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Author Topic: Sending an exact amount with fee's? added or not?  (Read 366 times)
data_streem
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July 08, 2017, 06:59:19 PM
 #1

hey guys,

Wonder if you can help at all?

I want to make a payment to an address and it needs one confirmation within 15 minutes, but the question is, lets say I want to send £17.00 to an address and have £20.00 worth of coins in my Electrum wallet, at the current rate the confirmation within x25 blocks is 0.29718mbtc which = 0.59p at today's rate.

So question, do i pay £17.59 or do i pay £17.00 and the block chain rate 0.59 will be taking from my balance of coins which is left in the wallet?

Thanks

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Coin-Keeper
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July 08, 2017, 08:20:55 PM
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You are in the Electrum forum so I assume you are using Electrum.  Just send the exact amount you want to the receiving address and Electrum will automatically send the fee from other coins in the wallet.  If enabled any coins left at the sending address will be moved to a change address in your wallet and the send address will now show a zero balance.  The wallet itself will be intact.  All done automatically in Electum.

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Atomicat
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July 09, 2017, 05:26:48 AM
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So question, do i pay £17.59 or do i pay £17.00 and the block chain rate 0.59 will be taking from my balance of coins which is left in the wallet?
In Electrum the fee is deducted from other coins in your wallet and not from the sending amount as Coin-Keeper mentioned but some wallets have the option to specify the total amount to spend.

In Electrum, You will be paying £17.59 if you want the receiver to receive £17.00.
In some other wallets you have the feature to specify the total spending amount and setting it to £17.00 would result in the fee being deducted from the sending amount and the receiver would only get £16.41.
Abdussamad
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July 09, 2017, 08:05:08 AM
 #4

On the send tab you enter the amount the recipient should get.

data_streem
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July 09, 2017, 09:25:15 AM
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OK, now i'm confused....

Coin-Keeper says "post exact amount and the fee will come from the balance of my wallet"

but you say  "In Electrum, You will be paying £17.59 if you want the receiver to receive £17.00"

?!?!?!?!?!

Sorry if i'm reading that wrong....

Thanks guys
Atomicat
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July 09, 2017, 09:47:56 AM
 #6

OK, now i'm confused....

Coin-Keeper says "post exact amount and the fee will come from the balance of my wallet"

but you say  "In Electrum, You will be paying £17.59 if you want the receiver to receive £17.00"

?!?!?!?!?!

Sorry if i'm reading that wrong....

Thanks guys
What I mean is that you will be paying a total of £17.59 from your wallet. £17.00 for the receiver and £0.59 for the transaction fee.
Coin-Keeper meant that the £0.59 transaction fee will be deducted from your balance and not from the £17.00 you are about to send.

If something still isn't clear you can point it out and I will try my best to explain it.
mastadonballs
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July 09, 2017, 01:16:33 PM
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hey guys,

Wonder if you can help at all?

I want to make a payment to an address and it needs one confirmation within 15 minutes, but the question is, lets say I want to send £17.00 to an address and have £20.00 worth of coins in my Electrum wallet, at the current rate the confirmation within x25 blocks is 0.29718mbtc which = 0.59p at today's rate.

So question, do i pay £17.59 or do i pay £17.00 and the block chain rate 0.59 will be taking from my balance of coins which is left in the wallet?

Thanks


Let me answer your question as I think your question is not so clear but I think I know your mean.
So when you send Bitcoin from Electrum, your receiver will receive exactly the amount of Bitcoin that you typed before and the blockchain fee will be reduce from your balance, not from the transaction.
TryNinja
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July 09, 2017, 02:54:51 PM
 #8

Look what is going to happen:

Typically, your wallet software will ask you how much is the amount you want to send to someone. You will type for example BTC0.05 and the software will probably show how much extra you are going to pay for the transaction fees. Depending on the software, they will show a few selections for you to choose how fast you want your transaction to get confirmed.

In the end you are going to spend 0.051 from your balance (0.05 + 0.001 fee) and your receiver address will end up getting 0.05 in total.

I hope you undestand now.

data_streem
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July 09, 2017, 06:54:12 PM
 #9

Thanks a lot for all the replies.

Totally understand.

Smiley
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