Some help with my first transaction | Bitcointalksearch.org

LiverLamas

newbie

Activity: 14

Merit: 0

Quote from: NotATether on December 02, 2020, 11:58:00 AM

By default, Electrum lists balances in mBTC, so you have to go to Tools > Preferences > Base Unit and select BTC. I assume this is your first time using Electrum, so you might be sending 0.007 mBTC on accident, which is worth 0.00007000BTC (7000 sats) and sending transaction fees worth 0.00002000 (2000 sats fee). Changing the units to BTC will make transactions send the correct amount for you, which is 0.007BTC, and will give you the correct fees, which should be much lower than 0.002BTC.

This one is the correct way, and explanation is good

o_e_l_e_o

legendary

Activity: 2268

Merit: 18748

Quote from: Soldierswitlittlefaith on December 03, 2020, 04:05:04 PM

just be careful because most pool might ignore any transaction with low fee's if, the network is saturated.

The only way the transaction would be "ignored" is if the fee is below that node's minrelayfee, which by default is 1 sat/byte (although obviously nodes are free to change this, although not many do). If you pay a fee rate below that, then the transaction will not be broadcast by that node or stored in its mempool.

If you have simply paid a fee that is relatively low compared to other currently unconfirmed transactions, then your transaction won't be "ignored" - it will be added to the queue of unconfirmed transactions and will be included in a block once the mempool starts to empty.

Quote from: ?? on ??

Do you mean use lower fee rate (e.g. 1 sat/byte)?

I assume he means batching payments together in to one transaction.

Soldierswitlittlefaith

member

Activity: 239

Merit: 27

just be careful because most pool might ignore any transaction with low fee's if, the network is saturated.

alternative. you may wait and send multiple transfer in order to reduce the fee.

Thanks

hosseinimr93

legendary

Activity: 2380

Merit: 5213

Quote from: jackg on December 02, 2020, 07:43:49 AM

I think you can go to file>preferences>fees>and check the edit fees manually option.....

Quote from: LoyceV on December 02, 2020, 07:45:30 AM

In Electrum Preferences, you can tick "Edit fees manually", which allows you to adjust the fee. ..........

In latest versions of Electrum (4.0.x), that option is no longer available. Instead of that, you must click on "Advanced" when making the payment and type the fee in the new window.

sky_razer

newbie

Activity: 2

Merit: 1

Quote from: NotATether on December 02, 2020, 11:58:00 AM

By default, Electrum lists balances in mBTC, so you have to go to Tools > Preferences > Base Unit and select BTC. I assume this is your first time using Electrum, so you might be sending 0.007 mBTC on accident, which is worth 0.00007000BTC (7000 sats) and sending transaction fees worth 0.00002000 (2000 sats fee). Changing the units to BTC will make transactions send the correct amount for you, which is 0.007BTC, and will give you the correct fees, which should be much lower than 0.002BTC.

Yup you are correct, Thanks so much!!!
I can't believe I didn't see that hahaha.

Now I can send the correct amount!

Greetings,
Sky

NotATether

legendary

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bitcoincleanup.com / bitmixlist.org

By default, Electrum lists balances in mBTC, so you have to go to Tools > Preferences > Base Unit and select BTC. I assume this is your first time using Electrum, so you might be sending 0.007 mBTC on accident, which is worth 0.00007000BTC (7000 sats) and sending transaction fees worth 0.00002000 (2000 sats fee). Changing the units to BTC will make transactions send the correct amount for you, which is 0.007BTC, and will give you the correct fees, which should be much lower than 0.002BTC.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: sky_razer on December 02, 2020, 07:23:49 AM

Now I'm trying to send 0.007 BTC, but when I open the fee slider, the minimum fee is 0.002 BTC which would mean >28% of my entire transaction which seems way to expensive.

Did you receive many small transactions in the past? If you did, you should probably read my topic on consolidating small inputs.

In Electrum Preferences, you can tick "Edit fees manually", which allows you to adjust the fee. The fee slider still won't go low, but you can manually type "1 sat/byte". Note that this mean it'll take a while for the transaction to confirm. Fees are usually lowest on Sunday.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

The smallest fee is with the slider all the way to the left?

Are you in btc or mbtc also - they're different units..

I think you can go to file>preferences>fees>and check the edit fees manually option but it should already be based on the mempool (at which 0.002btc seems high).

sky_razer

newbie

Activity: 2

Merit: 1

Hi there!

I'm just getting into using BTC, and am on te verge of doing my first transaction.

I'm using a segwit wallet in Electrum

Now I'm trying to send 0.007 BTC, but when I open the fee slider, the minimum fee is 0.002 BTC which would mean >28% of my entire transaction which seems way to expensive.
Can anyone help me out?

Greetings,

Sky

Topic: Some help with my first transaction (Read 230 times)