Electrum wallet sending fee

[nandibear]

Hi,

I'm using Electrum wallet. Can someone explain to my why there is the option to set a fee for sending funds? I'm assuming higher fee must have some benefits?

Hey Adam,

Setting a higher fee helps ensure that the transaction is included in a block.

The fee is based on transaction size in bytes and network congestion and is paid to the miners to included the transactions in a block.

The more inputs a transaction has the higher the fee will be.

If you do not set an adequate fee your transaction might not confirm. If it does not confirm within 14 days the transaction will drop from the mempool and return to your wallet (the address sent from).

To learn more about transaction fees please see: https://en.bitcoin.it/wiki/Transaction_fees

[nandibear]

Interesting, thanks. So is there a way to know how high to set the fee so it surely confirms?

You're welcome. There is some information in regard to predicting fees at https://bitcoinfees.earn.com/

[OneChain]

yeah electrum sending fees are way too expensive