
This just proves that holding Bitcoin long-term can pay off.  Hopefully, youve got a nice chunk of change now. But dont sell everything just yet, unless you really need the money.  This isnt over yet!

[Zaguru12]

4. Should I just select the lowest fee as I am not in a hurry to have the transfer confirmed and is there much difference between the highest and lowest fees? I have a total of around 0.320 Bitcoin.

Long term holding is always the best way to go.

This question four seemed like even if you send the coins now you are not in worry to receive and sell at the moment then there shouldn’t be any reason for you to move the coins out of the wallet and later leave them on a central exchange, my advice rather is move them when only you’re ready to sale and move the amount you wish to sell. The fees at the moment aren’t a thing to worry about even though fees can go up later but moving funds now to exchanges to sell later and not immediately is risky.

The difference between the fee rates on bitcoin is that the nodes pick transactions base on fees so the higher the fees the faster your transaction get picked to be included in the next block

[hosemary]

The difference between the fee rates on bitcoin is that the nodes pick transactions base on fees so the higher the fees the faster your transaction get picked to be included in the next block

Transactions are included in the blockchain by the miners, not nodes.
Nodes validate transactions they receive and send them to other nodes if they are valid, follow their standard rules and the fee rate is not less than their purging fee rate.

[Zaguru12]

The difference between the fee rates on bitcoin is that the nodes pick transactions base on fees so the higher the fees the faster your transaction get picked to be included in the next block

Transactions are included in the blockchain by the miners, not nodes.
Nodes validate transactions they receive and send them to other nodes if they are valid, follow their standard rules and the fee rate is not less than their purging fee rate.

It’s a typo wanted stating mining nodes or simply miners