So what is best way to calculate fee? whenever I try to send something from my electrum I have to pay in sat/byte. All i know is scroll it to right to quick and fast and scroll it to left for slow settlement time.
Just wanna know what this sat/byte is and how to set it effectively.
It depends on what you mean by "set effectively", let us take it to mean tx priority or how quickly you desire your transaction to be confirmed by miners. You can set the fee rate in any way you want, even as low as 1sat/vbyte and if the mempool is not congested your transaction will be confirmed after sometime. So to "set it effectively" is to pay enough fees if you want your transaction confirmed fast, and to pay low fees if you have time on your hand. To add a little more to it, your transaction fee is mainly calculated on the size of your transaction, so you should try to consolidate your UTXO's, so you would pay a lower tx fee with whatever fee rate your use.