-snip- I received a refund of only 6 BRL (1.08 USD)!. 'Correcting now, I was referring to an unfinished transaction'!.
The misunderstanding here is how you think Electrum's "
Cancel (double-spend)" button works.
FYI, it's not something like a Custodial Exchange where withdrawals are queued in their system before creating an actual transaction which could be cancelled before it's actually sent.
In Electrum (
in Bitcoin itself), once you send; you already created an "
unconfirmed transaction" that's broadcasted to the entire Bitcoin Network, it's not essentially "
finished" but it's already a known to the network.
And the Bitcoin Network isn't just a single entity, it's all of the users' nodes that run a Bitcoin Client, so;
The only way to undo it is to wait for all the nodes in the network to drop it from their mempool which could happen in 14 days if the transaction isn't included to a block yet,
but due to differences in configurations of each nodes, that may take longer than the default or even months. (
this only covers the natural way of undoing an unconfirmed transaction)
Now, as I mentioned that it's not simple to just undo a transaction, remember that the button is named: "
Cancel (double-spend)"?
That's because it's meant to create another transaction with higher fee rate that spends the input of your original transaction.
That's to compete with the original transaction (
the one you want to cancel), because only one of those will be confirmed, and once confirmed, the other one is invalidated.
By doing that, you'll actually spend more fee than what you've set in the original transaction.
I believe that's displayed in Electrum when you use the option:
Above:
Below:
The message below should display how much is added to the fee.
Anyway, friends, could you help me, help me by instructing me on how to configure and/or rather, what is the best configuration to choose in order to obtain lower and cheaper withdrawal fees on the Electrum Bitcoin Wallet?
When sending, click the method (
shows: ETA, Static or mempool) at the right side of the fee slider.
Set it to "
mempool" then slide the slider to "
1.00 vMB from tip" or "
0.80 vMB from tip" for the priority fee that's not based from ETA which is usually higher than the recommended.
Of course, the overall fee will still be based from the number of inputs of your transaction and the average number of transactions in the nodes' mempools.
Poll
