Electrum Sending Fee?

[jerry0]

Im going to send a smaller amount of btc i have left in my electrum to my nano ledger s.  I just updated my electrum from 3.0.5 to 3.3.4.



Its been a while since i sent any btc from electrum to anywhere.  What fee should i set for sending the btc?  Back then a long time ago i know if you send btc, it took a long time for it to get there unless you sent a big fee.



Should i make sure its always within 25 blocks which is 20 sat/byte?  There is also low fee of 10 sat/byte, 5 sat/byte, 2 sat/byte or 1 sat/byte.  I dont mind if it takes a while as i dont need the btc to get to my nano ledger s immediately etc.  But i also dont want an issue where the transfer is taking many hours etc.  Anyone know if doing 10 sat/byte is still fine or its not good idea?

[jackg]

Send it at 1 sat per byte. I have two transactions at that fee. It should hopefully confirm. If not just keep broadcasting it.

[jerry0]

Hi there how long did it take for the transaction to go to the other address at 1 sat per byte?  But it will eventually confirm right or could it get stuck for a long time?


Can others here confirm doing the minimum 1 sat per byte is fine?  Or should i do at least 10 or 20?


Also a long time ago i remember when i used electrum i sent btc without any fee and it worked.  But this was a long time ago and it took a while.  Im curious but could you send btc from electrum with no fee now and if so, does it work?  And if so, how long would that take?

[jackg]

You can't send without fees anymore.

My transactions are not yet confirmed. I only sent them a few hours ago.

Theyre 19.6 mb down the mempool so they'll probably take about a day to confirm.
It always goes up with price volatility.

[jerry0]

Thanks for confirming this.  Can anyone else confirm you cannot send btc without sending a fee with electrum?


And can someone tell me how long it takes for btc to be received sending either 20 sat/byte, 10 sat/byte, 5 sat/byte, 2 sat/byte and 1 sat/byte?


Also if you send it at 1 sat/byte and it takes very long, it eventually will be received even if it takes very long?  But how long though?  Not many days though right?  Like a few hours or so? 

[jerry0]

I thought of something else.  If you send with a low fee, is there a chance you could get that message where it say you cannot send with low fee and get that phishing message though?

[joniboini]

Thanks for confirming this.  Can anyone else confirm you cannot send btc without sending a fee with electrum?

Yes, you can't.

And can someone tell me how long it takes for btc to be received sending either 20 sat/byte, 10 sat/byte, 5 sat/byte, 2 sat/byte and 1 sat/byte?

You should've see an estimation for confirmation in Electrum (High, Fast, Slow, etc). It is dynamic because it depends on the mempool.

Also if you send it at 1 sat/byte and it takes very long, it eventually will be received even if it takes very long?  But how long though?  Not many days though right?  Like a few hours or so? 

Yes, can't define exactly how long because it depends on how busy the network is. It may takes days, even months, or maybe hours. If you need it to be confirmed asap, then use recommended fees shown by Electrum.

I thought of something else.  If you send with a low fee, is there a chance you could get that message where it say you cannot send with low fee and get that phishing message though?

No you won't get that message AFAIK.

[nc50lc]

I thought of something else.  If you send with a low fee, is there a chance you could get that message where it say you cannot send with low fee and get that phishing message though?

Phishing messages will only pop-up if you have Electrum version lower than 3.3.0 and connected to the hacker's server.
Otherwise, it will just crash or stuck on synchronizing.

Other answers:
Based on my own experience as of the current mempool volume, a 20sat/byte can be confirmed within an hour and a 40sat per byte can be confirmed in the next block (<10minutes).
I never use 10sat/byte for "urgent transactions" but if Electrum shows "1mb from tip" when you hover over the tx fee picker, there's a chance that it will get confirmed in 10minutes to less than an hour.
BTW, I use SegWit Addresses.

But it still depends on the number of transactions in the mempool so, always check the the "N mb from tip" in the tx fee scroll.

[DarkStar_]

Based on my own experience as of the current mempool volume, a 20sat/byte can be confirmed within an hour and a 40sat per byte can be confirmed in the next block (<10minutes).

