Sent some coins from my Electrum wallet and for some reason Dynamic fee with 75% multiplier so
0.00038989 BTC/kb was the fee.
It sent
0.0008851 (actually 0.00008851) fee for the transaction and its been about an hour with no confirmation.
I think this fee is way too low? What are my chances of this getting confirmed and what are my next steps if it doesn't show up by say, tomorrow morning?
Secondly, what should I set the fee to in my Electrum wallet?
It seems a little silly to let people send something with a fee that won't get your transaction confirmed...
can't tell you and no one else can tell you since none of us know how big the tx id is.
I can tell you, since I know how to read and do elementary arithmetic.
Correcting for the misplaced decimal point in the OP's post, it's 227 bytes.
OK it took a couple hours but it got confirmed.
Yes, a couple of hours is to be expected for that fee.
1. what determines the size of a transaction? Wouldn't most transactions be the same amount of bytes?
The only thing I can think that would change the size would be sending to multiple addresses.
That and the number of inputs to your transaction, that is, the transactions in which you received the coins that you are now sending (if you received them in many transactions, eg, from faucets, your transactions will be larger and require larger fees).
2. what method do you use to determine fees? I've seen some websites that do some calculation but I was pretty confused after reading them lol.
It's simple. You just look at past transactions that confirmed quickly (within a given number of blocks) and see what fees they paid on average. Since there are a lot of transactions to look at, it's best to have your software do it automatically.
