Fees are based on the transaction's size and the current mempool condition. If you see here: https://jochen-hoenicke.de/queue/#1,2h, you'll know that there's hardly anything on it so fee's shouldn't be that high.
The problem must have been with electrum's fee estimation. Go to preferences --> Fee Estimation --> Mempool
Or you can also check these guides and enter fees manually
https://jochen-hoenicke.de/queue/#1,2h
https://bitcoinfees.earn.com/
Topic: How on earth did I incur such high transaction fees? - page 2. (Read 373 times)
I am relatively new to bitcoins and only used Electrum wallet at most twice.
I sent 0.0004 BTC, Size: 325 bytes but the fee that I paid was 0.00143440 BTC (441 sat/byte). Can someone is more knowledgeable than me explain how it happened and what steps I could have taken to avoid paying such high transaction fees?
In Electrum, under Preferences > Fees,
Fee estimation: Static
Edit fees manually (box was ticked)
Use Replace-By-Fee (box was ticked)
Under Preferences > Transactions,
Use change addresses (box was ticked)
Use multiple change addresses (box was ticked)
Under Network > Proxy
Use Tor proxy at port 9150 (box was ticked)
Use Proxy (box was ticked)
SOCKS5 127.0.0.1 9150
Yes, I sent my payment via Tor.
I sent 0.0004 BTC, Size: 325 bytes but the fee that I paid was 0.00143440 BTC (441 sat/byte). Can someone is more knowledgeable than me explain how it happened and what steps I could have taken to avoid paying such high transaction fees?
In Electrum, under Preferences > Fees,
Fee estimation: Static
Edit fees manually (box was ticked)
Use Replace-By-Fee (box was ticked)
Under Preferences > Transactions,
Use change addresses (box was ticked)
Use multiple change addresses (box was ticked)
Under Network > Proxy
Use Tor proxy at port 9150 (box was ticked)
Use Proxy (box was ticked)
SOCKS5 127.0.0.1 9150
Yes, I sent my payment via Tor.
WTF this is high transaction fee you have notified here. Today also I have transferred 0.025 BTC to the exchange wallet but the fees consumes for around 0.000021 BTC for the single transaction.
Since your fees per byte many time higher I think. Few weeks before mempool seems empty and the transaction fees per byte is 8SAT/BYTE.
How many transactions made up that 0.0004 BTC? The fees you pay depend on how many inputs go into the transaction, not how many BTC you're moving.
I am relatively new to bitcoins and only used Electrum wallet at most twice.
I sent 0.0004 BTC, Size: 325 bytes but the fee that I paid was 0.00143440 BTC (441 sat/byte). Can someone is more knowledgeable than me explain how it happened and what steps I could have taken to avoid paying such high transaction fees?
In Electrum, under Preferences > Fees,
Fee estimation: Static
Edit fees manually (box was ticked)
Use Replace-By-Fee (box was ticked)
Under Preferences > Transactions,
Use change addresses (box was ticked)
Use multiple change addresses (box was ticked)
Under Network > Proxy
Use Tor proxy at port 9150 (box was ticked)
Use Proxy (box was ticked)
SOCKS5 127.0.0.1 9150
Yes, I sent my payment via Tor.
I sent 0.0004 BTC, Size: 325 bytes but the fee that I paid was 0.00143440 BTC (441 sat/byte). Can someone is more knowledgeable than me explain how it happened and what steps I could have taken to avoid paying such high transaction fees?
In Electrum, under Preferences > Fees,
Fee estimation: Static
Edit fees manually (box was ticked)
Use Replace-By-Fee (box was ticked)
Under Preferences > Transactions,
Use change addresses (box was ticked)
Use multiple change addresses (box was ticked)
Under Network > Proxy
Use Tor proxy at port 9150 (box was ticked)
Use Proxy (box was ticked)
SOCKS5 127.0.0.1 9150
Yes, I sent my payment via Tor.
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