Hello BTG forum members,
I have decided to start using BTG, thus I downloaded the software wallet mentioned on your website (ElectrumG) as I don’t have the capacity to download and store the entire blockchain on my computer. I have some coins due to having BTC before the fork last year. I imported my private keys, the software did its part and I now have access to my BTG balance.
Since I would want to start doing some trades and I do not trust software wallets so much (due to running a windows installation…), I wanted to send the funds to my Binance account.
In the “SEND” tab, I completed the fields just like I would with any other wallet and chose the longest period since I am in absolutely no rush. When I press the “SEND” button, an error appears saying that the fee is too low for the server… yet I am unable to change the fee as all I can decide is the number of blocks before my transaction goes through.
I searched online and found a way through the menu Tools->Preference to enable the manual fee, which seems common for Electrum wallets.
// Great stuff… but how do I decide what the fee is?
I went on a little hunt online to find out the mempool size and the latest transaction fees… I am usually well informed when it comes to BTC as there are hundreds of pages that give this information… but nothing easy or clear when it comes to BTG.
// From what I found, the mempool is currently empty as there are only about 10 transactions.
I opened each latest blocks to check the transaction fees that previous transactions paid per byte and got this:
0.000011121076233183856
0.009750528214377737
0.0001011904761904762
0.000011155555555555556
0.000011114225648213033
0.000010044843049327355
// Why would anyone spend 0.009 BTG/byte and someone 0.00001 BTG/byte when there’s no backlog? No idea, other than some wallets not calculating the fees “optimally” for the wallet owner.
ElectrumG 3.2.1 offers 1 sat/byte no matter if I chose for my transaction to process within the next 25 blocks or next block. My logic pushes me to believe that ElectrumG calculate the transaction fee based on the number of transactions in the mempool and since it’s empty, I should have to pay nearly nothing to transact due to offer/demand law but the server onto which it connects has a “MINIMUM FEE” value which I do not know.
So I am stuck as I do not want to “guess”.
//I kept on searching online and found : https://bitinfocharts.com/bitcoin%20gold/
Avg. Transaction Fee 0.026 USD
Median Transaction Fee 0.00039 USD
Great… again such a huge difference, thus not much help.
…
So I got 2 questions:
1 - How does I found out what the minimum fee is set by the ElectrumG server? What about the optimal fee?
2 - Where can I see the suggested network fees per bytes that I should input?
…
As a suggestion for techies in the community, for BTC, I found BTC.com to be quite useful. The website is split in a clear way and we can find all the important info. In the lower right box, we can find data and links to useful info. (unconfirmed transactions, current best transactions fees, etc)
If you could develop a website like that, it would help users better navigate into the BTG world. I have been into the crypto ecosystem since 2015 so I have some knowledge but a newbie user would have a hard time getting into BTG.
In order to augment adoption, we need to make it easy for common people that want to pay with BTG and/or invest/trade with BTG to have all the facts easily available.
Currently, I find that it’s easy to buy BTG on exchanges but then what? I am somewhat experienced and I have trouble figuring out fees with my own wallet. (I understand that some other wallets might not have the exact issue I’m dealing with but that doesn’t take away the fact that BTG info is hard to find unless you spend time researching dozens of posts which can scare people away.) We need to make the platform attractive in order for more people to be attracted.
…
Forgive me for the long post. I wanted to be as clear as possible to not have to go back and forth.
I wish you all a wonderful day and thanks in advance to whoever can provide me a source to find the answers to my questions.