![]() The Amount of FeeĪs for how much the fee will be, let's say you pay a fee of ρ/Byte where ρ is around 10 Satoshi. If you use the dynamic fees feature, you will receive a warning if the fees are currently unusually high due to inconvenient network conditions.Īs an alternative even for that, you can check the checkbox Set transactions fees manually in Tools → Preferences → Transactions which lets you set the fee manually for every transaction. In any case, Electrum shows you the fee in a popup before the transaction is sent if you check check View transactions before signing in Tools → Preferences → Transactions (not sure whether it does if you don't). Adjusting the Fee in ElectrumĪlternatively, you can check the box Dynamic fees in Tools → Preferences → Transactions to use Electrum's dynamic fees feature which changes the fee function to not only depend on the size of the transaction being submitted but also on the network conditions (the number of pending transactions and the current rate at which transactions are processed). It can be adjusted as a linear function of the transaction size in Tools → Preferences → Transactions. The FeeĪs the fee by default is paid per transaction – not per transaction output –, you only have to pay it once even if you send money to a large number of addresses. The amount field probably isn't grayed out from the beginning because you technically can switch between pay to many mode and pay to single address mode without choosing Tools → Pay to many by just hitting enter in the "Pay to" field which automatically makes it a text area. The amount field will be automatically filled in once you have at least one valid line in the "Pay to" field: Note that the unit of the amount can be changed in the settings ( Tools → Preferences → Appearance → Base unit) and is mBTC by default. The "Pay to" field will become a text area and a popup will open, telling you how to send money to many addresses. ![]() Just switch to the Send tab and then (in the menu) choose Tools → Pay to many. Since miners mine because they want to gain profit, they will always priorize transactions with a higher sat/B fee.TL DR: Just read the second paragraph of "Concrete Numbers".ĭoing this in Electrum is very simple. Its all about how the node is coded to fill the block with TX's. Transactions (with a small or zero fee) which stay unconfirmed for a longer time usually don't get priorized over transactions with a high fee.Įvery miner is free to chose which transactions he is going to confirm in his mined block. Paid, given the non-urgent requisition of my transfer? You can set commision manually in the Electrum settings.ĭoes this means that I paid much more for the fee than I could have Waited for 24h with no problem to avoid this high fee. I couldn't find a way to pay smaller fee in Electrum 3 -I could have Transactions that pay more fee take precedence. ![]() You can select any fees what you want(and 0 fees also), but there are no warranties what that transaction will be added to the block. ![]() * While larger fees improve the chance to be included in the block there is still have a chance to be added to the next block.Īs it was a non-urgent transaction, couldn't I have selected a smaller The block is filled with arbitrary transactions. You can't predict in which block exactly your transaction will be added. It's all about bitcoin, the Electrum wallet is just a wallet, it doesn't minning block nor building block. Why did the transaction went so fast if the fee was for 25 blocks?Īs it was a non-urgent transaction, couldn't I have selected a smaller fee in any way? I couldn't find a way to pay smaller fee in Electrum 3 -I could have waited for 24h with no problem to avoid this high fee.ĭoes this means that I paid much more for the fee than I could have paid, given the non-urgent requisition of my transfer? This minimum fee ended up being 0.0008 BTC (~10 € as the time of writing, which was ~14% of the sent amount). But I don't know why, after 2hours the transaction already had 6 confirmations. If the transaction was supposed to be included in the next 25 blocks, I thought it will take around 250 minutes (~4hours) to be processed. As it was a non-urgent transfer I selected the minimum fee Electrum allowed me: "Within 25 blocks", the lowest sat./byte available from the slide bar. Yesterday I made my first Bitcoin transaction using Electrum and I was able to configure the fees I was going to pay.
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