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Author Topic: Wallet with custom fee recommendation  (Read 2665 times)
toygg
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April 28, 2017, 11:45:37 AM
 #1

Please recommend me bitcoin wallet which can allow me to set really low transaction fees.

 
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mocacinno
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April 28, 2017, 12:04:17 PM
 #2

Please recommend me bitcoin wallet which can allow me to set really low transaction fees.

IIRC, electrum's minimal fee is 0.000005 (~0.6 cent). Using this fee, even with a very small transaction, this is only 2-3 sat/byte... Using such a low fee will give you allmost no chance of being added to a block, and a lot of nodes will reject your transaction due to to low fee.

If you want an even lower fee (or no fee at all), you can even manually create and sign a raw transaction using bitcoin-cli or the debug window of bitcoin-qt. If you do this, chances of being added to a block are even lower than with the minimal 500 satoshi's of electrum, and even more nodes will reject your transaction.

Remember: fees are not something you pay to the creator of the wallet (except in some very rare cases like old multibit HD wallets). You pay a fee per byte of transaction data to persuade a miner to put your transaction into the block he's currently mining on, instead of chosing a different transaction.
The higher the fee, the more chance the miners will favour your transactions... Since 0 fee or very low fee transactions have allmost no chance of being added to a block, a lot of nodes just reject them.

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April 28, 2017, 01:40:46 PM
 #3

Please recommend me bitcoin wallet which can allow me to set really low transaction fees.

IIRC, electrum's minimal fee is 0.000005 (~0.6 cent). Using this fee, even with a very small transaction, this is only 2-3 sat/byte... Using such a low fee will give you allmost no chance of being added to a block, and a lot of nodes will reject your transaction due to to low fee.

If you want an even lower fee (or no fee at all), you can even manually create and sign a raw transaction using bitcoin-cli or the debug window of bitcoin-qt. If you do this, chances of being added to a block are even lower than with the minimal 500 satoshi's of electrum, and even more nodes will reject your transaction.

Remember: fees are not something you pay to the creator of the wallet (except in some very rare cases like old multibit HD wallets). You pay a fee per byte of transaction data to persuade a miner to put your transaction into the block he's currently mining on, instead of chosing a different transaction.
The higher the fee, the more chance the miners will favour your transactions... Since 0 fee or very low fee transactions have allmost no chance of being added to a block, a lot of nodes just reject them.

I tried electrum out but it seems like it's GUI is quite confusing. Is there any other alternatives which have custom miner fees or very low fees?

 
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April 28, 2017, 01:50:14 PM
 #4

I tried electrum out but it seems like it's GUI is quite confusing. Is there any other alternatives which have custom miner fees or very low fees?
https://bitcoin.org/en/choose-your-wallet

  • Bitcoin Core=> you can pick your own fees
  • Bitcoin Knots=> you can pick your own fees
  • Bitcoin Wallet=> you can pick your own fees
  • breadwallet=> you can pick your own fees
  • Bither=> no
  • GreenBits
  • GreenAddress=> you can pick your own fees
  • Coinomi=> no
  • Coin.Space => no idear
  • Simple Bitcoin Wallet=> no idear
  • MultiBit HD=> no
  • Armory=> you can pick your own fees

Personally, i find electrum's gui to be rather good in the bitcoin world. If you want an SPV HD wallet that's even more new user friendly, multibit HD should do the trick, but this wallet doesn't allow you to change the fee (IIRC)

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April 29, 2017, 03:24:39 AM
 #5

I tried electrum out but it seems like it's GUI is quite confusing. Is there any other alternatives which have custom miner fees or very low fees?
Have to agree with mocacinno... Electrum has one of the better interfaces in my opinion...

Personally, i find electrum's gui to be rather good in the bitcoin world. If you want an SPV HD wallet that's even more new user friendly, multibit HD should do the trick, but this wallet doesn't allow you to change the fee (IIRC)
It does, but probably not to the extent that the OP wants... there is a simple slider that you can move up and down... but it doesn't really give fine grain control (and it is supposed to calculated on a mBTC/KB basis, but in a lot of instances of people having difficulty with MultiBit it always seems to set a fixed fee according to the slider? Huh)



I think the lowest you can set on the slider is 0.1 mBTC/KB.... which seems to line up with the 10,000 sats that people end up using as a fee when sending from MultiBit HD and getting their transactions stuck...

EDIT: turns out the lowest is actually 0.00000 mBTC/KB  Shocked the next step up is 0.02500 mBTC/KB or 2500 sats...

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April 29, 2017, 07:44:32 AM
 #6

I found Arcbit which seems to be extremely user friendly and it allows the setting of a custom fee. On the flip side, there is no desktop version of it but there is a Chrome extension which I had to make do with. Overall, I find it easy to use and it is packed with features. 5/5 I would definitely recommend to people who needs a simple to use wallet with the option to set a custom fee.

