$40 miner fee? Bitpay marking up miner fees?

NCDiesel

jr. member

Activity: 54

Merit: 3

Quote from: stompix on November 08, 2017, 03:28:24 PM

Quote from: ?? on ??

Thanks - here is the ID:

375d379a3ecb3b80e21c5551d3c46a7b26b7613125ec6dcbfb8de578808611b8

Auch
https://blockchain.info/tx/375d379a3ecb3b80e21c5551d3c46a7b26b7613125ec6dcbfb8de578808611b8

Too many inputs 11, huge fees 339.611 sat/B , yup you paid 0.00565452 BTC to miners for broadcasting the transaction.
At this point, nothing you can do about it.

What wallet do you use?

AND

Quote

I think, you have failed to uncheck the wallet's automated fee. Try to uncheck it and there is very little way to get the money if the problem is from your wallet. Contact bitpay support.

Thanks for the research. I use Mycelium on iOS When I send manually, I can chose fee level, but scanning a QR code like I did last night I swear I did not get a choice as to fee level nor was the total fee shown. I could have missed seeing something I suppose, but I don't think so. As to a default setting - Mycelium doesn't have that, not on iOS anyways. But as I mention I can set it on manual transactions

Is anyone else using Mycelium and did I miss something or are you having the same problem of miner fees not being shown with QR code scanning? Is there a better iOS wallet? Mycelium came highly recommended but maybe I should look at something else?

Thanks again!

masterbt

full member

Activity: 136

Merit: 100

Quote from: ?? on ??

Quote from: stompix on November 08, 2017, 02:52:07 PM

Quote from: NCDiesel on November 08, 2017, 01:46:22 PM

Last night I transacted business with a merchant that uses BitPay. I was charged roughly $3.08USD and $40.18USD in processing/miner fees respectively. Considering the item I purchased was $50USD, I was livid. Should have been about $60USD total. The QR code and subsequent dialog did not give me a choice as to miner fee level nor did it inform me of the exact amount.

Tx of the transaction.

You say you were charged 3.08 by Bitpay and 40.18 for miner fees for the transaction from your wallet to bitpay?
Or did you use your bitpay wallet and they double charged you?

Something is fishy or you messed things up really good.
So the tx or id of the transaction would help us understand what's going on.

Thanks - here is the ID:

375d379a3ecb3b80e21c5551d3c46a7b26b7613125ec6dcbfb8de578808611b8

I think, you have failed to uncheck the wallet's automated fee. Try to uncheck it and there is very little way to get the money if the problem is from your wallet. Contact bitpay support.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: ?? on ??

Thanks - here is the ID:

375d379a3ecb3b80e21c5551d3c46a7b26b7613125ec6dcbfb8de578808611b8

Auch
https://blockchain.info/tx/375d379a3ecb3b80e21c5551d3c46a7b26b7613125ec6dcbfb8de578808611b8

Too many inputs 11, huge fees 339.611 sat/B , yup you paid 0.00565452 BTC to miners for broadcasting the transaction.
At this point, nothing you can do about it.

What wallet do you use?

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: NCDiesel on November 08, 2017, 01:46:22 PM

Last night I transacted business with a merchant that uses BitPay. I was charged roughly $3.08USD and $40.18USD in processing/miner fees respectively. Considering the item I purchased was $50USD, I was livid. Should have been about $60USD total. The QR code and subsequent dialog did not give me a choice as to miner fee level nor did it inform me of the exact amount.

Tx of the transaction.

You say you were charged 3.08 by Bitpay and 40.18 for miner fees for the transaction from your wallet to bitpay?
Or did you use your bitpay wallet and they double charged you?

Something is fishy or you messed things up really good.
So the tx or id of the transaction would help us understand what's going on.

lazygin001

member

Activity: 98

Merit: 10

Hmmm.... Not sure why that would have happened, never really experienced something like this before. Perhaps contact support or customer service and see if they can do something about it.

NCDiesel

jr. member

Activity: 54

Merit: 3

Quote from: dothebeats on November 08, 2017, 02:14:00 PM

Quote from: NCDiesel on November 08, 2017, 02:06:02 PM

Just as a sanity check - does anyone think I just screwed up and should have known $40 is a reasonable miner fee right now?

it could happen unfortunately specially if the mempool is overcrowded and some miners are picking those with higher fee tx to include in their block. According to bitcoinfees.21.co, to get your transaction confirmed within the next block, you'd need to pay 261-270 satoshis/Byte, and if your translate that with a transaction that has, say 1000 bytes, you'd pay for $19 in fees at the time of this writing.

I also just now finally found some documentation that said basically that a small miner like me that gets lots of little transasctions are in for a real shock when you go to spend. You don't get charged on the bytes of output - you get charged on the bytes of inputs used to make up that transaction. This little mining experiment of mine(Avalon 741) was being done to learn all about cryptocurrency - and boy I just learned the hard way

Proper fees for bitcoin transactions is based on a bitcoin per bytes rate.

