Thank you, I think that explains it. I tried using electrum to send BTC and it has a window where you enter the fee. However, it doesn't tell you what is the minimum fee required. Then I googled bitcoin fees and it doesn't tell you how much fees per bitcoin but how much fees per 1000 bytes. So, now I'm really confused.
I ended up sending the BTC after entering a fee of 0.0001 BTC since I read that most transactions are only 500 bytes. I sent the funds and now it deducted the fee and sent the funds. The coinbase fee free transaction took 30 min to 60 minutes to reach 6 to 7 confirmations and all the confirmations took place at the same time.
The transaction that I sent using electrum with a 0.0001 btc fee only took 8 minutes for 3 confirmations. So, the fee transaction is faster while the free one is slower. However, the slower transaction took place anyways and while some tranactions require a fee some don't.
I am SOOO Confused. Someone please help a newb figure out how much to pay in fees and type the correct fee in the electrum wallet. Maybe I should use a different wallet? ?
Thanks,
I ended up sending the BTC after entering a fee of 0.0001 BTC since I read that most transactions are only 500 bytes. I sent the funds and now it deducted the fee and sent the funds. The coinbase fee free transaction took 30 min to 60 minutes to reach 6 to 7 confirmations and all the confirmations took place at the same time.
The transaction that I sent using electrum with a 0.0001 btc fee only took 8 minutes for 3 confirmations. So, the fee transaction is faster while the free one is slower. However, the slower transaction took place anyways and while some tranactions require a fee some don't.
I am SOOO Confused. Someone please help a newb figure out how much to pay in fees and type the correct fee in the electrum wallet. Maybe I should use a different wallet? ?
Thanks,
I don't use Electrum, so you may want to wait for an actual Electrum user to stop by and answer your question.
However, I'm pretty sure that the "fee" that you configure in Electrum is actually the "fee per kilobyte". Electrum figures out how many kilobytes (or fraction thereof) are necessary to create the transaction that you want. Then Electrum multiplies the number of kilobytes by the "fee" that you have configured to determine the actual fee to pay. So if you set a configuration setting of a 0.0001 BTC fee in Electrum, then the fee you usually pay will be 0.0001 BTC (since most transactions are less than 1 kilobyte) and if for some reason you happen to create a transaction that is more than a kilobyte, Electrum will pay an increased fee.