What should transaction fees be set to on Electrum wallet

[btckold24]

the default is 0.0005  btc/kb  Is that about the standard rate in order to get the btc sent?

What if your sending many smaller transactions? this fee could add up.

Any suggestion / happy medium of low fees but that will still get it sent in a timely manor?


Just afraid if I lower this to 0.0001 it wont get sent or take a long time


thx in advance for the help

[ranochigo]

Based on blocktrail, it is around 0.00018BTC
Based on cointape, it is around 80satoshi/byte and 0.0008BTC/kb.

Both sources are no way near accurate as they cannot possibly see the entire network's transaction. Use those as a guideline, I find cointape's estimate very aggressive and I would just go for 0.0001BTC/KB even during spam, all of my transaction confirmed within 1-2blocks. I actually consider 0.0001BTC/KB on the average side and is good enough.

Edit: Dynamic fee works too.

[btckold24]

thats awesome thx so much!

[shorena]

thats awesome thx so much!

There is no fixed answer as this changes over time. If you use the current version of electrum you can enable dynamic fees.

Tools -> Preferences -> Transactions -> check Dynamic fees.

[altcoinhosting]

thats awesome thx so much!

There is no fixed answer as this changes over time. If you use the current version of electrum you can enable dynamic fees.

Tools -> Preferences -> Transactions -> check Dynamic fees.

I have been using electrum for a while now, and i didn't know this existed...
I haven't searched for the answer, so i might be asking a stupid question, but i suppose the dynamic fee is calculated by using blocktrail or cointape's API?
Also, do you have an idear if it's possible to set the dynamic fee to low or medium priority?

[ranochigo]

thats awesome thx so much!

There is no fixed answer as this changes over time. If you use the current version of electrum you can enable dynamic fees.

Tools -> Preferences -> Transactions -> check Dynamic fees.

I have been using electrum for a while now, and i didn't know this existed...
I haven't searched for the answer, so i might be asking a stupid question, but i suppose the dynamic fee is calculated by using blocktrail or cointape's API?
Also, do you have an idear if it's possible to set the dynamic fee to low or medium priority?

Nope Electrum connects to their own user ran servers and the recommended fee is requested from the server. The server uses their mempool to judge for the transaction fees CMIIW.

Yup there is a slider appearing when you go to preference and check the dynamic fees box.

[pornluver]

and what does the slider do?

[HCP]

The slider allows you to set a "target" confirmation time for transaction, measure in blocks... and Electrum will slap on a fee that the Electrum Servers estimate will have a good chance of getting your transaction confirmed within that many blocks.

I believe the slider steps are set to 1, 2, 5, 10 and 25 blocks...

Note: these are just targets and estimates... there is no guarantee that your transaction will confirm in that timeframe.