Bitcoin Forum

Hi guys,

I've recently started using Electrum and the fees seem crazy high. Heres the break down:

Send 0.00579666 BTC (£25.17)

Mining Fee: 0.0009334 BTC (£4.05)
Additional Fees: 0.002 BTC (£8.68)

Thats like half my bitcoin just to send it?

I thought the whole idea behind bitcoin was that it was cheap and quick to send currency? Super confused! I understand the additional fees are 2FA, but £8.68 and £4.05 for mining? So for me to send £25.17 its going to cost me the best part of half my bitcoin?

Whats going on here?

Thanks for any response!

Most wallet's fees usually aren't really optimized for best best transaction speeds and fees. Usually even though it says "super economy" transaction fee it's still going to be a bit high. The thing you can do is that you adjust your fees to a significantly lower one. If I remember correctly, the past week I've only been paying 30sat/byte; having 1 confirmation in a bit less than 30 minutes, which is very good enough for me. Not sure right now though as I haven't transacted since last week.

you can change the fees to ( whitin 25 blocks 1.12126 MBTC/kb)

Uh, you can change the fees by setting a btc/kb amount. I have mine set to 0.0005BTC/kb. Go to tools -> preferences.

You may manage fee through settings.

You can reduce it. Electrum gives you a rough idea to have optimal speeds and to get it confirmed really quick. but you can reduce it too as much as you want theres a website which shows you how long it would roughly take.

If fees are high, I believe there are quite a number if bitcoin wallets with varying fees. You can surf the net to get the best with respect to fees and also with good security. Though I do no if you set the transaction fee yourself, it will take a longer time before the transaction is being confirmed.

I never use electrum so far. So if its so high, maybe i will not try to use it.
In my country there is any local marketplace wallet that have fee no so high so i use it.

I found a post on bitcoinist on how to send bitcoin transactions with electrum wallet for low as ten cents.

Perhaps the price increase is influenced by the increasing number of miners who start to exchange various types of coins on the market simultaneously with the manager is also able to change the value of the transaction in accordance with the many requests.

You're paying too much on additional fees, 0.002 BTC for 2fa?better buy a hardware wallet(trezor or nano s).
you can adjust miners fee, but i'm not sure about 2fa fees. use this(https://estimatefee.com) to know how much time/blocks your tx will be included in.

Right okay, that makes sense! I've changed the fees and its considerably lower now, thanks!

Can someone please tell me if these fees still apply when sending from a hardware wallet such as Ledger?

Thanks again

Lol I think there might be some issues with electurm which they might resolve soon. Mycelium is a better option According to me. They even have a option to send transaction with 1 sat/byte fee (0.01 USD).

I have the electrum wallet in use but hav bot sent funds from it yet. It is good to know that the fees can be set by the sender dependint on the amound of bitcoin to send and the speed at which you want it sent if it is not urgent

You have to pay the additional fee because you're using two-authentication factor wallet so just change it to basic wallet and make that transaction :))). I've had the same problem like you before when I just wanted to send 0.001 BTC but I had to pay more than 0.001 BTC for transaction fee, both mining fee and additional fee, but when I changed to Electrum basic wallet I don't have to pay additional fee anymore :)). So I think you should still use Electrum two-authentication factor wallet to keep your Bitcoin safe but when you want to make any transaction you should use basic wallet :D

With ledger nano s or trezor, you only pay miners fee, there's no 2fa fee. you can still create an electrum standard wallet and use it(only for small amount/spending). you can get rid of that additional/2fa fees on standard electrum wallet. if you have considerable amount of bitcoins, hardware wallet is recommended.

Thanks all, thought these fees wasnt right somehow. Think i'll purchase a Ledger and be done with it!  ;)

Thanks again  :)

Even online wallets are pretty low fees in Coinbase and blockchain.info. Why desktop wallets are increased their fees. I am not aware of it now. But in electrum we can modify the transaction fees from the default fees to more or low amount for the transaction.
Check with the electrum support team to get to know what is happening in their wallets.

Lol, that's what I was going to suggest.

I've found that Electrum is one of the best wallets as far as customizing fees goes.  I use it on my phone, and it's much better that Mycelium, which doesn't let you set a specific fee (yes I know there are options, but you can't set it lower than "low priority").  So just figure out the settings and you should be good.