Topic: How Do I Make Sure Tx Fee is Enough? (Read 92 times)

Read my thread for my guide on it, then you will see it very easily to manage fee rate, and transaction fee.

• Minimize your transaction fee with Electrum wallet
• For mempool observer websites, check.
  
  • [Mega resources for newbies] Check here, find most of your need, before asking.

It's not like enough or not, if your fee rate is high enough to be at tip of mempool, your transaction will be high enough in priority of Bitcoin miners, to pick for confirmation in a next one block. It's enough for you, enough for Bitcoin miners, but the right question should be "How to pick economic fee rate for my transaction?".

This means your transaction will be confirmed with as cheapest fee rate as possible while still meets your acceptable waiting time.

Thanks everyone

If you are not in a hurry and have enough time, you should check this guide by 1miau. It beautifully explains how you can determine the appropriate fee.

• Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum).

You can probably guess the context by reading the title. Good luck

For more advance usage, you could visit website which show visualization or distribution of unconfirmed transaction by it's fee rate. There are many website which does that, but https://mempool.jhoenicke.de/ and https://mempool.space/graphs/mempool are most popular ones.

P.S. Don't forget a Bitcoin block can have size up to 1 vMB when choosing which fee rate you plan to choose.

As mentioned, you can use mempool.emzy.de to check which priority level to choose for your transaction. Personally, I usually go for high priority because I’m not a fan of waiting.

However, sometimes even after selecting high priority, fees can suddenly rise, which you can also monitor on mempool.emzy.de. If you’re bored of waiting, you can hover over to your Electrum wallet and increase the fee, and as long as the transaction hasn’t been confirmed yet, it’s possible to do this.

Using a monitoring tool like this helps you avoid overpaying on fees, so it’s definitely useful.

The wallet's estimation of fees is usually good and those who want to allocate it try to pay less fees or have no problem waiting for more than an hour.
3-6 sat/vB is good for now so you can try it. just check https://mempool.space/

Are you on the desktop version of Electrum or the Android version?

As I rarely use the mobile phone Electrum, I'll describe it for the desktop application.

You should have a look first at mempool.space (see below at "Static") for current fee rates.

You enter target address and amount to send, then click on Pay..., a dialog opens "New Transaction".
For fee you have the choice to select three modes: Static, ETA and Mempool

"Static" is not recommended for newbies, except you know what you're doing and have checked a reasonable feerate e.g. on https://mempool.space or maybe also cross-check with https://whatthefee.io/ (I prefer mempool.space). With "Static" you set the feerate with the slider. Electrum shows you the Mining fee in the second line.

"ETA" is like estimated time (of) arrival aka likely confirmation of your transaction. You choose within how many blocks your transaction will likely be confirmed. Not a bad choice if your transaction isn't urgent.

"Mempool": the Fee target slider and legend show you how far below "waterlevel" your transaction will be in the current mempool. Everything below 1 vMB from tip should confirm in the next block on average. Going too "deep from tip" could mean that your transaction will "dive" in mempool for a long time, until a miner fishes it "out of the water" to confirm it. A miner's "fishing net" only reaches 1 vMB deep into the mempool for the next block.

Is there a way to know the appropriate fee while sending btc on Electrum? Where can adjust fees?