Electrum 3.0 ( and higher ) with or without a segwit address can send to electrum with a segwit addresses as well as ordinary addreses ) In future you would want to consider moving to a segwit address ( I have a spare non segwit electrum wallet on a VM just in case I need it - Electrum bc1 segwit addresses can send to any address segwit or not BUT they cannot receive from any address unless that client is aware of the new segwit address - most clients will get here eventually. As others say you can set the fee manually but if you set the fees too low in sat/bytes the miners might take a very long time to get to your transaction.
If you want it quick ie 30 minutes you have to "pay the most" however if you are willing to wait you can look at the mempool and take a risk on a lower fee being got to eventually. If you want to get more technical you can look at fees in satoshis per byteĪnd try and figure out what sort of fee in satoshis per byte will go through in a time frame that is okay for you. The preview allows you to see the transaction size the inputs and outputs ( the number of address involved ) the fee in satoshis per byte ( sat/byte ) and the total fee ( size multiplied by fee in sat/byte ). This will keep your total size down and hence the fee.Įlectrum gives you an opportunity to "preview" a transaction before you send it. Step 2 is you want to spend from just one address to keep the size of the transaction down - you can either select an address with enough funds and then choose "spend from" OR you can choose to freeze all but one address and then spend normally. For me I have no bitcoin in my receiving address and they are all in my change addresses. On the address tab you'll see too many "empty addresses" so check which addresses have funds by changing the all tab to funded. First you need to see the addresses in your wallet so go to view - show addresses. To lower the transaction size and hence fees you can try sending from just one address. The effect of this is sending 0.001 bitcoin from 2 addresses in your wallet is more expensive than sending 1 bitcoin from 1 address in your wallet. The cost to the miners is verifying the transaction within a 1mb block so more data takes up more space in the block and hence is more expensive. The problem with paying from multiple addresses is that this increases the transaction size and bitcoin transaction fees are based on size in bytes not size in bitcoins. The other factor in electrum fees is it's use of multiple addresses in one wallet ( this is the norm and good for privacy - see change address). Electrum does a very good job of estimating these correctly considering how hard it is to predict. Each block takes about 10 minutes and electrum focuses on speed so even a 25 block rate would be 250 minutes or 5 hours. Within 2 blocks 5 blocks 10 blocks 25 blocks. Įlectrum offers 5 levels of fee setting with the slider- within 0 blocks - very fast but also very expensive as you have to pay "the most" to get your transaction through. The fees are expressed in satoshi per byte ( sat/bytes ). Here you can see graphically how the highest fee transactions rarely last long but low fee transactions just don't ever get settled. Miners will always take the highest paying transactions first. If you want fast confirmation ie within 2 blocks you need to be offering one of the highest fees around to be confirmed quickly by the miners. If overall fees are high when you want to send money Electrum will increase the fees appropriately and if fees are currently low electrum will reduce the fees. This a repost of an old comment but it remains true.ġ) Keep your transaction size in MB down - Spend form one addressĢ) Choose the right time to send your payment through ( it's frequently quieter at weekends )Įlectrum sets fees based on it's estimation of how quickly your transaction will be confirmed. Hardware wallets - Electrum supports hardware wallets: Ledger, Trezor, Keepkey.
BITCOIN ELECTRUM DYNAMIC FEES ANDROID
Multi-Platform - Windows, Mac, Linux, Android Two Factor Authentication - Supports two factor authentication with Trustedcoin. MultiSignature - Require multiple wallets.Īdd-ons - Support for third-party plugins: Multisig services, Hardware wallets, etc. No Downtime - Decentralized and redundant. No Lock-In - Exportable keys to other clients. Instant - Electrum uses servers to do the heavy lifting with the Bitcoin blockchain.
( SPV)įorgiving - Fully recoverable with your backed up mnemonic seed words. Safe - Encrypted keys never leave your pc. The best, cutting edge thin Bitcoin wallet software.
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