Transaction Fees Unusually High

[jawjahpeach]

When I attempt to make a payment [$100] in Electrum, it says that the transaction fees are unusually high [7.6% of amount]. 

[jackg]

OK?

Do you not want to pay 7% in fees? If not then you can move the slider that should appear to within 5 blocks (an hour) or 25 blocks (5 hours).

If you do but you're just wondering if it's an error, btcs price went up recently so your $100 may be less in btc terms if you've been holding a while.

[jawjahpeach]

OK?

Do you not want to pay 7% in fees? If not then you can move the slider that should appear to within 5 blocks (an hour) or 25 blocks (5 hours).

If you do but you're just wondering if it's an error, btcs price went up recently so your $100 may be less in btc terms if you've been holding a while.

No, I don't want to pay 7% in fees.

The bar is slid all the way over to the left where it's always been.  It does not say anything about blocks or hours.

This is not about BTC value, but about the fees.

[Charles-Tim]

I Do you not want to pay 7% in fees? If not then you can move the slider that should appear to within 5 blocks (an hour) or 25 blocks (5 hours).

Fee are not calculated in percentage (%) but in size and weight (Satoshi/vbyte).

Also, know that if mempool is congested, the fee will be higher, and when mempool is not congested, the fee will be lower.

Just make use of the fee customization or wait until mempool is not congested. But, if you use too low fee, your transaction may not be confirmed in time.

[jawjahpeach]

I Do you not want to pay 7% in fees? If not then you can move the slider that should appear to within 5 blocks (an hour) or 25 blocks (5 hours).

Fee are not calculated in percentage (%) but in size and weight (Satoshi/vbyte).

Also, know that if mempool is congested, the fee will be higher, and when mempool is not congested, the fee will be lower.

Just make use of the fee customization or wait until mempool is not congested. But, if you use too low fee, your transaction may not be confirmed in time.

Then why does it say that the fee is 7.6%?

How do I make use of the fee customization?

What are you referring to when you say the transaction may not be confirmed in time?  For my part, time is not a factor.  This is not a time-sensitive transaction.

Thank you.

[NeuroticFish]

Do you have a large number of inputs (small transaction towards your wallet)?
Also if you are not in a hurry, you may want to wait until the week-end with your transaction.

I could show you how to set the fee manually, but then you'll set it to 1 sat/vbyte and then you'll complain that the transaction is not confirmed.
I think that your best bet is to try in the week-end and then keep an eye on it. Also keep an eye onto https://mempool.space/ and see when the fees fall to 5-15 sat/vB (now they're at 105-256 sat/vB)

[jawjahpeach]

Do you have a large number of inputs (small transaction towards your wallet)?
Also if you are not in a hurry, you may want to wait until the week-end with your transaction.

I could show you how to set the fee manually, but then you'll set it to 1 sat/vbyte and then you'll complain that the transaction is not confirmed.
I think that your best bet is to try in the week-end and then keep an eye on it. Also keep an eye onto https://mempool.space/ and see when the fees fall to 5-15 sat/vB (now they're at 105-256 sat/vB)

I do not.

I will keep an eye on mempool.space.

Thanks for your help.

[Abdussamad]

you can set a custom fee as per this guide:

https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/

I Do you not want to pay 7% in fees? If not then you can move the slider that should appear to within 5 blocks (an hour) or 25 blocks (5 hours).

Fee are not calculated in percentage (%) but in size and weight (Satoshi/vbyte).

when the fee is unusually high as a percentage of the amount you wish to send electrum warns you about it so you don't end up spending more on fees than you want to. this warning is what the OP is talking about.

[jawjahpeach]

you can set a custom fee as per this guide:

https://bitcoinelectrum.com/how-to-manually-set-transaction-fees/

I Do you not want to pay 7% in fees? If not then you can move the slider that should appear to within 5 blocks (an hour) or 25 blocks (5 hours).

Fee are not calculated in percentage (%) but in size and weight (Satoshi/vbyte).

when the fee is unusually high as a percentage of the amount you wish to send electrum warns you about it so you don't end up spending more on fees than you want to. this warning is what the OP is talking about.

Thank you.

[sheenshane]

I will keep an eye on mempool.space.

Yes, you can.

In addition to that link given above, you can monitor and calculate mempool size per sat/vB through this tool that I posted below.  In that case, you can monitor when the mempool become low traffic and didn't congested which is most likely on weekend.

You can use these links in monitoring and calculating the mempool size.

• https://bitcoinfees.net/
• https://mempool.emzy.de/

If you're not in hurry for your transaction to be confirmed quickly, you can modify it into lower fees and wait more or less a week.  Otherwise, if fees are too much from the required amount of mempool it will be rejected and return to the sender's address for at least 7-14 days, AFAIK.

[hugeblack]

This warning is for you, it does not mean that you will lose money. Rather, the fees that you will pay is high, either because of network (wait untill mempool became empty) or because you are making wrong settings.
If you are not interested in the fees you will be paying or if it makes no difference, then ignore it.
If you want to pay less fees, but fast confirmations, or even do not care about confirmation times, read this tweet^[1] that will explain all the basics.

[1] https://twitter.com/aantonop/status/1333500357800992771