No need for such a high fee. This is what the mempool looks like as of your post (from Johoe's Bitcoin Mempool Statistics):


10 sat/byte would have been fine for next block, or 12 sat/byte if you wanted to play it even safer.

[pooya87]

the real question is, are you in a rush to get your transaction confirmed within the next block?

if you are just sending coins from your Electrum (hot wallet?) to your Ledger Nano (cold storage?) then you probably don't care even if it takes a very long time to confirm. so you can put the smallest amount of fee possible which is currently 1 satoshi/byte and be fine. if you are too worried just enable RBF so that you can easily increase the fee in the future if you needed to speed it up for example if it took 1 week to confirm (which is highly unlikely these days).

[nc50lc]

Based on my own experience as of the current mempool volume, a 20sat/byte can be confirmed within an hour and a 40sat per byte can be confirmed in the next block (<10minutes).

No need for such a high fee. This is what the mempool looks like as of your post (from Johoe's Bitcoin Mempool Statistics):
-snip-
10 sat/byte would have been fine for next block, or 12 sat/byte if you wanted to play it even safer.

Yes, that's what the next sentence of my post said

That's why he needs to base it from the mempool (ticked by default) and always check the "mb from tip" in every transaction.
I don't trust estimate-fees listed online plus most online Bitcoin statistic sites read Transaction with SegWit data's fee lower than the actual value.

[Pmalek]

I like https://www.coinb.in/#fees when it comes to setting fees. At the moment it is 4 Sat/Byte. If you want your transaction to be confirmed sooner double the fee. But if you are not in a hurry the recommended fee by coinb.in is a a good choice. 

[jerry0]

I'm not in any rush to send the btc i have in my electrum to my nano ledger s.  So based on that, i could just do the 1 sat/byte?  Where is the option to check it where you could increase the fee later on if it takes too long?


Also to the person that said they sent yesterday few hours ago with 1 sat/byte, did the btc get sent yet and if so, how many hours total?

[TryNinja]

I'm not in any rush to send the btc i have in my electrum to my nano ledger s.  So based on that, i could just do the 1 sat/byte?  Where is the option to check it where you could increase the fee later on if it takes too long?


Also to the person that said they sent yesterday few hours ago with 1 sat/byte, did the btc get sent yet and if so, how many hours total?

It really depends on the state of the mempool. There are days where a 1 sat/byte tx would be confirmed in the next block. While there are days where you would need a 30 sat/byte for next block confirmation.

The right thing to do is wait until the mempool is empty to make the transaction or consolidate your inputs into one for future payments.

[jackg]

I sent some money to someone yesterday, their address is here (don't think they mind me posting this): https://m.btc.com/1MDkSttwCLtDcf9j3kyb57jP1B42duSbYk

[jerry0]

hi jack but did they receive it yet?

[jerry0]

Im going to send the btc from electrum to nano ledger s now.  Can someone tell me where i can check that option where i could increase the fee later on if i want to if the transaction takes too long and i want to make it faster?

[TryNinja]

Im going to send the btc from electrum to nano ledger s now.  Can someone tell me where i can check that option where i could increase the fee later on if i want to if the transaction takes too long and i want to make it faster?

I’ve never tried that with the Ledger through Electrum, but I guess it works.

https://freedomnode.com/blog/75/how-to-fix-slow-bitcoin-transactions-with-replace-by-fee

[jerry0]

Ninja what do you mean trying it through electrum?  You mean you use the nano ledger s but use electrum in conjunction with it?


I sent the btc from electrum to my nano ledger using the minimum fee.  It got there in less than 10 minutes.  Thats amazing.

[TryNinja]

Ninja what do you mean trying it through electrum?  You mean you use the nano ledger s but use electrum in conjunction with it?

I meant using your Ledger wallet through the Electrum software instead of the Ledger Live app. It’s basically Electrum but with the hardware wallet functions (better security, requiring a confirmation on the device, etc).

I thought you were trying to make a transaction from your Nano S to another wallet (through the Electrum interface). Sorry.

I sent the btc from electrum to my nano ledger using the minimum fee.  It got there in less than 10 minutes.  Thats amazing.

Yeah. It’s really cheap and fast when the mempool is empty.