Bitcoin Forum

Bitcoin => Electrum => Topic started by: Betwrong on December 24, 2023, 10:01:26 AM



Title: Transaction fees on Electrum
Post by: Betwrong on December 24, 2023, 10:01:26 AM
Unfortunately I couldn't find the answer on the internet, so I'll try my luck here.

Since recently the transaction fees on my Electrum are too high. Sometimes the minimum fee I can pay to send coins is two times higher than High Priority fee on mempool.space (https://mempool.space/) and I don't like it. :)

Is it possible to set the fees manually? Can we send BTC with very small fees without Lightning Network?

Thank you in advance!


Title: Re: Transaction fees on Electrum
Post by: Zaguru12 on December 24, 2023, 10:05:57 AM
Fee estimation on wallets are different and that’s why it is good to check the mempool explorer before using that provided by the wallet. Yes it is possible to actual customize fees on electrum wallet, here is a guide on that https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/#:~:text=Click%20on%20the%20button%20with,terms%20of%20satoshis%20per%20byte. (https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/#:~:text=Click%20on%20the%20button%20with,terms%20of%20satoshis%20per%20byte.)

I don’t know if it is an android electrum app you are using because last I read they don’t have that option but you change it manually still by clicking the ‘target’ there to change between ETA/Mempool/Static. You can click on static and drag the icon to your prefer amount or better still use BlueWallet if it is on mobile


Title: Re: Transaction fees on Electrum
Post by: Charles-Tim on December 24, 2023, 10:08:11 AM
For the fee, just check the mempool and use the fee rate (sat/vbyte) that you see there. The fee can be higher because you have more inputs and/or outputs in the transaction that you want to broadcast.

You can customize the fee on desktop Electrum. But it is worth knowing that you can not customize the fee on mobile Electrum. On mobile Electrum le, you have to rely on the fee slider which may not be that accurate for you at times.


Title: Re: Transaction fees on Electrum
Post by: tranthidung on December 24, 2023, 01:21:57 PM
Since recently the transaction fees on my Electrum are too high. Sometimes the minimum fee I can pay to send coins is two times higher than High Priority fee on mempool.space (https://mempool.space/) and I don't like it. :)

Is it possible to set the fees manually?
In Electrum wallet, for on-chain transaction, you have 3 options to set transaction fee: ETA (Estimated Time of Arrival), Mempool, and Static.

Your demand is set the fee rate manually by Static option. Please read my thread for details.
  • Minimize your transaction fee with Electrum wallet (https://bitcointalk.org/index.php?topic=5452925.0)
  • I would like to use Static fee rate too and I always double check mempools, I don't rely on Electrum suggestion to broadcast my transaction because I can avod overpay if Electrum wallet suggests overpaid fee.

Some other sites to check mempools and suggested fee.
  • https://mempool.jhoenicke.de/#BTC%20(default%20mempool),24h,weight
  • https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight
  • https://whatthefee.io/


Title: Re: Transaction fees on Electrum
Post by: Charles-Tim on December 24, 2023, 01:33:14 PM
In Electrum wallet, for on-chain transaction, you have 3 options to set transaction fee: ETA (Estimated Time of Arrival), Mempool, and Static.

Your demand is set the fee rate manually by Static option. Please read my thread for details.
  • Minimize your transaction fee with Electrum wallet (https://bitcointalk.org/index.php?topic=5452925.0)
  • I would like to use Static fee rate too and I always double check mempools, I don't rely on Electrum suggestion to broadcast my transaction.
The best is to be able to customize the fee. The static option can be helpful if the mempool is not congested and the fee rate is low. But if the mempool is congested and the fee rate is high, the static will become not accurate.

These are the fee rate option for static: 1, 2, 5, 10, 30, 50, 70, 100, 150, 200, 300 sat/vbyte.

Assuming the high priority is 123 sat/vbyte. Static option do make makes it accurate.

The higher the fee rate the higher the static fee rate inaccuracy.


Title: Re: Transaction fees on Electrum
Post by: tranthidung on December 24, 2023, 01:57:12 PM
The best is to be able to customize the fee. The static option can be helpful if the mempool is not congested and the fee rate is low. But if the mempool is congested and the fee rate is high, the static will become not accurate.
You can type the fee rate manually and fee rate suggestion with any of three options should be your first glance. Before broadcasting a transaction, double check with mempools, it's what I do and suggested in my thread.

If only rely on suggestion, choose Mempool option is best but even if I choose it, I always double check.

Quote
These are the fee rate option for static: 1, 2, 5, 10, 30, 50, 70, 100, 150, 200, 300 sat/vbyte.

Assuming the high priority is 123 sat/vbyte. Static option do make makes it accurate.

The higher the fee rate the higher the static fee rate inaccuracy.
They are numbers on the Fee target band when you slide it from left to right but you always can type the number manually like 1.1, 2.2. whatever number.

Your demand is set the fee rate manually by Static option.
I made inaccuracy there because I wrote it based on my memory. I just check it and with three options, you can type fee rate manually, not only for Static option.


Title: Re: Transaction fees on Electrum
Post by: khaled0111 on December 24, 2023, 09:28:28 PM
I made inaccuracy there because I wrote it based on my memory. I just check it and with three options, you can type fee rate manually, not only for Static option.
You can set the fee rate manually only on the desktop version. Unfortunately, the mobile version does not support this feature and you have to use the slider to adjust the fee rate.

Can we send BTC with very small fees without Lightning Network?
Do you mean to pay lower fee than what estimator suggest and have fast confirmation? No. This is not possible, afaik. The only work around I can think of is to pay a small fee then use an accelerator such as viabtc (the transaction must meet the accelerator's requirements, though).


Title: Re: Transaction fees on Electrum
Post by: tranthidung on December 25, 2023, 03:17:08 AM
You can set the fee rate manually only on the desktop version. Unfortunately, the mobile version does not support this feature and you have to use the slider to adjust the fee rate.
On mobile Electrum wallet, it is true and it is a known issue for years.
  • Android: Allow manually editing fee rates and selecting the fee method directly on fee menu pop-up (https://github.com/spesmilo/electrum/issues/6710)
  • You can tap on Target and choose one of three categories: ETA, Mempool or Static. With static, the min fee rate is 1 sat/vbyte but issue is you can not type it manually. Issue reported years ago but still not resolved in newest versions.

On desktop, there is a guide from Bitcoinelectrum.com
  • All about transaction fees in Electrum (https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/)


Title: Re: Transaction fees on Electrum
Post by: Betwrong on December 31, 2023, 11:24:58 AM
Thank you, guys, for all your advises. I hope it will help not only me, but other people with similar problems. Unfortunately I didn't have time to test it still, and right now according to https://mempool.space/ the Low Priority fee is 216 sat/vB so I don't want to even try that now, but I hope in the near future I will try it.

I wish all of you to have a great year ahead! Celebrate it good, guys. Cheers.