How to minimize the Transaction FEE

[perrysaico]

I have .0117 BTC in my electrum wallet, and i want to transfer it to another wallet.
Unfortunately, the maximum amount it allows me to send is .006 BTC only.
I wonder why i can't send more than .006 BTC. When i attempt to do so, it always says "Insufficient Funds".
It seems that the transaction fee is about .0057 BTC (33 USD) which is too high. What should i do?
I already tried to manually set the fee but still could not send. If the fee is around .001 BTC (5 USD), it should be fine for me.

Hope someone can help me with this. Thank you very much!!

[ranochigo]

You probably have too much dust input, attempting to spend them all would result in the transaction being too big.

If you want to risk it to be unconfirmed for a very long time, you can go to Tools>Preference and check "Edit fees manually". If you'd like, you can exclude some of the dust inputs.

[perrysaico]

Hi!
Sounds interesting. Please enlighten me about the following:
1. How come i got too many "dust input", this is only the second time i will transact using this wallet (to send).
The first was when i transferred the .0117 btc to it.

2. How can i get rid of the "dust input"?

3. If i exclude them, what could be the consequence?

Thank you very much for answering my queries.

I already tried to edit the fees manually but still the maximum i can send is .006 BTC.

[ranochigo]

1. How come i got too many "dust input", this is only the second time i will transact using this wallet (to send).
The first was when i transferred the .0117 btc to it.

Hmm. Only one transaction? If its true then you might have accidentally input too much fees. What is the address that you are sending from?

2. How can i get rid of the "dust input"?

Basically go to your addresses tab, right click on the address that you are sending from and press "send from". Next, when you're at the send tab, right click and select the inputs that are very small. Its basically just a process of removing inputs that you don't really think is significant.
 

3. If i exclude them, what could be the consequence?

You would be sending lesser BTC.

I already tried to edit the fees manually but still the maximum i can send is .006 BTC.

Hmm. You may be spending a lot of inputs and the size of the transaction is too big.

[perrysaico]

Great!!!! I followed your suggestion on item number 2. I  was able to send .0116 BTC
thank you very much!!!

[perrysaico]

I dont understand what happened.
I was able to send .0116 btc from my electrum wallet.  But the other .005 btc went to an address i dont know.
It seems the .0116 btc was split into 2 recipients. Why is that?

My public address which is 3ERV64cT8Vv3DzW8b2ZrEsqRjbXjgsNsyv recieved .006 btc
But another public address 1NfXdxiiq82gHL9frsxPAMDPUZZ8xsMBcA got .005 btc.

Can someone explain this?

Thank you very much!

[perrysaico]

Kindly refer to this photo

[Mrwinson93]

You probably have too much dust input, attempting to spend them all would result in the transaction being too big.

If you want to risk it to be unconfirmed for a very long time, you can go to Tools>Preference and check "Edit fees manually". If you'd like, you can exclude some of the dust inputs.

i have the same issue.

my transaction fee is 0.00230582 BTC/kb within 5 blocks if i want to send bitcoin, for me that is too high. I am currently only using one wallet (Electrum) on mobile, no PC wallet though. So I can't find the procedure you were talking about.  Even when i set it to 'within 25 blocks' the fee is still high, 0.00199 BTC/kb.

[Potato Chips]

I dont understand what happened.
I was able to send .0116 btc from my electrum wallet.  But the other .005 btc went to an address i dont know.
It seems the .0116 btc was split into 2 recipients. Why is that?

My public address which is 3ERV64cT8Vv3DzW8b2ZrEsqRjbXjgsNsyv recieved .006 btc
But another public address 1NfXdxiiq82gHL9frsxPAMDPUZZ8xsMBcA got .005 btc.

Can someone explain this?

Thank you very much!

What happened here is address A sent 0.00653536 BTC to address B from an unspent output of 0.0117 BTC so the remainder 0.005 will go to the change address which is this 1NfXdxiiq82gHL9frsxPAMDPUZZ8xsMBcA. Your wallet will generate a new address for the remainder of your transaction which is called change address so don't worry as they are still yours.

You probably have too much dust input, attempting to spend them all would result in the transaction being too big.

If you want to risk it to be unconfirmed for a very long time, you can go to Tools>Preference and check "Edit fees manually". If you'd like, you can exclude some of the dust inputs.

i have the same issue.

my transaction fee is 0.00230582 BTC/kb within 5 blocks if i want to send bitcoin, for me that is too high. I am currently only using one wallet (Electrum) on mobile, no PC wallet though. So I can't find the procedure you were talking about.  Even when i set it to 'within 25 blocks' the fee is still high, 0.00199 BTC/kb.

Miner fees depends on how big your transaction is and as said above. If you have too many inputs it'll make your transaction size bigger as well as the fee. Its not the best solution but it works for me. What i do on this cases is to use transaction accelerators like https://pool.viabtc.com/tools/txaccelerator/ l https://www.antpool.com/user/prioritiseTransaction.htm?m=savePrioritiseTx l https://confirmtx.com (free for under 500bytes)

[perrysaico]

I dont understand what happened.
I was able to send .0116 btc from my electrum wallet.  But the other .005 btc went to an address i dont know.
It seems the .0116 btc was split into 2 recipients. Why is that?

My public address which is 3ERV64cT8Vv3DzW8b2ZrEsqRjbXjgsNsyv recieved .006 btc
But another public address 1NfXdxiiq82gHL9frsxPAMDPUZZ8xsMBcA got .005 btc.

Can someone explain this?

Thank you very much!

What happened here is address A sent 0.00653536 BTC to address B from an unspent output of 0.0117 BTC so the remainder 0.005 will go to the change address which is this 1NfXdxiiq82gHL9frsxPAMDPUZZ8xsMBcA. Your wallet will generate a new address for the remainder of your transaction which is called change address so don't worry as they are still yours.

You probably have too much dust input, attempting to spend them all would result in the transaction being too big.

If you want to risk it to be unconfirmed for a very long time, you can go to Tools>Preference and check "Edit fees manually". If you'd like, you can exclude some of the dust inputs.

i have the same issue.

my transaction fee is 0.00230582 BTC/kb within 5 blocks if i want to send bitcoin, for me that is too high. I am currently only using one wallet (Electrum) on mobile, no PC wallet though. So I can't find the procedure you were talking about.  Even when i set it to 'within 25 blocks' the fee is still high, 0.00199 BTC/kb.

Miner fees depends on how big your transaction is and as said above. If you have too many inputs it'll make your transaction size bigger as well as the fee. Its not the best solution but it works for me. What i do on this cases is to use transaction accelerators like https://pool.viabtc.com/tools/txaccelerator/ l https://www.antpool.com/user/prioritiseTransaction.htm?m=savePrioritiseTx l https://confirmtx.com (free for under 500bytes)

Hi!!! So how can i use/widthraw/access the .005 btc that went to the other address? (1NfXdxiiq82gHL9frsxPAMDPUZZ8xsMBcA)
Please help me. Thank you!