Electrum Fees - What Should Minimum Fee Be?

[sgr127]

How do the fees work in electrum wallet? With dynamic fees on, when the slider is set to minimum it's saying it will be 0.00172BTC which is like £8/$11. Is this how much you have to pay for every transaction!? Everywhere I've looked people say to check dynamic fees or it may not go through but this seems ridiculously high. This is my first transaction so I hope I'm being an idiot and doing something wrong.

[SureLockLoans]

It all depends on the size of the transaction and how much you need to send per byte. Check this out: https://bitcoinfees.21.co/
that site shows you the average confirmation time to what fees you are sending and the recommend amount you can also see what other people are sending on the blockchain.

[jackg]

How do the fees work in electrum wallet? With dynamic fees on, when the slider is set to minimum it's saying it will be 0.00172BTC which is like £8/$11. Is this how much you have to pay for every transaction!? Everywhere I've looked people say to check dynamic fees or it may not go through but this seems ridiculously high. This is my first transaction so I hope I'm being an idiot and doing something wrong.

Transaction*Size*average transaction fees=time.
The fee at its lowest on dynamic is within 25 blocks and should get confirmed within 250 minutes.
The highest fee should be confirmed within 10-20 minutes.

[Xavofat]

Either there is a problem with Electrum's dynamic fee estimation (unlikely), you are sending an unusually large transaction (likely) or you are making a mistake (likely).

If you have accepted several payments in order to make this payment (for example, you have received 100 payments of 0.001 to get 0.1 BTC), your transaction would be much larger than usual, resulting in a high fee.

Currently, you can pay as low as 11-20 satoshi/byte and still expect your transaction to be confirmed in acceptable time.

[BitMaxz]

Either there is a problem with Electrum's dynamic fee estimation (unlikely), you are sending an unusually large transaction (likely) or you are making a mistake (likely).

If you have accepted several payments in order to make this payment (for example, you have received 100 payments of 0.001 to get 0.1 BTC), your transaction would be much larger than usual, resulting in a high fee.

Currently, you can pay as low as 11-20 satoshi/byte and still expect your transaction to be confirmed in acceptable time.

Honestly that miners fee 10-20 sat are really slow default is much better to use that recommended by bitcoinfees21.co
But if you can wait for a long time you can use that fee.. mostly 150sat /byte is better transaction or follow the default fee will give you more chance to receive your bitcoin  in couple of minutes than you are paying small miners fee unless if you know some site that can push your transaction to coonfirm fast or if you are using segwitx2 wallet you  can increase the speed of your transaction with segwit2x and your miners fee are really cheap.. compare to a wallet not support segwit..

[jackg]

Either there is a problem with Electrum's dynamic fee estimation (unlikely), you are sending an unusually large transaction (likely) or you are making a mistake (likely).

If you have accepted several payments in order to make this payment (for example, you have received 100 payments of 0.001 to get 0.1 BTC), your transaction would be much larger than usual, resulting in a high fee.

Currently, you can pay as low as 11-20 satoshi/byte and still expect your transaction to be confirmed in acceptable time.

Honestly that miners fee 10-20 sat are really slow default is much better to use that recommended by bitcoinfees21.co
But if you can wait for a long time you can use that fee.. mostly 150sat /byte is better transaction or follow the default fee will give you more chance to receive your bitcoin  in couple of minutes than you are paying small miners fee unless if you know some site that can push your transaction to coonfirm fast or if you are using segwitx2 wallet you  can increase the speed of your transaction with segwit2x and your miners fee are really cheap.. compare to a wallet not support segwit..

I sent some dust a few weeks ago (when the suggested fee was still about 300sat/byte) and I sent with a 5sat/byte fee and it confirmed in less that 24 hours though I may have just been lucky with that one.

[HCP]

How do the fees work in electrum wallet? With dynamic fees on, when the slider is set to minimum it's saying it will be 0.00172BTC which is like £8/$11. Is this how much you have to pay for every transaction!? Everywhere I've looked people say to check dynamic fees or it may not go through but this seems ridiculously high. This is my first transaction so I hope I'm being an idiot and doing something wrong.

Click the "preview" button and check what the transaction data size is... You'll also be able to see how many inputs are being used for your transaction.

Transaction fees in Bitcoin are based on the data size of the transaction (measured in bytes)... Generally, the more inputs, the larger the transaction size becomes. If you've received a lot of smaller amounts, you end up needing to use more of them to send larger amounts out. More inputs = more data = more fees.

You've mentioned that it wants to use a total fee of 0.00172 BTC, but what's the fee rate?? Hover the mouse over the slider and see what it says the "BTC/kB" rate is...

[sunk818]

I paid 1 Satoshi per byte. I paid 230 Satoshi for my transaction fee because my transaction size was 228 bytes. I hope $4 is enough for a fee. Tired of getting jacked on btc transaction fees. Some just insist on btc.

[HCP]

I paid 1 Satoshi per byte. I paid 230 Satoshi for my transaction fee because my transaction size was 228 bytes.

This is your fee rate.
This is an incredibly LOW fee rate

Recommended rates are: 350-400+ sats/byte... more than 350x what you paid! refer: https://bitcoinfees.earn.com/ and https://btc.com/stats/unconfirmed-tx

I hope $4 is enough for a fee. Tired of getting jacked on btc transaction fees. Some just insist on btc.

It isn't the TOTAL value of the fee paid... it is the Fee RATE that is important in deciding whether your transaction is picked up by a miner or not...

Also, your 230 satoshis (or 0.00000230 BTC) fee is actually only $0.04c

With the Bitcoin network the way it is, your transaction is not likely to confirm for days, if not weeks

[sunk818]

Sorry my bad. I paid .00022800 btc as fee