Need assistance with BTC transfer to exchange (Still unconfirmed after 48 hours)

So here's the deal. I sent 1mbtc (around $69 USD) as a test from my Electrum wallet to Binance, planning to convert it to cash for my bank account. But it’s been stuck unconfirmed for over 48 hours now. I saw the mempool position drop from 8.77 to 8.15 since yesterday, and it looks like I might be waiting 1-2 weeks for this to go through. What the heck? Is this because I picked a bad wallet? I just wanted to test this transaction before moving more bitcoin, but I really need this sold for fiat this month to help pay for a car I'm buying. Any advice would be great! I attached a screenshot, and the transaction IDs are both correct.

Your fee is too low. You paid 20.3 sat/Vb should have been at least 25 I submitted it to the free ViaBTC accelerator if you really need it to go you should use a paid one https://mempool.space/tx/a7abd4462c9bade41fa9e5b0267ea1eb811e51ea886d18c9a0cb30927e3af0e1#accelerate -Dave

Checked the status just now it's still unconfirmed ... All you can do now  is wait as Dave  already submitted it  or you are in hurry to have it because  you can try the paid one [Addit] You should try using a native segwit address  to reduce fee while making a transaction.. [Edit] Now confirmed ViaBTC

Thank you for the help guys I really appreciate it Im going to have to do the same process again but this time for a bigger transaction How big does the transaction fee need to be if the transaction is approximately 50mbtc ($5000 usd)? I really don't understand this bitcoin mempool stuff but I see that I have some post history on my account dating back to 2017 where I was begging for some help speeding up some transactions, so maybe its just a normal thing I need this btc as real money this month as im using it towards part of a car payment and my mums covering it with her credit card for now, but her credit card has 25% interest if she doesen't pay it back within a month, so i need the transaction to not get stuck in limbo 3 days overall is slow but its not terrible.  It only went through after you guys did that submit to thing linked above Thanks again for all the help

Let me check https://jochen-hoenicke.de/queue/#BTC,24h,count 28 sats per byte should work 33 sats per. Byte should be better

You should probably read up on the basics. Very short version: total fees are based on the transaction size in (v)bytes, not on the amount in Bitcoin. If you enable the Coins tab in Electrum, you can manually select which inputs to use. The more you select, the more you'll have to pay in transaction fees. See this topic on how to deal with small inputs.

Since the first one was confirmed due to being included by ViaBTC's free accelerator: You can also do that with even less fee than the previous transaction if that new transaction will only spend about 1 to 3 input(s) and 1 or 2 outputs. Precisely, the new transaction should have less than 500B in size and at least 10sat/B fee rate to be qualified to their free accelerator. Although Electrum computes the "virtual size" (vBytes), your Electrum wallet is the old 'Standard' version with legacy addresses so the virtual and raw size should match. If it's a different wallet with SegWit addresses, the virtual size and actual raw size will be different so the "sat/vB" that you set will be lower in "sat/B" and there's no way to see it in Electrum. So when creating that new transaction, keep track on the size and fee rate to be eligible, use "coin control" if necessary. (How to coin control in Electrum) Then submit it to their free accelerator or ask users to summit it for you (requires the TXID).

Even easier is: https://mempool.space/ They have the fees to get into the next block low/medium/high And more or less it's if a block is found NOW a high fee should get you in it, a medium fee will probably get you in it and a low fee should get you in it, but there is a chance it might not. However, if it takes another 5 or 10 or 20 minutes to find a block those numbers will change. So if you absolutely positively need it in the next block take the high fee and add a sat / vb or 2 and send it that way. If it can wait the medium fee is fine. Looking at when you broadcast your TX, 20 sat /vb was about 20% too low. -Dave

better export your wallet(it has address which really holds btc )  as a single wallet then import its private key (compressed wif) with  p2wpkh:  added right before the key. you'll need compressed wif as i said

Since you don't have much experience with bitcoin and don't understand how to check mempool conditions manually, I would suggest you look at https://mempool.space/ at the time you plan to generate your transaction. The High Priority fee estimate should be big enough to get you in the next 1 or 2 blocks. But as you can see right now, it can become quite expensive if the network is congested at the time. I can't believe what I am seeing. Is Binance really still using legacy addresses in 2024? What a shit show!

bech32->legacy will have lower fee anyway

I checked again  you need about 36 sats per byte https://mempool.jhoenicke.de/#BTC,24h,count it is a bit worse than yesterday

OP just selected "BTC Bitcoin" in the 'Choose Network' drop-down menu but they have native SegWit and Lightning too. It's just weird how they labeled those as "Network" named: "Bitcoin SegWit" and the legacy address as "Bitcoin" like those are from separate networks.

