How will I know how big my transaction fee will be in Electrum 2.6.4 ?

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: pinkflower on August 18, 2016, 10:46:28 AM

Is it ok to adjust the fee to lower than .0005 btc? In my blockchain wallet the fee is lower than the .0005 btc that Electrum has by default. Will it affect the confirmation time if I change it to .0002 in Electrum?

as --Encrypted-- explained to you, the fee amount is calculated based on the "size" of your transaction and size here is referring to the kb not the amount of BTC you are sending.
in electrum you can go to Tools > Preference and choose a Dynamic Fee so that you receive a recommended fee based on the current state of market from the servers.

0.0005 BTC/kb is a safest choice and 0.0002 is still good enough for getting confirmation but may take a little bit longer to confirm.

steven0021

hero member

Activity: 629

Merit: 501

Experientia docet

Quote from: pinkflower on August 18, 2016, 10:46:28 AM

Is it ok to adjust the fee to lower than .0005 btc? In my blockchain wallet the fee is lower than the .0005 btc that Electrum has by default. Will it affect the confirmation time if I change it to .0002 in Electrum?

Lowering it might affect the confirmation time. Can't say for sure because the fee needed for fast confirmation changes all the time, but right now https://bitcoinfees.21.co/ is recommending 80 satoshis/byte for fee. 0.0002/kb is roughly 20sat/byte.

pinkflower

sr. member

Activity: 868

Merit: 259

Is it ok to adjust the fee to lower than .0005 btc? In my blockchain wallet the fee is lower than the .0005 btc that Electrum has by default. Will it affect the confirmation time if I change it to .0002 in Electrum?

--Encrypted--

copper member

Activity: 924

Merit: 1007

hee-ho.

that's a lot of questions.

Quote from: DannyHamilton on February 24, 2014, 09:13:04 PM

And what happens if I withdraw all my BTC from my wallet? I cannot have a negative balance, so will my payment order be diminished? Does it always happen this way?

if you withdraw all btc you'll be left with 0 balance. electrum won't allow you to send btc if you don't have enough balance. you can't get negative balance.
don't even know what you mean by "always happen this way"... have you experienced it?

Quote

And most importantly - if I want to make a payment of a precise amount, will it be affected? How do I ensure that the desired amount is being transferred from my wallet if I don't know the fees?

what you enter in the "amount" box doesn't include the fee. the fee is deducted separately from what's left in your balance.
you can view electrum's estimated fee before you send anything by ticking the "Set transaction fees manually" option from preferences. electrum will still suggest what fee you should use even if you have that option on.

[1] input*148 + output*34 + 10 . this can get really off-target for transactions with lots of inputs and outputs.

nanananabanana

newbie

Activity: 1

Merit: 0

Hello,

i don't mind paying the fee, but I want to know how big it will be. I know it is determined in mBTC/kB but how many kB will a transaction be? How can I determine it? And what happens if I withdraw all my BTC from my wallet? I cannot have a negative balance, so will my payment order be diminished? Does it always happen this way?

And most importantly - if I want to make a payment of a precise amount, will it be affected? How do I ensure that the desired amount is being transferred from my wallet if I don't know the fees?

Thanks in advance.

Topic: How will I know how big my transaction fee will be in Electrum 2.6.4 ? (Read 805 times)