Author

Topic: Electrum Suggesting Massive fees (Read 137 times)

legendary
Activity: 3472
Merit: 10611
December 30, 2017, 12:45:16 AM
#5
BTC Address: 19i45Kiu2ChG1jw4BDZT783pE8oP6GQuaK

if this is what you are trying to spend, then you have been receiving dust for the most part. you have amounts such as 3362 satoshi, 7313 satoshi, etc.
total of 9 transaction outputs which you are trying to spend. 9 will give you about ~1400 bytes of transaction which you need to pay ~420,000 satoshi fee and that is 300 satoshi/byte which is the lowest amount.

~I checked other places like estimatefees but even their recommendation is much lower and around the 1 mBTC range for one input address to two out put addresses

you have 9 inputs not 1 if the address i posted above is the one you are trying to spend from. you are not spending your address you are spending your transactions! put 9 in the first textbox and you will see the result be 506,190 satoshis for ~60 min confirmation.

If that is the case, pardon my ignorance on this subject matter. I believe that can reason for the extra exorbitant fees will arise if for example one wants to spend .01btc and the wallets with that amount has over 10 addresses that generated that amount. That is when the fee is always high because the amount you want to send have to be cumulated from the several addresses.

And not the case of what you painted here because the fund is already in one address that wants to spend it or am I missing something here?

you have to change the way you are thinking. instead of thinking in terms of addresses, start thinking in terms of transactions.
when you look at it like that, it becomes easier to understand. you are receiving transactions and spending transactions. you can receive all of them in one address or many. in the end when you want to spend them you will pay the same fee because the size will be the same as long as the addresses have the same "type" of private key (for example all of them be compressed key or all be SegWit,...) you just sign with different keys, the size will be the same.
member
Activity: 504
Merit: 20
December 29, 2017, 10:20:44 PM
#4
BTC Address: 19i45Kiu2ChG1jw4BDZT783pE8oP6GQuaK

if this is what you are trying to spend, then you have been receiving dust for the most part. you have amounts such as 3362 satoshi, 7313 satoshi, etc.
total of 9 transaction outputs which you are trying to spend. 9 will give you about ~1400 bytes of transaction which you need to pay ~420,000 satoshi fee and that is 300 satoshi/byte which is the lowest amount.

~I checked other places like estimatefees but even their recommendation is much lower and around the 1 mBTC range for one input address to two out put addresses

you have 9 inputs not 1 if the address i posted above is the one you are trying to spend from. you are not spending your address you are spending your transactions! put 9 in the first textbox and you will see the result be 506,190 satoshis for ~60 min confirmation.

Oh I always assumed that the number of input "address" was considered the number of input. Thanks for the explanation Cheesy
hero member
Activity: 1330
Merit: 569
December 29, 2017, 08:15:59 AM
#3
BTC Address: 19i45Kiu2ChG1jw4BDZT783pE8oP6GQuaK

if this is what you are trying to spend, then you have been receiving dust for the most part. you have amounts such as 3362 satoshi, 7313 satoshi, etc.
total of 9 transaction outputs which you are trying to spend. 9 will give you about ~1400 bytes of transaction which you need to pay ~420,000 satoshi fee and that is 300 satoshi/byte which is the lowest amount.

~I checked other places like estimatefees but even their recommendation is much lower and around the 1 mBTC range for one input address to two out put addresses

you have 9 inputs not 1 if the address i posted above is the one you are trying to spend from. you are not spending your address you are spending your transactions! put 9 in the first textbox and you will see the result be 506,190 satoshis for ~60 min confirmation.

If that is the case, pardon my ignorance on this subject matter. I believe that can reason for the extra exorbitant fees will arise if for example one wants to spend .01btc and the wallets with that amount has over 10 addresses that generated that amount. That is when the fee is always high because the amount you want to send have to be cumulated from the several addresses.

And not the case of what you painted here because the fund is already in one address that wants to spend it or am I missing something here?
legendary
Activity: 3472
Merit: 10611
December 29, 2017, 12:20:32 AM
#2
BTC Address: 19i45Kiu2ChG1jw4BDZT783pE8oP6GQuaK

if this is what you are trying to spend, then you have been receiving dust for the most part. you have amounts such as 3362 satoshi, 7313 satoshi, etc.
total of 9 transaction outputs which you are trying to spend. 9 will give you about ~1400 bytes of transaction which you need to pay ~420,000 satoshi fee and that is 300 satoshi/byte which is the lowest amount.

~I checked other places like estimatefees but even their recommendation is much lower and around the 1 mBTC range for one input address to two out put addresses

you have 9 inputs not 1 if the address i posted above is the one you are trying to spend from. you are not spending your address you are spending your transactions! put 9 in the first textbox and you will see the result be 506,190 satoshis for ~60 min confirmation.
member
Activity: 504
Merit: 20
December 28, 2017, 09:40:42 PM
#1
For some reason Electrum is suggesting massive fees (3.5 mBTC and counting), no matter how much BTC I receive electrum feels it should be thrown into the fees section. I checked other places like estimatefees but even their recommendation is much lower and around the 1 mBTC range for one input address to two out put addresses
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