 
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April 29, 2017, 01:15:38 PM
 #7

I tried electrum out but it seems like it's GUI is quite confusing. Is there any other alternatives which have custom miner fees or very low fees?
https://bitcoin.org/en/choose-your-wallet

  • Bitcoin Core=> you can pick your own fees
  • Bitcoin Knots=> you can pick your own fees
  • Bitcoin Wallet=> you can pick your own fees
  • breadwallet=> you can pick your own fees
  • Bither=> no
  • GreenBits
  • GreenAddress=> you can pick your own fees
  • Coinomi=> no
  • Coin.Space => no idear
  • Simple Bitcoin Wallet=> no idear
  • MultiBit HD=> no
  • Armory=> you can pick your own fees

Personally, i find electrum's gui to be rather good in the bitcoin world. If you want an SPV HD wallet that's even more new user friendly, multibit HD should do the trick, but this wallet doesn't allow you to change the fee (IIRC)

Coinomi also allows you to fully customize your fees and supports dynamic fees, too.
toygg
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April 29, 2017, 01:46:27 PM
 #8

I tried electrum out but it seems like it's GUI is quite confusing. Is there any other alternatives which have custom miner fees or very low fees?
https://bitcoin.org/en/choose-your-wallet

  • Bitcoin Core=> you can pick your own fees
  • Bitcoin Knots=> you can pick your own fees
  • Bitcoin Wallet=> you can pick your own fees
  • breadwallet=> you can pick your own fees
  • Bither=> no
  • GreenBits
  • GreenAddress=> you can pick your own fees
  • Coinomi=> no
  • Coin.Space => no idear
  • Simple Bitcoin Wallet=> no idear
  • MultiBit HD=> no
  • Armory=> you can pick your own fees

Personally, i find electrum's gui to be rather good in the bitcoin world. If you want an SPV HD wallet that's even more new user friendly, multibit HD should do the trick, but this wallet doesn't allow you to change the fee (IIRC)

Coinomi also allows you to fully customize your fees and supports dynamic fees, too.

Coinomi looks good since it supports a wide array of different altcoin along with bitcoins. However, it is only available on Android and IOS. There is no desktop wallet version which I am looking for sadly. But thanks though for recommending it.

 
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mcaizgk2
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Activity: 66
Merit: 10


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April 29, 2017, 01:59:50 PM
 #9

I tried electrum out but it seems like it's GUI is quite confusing. Is there any other alternatives which have custom miner fees or very low fees?
https://bitcoin.org/en/choose-your-wallet

  • Bitcoin Core=> you can pick your own fees
  • Bitcoin Knots=> you can pick your own fees
  • Bitcoin Wallet=> you can pick your own fees
  • breadwallet=> you can pick your own fees
  • Bither=> no
  • GreenBits
  • GreenAddress=> you can pick your own fees
  • Coinomi=> no
  • Coin.Space => no idear
  • Simple Bitcoin Wallet=> no idear
  • MultiBit HD=> no
  • Armory=> you can pick your own fees

Personally, i find electrum's gui to be rather good in the bitcoin world. If you want an SPV HD wallet that's even more new user friendly, multibit HD should do the trick, but this wallet doesn't allow you to change the fee (IIRC)

Coinomi also allows you to fully customize your fees and supports dynamic fees, too.

Coinomi looks good since it supports a wide array of different altcoin along with bitcoins. However, it is only available on Android and IOS. There is no desktop wallet version which I am looking for sadly. But thanks though for recommending it.

Actually Coinomi Desktop is already out in closed beta for Windows, Linux and MacOSX, if you want to join the beta testers group please PM me your e-mail. In other case you can wait until the production version is out, which should be pretty soon.
toygg
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Merit: 250



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April 29, 2017, 02:03:53 PM
 #10

I tried electrum out but it seems like it's GUI is quite confusing. Is there any other alternatives which have custom miner fees or very low fees?
https://bitcoin.org/en/choose-your-wallet

  • Bitcoin Core=> you can pick your own fees
  • Bitcoin Knots=> you can pick your own fees
  • Bitcoin Wallet=> you can pick your own fees
  • breadwallet=> you can pick your own fees
  • Bither=> no
  • GreenBits
  • GreenAddress=> you can pick your own fees
  • Coinomi=> no
  • Coin.Space => no idear
  • Simple Bitcoin Wallet=> no idear
  • MultiBit HD=> no
  • Armory=> you can pick your own fees

Personally, i find electrum's gui to be rather good in the bitcoin world. If you want an SPV HD wallet that's even more new user friendly, multibit HD should do the trick, but this wallet doesn't allow you to change the fee (IIRC)

Coinomi also allows you to fully customize your fees and supports dynamic fees, too.

Coinomi looks good since it supports a wide array of different altcoin along with bitcoins. However, it is only available on Android and IOS. There is no desktop wallet version which I am looking for sadly. But thanks though for recommending it.

Actually Coinomi Desktop is already out in closed beta for Windows, Linux and MacOSX, if you want to join the beta testers group please PM me your e-mail. In other case you can wait until the production version is out, which should be pretty soon.

Yes I would like a beta tester for Coinomi Desktop. I have already sent u a pm! Looking forward to it! Hope it is the wallet that I am looking for.

 
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A T F
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