Fees in eletrum much too high?

[lexus*]

Hi,

I use Electrum 2.8.3.
When sending Bitcoin today (19.09.17) the straightest fee is at 2,1986 mBTC/kb  . This equals € 7.70. At blockchain.info, however, only 0.09267 mBTC/kb. The Electrum charges are astronomically high. Or what am I doing wrong?

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[ranochigo]

The fee is quite normal, though I have to agree with you, I would prefer about 0.0015BTC/kb for the slowest setting. The current reasonable fee for it to confirm within an hour is unfortunately about that amount you stated.

Take note, you will not exactly pay 0.002BTC for the transaction. For your transaction with 1 input and 1 output, you will pay roughly about 0.0006BTC as fee. It will depend on your transaction size.

Blockchain.info loves to show users incorrect fees for some reason. If you use that fee, your confirmation would be EXTREMELY slow so follow them at your own peril. If you want, you can always go to Tools>Preference, uncheck dynamic fee and key in your own fee. You can get estimates from Bitcoinfees.21.co.

[lexus*]

The fee is quite normal, though I have to agree with you, I would prefer about 0.0015BTC/kb for the slowest setting. The current reasonable fee for it to confirm within an hour is unfortunately about that amount you stated.

Take note, you will not exactly pay 0.002BTC for the transaction. For your transaction with 1 input and 1 output, you will pay roughly about 0.0006BTC as fee. It will depend on your transaction size.

Blockchain.info loves to show users incorrect fees for some reason. If you use that fee, your confirmation would be EXTREMELY slow so follow them at your own peril. If you want, you can always go to Tools>Preference, uncheck dynamic fee and key in your own fee. You can get estimates from Bitcoinfees.21.co.

I can not confirm this with blockchain.info. The transactions are also going quickly. Bitcoinfees.21.co now display 0,28 mBTC / kb for the green range. Electrum requires at least 8x more. What's wrong here?

[jackg]

The fee is quite normal, though I have to agree with you, I would prefer about 0.0015BTC/kb for the slowest setting. The current reasonable fee for it to confirm within an hour is unfortunately about that amount you stated.

Take note, you will not exactly pay 0.002BTC for the transaction. For your transaction with 1 input and 1 output, you will pay roughly about 0.0006BTC as fee. It will depend on your transaction size.

Blockchain.info loves to show users incorrect fees for some reason. If you use that fee, your confirmation would be EXTREMELY slow so follow them at your own peril. If you want, you can always go to Tools>Preference, uncheck dynamic fee and key in your own fee. You can get estimates from Bitcoinfees.21.co.

I can not confirm this with blockchain.info. The transactions are also going quickly. Bitcoinfees.21.co now display 0,28 mBTC / kb for the green range. Electrum requires at least 8x more. What's wrong here?

I had a problem, and I'm not sure it is fixed, where my slider for the fees gave the same transaction fee for within 10 blocks and 25 blocks (but was unique for the other calculations).

When I sent the transaction, I got a confirmation within the next block, I assumed that was coincidence but maybe it's part of this larger flaw.

I was informed that the fees were calculated on the server side, meaning that at least one electrum server is configured wrong.

[Abdussamad]

Here are some possible reasons:

- You may be confused between mBTC and BTC. You can change the base unit via tools menu > preferences> appearance tab.

- The fees displayed in the slider tooltip message are per KB while a typical transaction is more like 250 bytes. So the actual fee you will pay is going to be lower. Click on the preview button on the send tab to see what the actual fee will be.

- There has been a surge in transactions on the blockchain recently. That is the cause of rising fees. Once segwit is activated and support for it added to electrum you will be able to migrate to a segwit wallet which will reduce fees.

The fee slider will be improved in future versions to support even lower confirmation times and lower fees.

[lexus*]

Thanks for the tip mi of the fee setting. Under "Edit fees manually" you can also enter your own value.

[vhatch]

I'm also wondering why such a discrepancy between Electrum and blockchain.info.  Electrum shows costs of $3 while blockchain.info was showing a cost of only 7 cents.  Why should there be such a large variation?? 

Also, in electrum if I don't care very much how fast the transaction confirms how should I set it for cheapness?

[Abdussamad]

I'm also wondering why such a discrepancy between Electrum and blockchain.info.  Electrum shows costs of $3 while blockchain.info was showing a cost of only 7 cents.  Why should there be such a large variation??  

Also, in electrum if I don't care very much how fast the transaction confirms how should I set it for cheapness?

Tools menu > preferences > fees tab. Check "Edit fees manually". Set "Propose replace-by-fee" to "Always". Then on the Electrum send tab you can set your own fee. If your transaction gets stuck you can right click on it in the history tab and select increase fee.

[vhatch]

Idk why there is not wide-scale uproar over these fees.  I'm not seeing how a currency can work with such high fees on even small transactions.  Goodbye to buying a couple things at the store with this unless something really changes.  And I'm hearing Lightning may not be a great solution..  Is bitcoin becoming the house made out of straw and it's only a matter of time before everyone realizes the fatal flaws?

[viking02]

Hey all.  Just curious about this but i have tried doing the minimum fee possible when adjusting the fee.  And of course when doing this, the lower the fee, the slower it takes.  I noticed that if i do the medium speed, its still pretty fast.  Do people here actually do the fastest speed where you pay the highest fees?  It shows sent within the next block but i never done this because fees are outrageous.   Also i believe its not possible to send btc without any fee right?  I remember back then you could do this but it was very slow.  However, i find the sending within 10 blocks isn't that bad as well.  Sending within 25 blocks... the slowest is though very slow.


And to blockchain users, are the fees similar?  I use electrum but curious if i should use blockchain at all etc.  Are fees very similar etc?

[jerry0]

Do most people send btc within the 10 blocks as recommended by electrum?  Sending that cost around 13 dollars.  But if you do 25 blocks, its about 7.  Is that much faster 10 blocks than 25?


Also im not going to do this but you could still change the btc sending fees?  For example i went to preferences and unchecked dynamic fees.  It shows the max static fee as 0.003 btc/kb and checked.


When i unchecked it and then went to send option to see how much the fees are, assuming you put 0.02 btc to send and move the scrollbar all the way to the left, its only a bit more than 1 dollar to send.  It shows as 0.0003btc/kb which is around 1.14 only.  But when you move it to the right a bit when its no longer low fee and says fixed rate 0.0012btc/kb and says within 25 blocks, the fees are about 4.50.  Then when you keep scrolling to the right and say within 25 blocks, it would say 0.0015btc/kb etc and it would go higher 1 dollar and then 2 etc.  Then when it gets to within 10 block and 0.0027 btc, its about 10 dollars.


So basically dynamic fees should always be checked or not?  Or only if you need the btc to be sent pretty quickly?  And it should be kept at 0.003btc/kb or could you change it to 0.002  or 0.001btc/kb?


So you could still send with essentially the low fee of a bit more than 1 dollar but its a low fee send.  That will take about how long?


But if you do the within 25 blocks and 7 dollars without changing dynamic fees, is that still okay?


I was used to back then sending btc for under 50 cents back then.  Can someone tell me what is the best value to send btc in terms of price and speed?  Thus if you send with low fee, don't expect it to hit the other wallet for a few days or so?  But if you do 25 blocks, should be same day but not hours?  If you do 10 blocks, probably much quicker?


Like if im trying to move my btc from a wallet to a site but i dont need it to get there quickly, would you say its mine to use a very low fee or not?  But if you want it pretty fast, either do 10 blocks for 13 dollars or 25 blocks for 7 dollars?