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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.
https://www.blockchain.com/btc/address/38Q5TNhLdbZzKfnHVmdFgLXxaoTMipJgjp
This transaction had more than 50 inputs resulting in a bigger virtual size so had to pay more fees.
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/
