How to control bitcoin transaction fee in Electrum

[McCree 713]

Small transaction fees are important so you don't spend too much money on transaction fees. Electrum allows you to control the transaction fee of your bitcoin transactions.

 

First, you must turn on manual fees:

 

1. In the Electrum window click to Tools > Preferences > Fees
2. Select Edit fees manually.

 

Then when you send bitcoin you will see a window like this:

 

 

Fee rate is the transaction fee per bytes. Each transaction is a large number of bytes big. This transaction is 226 bytes big. The Total amount in fees shows you the final transaction fee. You can move the slider to the left to decrease the transaction fee, but this will make you wait longer for your transaction to be included in a block. Most people use 1 sat/byte transaction fee because it is the cheapest. Yobit on the other hand charges a transaction fee of 202 sats/byte which is the largest I've seen to date.

 

Wallet Addresses with the Smallest Transaction Fees

 

There are three different types of wallet addresses: Normal addresses that start with 1, segwit addresses that start with 3, and bech32 segwit addresses that start with bc1. Segwit address has smaller fees than normal address, while bech32 segwit has even lower fees than segwit, but not all sites can withdraw to bech32 segwit addresses. In particular, Yobit cannot withdraw to bech32 segwit addresses. The blockstream.info website tells you how much in transaction fees you can save by using segwit addresses.

 

In this example transaction it shows that I could save 43% by withdrawing to bech32 segwit and 32% by withdrawing to segwit. The inputs were native address so they could have payed less in transaction fees if they were segwit addresses instead.

[Brushless4500KV 4214]

I am always adjusting my transaction fees to have a faster or slower transaction in Blockchain wallet but I have not tried it in Electrum wallet yet. It is said that sending money with low fees is not safe because it may not be confirmed by miners and unconfirmed transactions may be reversible. So, what is the minimum amount of fee in Electrum wallet for safe transaction? I want to know the lowest fee possible that is still safe.

[Popedee 377]

On 2/12/2020 at 5:36 PM, McCree said:

Fee rate is the transaction fee per bytes. Each transaction is a large number of bytes big. This transaction is 226 bytes big. The Total amount in fees shows you the final transaction fee. You can move the slider to the left to decrease the transaction fee, but this will make you wait longer for your transaction to be included in a block. Most people use 1 sat/byte transaction fee because it is the cheapest. Yobit on the other hand charges a transaction fee of 202 sats/byte which is the largest I've seen to date.

How do I then manually set this transaction fees without delaying the transaction due to miners not including the transaction in a mining block? What's the reasonable amount to choose as transaction fees?

[aymandr 206]

Fee Bitcoin transactions require a fee that is paid to miners. The fee slider lets you set a fee based on fee market conditions. You can move the fee slider to the left to reduce the fee and to the right to increase the fee. The higher the fee you pay the quicker your transaction will confirm.
 

[Brushless4500KV 4214]

Yesterday, I had a small transaction with Electrum wallet and set my fee at 1 sat/byte manually (Mempool).

After sending the amount, I shut down my PC and went to bed. Now, after 9 hours my transaction is still unconfirmed. Do you think it has been rejected by miners or should I wait for a few hours more to receive the first confirmation?

I have seen so many people have had successful confirmations with 1 sat/byte fee in Electrum. How can I make sure that my transaction is still in progress?

 

[Brushless4500KV 4214]

12 hours ago, MrGeany said:

 well you just don't have another choic ebut to wait

don't worry transaction will be finished but it will take more time so just wait.

next time just increase amount cause 1 sat /byte is very small brother.

My transaction was confirmed 1 hour after I posted in the topic. The reason it took 10 hours to confirm is that Mempool was full and I had to wait for a miner to take it. When the network is busy, low fee transactions will be postponed and they are given the lowest priority. But when my bitcoin is only a small amount, I have to choose a small fee too because sending a low amount of bitcoin with higher fees seems stupid to me.

[Whited35 15285]

You can customize Bitcoin transaction fee on the non-custodial wallets like Electrum wallet. I think most of the users are not still knowing this feature inside the Electrum wallet. Electrum wallet has always been my best wallet in the case of storing Bitcoins. 

[BitcryptoHan 2557]

4 hours ago, Whited35 said:

You can customize Bitcoin transaction fee on the non-custodial wallets like Electrum wallet. I think most of the users are not still knowing this feature inside the Electrum wallet. Electrum wallet has always been my best wallet in the case of storing Bitcoins. 

Electrum is the best online wallet for bitcoin, this is so right, but for the overall, hardware wallets are the best and also the safest means to store bitcoin. 

[scorpiali 5626]

Good to know that,Thanks for the tutorial it's very helpful and easy to understand ,my question is there is no minimum to low the fee ? i mean we can lower the fees as much as we can ,because in ethereum if the fee is to low the transaction dont execute and you need to send it again 

[magd 5231]

This feature is a little strange to me because all of the wallets set their own automatic withdrawal limits and according to the type of currencies to withdraw, but as I expect, the Electrium Portfolio gives the ability to control the transaction fees according to the time this transaction will take as the fees decrease whenever the time of the arrival of the amount arrives to the place of dispatch mechanism

[Yomose 3704]

On 5/22/2020 at 12:41 PM, magd said:

This feature is a little strange to me because all of the wallets set their own automatic withdrawal limits

There are many wallet you can edit the withdrawals fee, even the coinomi wallet I use, i can edit the withdrawal fee myself. And on electrum wallet, you can edit it too. And that aside, the transactions is calculated based on transaction traffic that other wallet use but you may not know. 

