Electrum Sending Transaction Fee Question

[viking02]

Default is how much?  I believe its 0.0005 BTC/KB correct?


A while ago i had changed it to 0.  When i send bitcoin, i recalled few times it took very long for other party to receive.  Thus after i sent bitcoin, it showed unconfirmed for a long time in my electrum wallet.


So if i change it to 0.0005 BTC/KB that should be fine?  Also 0.0005 BTC/kb is equal to around how much btc?  Is it 0.0005 BTC so around 22 cents?  Or is it around 6 or 9 cents?  In the old electrum client, i recalled the sending fee I had to pay was around 6 cents.


Also if you create the sending transaction fee... would it make the transfer go faster?  If so, how much to put in the btc/kb part in preferences?


How long on average does it take for the other party to receive the btc if you set the fee as


1.  No Fee

2.  Default Fee

3.  Double the default fee.  Or is that useless?  Is there anything that put a bigger sending fee like 0.02 btc so it would go faster?  Then again... the btc/kb on electrum doesn't exactly mean that btc right since its per kb?

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[viking02]

Another thing.  But last time i had sent bitcoin to a site where the sending fee i had set was 0.  But with this site... the deposit showed up on the other site extremely quickly.  So does that mean certain receiving sites receive bitcoin faster than other sites?   Because i had sent bitcoins many times to a certain site where the transaction fee i recalled i set it to 0... and it showed up quickly.  However... every site seemed to be very slow though.

[shorena]

Default is how much?  I believe its 0.0005 BTC/KB correct?

Yes.

A while ago i had changed it to 0.  When i send bitcoin, i recalled few times it took very long for other party to receive.  Thus after i sent bitcoin, it showed unconfirmed for a long time in my electrum wallet.


So if i change it to 0.0005 BTC/KB that should be fine?  Also 0.0005 BTC/kb is equal to around how much btc?  Is it 0.0005 BTC so around 22 cents?  Or is it around 6 or 9 cents?  In the old electrum client, i recalled the sending fee I had to pay was around 6 cents.

The 0.0005btc/kb should be fine, yes. How much btc that actually is and how much its worth in a different currency depends on how large (in bytes) the TX is and how much 1 BTC is worth currently. If we take 1 BTC = 450 USD and a TX size of 226b[1] you would pay

Code:

0.0005 / 1000 * 226 = 0.000113 btc fee
0.000113 * 450 = 0.05085 USD fee

Also if you create the sending transaction fee... would it make the transfer go faster?  If so, how much to put in the btc/kb part in preferences?

There are several suggestions. Cointape (see [1]) currently suggests 30 satoshi per byte or 0.0003 btc/kb. Bitcoin core's current estimate for a 2 block waiting time is 0.00029968 btc/kb

How long on average does it take for the other party to receive the btc if you set the fee as

1.  No Fee

I dont know, long.

2.  Default Fee

I dont know, but I would guess that 50 satoshi per byte should put you in the next block most of the time, currently. Keep in mind that this can change if the network is filled with more transactions that pay a high fee.

3.  Double the default fee.  Or is that useless?  Is there anything that put a bigger sending fee like 0.02 btc so it would go faster?  Then again... the btc/kb on electrum doesn't exactly mean that btc right since its per kb?

You cant go faster than the next block. No matter how high your fee is, you will not make miners find a block faster.

Yes, its per kbyte to keep it consistant for small (in bytes) as well as large (in bytes) transactions.

[1] median according to https://bitcoinfees.21.co/

[viking02]

Thanks for that info.


So if the fee is set at default... what would be the fee in terms of cents if say i sent 10 btc?  20 btc?

[shorena]

Thanks for that info.


So if the fee is set at default... what would be the fee in terms of cents if say i sent 10 btc?  20 btc?

I dont know, the fee is per kbyte not per btc. If you received 10 BTC in a single transaction it could be ~200 byte or even less. If you received it in 1000 transactions worth 0.01 btc each, the TX would be ~144KiB[1].

[1] assuming compressed keys and a single output.