Post
Topic
Board Electrum
Re: New to Electrum help
by
jose78305
on 16/02/2021, 23:59:33 UTC
Ok so if I transfer all my Bitcoins from my current wallet to Electrum there shouldn't be any issue later if I send a small amount of Bitcoins. What I mean is there shouldn't be any issue by having a large transaction and then small ones right?
The "fee problem" occurs when you have to use more inputs to create a transaction, that'll make the transaction's size very high.
That will happen when you received too many small transactions to your wallet because each transaction's outputs that belongs to your wallet will be counted as an input; that includes the change (info. change).
Your wallet will need to use a number of those inputs depending on the amount you want to send.

In your described scenario, the first transaction will be consolidated to a single input as you sent all of your funds to Electrum.
The "small amounts" being a problem however depends if you're going to use Electrum to send funds (eg. to merchants), if each or two of those amounts are good enough to fill your typical transaction, then you don't have to consolidate them to a single input.
But if you're not planning to use them like that, then consolidating them is necessary when you've lots of them (View->Show Coins) when the average fee rate is low.

Use this to see the current average fee rate, the lower the bars, the lower the fee: https://jochen-hoenicke.de/queue/#0,2h
Info about consolidating inputs: Fees are low, use this opportunity to Consolidate your small inputs!
Ok thank you!