![]() In fact, we’d advise anyone interested in using Electrum (opens in new tab), irrespective of their experience with cryptocurrencies, to spend some time going through its extensive documentation to familiarize themselves with its peculiarities. However, not all of it is immediately apparent. You can then right-click on any of them to get the option to spend them.įor a thin wallet, Electrum packs quite a lot of functionality. You’ll have to enable the Coins tab from under the view menu to view all the individual UTXOs or unspent transaction outputs. However, you have to enable it first from the Tools menu.Įlectrum also has coin control features, but these too are hidden by default. One of Electrum's most interesting features is the ability to send payments to multiple addresses at the same time, which helps save on transaction fees. The tab also has a slider that you can use to specify the fee for the transaction. Again, you can optionally add a description for the transaction to help you identify it later. To send Bitcoin, switch to the Send tab and enter the address of the wallet you want to send to, either manually or by scanning its QR code. Electrum will also automatically convert the Bitcoin amount into fiat currency. Optionally you can add a description to the transaction and an expiry date for the request. The Receive tab gives you the option to generate a new address, along with a QR code, either of which you can then pass on to the sender. There are separate tabs for sending and receiving Bitcoin, and another to view past transactions. ![]() Once you’ve set up the wallet to your liking, the process of transferring funds isn’t all that complicated. The inputs were native address so they could have payed less in transaction fees if they were segwit addresses instead.(Image credit: Electrum Wallet) Transferring funds In this example transaction it shows that I could save 43% by withdrawing to bech32 segwit and 32% by withdrawing to segwit. The website tells you how much in transaction fees you can save by using segwit addresses. In particular, Yobit cannot withdraw to bech32 segwit addresses. Segwit address has smaller fees than normal address, while bech32 segwit has even lower fees than segwit, but not all sites can withdraw to bech32 segwit addresses. There are three different types of wallet addresses: Normal addresses that start with 1, segwit addresses that start with 3, and bech32 segwit addresses that start with bc1. Wallet Addresses with the Smallest Transaction Fees Yobit on the other hand charges a transaction fee of 202 sats/byte which is the largest I've seen to date. Most people use 1 sat/byte transaction fee because it is the cheapest. You can move the slider to the left to decrease the transaction fee, but this will make you wait longer for your transaction to be included in a block. The Total amount in fees shows you the final transaction fee. Each transaction is a large number of bytes big. Then when you send bitcoin you will see a window like this:įee rate is the transaction fee per bytes. In the Electrum window click to Tools > Preferences > Fees Electrum allows you to control the transaction fee of your bitcoin transactions. Small transaction fees are important so you don't spend too much money on transaction fees.
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