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Author Topic: How will I know how big my transaction fee will be in Electrum 2.6.4 ?  (Read 783 times)
nanananabanana (OP)
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June 16, 2016, 10:28:42 PM
 #1

Hello,

i don't mind paying the fee, but I want to know how big it will be. I know it is determined in mBTC/kB but how many kB will a transaction be? How can I determine it? And what happens if I withdraw all my BTC from my wallet? I cannot have a negative balance, so will my payment order be diminished? Does it always happen this way?

And most importantly - if I want to make a payment of a precise amount, will it be affected? How do I ensure that the desired amount is being transferred from my wallet if I don't know the fees?

Thanks in advance.
--Encrypted--
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June 16, 2016, 11:12:46 PM
 #2

that's a lot of questions.

Quote
i don't mind paying the fee, but I want to know how big it will be. I know it is determined in mBTC/kB but how many kB will a transaction be? How can I determine it?

the size of transactions are calculated "by adding up all the bytes necessary to create the transaction". so it can be very hard to calculate it manually. you can however get a rough estimate by using this[1] formula.

Quote
And what happens if I withdraw all my BTC from my wallet? I cannot have a negative balance, so will my payment order be diminished? Does it always happen this way?

if you withdraw all btc you'll be left with 0 balance. electrum won't allow you to send btc if you don't have enough balance. you can't get negative balance.
don't even know what you mean by "always happen this way"... have you experienced it?

Quote
And most importantly - if I want to make a payment of a precise amount, will it be affected? How do I ensure that the desired amount is being transferred from my wallet if I don't know the fees?

what you enter in the "amount" box doesn't include the fee. the fee is deducted separately from what's left in your balance.
you can view electrum's estimated fee before you send anything by ticking the "Set transaction fees manually" option from preferences. electrum will still suggest what fee you should use even if you have that option on.


[1] input*148 + output*34 + 10 . this can get really off-target for transactions with lots of inputs and outputs.
pinkflower
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August 18, 2016, 03:46:28 PM
 #3

Is it ok to adjust the fee to lower than .0005 btc? In my blockchain wallet the fee is lower than the .0005 btc that Electrum has by default. Will it affect the confirmation time if I change it to .0002 in Electrum?
steven0021
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August 18, 2016, 07:29:12 PM
 #4

Is it ok to adjust the fee to lower than .0005 btc? In my blockchain wallet the fee is lower than the .0005 btc that Electrum has by default. Will it affect the confirmation time if I change it to .0002 in Electrum?

Lowering it might affect the confirmation time. Can't say for sure because the fee needed for fast confirmation changes all the time, but right now https://bitcoinfees.21.co/ is recommending 80 satoshis/byte for fee. 0.0002/kb is roughly 20sat/byte.

                                                                       
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Herbert2020
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August 19, 2016, 07:55:48 AM
 #5

Is it ok to adjust the fee to lower than .0005 btc? In my blockchain wallet the fee is lower than the .0005 btc that Electrum has by default. Will it affect the confirmation time if I change it to .0002 in Electrum?

as --Encrypted-- explained to you, the fee amount is calculated based on the "size" of your transaction and size here is referring to the kb not the amount of BTC you are sending.
in electrum you can go to Tools > Preference and choose a Dynamic Fee so that you receive a recommended fee based on the current state of market from the servers.

0.0005 BTC/kb is a safest choice and 0.0002 is still good enough for getting confirmation but may take a little bit longer to confirm.

Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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