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Title: How much fees to pay for a "send to many" TX? Post by: eddie13 on August 31, 2016, 05:25:34 PM I want to use my electrum wallet to send to many addresses at the same time small amounts of BTC but I don't know what I should add for miner fees..
Is their any good rule of thumb for putting in fees for sending to 10 or so addresses at a time? Title: Re: How much fees to pay for a "send to many" TX? Post by: Jhanzo on September 01, 2016, 02:15:29 PM Just go to https://bitcoinfees.21.co/ and enter the recommended fee per byte (70 satoshi at the time of this post) and multiply it by 1000, then enter that amount in Tools > Preference > Transaction fee per KB. But I've been using 0.0005 per KB
Enter the amount based on your base unit though. Some people have sent 0.0005mBTC by accident when it should be 0.0005BTC. Edit: Mistake (noticed 2 days later). I meant 0.0005 per KB and not byte. I'm not that rich. :P Title: Re: How much fees to pay for a "send to many" TX? Post by: NorrisK on September 04, 2016, 06:55:57 PM It shouldn't be different than using a normal transaction to one person.
The only thing that send to many does is that it increase the size of your transaction compared to a single transaction. So you would send a slightly higher fee to compensate for this. I guess the best method is to let the wallet automatically determine the fees based on what you want to pay per kb. It also depends on how many inputs your transaction will be build from. If you send 10x 0.1 btc that originates from a 1 btc transaction, the size will be smaller than when that that 1 btc came from 100 previous deposits into your wallet. Title: Re: How much fees to pay for a "send to many" TX? Post by: Herbert2020 on September 05, 2016, 08:22:14 AM it is the same thing. electrum will calculate the amount of fee based on the size of your transaction in kb.
and this number for feee/kb or the way it is being calculated can be changed in the preference window accessed from Tools Title: Re: How much fees to pay for a "send to many" TX? Post by: eddie13 on September 06, 2016, 11:38:27 PM it is the same thing. electrum will calculate the amount of fee based on the size of your transaction in kb. and this number for feee/kb or the way it is being calculated can be changed in the preference window accessed from Tools This is exactly correct.. Finally got this figured out.. |