Electrum Wallet Sending Time Question

[viking02]

Posted this in electrum thread but didn't get reply.

I use electrum wallet to send/receive bitcoins and like it because its very easy to use.  For the miner's fee, it seems to put default 0.0002 btc fee which is around 5 cents.  I always leave it at 0 because one of the sites that i use, they told me they need to send them exactly a certain amount of btc.  Such as it could be 10.8342 btc or it won't work.  However, each time i send the btc with electrum and put 0 for the miner's fee, it seems to take pretty long with certain sites.  One site takes around 15 minutes for the btc to show up.  However, some other sites would take 45 minutes all the way up to 1 hour or a bit more.  They tell me they have to wait for 3 confirmations.


Does this mean the other site which takes only 15 minutes use only 1 confirmation or do they take 3 confirmation as well?  If so, how come this site is a bit slower?  But if i send the 0.0002 btc fee, does that mean they will get the 3 confirmations very fast such that 15 minutes my btc would reach them?


Thank you.

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[pooya87]

if you put 0 fee the transaction takes a very long time to get any confirmation and in some cases it would not get confirmed.
besides if i am not mistaken Electrum does NOT allow you to broadcast the transaction if you put 0 fee.

i don't understand what you mean by "show up"!, if you mean confirmation i explained on top. but if you mean the site (receiver of bitcoins that you have sent) does not show it in your balance on their site, it might be because they update your balance with delays or intervals.

[viking02]

has anyone here done 0 fee and if so, how long does it typically take?


So basically everyone here does 0.0002 btc fee then right?  How long does it take for that?


Heres another interesting thing.  If im sending btc to another user and not sportsbook, i always put 0 sending fee... they receive it pretty quick though.  Is there reason for that?

[odolvlobo]

There are several factors that determine how quickly a transaction will be added to the block chain. One of them is the amount of the fee paid relative to the size of the transaction (in bytes). Others include how long the bitcoins have been at their current address and the amount of the transaction.

Bitcoins sent to an address will show up in the destination wallet within a few seconds, but will be shown as pending or something like that until there is at least one confirmation. A sites will credit your account according to its policy, which may require several confirmations. A confirmation takes 10 minutes on average but varies from a few seconds to more than an hour.

[pooya87]

has anyone here done 0 fee and if so, how long does it typically take?

i have done it. i have record of ~half hour to 1 week for getting any confirmation.

So basically everyone here does 0.0002 btc fee then right?  How long does it take for that?

with standard fee, the transactions usually take minutes to confirm

Heres another interesting thing.  If im sending btc to another user and not sportsbook, i always put 0 sending fee... they receive it pretty quick though.  Is there reason for that?

again, i feel like you are confusing "receive" (see in the wallet) and "get confirmation" with each other.
as soon as you send bitcoin the other person will receive it. but it is not confirmed unless included in a block. and before that you can double spend the same bitcoins that you have sent.

[ranochigo]

Posted this in electrum thread but didn't get reply.
-snip-
However, each time i send the btc with electrum and put 0 for the miner's fee, it seems to take pretty long with certain sites.  One site takes around 15 minutes for the btc to show up.  However, some other sites would take 45 minutes all the way up to 1 hour or a bit more.  They tell me they have to wait for 3 confirmations.


Does this mean the other site which takes only 15 minutes use only 1 confirmation or do they take 3 confirmation as well?  If so, how come this site is a bit slower?  But if i send the 0.0002 btc fee, does that mean they will get the 3 confirmations very fast such that 15 minutes my btc would reach them?


Thank you.

A possibility.
1)Bitcoin Core 0.11.0 introduced the option to change the amount of free transactions to be accepted in the mempool per minute. If the node has reached the maximum (Default 15kb/min, can be set), it would take a while for them to include your transaction into the mempool. Probably now the problem in your case. [Please correct me if I'm wrong]

The confirmations varies on a number of factor
1) Block free space. Each block by default has a space of 50kb for free transaction. The transaction with highest priority would be included first, while the others would be included last. If your transaction is ranked right after the last transaction included in the small space, you would have to wait for the next block.
2) Block frequency. Blocks are generated on an average of 10 minutes, it usually varies, a block can take anywhere from 1 second to infinity.

has anyone here done 0 fee and if so, how long does it typically take?

i have done it. i have record of ~half hour to 1 week for getting any confirmation.

It highly depends on the network load. The more the amount of free transactions, the more time your transaction can take.

So basically everyone here does 0.0002 btc fee then right?  How long does it take for that?

with standard fee, the transactions usually take minutes to confirm

More specifically, the next few block. Again, there is no such thing as standard fee. The only kind of minimum fee is the relay fee, it is by default at 0.00001BTC/KB for nodes to relay your transactions. It can be changed on the reference client however.

[bitbaby]

 I always leave it at 0 because one of the sites that i use, they told me they need to send them exactly a certain amount of btc.  Such as it could be 10.8342 btc or it won't work.  However, each time i send the btc with electrum and put 0 for the miner's fee, it seems to take pretty long with certain sites.  

Let me clarify this part, if a site is asking to send a specific amount let's say send 0.01234 BTC and you enter 0.01234 in the "Amount" field then only that will be received by the site and not the amount you enter in the "Fee" field, don't get confused with that. So let's say you enter 0.01234 in the "Amount" field which is the correct amount the site asked for and you entered "0.0002" in the "Fee" field, your wallet balance will get deducted by 0.01234 + 0.0002 but the site will only receive the 0.01234 and the Fee 0.0002 will go to the miners.

So next time don't send the transaction with 0 fee just add at-least 0.00011 and it will confirm normally, usually within 10 minutes.

[Q7]

Generally if you add more fees, miners will take your transaction as higher priority and will more likely include in their block processing. However this is based on higher probability. When sending the amount to services, some of them will have their own rule as to how many confirmations are needed before they will take it as final. However it is not recommended to put zero if you want fast confirmation to be able to use the fund immediately.

[defcon23]

Posted this in electrum thread but didn't get reply.

I use electrum wallet to send/receive bitcoins and like it because its very easy to use.  For the miner's fee, it seems to put default 0.0002 btc fee which is around 5 cents.  I always leave it at 0 because one of the sites that i use, they told me they need to send them exactly a certain amount of btc.  Such as it could be 10.8342 btc or it won't work.  However, each time i send the btc with electrum and put 0 for the miner's fee, it seems to take pretty long with certain sites.  One site takes around 15 minutes for the btc to show up.  However, some other sites would take 45 minutes all the way up to 1 hour or a bit more.  They tell me they have to wait for 3 confirmations.


Does this mean the other site which takes only 15 minutes use only 1 confirmation or do they take 3 confirmation as well?  If so, how come this site is a bit slower?  But if i send the 0.0002 btc fee, does that mean they will get the 3 confirmations very fast such that 15 minutes my btc would reach them?


Thank you.

you can grab some help on IRC Freenode  room #electrum , ThomasV & a lot of users could help you there.. overwise , the fees in transaction are absolutely necessary . this fees pay the miners,  who relay and confirm your transactions..

[ikydesu]

has anyone here done 0 fee and if so, how long does it typically take?


So basically everyone here does 0.0002 btc fee then right?  How long does it take for that?


Heres another interesting thing.  If im sending btc to another user and not sportsbook, i always put 0 sending fee... they receive it pretty quick though.  Is there reason for that?

Well, i personally always put amount for miners fees, you can't be poor only pay for 5 cen.
A transaction may be safely sent without fees if these conditions are met:
- It is smaller than 1,000 bytes.
- All outputs are 0.01 BTC or larger.
- Its priority is large enough (see the Technical Info section below).