0.00000001 bitcoin is called 1 satoshi.

https://bitcoinfees.21.co/ This site says the current cheapest fee for next block is 80 satoshis per byte... however, super economy would probably be around 20 satoshis per byte.

Now to figure out the size of your transaction in bytes.

If I receive 1 BTC once, and try to send any amount of money. my transaction will be around 259 bytes.

If I receive 0.5 BTC twice (1 BTC total) and try to send anything over 0.5 BTC, I will need to "use" both 0.5 bitcoin pieces I have received, so my transaction will be a little over 400 bytes. If I send less than 0.5 then I only need to use one, so I still am around 259 bytes.

If I receive 0.1 BTC ten times (1 BTC total) and try to send anything over 0.9 BTC, I will need to use all 10 pieces, so my transaction will be over 1500 bytes.

So if we take 0.0005, which is 50000 satoshis, and divide by 20 satoshis/byte, we get 2500 bytes (ish) which is probably around 18-20 bitcoin "pieces" being used.

When you receive a small amount of bitcoin, you will eventually have to pay for that transaction through byte size later on, so "faucet" websites say they are sending you $0.05 at a time, but in actuality, those tiny payments also add on to your future fees... so it is not economically viable to use unless you have them sent to you in larger batches.

dothebeats

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Activity: 3542

Merit: 1352

Cashback 15%

Quote from: NCDiesel on November 08, 2017, 02:06:02 PM

Just as a sanity check - does anyone think I just screwed up and should have known $40 is a reasonable miner fee right now?

it could happen unfortunately specially if the mempool is overcrowded and some miners are picking those with higher fee tx to include in their block. According to bitcoinfees.21.co, to get your transaction confirmed within the next block, you'd need to pay 261-270 satoshis/Byte, and if your translate that with a transaction that has, say 1000 bytes, you'd pay for $19 in fees at the time of this writing.

player514

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Activity: 1414

Merit: 1039

Quote from: NCDiesel on November 08, 2017, 02:06:02 PM

Quote from: leex1528 on November 08, 2017, 01:51:28 PM

I would suggest trying to open a ticket. I haven't ever purchased something from there and not sure if they could help you or not. If it doesn't say it anywhere where you buy it I imagine that you have a shot at getting your money back if you don't want the item anymore. At the very least, its worth a shot. Good luck

and

Quote from: TimtheYoutuber on November 08, 2017, 02:03:01 PM

I use bitpay daily and have not had this problem, normally there conversion rates are 1$-2$ over coinbase when you go to deposit. So if you deposit $50BTC you normally get $48-49.

Thanks

Just as a sanity check - does anyone think I just screwed up and should have known $40 is a reasonable miner fee right now?

I don't think you screwed up, but I don't know how much support you'll get from bitpay. If I get this right, you paid around $100 for an item that was priced at $50. If anything, the fees should be worse right now because everyone's selling. I don't imagine a lot of activity was going on last night in comparison to today. Try to contact their support. If you're lucky you might be able to get something back, but from what I remember, most bitcoin transaction companies are not too lenient on giving money back.

NCDiesel

jr. member

Activity: 54

Merit: 3

Quote from: leex1528 on November 08, 2017, 01:51:28 PM

I would suggest trying to open a ticket. I haven't ever purchased something from there and not sure if they could help you or not. If it doesn't say it anywhere where you buy it I imagine that you have a shot at getting your money back if you don't want the item anymore. At the very least, its worth a shot. Good luck

and

Quote from: TimtheYoutuber on November 08, 2017, 02:03:01 PM

I use bitpay daily and have not had this problem, normally there conversion rates are 1$-2$ over coinbase when you go to deposit. So if you deposit $50BTC you normally get $48-49.

Thanks

Just as a sanity check - does anyone think I just screwed up and should have known $40 is a reasonable miner fee right now?

TimtheYoutuber

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Activity: 1708

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www.positivebetting.com

I use bitpay daily and have not had this problem, normally there conversion rates are 1$-2$ over coinbase when you go to deposit. So if you deposit $50BTC you normally get $48-49.

leex1528

hero member

Activity: 784

Merit: 1000

I would suggest trying to open a ticket. I haven't ever purchased something from there and not sure if they could help you or not. If it doesn't say it anywhere where you buy it I imagine that you have a shot at getting your money back if you don't want the item anymore. At the very least, its worth a shot. Good luck

NCDiesel

jr. member

Activity: 54

Merit: 3

Last night I transacted business with a merchant that uses BitPay. I was charged roughly $3.08USD and $40.18USD in processing/miner fees respectively. Considering the item I purchased was $50USD, I was livid. Should have been about $60USD total. The QR code and subsequent dialog did not give me a choice as to miner fee level nor did it inform me of the exact amount.

I have never spent my coins before, but the historical average for fee is around $6 and a few friends that use bitcoins more regularly says I got screwed big time. But I realize that amount is not set in stone and I guess could spike and move around???

Am I out of luck? I filed a ticket with bitpay and got an email that said that have a several day backlog and to basically go take a long nap.

Thanks ahead of time for any guidance ,

Topic: $40 miner fee? Bitpay marking up miner fees? (Read 293 times)