What is the cheapest way to send bitcoin from electrum?

[mycryptobiz]

Hi i am new to electrum wallet,what i can see even if minimize the fees in the wallet it still very high fees to send ,How to minimize that to .10 cents ?
http://icecream.me/c7fa778ae0660ce17ad98ba9b973bb1d
please see the image.
I have .0129 btc but i can only sent 0.0127244 btc that is almost 1.28usd in fees .
I know people are sending transaction with .10cents .
I just want to know how.
Help is really appreciated

[1714196685]

1714196685

[1714196685]

1714196685

[1714196685]

1714196685

[Jating]

Hi i am new to electrum wallet,what i can see even if minimize the fees in the wallet it still very high fees to send ,How to minimize that to .10 cents ?
http://icecream.me/c7fa778ae0660ce17ad98ba9b973bb1d
please see the image.
I have .0129 btc but i can only sent 0.0127244 btc that is almost 1.28usd in fees .
I know people are sending transaction with .10cents .
I just want to know how.
Help is really appreciated

Use this website to guide you on what fee's you need to make : https://bitcoinfees.21.co/

However, if you try to used lower fee, you might have to wait a little longer to see the incoming bitcoins to your wallet. Electrum has built in features to adjust you fees, usually I pay in the next 10 blocks. .10 cents is not worth it though, you need to pay a decent fee mate, otherwise you will be frustrated because the miners might not pick up your transaction because the fees are too little.

[mocacinno]

When it comes to fees, you get what you payed for.
A fee is the difference between the sum of the values of all inputs of your transaction and the sum of the values of all outputs of your transaction.

The miners can add all fees of all transactions they put into the block they're currently trying to solve to the block reward of 12.5 BTC (at this moment). Since a block has a limited space, a miner will allmost always prefer to include transactions with the highest fee per byte of transaction data.

So, cheaping out on the fee will make your transaction less attractive to the miners, so it'll have lower odds of ending up in a valid block, so it'll have a higher chance of having to wait a long time, or even being forgotten by the nodes before it's confirmed.

You can activate manual fee selection in electrum and pick a really low fee (there is nothing stopping you from creating a tx with a fee of 10 cents in BTC), but this might not be the best idear (for above reasons).

If you really want to cheap out on the fees, there are a couple things you can do:

• don't collect dust inputs
• monitor https://bitcoinfees.21.co/ and create a transaction at times when the average required fee is low
• always opt-in RBF
• you don't need to add a fee that'll have a 95% chance of getting into the next 3 blocks if that's not really a requirement. You can also be content with a 95% chance of getting into the next 24 blocks

[TheCoinFinder]

The fee is required to make your transaction successfully on network.
All wallets probably charge same amount of fee and currently it is 129 satoshis per byte.
If you want to pay less fee for your future transactions, i can help you personally confirming transactions at my pool.
 Just minimize the fee and create transaction, then send tx id to me.

[mocacinno]

The fee is required to make your transaction successfully on network.
All wallets probably charge same amount of fee and currently it is 129 satoshis per byte.
If you want to pay less fee for your future transactions, i can help you personally confirming transactions at my pool.
 Just minimize the fee and create transaction, then send tx id to me.

A lot of wallets actually allow the users to modify their fees. Some wallets made a simple gui that allows the user to chose for slow (cheap) fees or fast (expensive) fees. Other wallets actually allow a user to pick how many sat/byte they want to use (for example, the official ledger wallet, or electrum if you enable the correct features).

Just an offtopic question: which pool do you own? Since you offer the OP to help him by mining his transactions, i can only assume you must manage a significant ammount of hashrate, otherwise it would be giving false hope to the OP... Since if you don't mine at least 2-3 blocks/day, the OP would have to wait a really long time before his transaction would eventually confirm

[HCP]

How many UTXOs make up your 0.01294280 BTC? (Click the "Coins" tab and count the number of entries that you see. That is the number of UTXO's your transaction will be using when you try to send the entire balance in your wallet.)

0.01294280 - 0.01272440 = 0.00021840 in fees... assuming that all your coins are in one input... and that you actually prepaid the 2FA fees, so you have a "minimum" sized transaction of 192 bytes, your fee rate would only be 113.75 sats/byte.

Current recommended fees seem to be between 60-140ish... so I don't see any issue with the fee being proposed by Electrum.

If you want to use cheaper fees, then just goto: Tools -> Preferences -> Fees and tick the box that says "Edit Fees Manually". Just be aware that if you screw this up and use a fee that is too low, your transaction may not get confirmed for hours and/or days.

[mycryptobiz]

How many UTXOs make up your 0.01294280 BTC? (Click the "Coins" tab and count the number of entries that you see. That is the number of UTXO's your transaction will be using when you try to send the entire balance in your wallet.)

0.01294280 - 0.01272440 = 0.00021840 in fees... assuming that all your coins are in one input... and that you actually prepaid the 2FA fees, so you have a "minimum" sized transaction of 192 bytes, your fee rate would only be 113.75 sats/byte.

Current recommended fees seem to be between 60-140ish... so I don't see any issue with the fee being proposed by Electrum.

If you want to use cheaper fees, then just goto: Tools -> Preferences -> Fees and tick the box that says "Edit Fees Manually". Just be aware that if you screw this up and use a fee that is too low, your transaction may not get confirmed for hours and/or days.

Thanks for the info ,
Yes all my coins are in one input or you can say in one address.
but one thing i donot understand is 113.75 sats/byte this what do you mean by byte here?
I mean how many byte i have how do you calculate that?
So that i can also calculate howmany statoshi it shoud be per doller.
yes i really hope i did not end up screwing my transaction.

though its learning process for me and i am very very much interested i donot want to be a consumer only need to know the technical specs

[mocacinno]

How many UTXOs make up your 0.01294280 BTC? (Click the "Coins" tab and count the number of entries that you see. That is the number of UTXO's your transaction will be using when you try to send the entire balance in your wallet.)

0.01294280 - 0.01272440 = 0.00021840 in fees... assuming that all your coins are in one input... and that you actually prepaid the 2FA fees, so you have a "minimum" sized transaction of 192 bytes, your fee rate would only be 113.75 sats/byte.

Current recommended fees seem to be between 60-140ish... so I don't see any issue with the fee being proposed by Electrum.

If you want to use cheaper fees, then just goto: Tools -> Preferences -> Fees and tick the box that says "Edit Fees Manually". Just be aware that if you screw this up and use a fee that is too low, your transaction may not get confirmed for hours and/or days.

Thanks for the info ,
Yes all my coins are in one input or you can say in one address.
but one thing i donot understand is 113.75 sats/byte this what do you mean by byte here?
I mean how many byte i have how do you calculate that?
So that i can also calculate howmany statoshi it shoud be per doller.
yes i really hope i did not end up screwing my transaction.

though its learning process for me and i am very very much interested i donot want to be a consumer only need to know the technical specs

Nope, don't mix bitcoins and dollars.
The fee you pay has nothing to do with the value (in BTC) and certainly not with the transferred FIAT value (if you convert BTC to USD).

You pay a fee per byte of transaction data.
The size of a transaction is related to the amount of inputs and the amount of outputs. It does not matter if you use 10 inputs of 1  BTC/piece or 10 inputs of 0.0001 BTC/piece, the size is allmost the same because both transactions use 10 inputs.

The formula for calculating the size used to be:
tx size =~ nr of inputs*147 + nr of outputs*34 + 10 + number of inputs

Offcourse, nowadays, if you use a segwit wallet, the rules have changed a little bit, but the basic idear remains the same.