Post
Topic
Board Bitcoin Discussion
Re: Electrum to Coinbase Transfer
by
Yakamoto
on 17/06/2019, 01:07:01 UTC
The fee amount I was using was .11267 which was pretty much the same as my previous transactions.

I guess that fee is 1.1%?
The absolute amount you pay as a fee needs to vary with both the virtual size of your transaction (which is based on how many inputs and output it has, not on its monetary value), and how congested the mempool is at the time of sending. Your absolute fee divided by your transaction size in virtual bytes (which Electrum will work out automatically and display for you) will tell you your "fee per vB", which determines how fast your transaction will be confirmed. If you put your transaction in to a block explorer like blockstream.info, the transaction fee field tells you what you paid in sat/vB, which is what determines how fast your transaction will confirm.

If you look at either https://jochen-hoenicke.de/queue/#1,8h or https://coinb.in/#fees, you can see the ball park figure of what fee you need to pay for a relatively speedy confirmation.
On top of this, as other users had mentioned, the mempool got hit with a bunch of transactions around the same time as OP sent his transaction, so it got pushed back a bit. Either way, since the transaction has gone through, it's not a major concern anymore. Using the resources posted in this chat will allow for this to not happen again, but again it wasn't like the transaction was stuck for days. Merely a few extra hours than normal.

I personally like blockchain.info's recommended transaction fee system, but I don't think that Electrum has that same system. I haven't ever had an issue with blockchain.info anecdotally, but that's not something everyone will use because it's an online wallet.