I really want to send funds to cold storage but these fees are insane right now 🤯 https://mempool.space
Discussion
So just do it and wait. Worst case, it doesn't get confirmed and you have to do it again. Best case, it's done and you don't need to worry about it later.
Ignore the fees, if the amount is worth keeping forever, send it. Is Saving a few dollars in fees worth the risk?
I’m not American, so a few dollars in fees means something totally different to me.
I understand, but the risk management theory still applies, either a- the exchange holding your bitcoin is trustworthy, and you can wait for the txn to clear the mempool, or it’s not, and surely you’d rather have less bitcoin then not have any of it at all.
I don’t buy Bitcoin off exchanges, that is an assumption on your part.
I buy Bitcoin Vouchers from my Azteco Vendor with cash & then redeem the Sats. That method is LN based for the most part & doesn’t help me take it from my hot LN wallet to cold storage when fees are this high.
Okay, nuanced methodology aside, again the principle is the same. In your case there may be less counterparty risk, especially if your LN wallet is self custodial, so you can again make an educated choice, do the sats need to be in cold storage asap, or can you wait for a low s/vB txn to clear the mempool? With increased block demand, the decision to settle the main chain will be a critical financial decision. Opening and closing channels, having unreliable peers that result in force closures, swaping sats back to main chain, will all have financial repercussions. Just do the math and make a choice about whether it’s worth it or not. Don’t forget that the next time you need those sats, there could be even more demand for block space. Think about why you want your sats where you want them. The days of playing with bitcoin and moving stuff around whenever wherever for cheap may be over, or may come around again, but making educated decisions will always be valuable.