Binance tries very hard to make people accept fake made-up networks instead of real Bitcoin. This just adds to the confusion.

You are right about that. It makes no logical sense to have two entries on the list, basically for the same thing, which is Bitcoin. Legacy addresses are a thing of the past. I understand the logic behind still supporting them for people using old software (for whatever reason) that have still not upgraded. But both addresses can still be under "Bitcoin", called legacy and native segwit if they want. Their way of doing it makes it look like only one is Bitcoin and the other is some type of Bitcoin variant.

Thanks guys, I am doing the main bigger transaction today of 60mbtc Here is the transaction ID: 99d34288d04cc5579da8c88030f5935a7b8dc824e9baeb83993b6867a830b98e Do i need to submit it to the accelerator? I looked at the accelerator website but I have no idea how to do it or what I am looking at I did however read the posts in this thread and I made sure my fee target was above 35sats/vbyte, I paid 38, I believe my total fee is 0.3mbtc if im reading correctly As for lightning network, BTC or segwit network selection on binance, i picked the BTC one because it says 41 confirmations and i think thats the one i used on my test transaction, im still not sure what those do completely Once again thanks all for the help, im not too good with this technical stuff, but I am learning alot just by being here and I do appreciate it

No.  It's already confirmed. Yes, you did.  Well done. Correct.  Specifically, it's 0.31314 mBTC

The two deposit options doesn't affect anything at your end except for negligible minimal reduction in the output's size by selecting legacy deposit address. But for the whole network and Binance as well, it's recommended to deposit it to your SegWit deposit address. That way, it's cheaper for them to consolidate their users' deposits and for the Bitcoin network, it can fit more Witness data from SegWit transactions in a block resulting with higher number of confirmed transactions per block. Of course, you're only one person but "it's a start". As for lightning, your wallet needs to have a lightning network support (Electrum standard legacy wallet don't support it) and setup a payment channel which IMO isn't newbie-friendly to manage. BTW, that "41" isn't confirmations, it exactly says "Est. arrival 41 mins" which doesn't make sense. They put that to emphasize the Est. arrival time they note in BNB Smart Chain deposit address. Even if you want to, its size isn't eligible to their free accelerator service. It's a good thing that you've set an optimal fee that it didn't need an accelerator.

I need help again.  Im on the binance website and im lost, I don't know where my 60mbtc went.  This stuff is way too confusing and I don't know what im doing somebody please help. I looked at my transaction history and i can see the 60mbtc main transaction, and the 1mbtc test transaction both recieved. - Allgood -(screenshot 1) Then i click on my payment history on the left, and I can see the test transaction I did before where I sold my 1mbtc for cash and recieved new zealand dollars in my bank account - Allgood (screenshot 2) Now I cannot for the life of me remember how the process to sell my bitcoin is.  I went on the main screen / market I think and sold my 60mbtc for $3969 USDT and clicked the sell order and it filled. I believe I have $3969 USDT TetherUS on the account now (?) and now I don't know how to withdraw to my bank account again Please help I don't want to screw this up and I need to use this money for my car payment Where do i go on the website to withdraw the $3969 USDT to my bank account in new zealand dollars?  Im so lost can someone who uses binance please tell me where im supposed to click https://imgur.com/a/ankEin6

What would have happened if i didn't set an optimal fee?  Could the transaction be stuck for months?  I am using Electrum 4.5.5 Also I think I am on the home stretch, I am just waiting for 1-2 hours for the ASB to ANZ transfer to be completed Handshakes all around.  This is my poker money, which i grinded on GGPoker for 8 months or so, I think I only made little money but this $2000nzd or so turned out to be $20000 over 5 years or so of holding, so now im taking some of that towards paying my new car payment , this is my small moon, because of this $6500nzd or so I don't have a 3 years loan of $100 per week plus interest on my car, I just own the car outright. I still have some more mbtc and I'm gonna continue to hold, I might look into buying more BTC in the future Again thanks to everyone in this thread, without it im scared and confused of this process, but at least I know how to sell my bitcoin now