I'm not sure what source Electrum uses for fee estimation but I'm yet to find an automatic one that is of much use at all. The problem really is that there is no way to predict how long it will take for the next block to be produced. Sometimes you can use precisely the fee that was confirmed in the last dozen blocks or so and then suddenly the miner's luck changes and you wait an hour for the next block. To combat this all the fee estimation sites tend to overstate the fee required to be on the safe side. People are quick to complain when they use the recommended fee and their transaction doesn't get confirmed but less likely to know that they are overpaying.
Topic: Better fee estimation needed (Read 161 times)
I just opened my Electrum wallet and they are suggesting me a fee of 5 sat/byte for a confirmation within 25 blocks. A few seconds later, I open it again and the suggested fee goes up to 140 sat/byte (within 25 blocks). Why does this happens?
Edit: Looks like some Electrum servers are suggesting 140 sat/byte and others 5 sat/byte. Why is this server based? And why is the difference so big?
IMO they should do something similar to what Coinb.in does here[1] (1 sat/byte right now). So far fees have been pretty accurate and cheap if compared to other softwares like Core and Electrum.
[1] https://coinb.in/#fees
Edit: Looks like some Electrum servers are suggesting 140 sat/byte and others 5 sat/byte. Why is this server based? And why is the difference so big?
IMO they should do something similar to what Coinb.in does here[1] (1 sat/byte right now). So far fees have been pretty accurate and cheap if compared to other softwares like Core and Electrum.
[1] https://coinb.in/#fees
Look at this.
https://blockchain.info/charts/mempool-state-by-fee-level
6 sats per byte is enough to make your transaction to confirm but then I see my Electrum wallet recommends 191 sats per byte, and it marks it as "replaceable" which makes it scarier for the newbies.
I know there are some users that would prefer to pay higher than 6 sats per byte, but recommending Electrum users to pay 191 sats per byte as a default is preposterous. We need better fee estimation in the wallet.
https://blockchain.info/charts/mempool-state-by-fee-level
6 sats per byte is enough to make your transaction to confirm but then I see my Electrum wallet recommends 191 sats per byte, and it marks it as "replaceable" which makes it scarier for the newbies.
I know there are some users that would prefer to pay higher than 6 sats per byte, but recommending Electrum users to pay 191 sats per byte as a default is preposterous. We need better fee estimation in the wallet.
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