Ridiculous transaction fees. Electrum wallet.

[newbitcoin2]

I sent around 27 USD using electrum wallet. Before completing a transaction I received the warning that the fees are almost 50% from total. I moved the fees button to minimum and the warning still appeared saying that the fees are around 24% So, I completed the transaction by using minimal fees. After 2 hours of waiting there is still no confirmation. I tried to increase sending fees but it is not working. How long shell I wait approximately. Please give me some advice. 

https://explorer.bitcoin.com/btc/address/39k2vS41YEg4xbwrHBkmdvLcaCUVm7t5tE

[ranochigo]

Your transaction has 62 satoshis/vbyte which puts you at approximately 3vMB from the tip of mempool. Given no new transactions, which is impossible it'll take 4 blocks. I would be inclined to say that it will be confirmed within the next few hours barring any sudden spike in fees.

You can see the mempool state and the transaction fees here: https://jochen-hoenicke.de/queue/#0,24h.

[NotATether]

^^ this.

3 vMB from the tip is a very short distance. Last Monday I had a transaction at 50 sats/vbyte places at around 0.5vMB from the tip.

You won't have to wait very long, chances are it'll confirm in 2 to 4 hours. Maximum it should take is a day but this is a very conservative estimate in case there's an avalanche of transactions later that have a higher fee than yours (and it's still unconfirmed by then).

I tried to increase sending fees but it is not working.

Did you check if RBF is enabled for the transaction? If you double-click on the tx, a window with details should pop up with "RBF: On" or "Off" (or enabled/disabled or something like that) listed on the top right?

[newbitcoin2]

Thank you. I'll wait, but to be honest btc transaction rates now days are too high.

[LoyceV]

I sent around 27 USD using electrum wallet.

You should forget about USD when sending Bitcoin. Unfortunately, at current fees, it's very expensive to send small amounts (such as your 0.0005 BTC) in Bitcoin. In the future, if the receiver accepts it, see if you can pay using the Bitcoin Lightning Network.

You're using 2 inputs for this transaction, that (almost) doubles the transaction size, and thus your fee. If you enable the Coins tab in Electrum, you can manually select which input to use (right click > Spend). This helps to reduce fees.

How long shell I wait approximately.

I'm fairly certain it will confirm Sunday at the latest, but probably much earlier.

[bitmover]

I sent around 27 USD using electrum wallet. Before completing a transaction I received the warning that the fees are almost 50% from total. I moved the fees button to minimum and the warning still appeared saying that the fees are around 24% So, I completed the transaction by using minimal fees.

Additionally to what others have said  ,you can customize fees below that minimum suggested fee.

It is possible to send for less than 0.5usd  even in the actual prices. But your transaction will take many days to get confirmed. Sometimes this is not a problem (if you are just transferring to another wallet you own , for example)

To customize fees in electrum you can follow this guide

The form on the send tab is used to send money. The amount you enter there is the amount the recipient gets. To control how much you spend in fees you click pay and then advanced to see this window:



As you can see fees depend on the size of your transaction in bytes and the fee rate in terms of satoshis per byte. There are 100,000,000 (100 million) satoshis in a bitcoin.

In the transaction shown in the screenshot above the recipient’s address is the first output while the others are change addresses belonging to the sender’s wallet. The recipient gets 0.02btc, the fee is 294 satoshis and the total cost to the sender is 0.02000294 btc.
https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/

Reducing inputs (as suggested by LoyceV) will reduce the total transaction size, and total fees.

[Findingnemo]

Thank you. I'll wait, but to be honest btc transaction rates now days are too high.

Yes, because the network is congested with more than 110K unconfirmed transaction. Earlier today I say the fee for fastest transaction was 30sat/byte but now it is over 130sat/byte so I guess your transaction will be confirmed atleast in the next 24 hours. Next time use the memepool analyzer to find the netowork status which is normally less congested at the weekends.

[DannyHamilton]

. . . to be honest btc transaction rates now days are too high.

The bad news:  Bitcoin is very popular right now.  When bitcoin is very popular, there is a large increase in transactions. A large increase in transactions all trying to get access to the limited space in the blockchain means that people willing to pay very high fees get to have their transactions confirmed first.  Those that aren't willing to pay such a high fee will find that their transaction will wait until there are less high-fee transactions waiting.

The good news: As more and more people like yourself get frustrated with the high fees and slow confirmation, they will stop trying to send Bitcoins.  This will reduce the number of new transactions being created which means that there will be more space in the blockchain for lower fee transactions.

Eventually, these two opposing forces will equalize.

[odolvlobo]

Fees are very high right now (> 90 s/vb). I think your transaction (62 s/vb) might be confirmed tonight, and probably sometime this weekend if not.

[newbitcoin2]

Finally I got confirmations. It took almost 24 hours.