Bitcoin Forum
May 12, 2024, 08:57:07 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Electrum default transaction fee very high  (Read 9135 times)
marty123 (OP)
Full Member
***
Offline Offline

Activity: 162
Merit: 100


View Profile
December 22, 2015, 09:01:47 AM
Last edit: December 22, 2015, 10:00:26 AM by marty123
 #1

Default is 0.5 mbtc/kb

I set dynamic fees, now it is 0.26 mbtc/kb

should i reduce this to 0.1 mbtc/kb and the transaction will go through without any issue or can fees go lower?


Edit:

I did a transaction with dynamic fees now i have est. confirmation time: Within 6 Blocks (Medium Priority)

the fee was 0.00005114 BTC (went very low than i expected) for 225 bytes transaction size.

In multibit it usually shows high priority when send 0.1 mbtc/kb fees.


should i change the fees or is it ok?

Please let me know.

Thanks.

Edit 2: Got confirmed in 48 minutes.
1715504227
Hero Member
*
Offline Offline

Posts: 1715504227

View Profile Personal Message (Offline)

Ignore
1715504227
Reply with quote  #2

1715504227
Report to moderator
1715504227
Hero Member
*
Offline Offline

Posts: 1715504227

View Profile Personal Message (Offline)

Ignore
1715504227
Reply with quote  #2

1715504227
Report to moderator
1715504227
Hero Member
*
Offline Offline

Posts: 1715504227

View Profile Personal Message (Offline)

Ignore
1715504227
Reply with quote  #2

1715504227
Report to moderator
You can see the statistics of your reports to moderators on the "Report to moderator" pages.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1715504227
Hero Member
*
Offline Offline

Posts: 1715504227

View Profile Personal Message (Offline)

Ignore
1715504227
Reply with quote  #2

1715504227
Report to moderator
1715504227
Hero Member
*
Offline Offline

Posts: 1715504227

View Profile Personal Message (Offline)

Ignore
1715504227
Reply with quote  #2

1715504227
Report to moderator
OmegaStarScream
Staff
Legendary
*
Offline Offline

Activity: 3472
Merit: 6131



View Profile
December 22, 2015, 04:39:14 PM
 #2

I personally don't understand how wallets really configure the fees to set them , but 0.0001 (0.04$) BTC should get your transaction confirmed without any issues .

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
twister
Hero Member
*****
Offline Offline

Activity: 672
Merit: 501



View Profile WWW
December 22, 2015, 04:56:08 PM
 #3

Default is 0.5 mbtc/kb

I set dynamic fees, now it is 0.26 mbtc/kb

should i reduce this to 0.1 mbtc/kb and the transaction will go through without any issue or can fees go lower?


Edit:

I did a transaction with dynamic fees now i have est. confirmation time: Within 6 Blocks (Medium Priority)

the fee was 0.00005114 BTC (went very low than i expected) for 225 bytes transaction size.

In multibit it usually shows high priority when send 0.1 mbtc/kb fees.


should i change the fees or is it ok?

Please let me know.

Thanks.

Edit 2: Got confirmed in 48 minutes.

When you use the dynamic fee option it calculates the transaction fee by bytes, so if you choose 0.0001 BTC/KB and the transaction size is 250 bytes then the fee will be around 0.00002xxx but the latest version 2.5.4 has the lowest amount of fee set to 0.00005 BTC so it will add atleast that much to all the transactions even if you have set the dynamic fee to the lowest.

I have now set it to 0.0005 BTC/kb and my transactions confirm normally which is within next 2 blocks and the average transaction fee I pay now is around 0.00011+ BTC

 

██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
█████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
 
Get Free Bitcoin Now!
  ¦¯¦¦¯¦    ¦¯¦¦¯¦    ¦¯¦¦¯¦    ¦¯¦¦¯¦   
0.8%-1% House Edge
[/
ermis1975
Member
**
Offline Offline

Activity: 198
Merit: 10


View Profile
December 25, 2015, 08:06:39 AM
 #4

What is the minimum transaction fee I can put manually ? I want to send 0.00005btc. I don't care if it takes more hours to be done.
shorena
Copper Member
Legendary
*
Offline Offline

Activity: 1498
Merit: 1520


No I dont escrow anymore.


View Profile WWW
December 25, 2015, 10:00:44 PM
 #5

What is the minimum transaction fee I can put manually ? I want to send 0.00005btc. I don't care if it takes more hours to be done.

Bitcoin-core v.0.11.2 now requires at least 0.00005BTC as TX fees.

No, paying a lower fee is perfectly fine your TX just counts as "free" (as in: one without fee).

If you don't include this minimum fee, your TX risk the chance of not being relayed to other nodes on the Bitcoin network.  Most miners have upgraded to v.0.11.2 also, therefore may not include your TX in their block - leaving your TX out there not being confirmed or even being relayed to other nodes.

Bitcoin helps you being "free" of banks - it was never intended to be a "free" network to send money.  Put the minimum fee required.

PS: If you want to send just a 0.00005 BTC transaction, you are spamming the network.

If it was never intended to allow free transactions, why is there a priority system in the first place?

Yes, it is not recommended to pay a low or no fee at all, but its possible and the transaction will get relayed by nodes. Maybe not on the first attempt, but if you keep rebroadcasting it, it will reach miners. Miners - again - may take some time to put it in a block (think days, not hours), but eventually will do it. If you are perfectly fine to wait a few weeks for your transaction to confirm, its perfeclty viable to create it without fee. Keep in mind that you will need to rebroadcast the transaction from time to time, once or twice a day should be enough.

A single TX without fee is hardly spam.

Im not really here, its just your imagination.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!