Will I save on miner and network fees for sending btc if I import my bitpay wallet to another wallet like electrum or blockchain?

1

I have a bitpay wallet that has received many small transactions. I want to send all of the funds to my trading platform, but the fees are too high after the first send each day which is as low as 1%. Will it help to import that wallet to another client like electrum or blockchain?

Sherry512

Posted 2020-10-11T22:47:10.987

Reputation: 13

I'm not sure what you mean by "fees are too high after the first send each day". I'm not very familiar with Bitpay, are you talking about the bitcoin network fees or some fee that Bitpay is charging for each send? If we're talking about network fees, other wallets might do a better job at fees estimation and/or control than bitpay, but it's not sure that you could easily import your bitpay wallet into another, it really depends... – Sosthène – 2020-10-12T17:47:19.833

Answers

2

Will it help to import that wallet to another client like electrum or blockchain?

It should help. Electrum is better than Bitpay wallet. You can import wallet using seed phrase in Electrum.

Mempool looks clear right now so low fee rate transactions should get confirmed soon.

bitpay-electrum

Ensure that you select BIP 39 option while importing:

bip39-electrum

Select "legacy" if you had addresses starting with "1" in Bitpay wallet:

derivation-path

I confirmed the first address after importing which is same in both wallets:

bitpay-electrum-address

In future you can create a new wallet in electrum, move all funds to this wallet. Select "segwit" this time instead of legacy and use RBF for all transactions.

Prayank

Posted 2020-10-11T22:47:10.987

Reputation: 2 423

Thank you so much for your answer. Is there any chance I could lose the funds by doing this? I assume the balance would remain accessible in BOTH wallets, and once I verify, I could delete the wallet from bitpay. It was created by the bitpay app and I do have the seed phrase and can also generate the QR code to export the wallet. My bitpay wallets all start with a "1". – Sherry512 – 2020-10-12T01:06:31.200

Yes will be accessible in both wallets. You won't lose the funds if you have the recovery phrase. – Prayank – 2020-10-12T01:20:02.373

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Forgot to mention, please download the latest version of Electrum wallet only from official source and verify before using it: https://electrum.org/#download

– Prayank – 2020-10-12T01:40:35.697