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1. #ELECTRUM BITCOIN WALLET FEES HOW TO#
2. #ELECTRUM BITCOIN WALLET FEES INSTALL#
3. #ELECTRUM BITCOIN WALLET FEES MANUAL#
4. #ELECTRUM BITCOIN WALLET FEES OFFLINE#

If the transaction status on the history tab says “Local” then you know that it has been ejected from the mempool of the electrum server you are connected to and it is time to rebroadcast it. Replace by fee is enabled by default for all transactions so that you can low ball the fee initially and bump it later on if you need to. If you regularly received small amounts of money from faucets or mining pools in the past your transaction would be very large because of the large number inputs so you would pay a relatively high fee. Clicking on preview in the fee slider window will show you your inputs and outputs. The number of inputs and outputs determines the size of your transaction. What determines the size of my transaction? Since an average block contains 1.3MB of transactions you can estimate how long your transaction will take to confirm by dividing the amount given there by 1.3MB and multiplying by 10 mins. In the case of mempool it’ll be the size in megabytes of unconfirmed transactions that pay more. Sometimes we get blocks mere seconds apart and sometimes it can be hours between blocks. Note that average is not the same as always. On average we get a block every 10 minutes so that’s how you can estimate how long it’ll take. In the case of ETA that will be how many blocks. If you pause your mouse cursor over the fee slider you will get a tooltip explaining how long the transaction will take to confirm. Mempool and ETA suggest suitable fees based on fee market conditions.It does not take market conditions into account. Static is essentially a fixed range of 1-300 satoshis per byte.There are three options for fee estimation algorithms that you can choose using the selection list next to the slider: The further to the left you drag the slider the lower the fee but the longer the transaction takes to confirm and the opposite is true for the right side. The fee slider, shown below the fee field in the screenshot above, is Electrum’s way of suggesting a suitable fee based on market conditions. So how long will your transaction really take to confirm? Because of the decentralized nature of the bitcoin network there is no way to tell with certainty. Once you’ve set a suitable fee click on ok to send the money. In the transaction shown in the screenshot above the recipient gets 0.02btc, the fee is 374 satoshis and the total cost to the sender is 0.02000374 btc. There are 100,000,000 (100 million) satoshis in a bitcoin. Click on the button with the spanner/screwdriver icon in the top right and choose edit fees manually to get that option:Īs you can see fees depend on the size of your transaction in bytes and the fee rate in terms of satoshis per byte. To control how much you spend in fees you click pay. The amount you enter there is the amount the recipient gets. The form on the send tab is used to send money. If you have an older version you will need to upgrade.

Note: This guide has been updated to reflect changes made in Electrum 4.4.0.

#ELECTRUM BITCOIN WALLET FEES HOW TO#

#ELECTRUM BITCOIN WALLET FEES OFFLINE#

How to spend from an offline paper wallet using Electrum.How to recover access to the bitcoins in your 2fa wallet.

#ELECTRUM BITCOIN WALLET FEES INSTALL#

How to install Electrum on a Debian or Ubuntu live CD.

#ELECTRUM BITCOIN WALLET FEES MANUAL#

How to do a manual Child Pays For Parent transaction.Creating a watch-only version of your 2fa wallet.Creating a P2SH Segwit Wallet with Electrum.Creating a Cold Storage wallet in Electrum.