Basic settings for Electrum 2.8.1

[ziggy2]

Hello,

I just updated my Electrum wallet to 2.8.1. I read somwhere that al low level of fees may slow the transactions. I seem to understand that the "Dynamic fees" box should be checked in "Tools/preferences".
Are there other basic settings that are recommended to make the use of my wallet both safe, quick and simple (needless to say I am a beginner, although I have done some back-and-forth transfers and payments with Eelctrum) ?

Another question is the following : when I save a copy of my wallet, using the "File/save copye" command, and put it on ahard disk, does this mean that if my PC fails, I will be able to download again Electrum on another PC and restore my orignal wallet (with the BTC not being lost !) ?

Thank you in advance.

[shorena]

Hello,

I just updated my Electrum wallet to 2.8.1. I read somwhere that al low level of fees may slow the transactions. I seem to understand that the "Dynamic fees" box should be checked in "Tools/preferences".
Are there other basic settings that are recommended to make the use of my wallet both safe, quick and simple (needless to say I am a beginner, although I have done some back-and-forth transfers and payments with Eelctrum) ?

Yes, enable the "replace by fee" option and mark the transaction "replaceable". The wording might be slightly off. It allows you to increase the fee easily after you have broadcasted the transaction in case the dynamic fee estimate was not good enough and you dont want to wait any longer.

Another question is the following : when I save a copy of my wallet, using the "File/save copye" command, and put it on ahard disk, does this mean that if my PC fails, I will be able to download again Electrum on another PC and restore my orignal wallet (with the BTC not being lost !) ?

Thank you in advance.

Yes, but its better to just keep the seed (the words) safe. A copy of the wallet file will still be protected by your password, the seed will allow you to set a new one. Thus the seed also helps if you should no longer remember your password. On the other hand the seed can not safe any notes you did to your transactions and/or addresses. Both would be a good option, but the seed is more important IMHO.

[ziggy2]

Thank you for your response.

I can't find the "Replace by fee" option, instead I have a box "Edit fees manually" ; I suppose I should check it ?
Just below, there is another option : "Propose replace-by-fee", associated with a scrolling menu : "If the fee is low / Always / Never"...should I choose the first one ?

Can you help me understand how it works : can the "network" determine if a fee is low, and then I would have a message suggesting to increase it ?

Also, another question, in the "Receive" menu (I wish to bring my BTC back from my Bitstamp account), Electrum provides the address that I need for asking Bistamp to send me the BTC, which is clear. But there is also an empty box for the requested amount. If I write 1 in this box, and then 1 in the Bitstamp "deposit" formular, will the fees be taken from my Bitstamp account (sender) or from my Electrum BTCs. A true beginners' question...Thank you for your assistance.

[shorena]

Thank you for your response.

I can't find the "Replace by fee" option, instead I have a box "Edit fees manually" ; I suppose I should check it ?

If you want, but its not what I was looking for. Sounds good as it should give you more control.

Just below, there is another option : "Propose replace-by-fee", associated with a scrolling menu : "If the fee is low / Always / Never"...should I choose the first one ?

->

They change it a bit around, so setting it to 'Always' should do it.

Can you help me understand how it works : can the "network" determine if a fee is low, and then I would have a message suggesting to increase it ?

No, but your wallet can or rather the server its connected to. It knows about most other unconfirmed transactions and can estimate which will get confirmed (soon) and which not (or later).

Also, another question, in the "Receive" menu (I wish to bring my BTC back from my Bitstamp account), Electrum provides the address that I need for asking Bistamp to send me the BTC, which is clear. But there is also an empty box for the requested amount. If I write 1 in this box, and then 1 in the Bitstamp "deposit" formular, will the fees be taken from my Bitstamp account (sender) or from my Electrum BTCs. A true beginners' question...Thank you for your assistance.

No, this just changes the information that is encoded in the QR code. See how it changes when you enter an amount? It handy to set a label for someone elses wallet or similar, but it has no meaning if you just copy the address.

[ziggy2]

Thank you very much for your help. Here is how it looks in my version of Electrum.


(not sure the syntax is correct to show the picture ..)

If I choose "Always", and if I am asked for how much fees, how can I determine the appropriate/adequate amount of fees ? Is there a rule of thmb like a consensus/recommended percentage or ...?

I understand that we are talking here about fees when sending money from Electrum. But when receiving funds (e.g. from Bistamp), how are the fees determined ? I am currently waiting for a transfer from Bistamp to Electrum to be confirmed ; is it a matter of fees, and how can one adjust them  ?

[Coding Enthusiast]

Yup, that thing needs a little bit of explanation. I took the liberty of opening up a new issue about this and another GUI bug that bugged me for some time https://github.com/spesmilo/electrum/issues/2312

Thank you very much for your help. Here is how it looks in my version of Electrum.
-snipped pic-
(not sure the syntax is correct to show the picture ..)

I can't see that picture. If it is showing the preference window it is ok to show it, anything else such as your bitcoin addresses can ruin your privacy and obviously showing the seed or private keys is just going to let others rob you (the last three can be in QR code and some people miss that when they make a screenshot)

If I choose "Always", and if I am asked for how much fees, how can I determine the appropriate/adequate amount of fees ? Is there a rule of thmb like a consensus/recommended percentage or ...?

You don't need to worry about appropriate fees. The wallet takes it from the servers and suggests the best/appropriate fee. Use the slider to see.

(oops this is 2.7.17 but I don't think they changed anything about this in 2.8.1)

I understand that we are talking here about fees when sending money from Electrum. But when receiving funds (e.g. from Bistamp), how are the fees determined ? I am currently waiting for a transfer from Bistamp to Electrum to be confirmed ; is it a matter of fees, and how can one adjust them  ?

When you receive fund it is up to the sender (in this case Bitstamp) to pay appropriate fees.
You can't adjust the fees and also it is strange that you are waiting for that transaction to confirm since network load (number of unconfirmed transactions in the memory pool) has been very low these days.

[ziggy2]

"the preference window it is ok to show it, anything else such as your bitcoin addresses can ruin your privacy "
Of course I blurred the numbers and the QR code, but thank you for the reminder.

I am unable to insert an image in my message. I'm using hostingpics.net, and I pasted the "forum thumbnail" address provided by them in between the two img and /img tags (appearing when I click on the Insert Image icon...doesn't work. Any indication to make it ?

Thank you for your help.

[Coding Enthusiast]

I couldn't load that website for some reason (I blame my internet provider ), and it is because of your rank that it doesn't show up (it is a forum thing).

[sorry it took too long I was booting up my Ubuntu to make the screenshots with 2.8.1]
This is basically what happens with each option.
Never is obvious.
Always is obvious too.
The middle option "If fee is low" activates the "Replaceable" checkbox to let you make the transaction replaceable only if your fee is lower than the threshold.

[ziggy2]

I think that I understand.
In the meantime, I saw that my Electrum wallet indicated that the trnasfer was confirmed (the red icon became yellow, then green). Bitstamp actually used the "appropriate" amount of fees.
Thank you very much for all those who took the time to explain. Greatly appreciated.