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Author Topic: Transaction fees too high? Waiting period when using "within 25 blocks"?  (Read 108 times)
lexiure
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December 03, 2017, 04:02:41 PM
 #1

Hello everyone!

I am thinking about sending some BTC from my Electrum Wallet. Dynamic fee option is enabled.

Previews of transactions fees: 0,0017 BTC in 5 blocks, 0,0016 in 10 blocks, 0,00007 in 25 blocks, roughly.

My questions:

1: It seems to me transaction fees for "within 5 blocks" and "within 10 blocks" are very high. What do you think? Are these fees normal & usual these days when sending BTC's?

2: How long it will roughly take my BTC to arrive if I choose "within 25 blocks"? Do you think it is safe & reasonable to use it?

EDIT:

I have noticed that when number of sending addresses increase, fees also increase... This explains why fees so high for me.
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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jackg
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December 03, 2017, 09:31:33 PM
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Fees are based on the size of a transaction in bytes. This is the number of input transactions and the number of outputs/addresses you send to.

I use the within 25 blocks function. 25 blocks is 250 minutes whihc is just below 6 hours. If you can wait that long, it's worthwhile doing.
Sometimes setting the fee to not being dynamic and 0.3mBTC/kb which, when I used it, got a confirmation within about 12 hours at most - but don't ditch the slider and send with the lowest possible fee as it'll never confirm.

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December 03, 2017, 09:54:32 PM
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1: It seems to me transaction fees for "within 5 blocks" and "within 10 blocks" are very high. What do you think? Are these fees normal & usual these days when sending BTC's?
Those are probably right. Blocks are always full, which means that in most part of the time, you can't save money in fees and have a faster confirmation.

2: How long it will roughly take my BTC to arrive if I choose "within 25 blocks"? Do you think it is safe & reasonable to use it?
If you are not in a hurry to confirm your transaction, you can use the lower fee recommended or even edit your fee manually to a lower than the shown in the slider.

I have noticed that when number of sending addresses increase, fees also increase... This explains why fees so high for me.
This happens because fees are calculated in sat/byte. When you put more outputs/inputs, the transaction size increases, also increasing the fee.

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