Topic: $8 fee? for a $73 transaction? Really what the fuc is going on? - page 5. (Read 3251 times)

it is mostly a guess but from the address he posted to get paid in on bitcointalk on May 16, 2017
i did some calculations and everything checks out, the fee, the fee/byte that is suggested usually and his total number of UTXOs
#bitcoinIsNotAnonymous

How did you know that OP has 11 unspent transaction outputs in his wallet?

Try waiting for the correct time where the network isn't that much busy. Yesterday I sent a $50 transaction with a fee of $0.41 and it got confirmed within an hour.

Fine post Lauda.


Check the wiki and there you will find some answers.

you currently have 11 unspent transaction outputs in your wallet that you are trying to spend. some of these outputs are as small as 0.00037403BTC.

and your transaction size is going to be a little less than 2 kB and with the crappy blockchain.info fee suggestion of 100-140 satoshi per byte you have to pay ~0.002917BTC for that size.

next time ask those who are paying you small amounts to combine all your payments and pay you once in a bigger transaction.

Step 1) Don't educate yourself.
Step 2) Start using Bitcoin.
Step 3) Encounter a normal thing which is seemingly surprising for you because of Step 1).
Step 4) Rant on Bitcointalk and other places and blame Bitcoin for your own short comings.
Step 5)

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Education time:
1) Any kind of decentralized cryptocurrency is extremely inefficient. Meaning, this isn't a problem inherent to Bitcoin.
2) The fees are determined by: a) Block space scarcity. b) Block space demand. As we all should know, Bitcoin provides around 144 MB of block space per day. For this example, let's label block space as A and block demand as B. There are two (three) cases:
2.1) A > B = fees are going down.
2.2) A < B = fees are going up.
2.3) A ~= B = fees are stable and we have reached an equilibrium (I've yet to see this happen in practice).
3) You may be wondering at this point that determines the fee that you have to pay. So, building upon point 2, there is a thing called recommended fee-rate¹ and is usually denominated in satoshis/byte or satoshis/kB. At this time, the recommend fee-rate for fast inclusion is 390 satoshis/byte This means that a median transaction (1 input and 2 outputs) requires ~88k Satoshis (~0.8$).
4) The recommended fee-rate is a direct result of the fee market. If I, as an individual, want to take up 90% of the block space and want to pay a fee up to 1000 satoshis/byte, you can't stop me. This is the nature of the system.

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What can you do?
1) Do not use web wallets or any kind of wallets that limit your fee settings. Use Electrum² if you need a light wallet, or Bitcoin Core³ (recommended) if you need a full wallet.
2) Consolidate UTXO (outputs) during times when there is almost no congestion. As an example: Transactions with 0-50 satoshis/byte were processing pretty quickly the past weekend.
3) Pay less and wait more. The amount you pay (which you can pick in the wallets that I've recommended) in combination with the fee-rate tiers (see superscript 1) determines how long you will wait for a confirmation (estimate).
4) Support Segwit⁴ and tell your local miners to do so.

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Sources:
1: https://bitcoinfees.21.co/
2: https://electrum.org/#home
3: https://bitcoin.org/en/download
4: https://www.cryptocompare.com/coins/guides/what-is-segwit/
4.1: https://bitcoincore.org/en/2016/01/26/segwit-benefits/

I am not in a hurry for a payment.
I did not make the payment yet. I Refuse to pay this kind of fee.


Haven't paid yet, i don't know how many in or outputs it will have.
They should destroy those faucets site, they are killing the Bitcoin.

Maybe click "customize fee" or just dont use bitcoin for this

use the mouse and click on 'Customize Fee' and see what your options are...

I don't know how many inputs you have and that's the number of satoshi/byte intended to pay as tx fee, but if your transaction doesn't have many inputs (faucets) you can do better with a proper local wallet.
So if you can export your private key(s) and import into Electrum you have a good chance to pay (much) less.

If you're not in a hurry, you could simply choose a lower fee.

This shit is too crazy man!

Why the hell do i have to pay that mutch?
I wanna make a payment of $73, fee would be $8.04.
What the hell is going on?

Proof?
http://imgur.com/a/Y5Ruo

Anything to do to aviod this?
I will turn my back to Bitcoin if this shit is going on like this.