Electrum charged a Huge amount please help!

[TomMacca]

So this is my first post so i do anything wrong please correct me. But i recntly out 0.003 bitcoins into my electrum wallet. Today i transfered 0.0015 of those to exodus. This went fine but when i checked the transfer fee it was $17!!! (0.0007 bitcoin) Is this some sort of error? how can i cancel/ get it back. PLease hellp

[jahead]

the fee of btc-transactions is high atm, i would avoid sending low amounts of btc....

[cr1776]

So this is my first post so i do anything wrong please correct me. But i recntly out 0.003 bitcoins into my electrum wallet. Today i transfered 0.0015 of those to exodus. This went fine but when i checked the transfer fee it was $17!!! (0.0007 bitcoin) Is this some sort of error? how can i cancel/ get it back. PLease hellp

If it is confirmed, you can get it back or cancel.  Make sure you verify that the fee set is what you want.

[buwaytress]

Your Electrum probably has default setting of dynamic fees, so that adjusts according to the network congestion (it is high now, so fees adjust and are high). For next time, change your electrum settings to set your fees manually (if this is what you would like to do), Tools> Preferences> Edit fees manually.

But of course always check that the fee is enough to get it confirmed in the timeframe you want. You can use an estimator like https://bitcoinfees.earn.com/ to calculate this. If you feel you want to secure yourself in case it may be too low, also change the "propose RBF" > if fee is too low".

And, finally, before sending, cllck the Preview button to confirm all details are as you require. Always, always do this.

[TomMacca]

So this is my first post so i do anything wrong please correct me. But i recntly out 0.003 bitcoins into my electrum wallet. Today i transfered 0.0015 of those to exodus. This went fine but when i checked the transfer fee it was $17!!! (0.0007 bitcoin) Is this some sort of error? how can i cancel/ get it back. PLease hellp

If it is confirmed, you can get it back or cancel.  Make sure you verify that the fee set is what you want.

How do i get it back? It has been confirmed. And if it was not confirmed can i still get it back?

[TomMacca]

Your Electrum probably has default setting of dynamic fees, so that adjusts according to the network congestion (it is high now, so fees adjust and are high). For next time, change your electrum settings to set your fees manually (if this is what you would like to do), Tools> Preferences> Edit fees manually.

But of course always check that the fee is enough to get it confirmed in the timeframe you want. You can use an estimator like https://bitcoinfees.earn.com/ to calculate this. If you feel you want to secure yourself in case it may be too low, also change the "propose RBF" > if fee is too low".

And, finally, before sending, cllck the Preview button to confirm all details are as you require. Always, always do this.

So what time period should i expect if i set the fees low (rough numbers). And i am a bit confused on how to read the webstie u sent

[mocacinno]

So this is my first post so i do anything wrong please correct me. But i recntly out 0.003 bitcoins into my electrum wallet. Today i transfered 0.0015 of those to exodus. This went fine but when i checked the transfer fee it was $17!!! (0.0007 bitcoin) Is this some sort of error? how can i cancel/ get it back. PLease hellp

If it is confirmed, you can get it back or cancel.  Make sure you verify that the fee set is what you want.

How do i get it back? It has been confirmed. And if it was not confirmed can i still get it back?

I think cr1776 made a typo... I guess what he wanted to say was:

"If it is confirmed, you can't get it back or cancel.  Make sure you verify that the fee set is what you want. "

Cause that's the truth... Once it's confirmed, there is no way to cancel your transaction, there are no refunds, no central authority to file an appeal... That's one of the basic idears behind bitcoin.

So what time period should i expect if i set the fees low (rough numbers). And i am a bit confused on how to read the webstie u sent

Actually, it's not that hard to read if you know what you're looking for... At this moment, i read the following things:
"The fastest and cheapest transaction fee is currently 440 satoshis/byte" (it's below the graph).

If you don't need a 95% of getting your transaction into the next 3 blocks, you can read the graph itself.. At this moment (for example):
- a fee between 111 and 120 sat/byte has a 95% chance of being added to a block between 35 and 1440 minutes.
- a fee between 161 and 170 sat/byte has a 95% chance of being added to a block between 30 and 1080 minutes.
- a fee between 381 and 390 sat/byte has a 95% chance of being added to a block between 5 and 300 minutes.

Do realise that the lower you fee is, the longer you'll have to wait (on average) and the bigger the chance that something will change in the meantime. There is no timestamp added to your transaction... So, the miners won't add your transaction just because you've been waiting for 1440 minutes...

[Zifen]

So this is my first post so i do anything wrong please correct me. But i recntly out 0.003 bitcoins into my electrum wallet. Today i transfered 0.0015 of those to exodus. This went fine but when i checked the transfer fee it was $17!!! (0.0007 bitcoin) Is this some sort of error? how can i cancel/ get it back. PLease hellp

LOL just avoid small transaction.

0.0007 btc is still cheap fees but of course with the high value of it it turned out to be a high amount in USD value.

[warningsigns]

$17 is tolerable. I transferred some coins last week and I didn’t pay much attention to the fiat value of those fees. My wallet’s fee system is set at “fastest”. It was only later while checking for confirmations that I saw it and was shocked. $68!

I checked how and why I was charged that much. My transaction had a size of more than a thousand bytes.

When I sent more coins a few days later I noticed it was suggesting that I pay about $50. When I adjusted it manually to $17 I was getting an alert that it was too low and might lead to a longer confirmation time lol!

Sending bits and pieces of coins can be very expensive.