ELECTRUM, WALLET BITCOIN VERY SLOW CONFIRM... COMPLICATED SETTING FEE.

[Radent]

Dear everyone...

How to setting fee sat/B on electrum wallet?

I am not find. I just find setting fees is BTC/kb.

I sent 0.451064 BTC with fees 0.003186 BTC, over


How to calculate the fee is correct if the fee amount is BTC/kb, not sat/B.
 
What is mean of letter "B" in s/B?

What is the difference between kb and B?

How to calculate the size with the number of BTC we send?


I just want the confirmation process to run normally between 10 - 20 minutes.


Thanks...

[HCP]

Multiply BTC/kB by 100,000 = sats/Byte

Divide sats/Byte by 100,000 = BTC/kB

B = Byte
kB = kilo-Byte (which in Bitcoins = 1,000 Bytes)

easiest for fast confirm is set Electrum to "Dynamic Fees" (Tools -> Preferences -> Fees) and move fee slider all the way to the right.


If calculating manually (Not recommended as it can be easy to make a mistake and pay too low fee) then goto www.bitcoinfees.21.co and check for recommended fee. Multiply sats/byte fee by transaction size (click preview in Electrum)... that is the total fee to use.

[Abdussamad]

You are not supposed to set fees manually. Market conditions change very quickly these days so it is not practical to set fees manually anymore so please don't do it.

Upgrade to the latest version of electrum. Then go to tools menu > preferences > fees tab and check "use dynamic fees" and set "propose replace-by-fee" to "always". After you do this electrum will automatically set fees based on market conditions. Now when spending bitcoin all you will have to do is move a slider on the send tab to fine tune the fees based on how fast you want the transaction to confirm.

To answer your questions the fees are expressed as satoshis per byte(sat/B) or btc per kilobyte (btc/kb). Byte and kilobyte are units of data storage space. A kilobyte having 1024 bytes in it. Most bitcoin transactions take up 226 bytes of blockchain space. You pay fees based on the size of your transaction not the amount transacted.