Fees on Electrum Wallet

[ginko3000]

Hello everyone, I recently installed Electrum wallet on my Mac and was about to perform my first transaction of 50 euros, however I noticed that the cost of the fees is extremely high! almost € 10 on € 50
296 .sat / b = 0.00056937BTC
569 .sat / b = 0.00068607BTC
however I have noticed that I can also manually set the value .sat / b and setting a value of 41.sat / b I would pay only 0.00007937BTC (a much more reasonable figure). What are the drawbacks of setting such low taxes? slow down the transactions? how much? what does the .sat / byte value mean?
thank you!

http://i65.tinypic.com/20pu8tc.jpg

[Iranus]

what does the .sat / byte value mean?

Satoshi is the smallest unit of BTC - it's a 100,000,000th of one Bitcoin.  Bytes are the unit that Electrum is using to measure how much space your transaction is expected to take up on the blockchain.  So satoshi per byte is just a measurement of what fees you're paying relative to how much space your transaction is going to take up on the blockchain.

What are the drawbacks of setting such low taxes? slow down the transactions?

Yes.

how much?

It varies from time to time, but you could look at this site for estimates of how long your transaction is going to take to confirm with different fees with the current network conditions.

Generally, you can send a fairly low fee if you're willing to wait for a while.

[Siren]

Hello everyone, I recently installed Electrum wallet on my Mac and was about to perform my first transaction of 50 euros, however I noticed that the cost of the fees is extremely high! almost € 10 on € 50
296 .sat / b = 0.00056937BTC
569 .sat / b = 0.00068607BTC
however I have noticed that I can also manually set the value .sat / b and setting a value of 41.sat / b I would pay only 0.00007937BTC (a much more reasonable figure). What are the drawbacks of setting such low taxes? slow down the transactions? how much? what does the .sat / byte value mean?
thank you!

Slow confirmation time because you are setting your fee's too low for miners to pickup and prioritize your transactions. You can also check this website to see how much sat/byte minimum you need.

https://bitcoinfees.earn.com/

However, the rule of thumb is the higher the transaction fees you used, the higher chance that your transaction can be picked up in the next 5-10 blocks.

[ginko3000]

Great, thanks!!

[pixel8or]

Ugh... I just paid for a relatively expensive lesson in my efforts to learn about this crypto currency thing.

I went to "atone for my evil" to be able to post on the forum (I registered while using a VPN connection and it didn't like that) and got hammered by the fee on Electrum.

https://s19.postimg.org/ujyak942r/Electrum_Fee001.jpg

That ended up being something like a $13.00 fee for a roughly $0.44 transfer (if my math is correct). I've read that BTC is expensive to transfer, but that's ridiculous. Guess I should have pushed the slider all the way to the left and endured the wait.