In this example transaction it shows that I could save 43% by withdrawing to bech32 segwit and 32% by withdrawing to segwit. Once you’ve set a suitable fee click finalize, then sign and finally broadcast. The recipient gets 0.02btc, the fee is 294 satoshis and the total cost to the sender is 0.02000294 btc. The website tells you how much in transaction fees you can save by using segwit addresses. In the transaction shown in the screenshot above the recipient’s address is the first output while the others are change addresses belonging to the sender’s wallet. 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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