|
Title: Electrum default transaction fee very high Post by: marty123 on December 22, 2015, 09:01:47 AM Default is 0.5 mbtc/kb
I set dynamic fees, now it is 0.26 mbtc/kb should i reduce this to 0.1 mbtc/kb and the transaction will go through without any issue or can fees go lower? Edit: I did a transaction with dynamic fees now i have est. confirmation time: Within 6 Blocks (Medium Priority) the fee was 0.00005114 BTC (went very low than i expected) for 225 bytes transaction size. In multibit it usually shows high priority when send 0.1 mbtc/kb fees. should i change the fees or is it ok? Please let me know. Thanks. Edit 2: Got confirmed in 48 minutes. Title: Re: Electrum default transaction fee very high Post by: OmegaStarScream on December 22, 2015, 04:39:14 PM I personally don't understand how wallets really configure the fees to set them , but 0.0001 (0.04$) BTC should get your transaction confirmed without any issues .
Title: Re: Electrum default transaction fee very high Post by: twister on December 22, 2015, 04:56:08 PM Default is 0.5 mbtc/kb I set dynamic fees, now it is 0.26 mbtc/kb should i reduce this to 0.1 mbtc/kb and the transaction will go through without any issue or can fees go lower? Edit: I did a transaction with dynamic fees now i have est. confirmation time: Within 6 Blocks (Medium Priority) the fee was 0.00005114 BTC (went very low than i expected) for 225 bytes transaction size. In multibit it usually shows high priority when send 0.1 mbtc/kb fees. should i change the fees or is it ok? Please let me know. Thanks. Edit 2: Got confirmed in 48 minutes. When you use the dynamic fee option it calculates the transaction fee by bytes, so if you choose 0.0001 BTC/KB and the transaction size is 250 bytes then the fee will be around 0.00002xxx but the latest version 2.5.4 has the lowest amount of fee set to 0.00005 BTC so it will add atleast that much to all the transactions even if you have set the dynamic fee to the lowest. I have now set it to 0.0005 BTC/kb and my transactions confirm normally which is within next 2 blocks and the average transaction fee I pay now is around 0.00011+ BTC Title: Re: Electrum default transaction fee very high Post by: ermis1975 on December 25, 2015, 08:06:39 AM What is the minimum transaction fee I can put manually ? I want to send 0.00005btc. I don't care if it takes more hours to be done.
Title: Re: Electrum default transaction fee very high Post by: shorena on December 25, 2015, 10:00:44 PM What is the minimum transaction fee I can put manually ? I want to send 0.00005btc. I don't care if it takes more hours to be done. Bitcoin-core v.0.11.2 now requires at least 0.00005BTC as TX fees. No, paying a lower fee is perfectly fine your TX just counts as "free" (as in: one without fee). If you don't include this minimum fee, your TX risk the chance of not being relayed to other nodes on the Bitcoin network. Most miners have upgraded to v.0.11.2 also, therefore may not include your TX in their block - leaving your TX out there not being confirmed or even being relayed to other nodes. Bitcoin helps you being "free" of banks - it was never intended to be a "free" network to send money. Put the minimum fee required. PS: If you want to send just a 0.00005 BTC transaction, you are spamming the network. If it was never intended to allow free transactions, why is there a priority system in the first place? Yes, it is not recommended to pay a low or no fee at all, but its possible and the transaction will get relayed by nodes. Maybe not on the first attempt, but if you keep rebroadcasting it, it will reach miners. Miners - again - may take some time to put it in a block (think days, not hours), but eventually will do it. If you are perfectly fine to wait a few weeks for your transaction to confirm, its perfeclty viable to create it without fee. Keep in mind that you will need to rebroadcast the transaction from time to time, once or twice a day should be enough. A single TX without fee is hardly spam. |