Topic: Electrum Bitcoin Wallet withdrawal transaction (Read 164 times)

The terms might be confusing, but it's not wrong. Electrum's double-spend cancels the original transaction and replaces it with a new one. If I send a transaction to you, but change my mind for a reason, clicking cancel (double-spend) will cancel the bitcoins that I originally meant to send to you. The substitute transaction goes back to me. 

For clarification to those who read this thread late: OP deleted all of his reply for some reason.
Probably to remove his trace here, but failed to delete the OP due to forum regulation.

Those replies are still available in Loyce's archive: https://loyce.club/archive/members/364/3641158.html
This particular reply essentially told that the issue is now solved: https://loyce.club/archive/posts/6428/64287212.html

If you can think of a better term to use, feel free to post a new "Pull Request" that edits the feature's name.

You can find the texts in these parts:
In Desktop (Qt): github.com/spesmilo/electrum/blob/master/electrum/gui/qt/history_list.py#L774
In Android (QML): https://github.com/spesmilo/electrum/blob/master/electrum/gui/qml/components/TxDetails.qml#L376
The button is straight-out named "Cancel Tx" in mobile.

You wanted to make a withdrawal to where? I think there is a bit of confusion about how Bitcoin wallets like Electrum work.  Its your own personal wallet, not a bank account.  You dont need to "withdraw" coins from it.  When you want to buy something or move your Bitcoin to an exchange to sell, thats when you send coins from your wallet.  Which technically is not a "withdrawal".

Since you cancelled that transaction, the full Bitcoin amount should be back in your Electrum wallet.  Well, minus the mining fees and  thats the cost of getting your transaction confirmed on the Bitcoin network.  It goes to the miners and can change depending on how congested the network is.  But its separate from your Electrum wallet itself.

I know wallets and crypto transactions can be confusing at first.  It definitely takes some getting used to.  But once you use them a little, it starts to make more sense.

There's a "double-spend" inside parentheses which should tell the users that they would make a new transaction.

And once you click on "Cancel (doule-spend)" button, a new window pops ups in which there's a message saying "Cancel an unconfirmed transaction by replacing it with a higher-fee transaction that spends back to your wallet." It also says that "You will pay x more.".

This is something most people get confused not just newbies, I guess they need to find better term instead of cancel that's what lead to this confusion.

Technically there is no way to cancel a broadcasted transaction, either it's purged or the user has to double spend with higher fee back to one of his address that means fee used will be deducted when someone uses cancel features on wallets.

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.

---

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.

If you make a Bitcoin transaction, on chain, the transaction fee you paid is in bitcoin/ satoshi, not in your national fiat currency BRL.

The BRL value you mentioned can only be an equivalent value of your transaction fee from bitcoin/ satoshi to BRL value but as said, you only actually paid it in bitcoin/ satoshi.

If you stored your bitcoin in your Electrum wallet, you fully control your coins and when you broadcast a transaction, it means you send your bitcoin to another address, wallet. I don't say it is withdrawal that is more properly to use if you store your bitcoin on centralized exchange, in your online account, and submit your withdrawal request to withdraw your coin.

Take note that the fee that is required to be paid for a transaction depends on number of inputs/ouputs and also addresses types. Without knowing them, it's not possible to know how much you needed to pay as transaction fee.

BRL is the national currency of Brazil.

I don’t know what you mean by BRL but electrum measures transactions fees base on sats/vbyte. Which is the most widely used metric. Electrum has three payment options which are static, mempool and ETA.

Personally I will advice you to change the option to mempool if that’s not the option currently, it actually suggests or estimates fees base on market conditions at that time. Or you can use the mempool.Space fee estimator site and choose the priority you like and then come to wallet and set the fee on the amount in sat/byte you saw there. They both correspond in terms of metric. This way you can avoid paying outrageous amounts for fees due to mistakes

If you cancelled a transaction, not that the transaction is actually cancelled. The transaction is replaced by another one with a higher fee in which the new transaction has your wallet address which the coin is transferred to.

Use https://mempool.space/ for fee estimation. To set the sat/vbyte. Or use https://jochen-hoenicke.de/queue/#BTC,24h,weight for it.

Hello, BitcoinTalk community! Please, a little while ago I made my first withdrawal of Bitcoins from the Electrum wallet, on this occasion I canceled a transfer of Bitcoins in progress, returning it back to my Electrum wallet, 'however due to the bad/erroneous configuration regarding the withdrawal fee that I made', unfortunately of the total of 22 BRL (3.96 USD) that I transferred, 'I received a refund of only 6 BRL (1.08 USD)'!.
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?.
Thank you very much in advance!.