How to Resolve the Insanely High Transaction Fees in Electrum Wallet
Making a transaction in Electrum is a simple process. You simply enter the address you want to send Bitcoin to, enter the amount to send, use the slider to select a fee and then click ‘Send’.
However, sometimes you’ll attempt to send a transaction, and then Electrum will quote an extremely high transaction fee, which can often be even higher than the amount you are trying to send. As an example, you may be attempting to send 0.01 BTC, but then Electrum will tell you that the transaction fee is going to be 0.02 BTC, thereby making the entire transaction cost 0.03 BTC — which is, of course, unacceptably high!
Unless you are sending an extremely low amount, then the transaction fee should usually be just a small fraction of the value you are trying to send. For example, a transaction where you are sending around $100 worth of Bitcoin, you should expect to pay somewhere in the order of $0.50 to $1 in transaction fees — though this can be more or less during times of peak congestion.
Luckily, Electrum gives you a simple way to manually change the transaction fee, allowing you to reduce it to a more manageable amount. To do this, simply follow our simple tutorial below;
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Enabling Manual Fee Adjustment in Electrum
To enable manual fee adjustments in Electrum, you’ll need to open the wallet and then head over to the settings menu. This can be accessed by clicking the spanner and screwdriver button on the bottom right of the Electrum client.
In the fees section of the settings menu, check the Edit fees manually box and then click close.
You’ll then find an additional option located in the send menu of Electrum. The new row, called ‘Fee’, will allow you to enter a specific amount for the fee, or you can simply use the slider underneath to select from low, medium and high options as before!
That’s it, simply choose an appropriate transaction fee by entering it in this box before clicking the Send button on your next transaction!
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