Topic: Electrum's default tx fee too high, can it be lowered to the usual 0.00001 BTC? (Read 3045 times)
November 03, 2015, 10:59:39 AM
You can check here what to expect: Transaction Fee Predictions
November 02, 2015, 11:06:50 PM
In new version 2.5.2 the default transaction fee is 0.0005 BTC. Is it safe enough to set it to 0.0001 BTC, or is there danger to wait for ever?
If you set transaction fee to .0001 there is the danger your transaction may not fully confirm for days. Your choice. The default fee is .0005 for a reason.
November 02, 2015, 09:52:58 PM
In new version 2.5.2 the default transaction fee is 0.0005 BTC. Is it safe enough to set it to 0.0001 BTC, or is there danger to wait for ever?
May 07, 2015, 03:47:19 PM
Did this instructions for decreasing transactions fee are actual for version 2.1.1
And more one question about transaction fee - did servers can provide transactions with lowest fee like 0.00001 per KB.
And more one question about transaction fee - did servers can provide transactions with lowest fee like 0.00001 per KB.
November 28, 2014, 03:31:11 AM
i cannot send with lower fee or 0 fee from electrum and my transactions have more than 250 confirmations now!
Remember, you must use the install version. And be careful that you're editing the actual files being used.(ie. if you installed Electrum twice in two different folders, make sure you edited the one that is actually being used with your Electrum.)
If you follow my instructions, you'll be able to send. (I have sent 0 fee transactions on numerous occasions)
it is worth mentioning that i am trying to send 0.001 BTC just to try out Electrum
November 22, 2014, 01:00:56 AM
i cannot send with lower fee or 0 fee from electrum and my transactions have more than 250 confirmations now!
Remember, you must use the install version. And be careful that you're editing the actual files being used.(ie. if you installed Electrum twice in two different folders, make sure you edited the one that is actually being used with your Electrum.)
If you follow my instructions, you'll be able to send. (I have sent 0 fee transactions on numerous occasions)
November 21, 2014, 02:12:07 PM
(DISCLAIMER: You must have the installed version / the source installed version for this to work. Packaged exe files will not let you mess with the innards.)
1. BACKUP YOUR WALLET FIRST! Just in case.
2. Find the Electrum install folder
3. Navigate to ...\lib\bitcoin.py
4. Open it with a text editor that supports Lf line breaks (hint: Notepad for Windows does not. but WordPad (also comes with Windows) does)
5. Search the file for "MIN_RELAY_TX_FEE = 10000" or just "MIN_RELAY_TX_FEE"
6. Change 10000 to 1000.
7. This makes it so that you can send transactions with 0.00001 BTC fees. But you will still pay whatever is in preferences, so after saving and closing, don't forget to set your preference's fee to "0.00001 BTC per kB"
You can set "= 0" if you want to get rid of the minimum, but be warned that any transaction that is not eligible for a free transaction with a fee less than 0.00001 BTC will not be relayed by most nodes.
i cannot send with lower fee or 0 fee from electrum and my transactions have more than 250 confirmations now! 1. BACKUP YOUR WALLET FIRST! Just in case.
2. Find the Electrum install folder
3. Navigate to ...\lib\bitcoin.py
4. Open it with a text editor that supports Lf line breaks (hint: Notepad for Windows does not. but WordPad (also comes with Windows) does)
5. Search the file for "MIN_RELAY_TX_FEE = 10000" or just "MIN_RELAY_TX_FEE"
6. Change 10000 to 1000.
7. This makes it so that you can send transactions with 0.00001 BTC fees. But you will still pay whatever is in preferences, so after saving and closing, don't forget to set your preference's fee to "0.00001 BTC per kB"
You can set "= 0" if you want to get rid of the minimum, but be warned that any transaction that is not eligible for a free transaction with a fee less than 0.00001 BTC will not be relayed by most nodes.
November 19, 2014, 08:45:09 AM
(DISCLAIMER: You must have the installed version / the source installed version for this to work. Packaged exe files will not let you mess with the innards.)
1. BACKUP YOUR WALLET FIRST! Just in case.
2. Find the Electrum install folder
3. Navigate to ...\lib\bitcoin.py
4. Open it with a text editor that supports Lf line breaks (hint: Notepad for Windows does not. but WordPad (also comes with Windows) does)
5. Search the file for "MIN_RELAY_TX_FEE = 10000" or just "MIN_RELAY_TX_FEE"
6. Change 10000 to 1000.
7. This makes it so that you can send transactions with 0.00001 BTC fees. But you will still pay whatever is in preferences, so after saving and closing, don't forget to set your preference's fee to "0.00001 BTC per kB"
You can set "= 0" if you want to get rid of the minimum, but be warned that any transaction that is not eligible for a free transaction with a fee less than 0.00001 BTC will not be relayed by most nodes.
1. BACKUP YOUR WALLET FIRST! Just in case.
2. Find the Electrum install folder
3. Navigate to ...\lib\bitcoin.py
4. Open it with a text editor that supports Lf line breaks (hint: Notepad for Windows does not. but WordPad (also comes with Windows) does)
5. Search the file for "MIN_RELAY_TX_FEE = 10000" or just "MIN_RELAY_TX_FEE"
6. Change 10000 to 1000.
7. This makes it so that you can send transactions with 0.00001 BTC fees. But you will still pay whatever is in preferences, so after saving and closing, don't forget to set your preference's fee to "0.00001 BTC per kB"
You can set "= 0" if you want to get rid of the minimum, but be warned that any transaction that is not eligible for a free transaction with a fee less than 0.00001 BTC will not be relayed by most nodes.
November 19, 2014, 08:38:41 AM
I recently tried Electrum (v1.9.8) and I noticed it includes a default tx fee of 0.0002 BTC. That's way too much. The default in most Bitcoin apps has been 0.0001 per KB in the past, and now for quite a while (since Bitcoin Core 0.9) the default has even decreased a tenfold to 0.00001 BTC per KB.
Several other wallets have been using this lower fee by default for a while now (e.g. Andreas Schildbach's wallet for Android, and Mycelium is about to as well) and it really works just fine. No delays or unconfirmed txs whatsoever.
It really helps getting people to use Bitcoin, if the phrase 'practically free to use' is actually true. Here in Europe, bank transactions are free, so then charging 5 cents for a Bitcoin-transaction is actually quite expensive. Especially when doing micropayments, when sending 50 cents for example, 5 cents tx fee is way too much.
I realize one can edit the fee, but that's just another hurdle for 'normal' (non-geek) users.
Please consider lowering the default tx fee to 0.00001 BTC per KB of tx data
Several other wallets have been using this lower fee by default for a while now (e.g. Andreas Schildbach's wallet for Android, and Mycelium is about to as well) and it really works just fine. No delays or unconfirmed txs whatsoever.
It really helps getting people to use Bitcoin, if the phrase 'practically free to use' is actually true. Here in Europe, bank transactions are free, so then charging 5 cents for a Bitcoin-transaction is actually quite expensive. Especially when doing micropayments, when sending 50 cents for example, 5 cents tx fee is way too much.
I realize one can edit the fee, but that's just another hurdle for 'normal' (non-geek) users.
Please consider lowering the default tx fee to 0.00001 BTC per KB of tx data
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