[BitcryptoHan 2557]

On 5/28/2020 at 1:51 AM, Yomose said:

There are many wallet you can edit the withdrawals fee, even the coinomi wallet I use, i can edit the withdrawal fee myself. And on electrum wallet, you can edit it too. And that aside, the transactions is calculated based on transaction traffic that other wallet use but you may not know. 

I can even edit the wallet fee on the non custodian wallets I have used, but I will advise people to use at least low transactions fee that is recommended by the wallet than editing the fee for appropriate transactions time. 

[Honny143 13612]

Electrum wallet information really useful for me because I want low transaction fees wallet, I think this wallet suitable for my purpose because I do small transaction and  pays huge fees so iam searching these type wallets for long time, thanks mate to share this topic.

[Yomose 3704]

17 hours ago, Honny143 said:

Electrum wallet information really useful for me because I want low transaction fees wallet, I think this wallet suitable for my purpose because I do small transaction and  pays huge fees so iam searching these type wallets for long time, thanks mate to share this topic.

I have made many transactions on electrum wallet with as low as 0.0002 btc as  transaction fee. The btc transaction is very low and that is why I prefer using electrum as my bitcoin wallet. 

[Michael456 1]

thanks for sharing this amazing information about electrum wallet I am using this wallet from last 4 months I never know that this wallet provides this service I think this is similar to blockchain wallet that's good to know 

[Calvinpriva 17296]

I never thought there is a wallet that you can set fee as you like. This is good and i believe its one of the biggest things that makes Electrum wallet to be loved by many people all over the world.

[Yomose 3704]

On 7/8/2020 at 1:39 PM, Honny143 said:

Electrum wallet information really useful for me because I want low transaction fees wallet, I think this wallet suitable for my purpose because I do small transaction and  pays huge fees so iam searching these type wallets for long time, thanks mate to share this topic.

I have made many transactions on electrum wallet with as low as 0.0002 btc as  transaction fee. The btc transaction is very low and that is why I prefer using electrum as my bitcoin wallet. 

[BTC Future 3946]

4 hours ago, Manomano said:

All in all, what is the base measure of expense in Electrum wallet for safe exchange?

You hold the private keys with Electrum. The problem is that you should not download it from unverified sources as many fake electrum apps exist. Download it only from the official source.

[TheRaed 1247]

Your post is very strong and it denotes an expert in the field of cryptocurrencies. Please continue publishing

[Raqeebzy 6456]

One of the very unique and good properties of offline wallets. It is available not just for bitcoin only and present in most offline wallet. Alas! When using this, you have to be very careful and considerate for the amount of fee you input because it will determine how fast your TX will be. A very low TX fee might see your transactions taking forever to be processed.

[Yomose 3704]

21 hours ago, Raqeebzy said:

One of the very unique and good properties of offline wallets

Electrum is not offline wallet, and not all wallet have the feeling control features, 

 

21 hours ago, Raqeebzy said:

It is available not just for bitcoin only and present in most offline wallet.

Electrum wallet is called bitcoin wallet because it support only bitcoin. 

21 hours ago, Raqeebzy said:

Alas! When using this, you have to be very careful and considerate for the amount of fee you input because it will determine how fast your TX will be.

To be better, learn about blockchain congestion and transactions fee. I do send at 0.00003 btc fee rate very well. 

[Raqeebzy 6456]

1 hour ago, Yomose said:

Electrum is not offline wallet, and not all wallet have the feeling control features, 

I didn't mention Electrum is a offline please don't misquote me. I made mention of this to buttress the point and because the option is most common in offline wallets.

Secondly. I am not aware of this, but please name offline wallets that doesn't have this feature.

1 hour ago, Yomose said:

Electrum wallet is called bitcoin wallet because it support only bitcoin. 

I very much know this. I am generally telling everyone it is possible to change transaction fee for all other cryptocurrency not just bitcoin. It might not be Electrum wallet.

1 hour ago, Yomose said:

To be better, learn about blockchain congestion and transactions fee. I do send at 0.00003 btc fee rate very well. 

I don't know what you meant about THIS but it is very clear and glaring. A very low TX fee means a very slow transaction, it all depends on the amount you sending/receiving. How much do you send for a tx fee of 0.00003btc

[Yomose 3704]

8 hours ago, Raqeebzy said:

I very much know this. I am generally telling everyone it is possible to change transaction fee for all other cryptocurrency not just bitcoin. It might not be Electrum wallet.

I mean the transaction fee that can make your transaction to remain in memory pool for over a long time during congestion can still make your transition to be completed in just 1 or 2 hours during when the blockchain is not congested. The last bitcoin transaction i made was 0.000023 btc and was mines within 2 hours. 

[Raqeebzy 6456]

4 minutes ago, Yomose said:

I mean the transaction fee that can make your transaction to remain in memory pool for over a long time during congestion can still make your transition to be completed in just 1 or 2 hours during when the blockchain is not congested. The last bitcoin transaction i made was 0.000023 btc and was mines within 2 hours.

 

Yes. Absolutely. It depends on network congestion. In fact, there are some people who prefers not transacting in some period in time because they feel the congestion of the network in those times is much higher, miners have lots of choices, so they work with TX with reasonable fees first and leaves low ones for later which means a high fee. It happens, I am not generalising it.

 

[Switchback 22]

Oh, this is really useful. Controlling the fees is what everyone needs. Sometimes the price of a transaction reaches a good percentage and this needs to be controlled. So, I advise you not to do this for nothing, because over time you will feel that you have dropped what percentage of your wallet.