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Title: Is Electrum fee too high? (0.00045 on 0.0031 transaction) Post by: Xylber on November 02, 2017, 10:10:40 PM Hi guys, Electrum noob here.
Well, I had to send some btc today (after a couple of years) and I found that the fee were much higher than 2 or 3 years ago. A) Is is normal to pay 0.00047 BTC for a 0.0031 BTC transaction? I send it with the "middle" fee options (Electrum offer 5 different levels). B) Is it safe to send it with the minimum fee "Replaceable" option enabled? Thanks Title: Re: Is Electrum fee too high? (0.00045 on 0.0031 transaction) Post by: BTCMILLIONAIRE on November 02, 2017, 10:32:37 PM A) No that's normal.
The fee is independent of the amount of Bitcoins that you send. So the more Bitcoin you send, the "cheaper" the fee becomes relatively to the amount of money that you've transacted. B) Yes. I believe that function is used when you send a transaction with low fees and then try to overwrite it with high fees when it's stuck or if you want to speed it up. Title: Re: Is Electrum fee too high? (0.00045 on 0.0031 transaction) Post by: p3rplexamous on November 02, 2017, 10:42:03 PM The way wallets fee calculators work is not a science, they pull the number of transactions on the mempool and look at their fees and then pics a fee that is similar. If the fee is too high you can lower it. You might have to wait longer for the transaction to be confirmed, but it will be cheaper. You could also wait to send the transaction to off peak hours of the day, or on weekends when the amount of transactions is dramatically less, thus paying less in fees.
Good luck! Title: Re: Is Electrum fee too high? (0.00045 on 0.0031 transaction) Post by: Xylber on November 02, 2017, 11:06:21 PM A) No that's normal. The fee is independent of the amount of Bitcoins that you send. You could also wait to send the transaction to off peak hours of the day, or on weekends when the amount of transactions is dramatically less, thus paying less in fees. Good luck! Crystal clear, thanks for the help and tip Title: Re: Is Electrum fee too high? (0.00045 on 0.0031 transaction) Post by: BTCMILLIONAIRE on November 02, 2017, 11:46:01 PM A) No that's normal. The fee is independent of the amount of Bitcoins that you send. You could also wait to send the transaction to off peak hours of the day, or on weekends when the amount of transactions is dramatically less, thus paying less in fees. Good luck! Crystal clear, thanks for the help and tip this also helped me too , cheers Glad it helped. |