Electrum Fee Settings | Bitcointalksearch.org

hosseinimr93

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Quote from: Asuspawer09 on May 07, 2023, 02:26:33 PM

The transaction is on the end of the mempool, ETA is In several hours (or more), Im not in a hurry so maybe I can bump the fee like this to 100.sat/byte estimate is within 25 blocks. Is that enough for a confirmation for maybe a few hours or days? or should a go for 200sats for a sure transaction?

Bump the fee rate to 17 sat/vbyte and then submit the new transaction to ViaBTC free accelerator.
With doing so, your transaction will be likely confirmed in the next block mined by ViaBTC. They have around 9% of the total hash rate and mine a block around every 2 hours on average.

Note that for setting the fee rate manually, you need to click on "Settings" button and check "Edit fees manually".

Asuspawer09

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https://mempool.space/tx/ce55fbcf02c5339255ca3c474f5875b25c22e7240c0d34adab82cd49f741c0e9

The transaction is on the end of the mempool, ETA is In several hours (or more), Im not in a hurry so maybe I can bump the fee like this to 100.sat/byte estimate is within 25 blocks. Is that enough for a confirmation for maybe a few hours or days? or should a go for 200sats for a sure transaction?

tranthidung

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Quote from: Asuspawer09 on May 06, 2023, 03:33:55 AM

There are three options: ETA, Static, and Mempool.

ETA gives you overpaid fee rate.
Static gives you rights to set a fixed fee rate like 1 sat/vbyte or 5 sat/vbyte for your transactions. It will be always like this before you change the Static fee rate by yourself.
Mempool gives you recommended fee rate by retrieving information from mempool. In theory, it is a good option but I would like to manually check mempools before I choose a fee rate for my transactions, no matter I chose Static or Mempool option.

Where to check mempool and fee rate. One of two websites:

Ryker1

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Quote from: Asuspawer09 on May 06, 2023, 03:33:55 AM

Good day Everyone, Any idea what was the lowest fee I could use for a reasonable time of the transaction?

I didn't really change the setting when I'm making a transaction but I want the cheapest fee with a reasonable transaction time how low can I go with the fees without getting an issue or getting a failed transaction? Thanks

I think any fee that you set is unlikely to get failed, it will surely get confirmed not unless you will double spend.
Here is the best thing you can do --find the unconfirmed transaction in your Electrum wallet that you want to modify the fee for and right-click on it, and then select ^{[Increase fee]} from the drop-down menu and this will open a new window where you can adjust the transaction fee. The last step is to refer always to the mempool.space to determine the transaction fee that you want, the higher amount of fee the better for a quick transaction, and the cheap fee? --only the bitcoin network can tell.

nc50lc

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Quote from: Asuspawer09 on May 06, 2023, 03:33:55 AM

I didn't really change the setting when I'm making a transaction but I want the cheapest fee with a reasonable transaction time how low can I go with the fees without getting an issue or getting a failed transaction? Thanks

This is the usual setting that I'm using for optimal fee rate:

Click the settings icon (upper-right side of the screenshot) and tick "Edit fees manually".
Set the slider into "Mempool".
Slide it through "1.00 MB from tip".
Edit the 'absolute fee' (editable value at the right side of mining fee) into slightly higher than the automatically set value.
Create the transaction.

That setting ensures that your transaction when broadcasted will be within the size of the currently being mined block.
The downside of this compared to ETA is, it's relying on a single factor (server mempool's size).
So if mempools grow in size right after your transaction is broadcasted, it will be out of the <1mb from tip range.
Also, it's expensive at the moment.

Alternatively, this is the "slow-confirmation" setting that I'm using to make sure that it won't get dropped:

Tick "Edit fees manually" like in the instructions above (only if it's disabled).
Go to https://mempool.space/ and take note of the "Purging" fee rate.
Back to Electrum, edit the 'fee rate' (editable value at the left side of mining fee) into something relatively higher than the "Purging" fee rate.
Create the transaction.

Since mempool is unpredictable, it's up to you if you want to set it 1~10sat/vB higher than the bottom of the mempools.

Yamane_Keto

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Quote from: Asuspawer09 on May 06, 2023, 03:33:55 AM

Do you anyway still use old/Legacy bitcoin addresses (those that start with 1)?
Is it possible to save a fee up to 61.58%? was think that maximum is up to 53% by using bc1 addresses.

khaled0111

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Quote from: Abdussamad on May 06, 2023, 08:24:41 AM

you should change the base unit to btc under tools > preferences > units > base unit option. You are confusing mbtc with btc so that's why the fees are high relative to the amount you want to send.

I don't think this is the problem here. Based on the screenshot he shared, the base unit is btc, he is willing to send 0.00019btc and the fee he needs to pay is 0.000117btc which is indeed extremely high compared to the amount to be sent (~60%) but it's understandable given the current network situation.

@OP, as OSS suggested, to have a good idea about the mempool situation and how much you need to pay for a fast confirmation you can check mempool.space. Or you can just rely on Electrum as it has a good fee estimator. Just make sure to select the "Mempool" option.

DireWolfM14

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Mempool is completely full right now, and the last 8 blocks have confirmed with an average fee of 125 sats/vByte. If you're not in a hurry, 20 to 30 sats might get it done in a day or two, 60 to 80 in a few hours. I just had a transaction confirm in only two blocks at 90 sats.

Abdussamad

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you should change the base unit to btc under tools > preferences > units > base unit option. You are confusing mbtc with btc so that's why the fees are high relative to the amount you want to send.

Charles-Tim

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I posted this not quite long and I do not want to repeat it. Let me quote it:

Quote from: Charles-Tim on May 06, 2023, 02:19:12 AM

RBF makes bitcoin transaction to be easy, you do not need to have frustration of stuck transaction after you have used low fee. If the fee used is low when the mempool is congested, you can pump the fee.

The mempool is at 151 sat/vbyte now. Because of RBF, I can use a fee rate of 20 to 30 sat/vbyte or lower fee rate and still be able to pump the fee if no confirmation within the time I am expecting.

People should not be using wallets that do not support RBF.

Electrum support RBF by default.

OmegaStarScream

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You can check mempool.space for how much you need to pay/confirmation time and then click on the button below the close button to edit the fees to whatever amount you want to.

Asuspawer09

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Good day Everyone, Any idea what was the lowest fee I could use for a reasonable time of the transaction?

I didn't really change the setting when I'm making a transaction but I want the cheapest fee with a reasonable transaction time how low can I go with the fees without getting an issue or getting a failed transaction? Thanks

Topic: Electrum Fee Settings (Read 158 times)