I purposely set it to the lowest possible because the actual amount is under $1, so there is no point in paying ~$20 to speed them up. These are my initial test transactions before I sweep the wallet and send entire balance to the receiving wallet.
What does it mean if I use Remove?
- will it cancel the transaction and reset the balances in both wallets to the pre-transaction value? If Remove is not the same as cancel, how do I cancel?
As explained above, removing the local transaction will make the balance reappear and there won't be a trace of the transaction under electrum history. So by removing you can able to spend the amount with the higher fee but if the amount you are sending is less than the fee then consider it as dust and don't bother moving it.