Some help with my first transaction

[sky_razer]

Hi there!

I'm just getting into using BTC, and am on te verge of doing my first transaction.

I'm using a segwit wallet in Electrum

Now I'm trying to send 0.007 BTC, but when I open the fee slider, the minimum fee is 0.002 BTC which would mean >28% of my entire transaction which seems way to expensive.
Can anyone help me out?

Greetings,

Sky

[1714991025]

1714991025

[jackg]

The smallest fee is with the slider all the way to the left?

Are you in btc or mbtc also - they're different units..

I think you can go to file>preferences>fees>and check the edit fees manually option but it should already be based on the mempool (at which 0.002btc seems high).

[LoyceV]

Now I'm trying to send 0.007 BTC, but when I open the fee slider, the minimum fee is 0.002 BTC which would mean >28% of my entire transaction which seems way to expensive.

Did you receive many small transactions in the past? If you did, you should probably read my topic on consolidating small inputs.

In Electrum Preferences, you can tick "Edit fees manually", which allows you to adjust the fee. The fee slider still won't go low, but you can manually type "1 sat/byte". Note that this mean it'll take a while for the transaction to confirm. Fees are usually lowest on Sunday.

[NotATether]

By default, Electrum lists balances in mBTC, so you have to go to Tools > Preferences > Base Unit and select BTC. I assume this is your first time using Electrum, so you might be sending 0.007 mBTC on accident, which is worth 0.00007000BTC (7000 sats) and sending transaction fees worth 0.00002000 (2000 sats fee). Changing the units to BTC will make transactions send the correct amount for you, which is 0.007BTC, and will give you the correct fees, which should be much lower than 0.002BTC.

[sky_razer]

By default, Electrum lists balances in mBTC, so you have to go to Tools > Preferences > Base Unit and select BTC. I assume this is your first time using Electrum, so you might be sending 0.007 mBTC on accident, which is worth 0.00007000BTC (7000 sats) and sending transaction fees worth 0.00002000 (2000 sats fee). Changing the units to BTC will make transactions send the correct amount for you, which is 0.007BTC, and will give you the correct fees, which should be much lower than 0.002BTC.

Yup you are correct, Thanks so much!!!
I can't believe I didn't see that hahaha.

Now I can send the correct amount!

Greetings,
Sky

[hosseinimr93]

I think you can go to file>preferences>fees>and check the edit fees manually option.....

In Electrum Preferences, you can tick "Edit fees manually", which allows you to adjust the fee. ..........

In latest versions of Electrum (4.0.x), that option is no longer available. Instead of that, you must click on "Advanced" when making the payment and type the fee in the new window.

[Soldierswitlittlefaith]

just be careful because most pool might ignore any transaction with low fee's if, the network is saturated.

alternative. you may wait and send multiple transfer in order to reduce the fee.

Thanks

[o_e_l_e_o]

just be careful because most pool might ignore any transaction with low fee's if, the network is saturated.

The only way the transaction would be "ignored" is if the fee is below that node's minrelayfee, which by default is 1 sat/byte (although obviously nodes are free to change this, although not many do). If you pay a fee rate below that, then the transaction will not be broadcast by that node or stored in its mempool.

If you have simply paid a fee that is relatively low compared to other currently unconfirmed transactions, then your transaction won't be "ignored" - it will be added to the queue of unconfirmed transactions and will be included in a block once the mempool starts to empty.

Do you mean use lower fee rate (e.g. 1 sat/byte)?

I assume he means batching payments together in to one transaction.