What to set transaction fee?

[NiceSoft12]

So I set my fee as less than the default for Electrum wallet. I believe .1mbtc per 1kb and the blockchain would not confirm it for a long time. Isn't that enough of fee? It seems the default fee is pretty expensive. How are exchanges able to send with fees as low as .00002 and get confirmations?

[1713544709]

1713544709

[--Encrypted--]

So I set my fee as less than the default for Electrum wallet. I believe .1mbtc per 1kb and the blockchain would not confirm it for a long time. Isn't that enough of fee? It seems the default fee is pretty expensive. How are exchanges able to send with fees as low as .00002 and get confirmations?

.3mbtc per kb should be enough to get your transaction confirmed fast.
default fee is 0.0005 (0.5mbtc) per kb, right? that's not at all expensive IMO.

for the exchanges .00002 fee you speak of, I won't know unless you post the txid. but even then they might have their own miners that will always include their transactions.

[ranochigo]

0.1mbtc should be enough, I've used 0.17mbtc/kb fee yesterday and it did confirm in a short amount of time.

Electrum, by default, uses dynamic fees to estimate the fees. If you want to set a good estimate, put the slider to the bottom and the fee should be reasonable (0.2mbtc right now). I typically use 80% of that estimate for my custom fee.

[NiceSoft12]

I used dynamic fees yesterday and it took about 8-10 confirmations for my transaction to get confirmed. Wtf is happening?

[BitcoinSupremo]

I used dynamic fees yesterday and it took about 8-10 confirmations for my transaction to get confirmed. Wtf is happening?

As long as you have 1 confirmation it is confirmed by the network, so I think you are misleading us and maybe the website where you sent the bitcoins need 8-10 confirmations in order for your coins to be in your balance in the website you sent them. Once you get a small part of the circle in red in the electrum transaction it means it has already 1 confirmation and is already confirmed in the network.