High Transaction Fee - 38%...am i doing something wrong..

[RobbyN789]

Hi,

How can i attach a picture on this??

Bascially, using electrum wallet, i have bitcoin, i want to deposit to a casino 100euro of bitcoing ( long story elsewhere on this forum, new to this, was going to cash out a few hundred euros the casino sent me, right now, thought i would deposit back - so i can carry on playing a few slots..call me foolish i know )

BUT, i checked, the casino does not charge a fee ( i send them a screenshot of message on electrum wallet comes up )

The numbers are,

Amount to be sent - 0.00629 mBTC
Mining fee - 0.00223 mBTC

WARNING - The fee for this transaction is unusally high ( 35.4% )

There isn a 'ADVANCED' tab - and also ETA Rate ( click on that and jumps to 38% )


SO..... is the 'mining fee' the problem...could it be because initially this came from a casino?  ( curious to know..because if thats the case..then all a waste of time...IF..i use HodleHodle to sell it to cash ( would like to do )..then maybe..thats the drawback ..the bitcoin coming from this casino?  No?  off the track?  i hope so...as puts me off obviously.

OR..am i doing something wrong.   Clicked deposit button on casion, gives me the address and 100euro equate to that 0.00629 ( i assume )....and they say they dont take a fee..so its my end.

Thoughts welcome, bare in mind a newbie here, so plain speaking else you lose me!!!!

THANKS for your time.

[LoyceMobile]

The m stands for milli. 1 mBTC is 0.001 Bitcoin.
So you're trying to send a tiny amount instead of 1000 times more.
If you want, you can change the display units in Electrum's settings.

[NeuroticFish]

Loyce is right.

Go to Tools->Preferences, change Base unit from mBTC to BTC and try to make the transaction using BTC as denomination.

Even more, you should be able to set the fee to 1 sat/vByte, which should get your transaction confirmed before tomorrow morning. But first change to BTC, since you were sending too low amount to the casino.

[RobbyN789]

Oh right, ok thanks for that. So much to learn. Ok I will try that..but you mentioned, might confirm tomorrow etc...ideally, like a mastercard transaction, wanted immediately...so might wise up and not send...then again...

[NeuroticFish]

but you mentioned, might confirm tomorrow etc

I suggest you take a look at https://mempool.space
You'll see that the last few blocks were mined without being full. Still, in "waiting" there are already transactions for more than a block. So if you send now at 1 sat/vByte there is a chance it won't be mined exactly in the next block, instead 1-2 (or more) blocks later. I cannot foresee the future, hence I can't tell when. But it's reasonable to guess that's not too long, especially as it's week-end (in working days it's more congested).
But if you don't want to wait, just use higher fee. You will see that even now pay fees like 100-300 (or more) sat/vByte. Imho it's wasted money, but you can do that too if you're such in a hurry.

Mastercard fast will still not happen, a block need to be mined, which can happen in the next second after your transaction was sent (by you) - if you're overly lucky - or even in an hour - if you're unlucky or have set rather low fee. Keep in mind that the average is meant to be one new block at every ~10 minutes.

[serjent05]

SO..... is the 'mining fee' the problem...could it be because initially this came from a casino?  ( curious to know..because if thats the case..then all a waste of time...IF..i use HodleHodle to sell it to cash ( would like to do )..then maybe..thats the drawback ..the bitcoin coming from this casino?  No?  off the track?  i hope so...as puts me off obviously.

OR..am i doing something wrong.   Clicked deposit button on casion, gives me the address and 100euro equate to that 0.00629 ( i assume )....and they say they dont take a fee..so its my end.

Thoughts welcome, bare in mind a newbie here, so plain speaking else you lose me!!!!

THANKS for your time.

You are doing fine, there is no problem with the mining fee.  The reason for the notification of 38% is that you send a very small amount and the mining fee is ratio'ed on your amount sent. It is like sending $1.5  with a fixed processing fee of $1 definitely it will give you a notification that your fee is around 66% of your transaction but if you send an amount of $20 with the same processing fee, it would be different. So try to send a larger amount and you will notice that the warning will not trigger.