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Author Topic: Manually setting Fee vs Not  (Read 661 times)
shamzblueworld
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May 30, 2017, 01:20:32 PM
 #1

I am using MultiBit HD wallet, and there is no option to set fee for your transaction(at least I don't know if there is one). So obviously fee is being set automatically from somewhere.
So my question is, is it okay to use such wallet/service where fees are being set automatically or one should always use a wallet where fees can be set manually per transaction? Because that can be faster I guess but of course more expensive?

.

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May 30, 2017, 05:09:43 PM
 #2

First:
https://multibit.org/help/hd0.1/fees.html

Second, you answered your own question if that was a question at all.
You want a fast transaction you pay what it takes, you want to pay the minimum you go for the wallet that lets you send 10s/b tx.

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May 30, 2017, 06:02:10 PM
 #3

Well I think you do not encounter any problem with using multibit HD wallet.  So I can say it is ok to use a wallet where you can set manual fee.  But it would be best to have a wallet that have a dynamic fee option that sets your transaction fee automatically to the latest required fee for fast confirmation.  Such service is offered in electrum wallet.



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May 30, 2017, 06:45:28 PM
 #4

I am using MultiBit HD wallet, and there is no option to set fee for your transaction(at least I don't know if there is one). So obviously fee is being set automatically from somewhere.
So my question is, is it okay to use such wallet/service where fees are being set automatically or one should always use a wallet where fees can be set manually per transaction? Because that can be faster I guess but of course more expensive?

I wouldn't use such wallet, that's why i prefer using electrum as my wallet. they have dynamic fees system. if you wanted to send an urgent transaction with multibit wallet it would be stuck for awhile because they have fixed 1k satoshi fees. it's better to use wallet with more feature/utilities.

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May 30, 2017, 07:19:50 PM
 #5

I am using MultiBit HD wallet, and there is no option to set fee for your transaction(at least I don't know if there is one). So obviously fee is being set automatically from somewhere.
So my question is, is it okay to use such wallet/service where fees are being set automatically or one should always use a wallet where fees can be set manually per transaction? Because that can be faster I guess but of course more expensive?

I wouldn't use such wallet, that's why i prefer using electrum as my wallet. they have dynamic fees system. if you wanted to send an urgent transaction with multibit wallet it would be stuck for awhile because they have fixed 1k satoshi fees. it's better to use wallet with more feature/utilities.

Agreed. That's why I settled with Electrum. And this is one of the options that I like about it. I can transfer funds from within my Electrum wallet to an a local exchange and convert it to fiat in just a matter of minutes or hours by setting my dynamics fees. No hassle on my end. But to be fair, I haven't used MultiBit HD wallet but it looks like a lot of community members are using it, I just found that Electrum dynamic fees fits my need.

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May 30, 2017, 08:56:06 PM
 #6

This will depend on your convenience and needs. If the wallet's automatic fee setup is based on the recommended fee at that point in time and you are not in a hurry and willing to wait up to 24 hours then that wallet will do. Since it will not require you to input the amount of satoshi per byte you want, it is much efficient. But if the automatic fee is not based on the recommended fee (lower) you may have to wait for days and it is not worth the wait, it will just piss you off.

In the case of wallet with manual setting of fee, it is very advantageous since you are the one who will input the fee per byte that suits your convenience. You control your transaction so this type of wallet is the best.

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May 30, 2017, 11:01:10 PM
 #7

I'm using Electrum too, but Multibit is great for newbies who would be unable to set the correct fee.
Alos, unless you're a miner, you should not be surprised to have to pay a substantial fee if you want a fast transaction.
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May 31, 2017, 03:58:59 AM
 #8

I'm using Electrum too, but Multibit is great for newbies who would be unable to set the correct fee.
Alos, unless you're a miner, you should not be surprised to have to pay a substantial fee if you want a fast transaction.
Yes that is the reason I started using MultiBit. But I guess I should start using Electrum from now on as it supports setting up manual per transaction fee.
Thanks, I just discovered the slider now and it has been set at mBTC 0.1 per KB. I can see there it is towards the lower side of the slider.
But I think it would be wiser to use Electrum and set manual fee than to move the slider towards higher fee per kb.

