Unexplained fee in electrum to localbitcoins transaction. How to avoid this in future? I was trying to make a transaction from electrum to localbitcoins 120$, paid 57$ fee for the transaction.




This transaction had more than 50 inputs resulting in a bigger virtual size so had to pay more fees.

Tx: https://btc.bitaps.com/dea92494d9f5e22bfc5834963a161e906735cd04cefbd3b82ec390fceff1626a/38Q5TNhLdbZzKfnHVmdFgLXxaoTMipJgjp

Virtual size: 4003

Fee rate used: 60 sat/vByte

Total fees: 240180 sats or 0.0024 BTC

BTCUSD right now: 24000

Fees in USD: 57

How to avoid this in future?

Consolidate UTXOs when there are very less transactions in mempool and use fee rate 1-5 sat/vByte

You can also manually select inputs used for a transaction in Electrum Wallet.

If you had done the consolidation of UTXOs when mempool had less transactions and used fee rate 5 sat/vByte:

Fee for consolidation transaction: 0.0002 BTC (5 USD)

Fee for spending UTXO after consolidation assuming it had 1 input and 2 outputs with virtual size 150 (60 sat/vByte): 0.0001 BTC (2.5 USD)

You can read this answer to know more about UTXO consolidation: https://bitcoin.stackexchange.com/a/100440/

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