I’ve been using bisq for a few years and I’m completely happy about how it operates.
Now here is my predicament ( mind you I’m quite aware it’s got nothing to do with bisq’s inner workings) : on 26/03 I tried to withdraw some BTC from one of the crypto exchanges into my bisq wallet. They broadcast the transaction straight away but they, alas, included ridiculously low fee. I understand they run a business and not a charity and must make money but I didn’t realize ratio what they charge users for withdrawal and what they include in the actual tx is so high.
Moreover they seem very little cooperative about the issue so tx has been stuck in the mempool with 0 confirmations for six days already.
Even worse the tx has six unconfirmed outputs which themselves have some, yes you guessed it, unconfirmed outputs. They go down 3 layers.
Today after having read this article I started thinking about following solution:
install fresh electrum wallet (even on a different machine)
import to that wallet address with 0 confirmation from bisq
spend this unconfirmed tx in electrum wallet with high enough fee (I made all the calculations as described in the above mentioned article) to another address.
uninstall electrum wallet once tx is confirmed and funds secure.
Is that plan feasible at all ?
Any pitfalls I should pay particular attention to ?
To make that transaction in electrum wallet possible I also need to fund that wallet. Shall I use the same address which has stuck tx in it or different one ?
Advice much appreciated.
Edit: Actually I was wrong saying that my issue has nothing to do with bisq’s inner workings. It has. Will the structure of bisq’s wallet be destroyed if I follow my plan ? Or is there any other way of doing that without affecting bisq wallet ?
There has been several cases where people successfully use an electrum wallet in order to send money from electrum to Bisq and in the other way (you can browse on the forum).
But I’m not sure that manipulating addresses from one wallet with another is a 100% safe idea. Maybe safer if you could avoid.
Btw, bitcoin fees are very high since several days and record high right now, so it’s not the best moment to jump in the bottleneck (apart if you are ready to pay high mining fees).
Keep in mind that exchanges often send transactions in batches, where they put output for multiple users in a single transaction.
So if you end up trying to bump the fees for a big transaction alone, it could be a bit expensive for a single person to do.
Really the only good solution for this is to not use centralized exchanges and retain the control of your BTC.
I don’t think there is issue with your plan. I would however try to figure out if you can withdraw unconfirmed BTC from Bisq itself. Perhaps try using cmd+e wallet tool to withdraw all your funds from Bisq and set the appropriate mining fee in Settings.
Otherwise it is fine to take private keys from Bisq with alt+j (after removing wallet password of course) and use them in another wallet. Although it is probably best to switch to new data directory after that, just in case Bisq gets confused for some reason.
But I’m not sure that manipulating addresses from one wallet with another is a 100% safe idea. Maybe safer if you could avoid.
That’s what I want to figure out. And yes I’m ready to pay bump up fees as this may be my last resort.
I would however try to figure out if you can withdraw unconfirmed BTC from Bisq itself. Perhaps try using cmd+e wallet tool to withdraw all your funds from Bisq and set the appropriate mining fee in Settings.
The thing is my bisq wallet doesn’t see this tx at all. It’s only to be seen with 0 confirmations on any of the several bitcoin block explorers around. In bisq the address that I’m expecting my BTC to arrive in, it says "unused’.
I’m thinking that maybe if I removed that address from bisq wallet (and having it only in electrum) would be safe. But I dont think it’s possible in bisq.
@alexej996 No I haven’t. I just imported the address to electrum (no need to install it which i didnt know) and then followed this guide making sure that the fee is even greater then recommended. All done and innards of bisq wallet didn’t suffer.
Closing.
Edit: Not sure how to actually close the topic. Just marked it [Solved].