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May 31, 2017, 04:02:22 AM
 #9

~ is it okay to use such wallet/service where fees are being set automatically or one should always use a wallet where fees can be set manually per transaction? Because that can be faster I guess but of course more expensive?

it is my understanding that Multibit has always aimed to give a very simple interface which is newbie friendly, and that means no options like setting fees manually, no way of importing private keys, exporting them (although many of these have some workarounds or the feature was added at some point).

and i think it is OK because you need to think of everyone when making a wallet, like people who may not know or understand how bitcoin and fees work.

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May 31, 2017, 04:07:03 AM
 #10

Manually per transaction. Why? Bitcoin is ignorant to outside economics so you have to check the mempool size and the average fee and etc, etc (per transaction) for the best experience.
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May 31, 2017, 04:20:36 AM
 #11

There is no problem with the wallet being used, So I can say it's okay to use a wallet where you can manage manual costs well. Many offer services such as elektrum wallets.

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May 31, 2017, 05:00:42 AM
 #12

I am using MultiBit HD wallet, and there is no option to set fee for your transaction(at least I don't know if there is one). So obviously fee is being set automatically from somewhere.
So my question is, is it okay to use such wallet/service where fees are being set automatically or one should always use a wallet where fees can be set manually per transaction? Because that can be faster I guess but of course more expensive?

In my opinion you should use the recommended (automatically not manual ) amount of fee that your wallet showing whether you are using blockchain , multibit , mysellium , coinbase  or any other wallet  .
It is because the currently fees that is suitable for the transaction to confirm is about 0.0001btc and we don't use below this because if once you will send the Bitcoin with low fees then probably you can face the problem of the pending of the transaction to confirm .
Here in this month I faced many unconfirmation problem  , so I started to use normal fee that my wallet suggested me automatically .
So use recommend fee but if you have an option of automatically and showing for 0.0001 then use that because the most of the exchange sites are charging the fee of 0.0001btc ( I tried poloniex )


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May 31, 2017, 05:21:18 AM
 #13

i would like always to set my fee, i don't want to pay that crazy amount there is now to pay, i like to set 50-70% of the average and wait a bit more, it will be confirmed relatively fast for me

with automatic fee you are always going to overpay most of the time, i don't know how the automatic fee work on multibit, but on core, some times i had the fee higher than the average with the automatic fee

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Kakmakr
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May 31, 2017, 05:39:49 AM
 #14

A automated adjustment in fee, will always be a bit controversial. A manual adjustment by the wallet provider will be better, because they will be able to determine if the fee will be reasonable or not. We have seen some instances where for example $5 are send to someone and the miners fee was $3. < This will not make sense to end users >

I would prefer a manual adjustment by the owner of the coins and if this is done dynamically by the wallet provider, that it is done manually and not electronically on it's own.

https://www.reddit.com/r/Bitcoin/comments/6ecim8/blockchaininfo_recommend_me_to_pay_26_for_a/

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May 31, 2017, 05:46:44 AM
 #15

it is all about if the wallet is well designed or not. it is just a code, and if that code is determining the amount of fee for you then you don't have to worry about anything, just send the amounts and trust the wallet does the rest for you.
otherwise if the wallet's fee suggestion code is bad, like blockchain.info for example then you must set it yourself. there is no other way around it.

there is always going to be pros and cons for both approaches though. if you are relying on automatic fee setting then there is a risk of setting higher or lower fee.
if you do it manually, there is a lot of work for checking a source that is giving you a good fee estimation, the 21.co site gives bad suggestions sometimes, and then setting it without any human errors.

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iamTom123
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May 31, 2017, 05:49:25 AM
 #16

This is the reason maybe why I am happy that all of my wallets have already done something about it by giving me suggestions or choices of transfer fees I want to pay rather than leave me alone lost in thinking how much should I pay for the transfer. Wallets should realized that most of their clients are not really good in this recent development so they should be the one guiding us.

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