Blockchain Best Minimum Transfer Fee - 0.00009 BTC Only - Not More - page 2.

odolvlobo

legendary

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Merit: 3260

Quote from: Red Fish on January 06, 2017, 12:12:02 PM

Currently Blockchain wallet make so high transfer fee, it is not acceptable, if you try to transfer 0.0001 BTC, they offer 0.00024 BTC transfer fee. I think best Blockchain transfer fee would be 0.00009 BTC. Blockchain pop up will say it is too small fee for transaction, but not everyone BTC user will agree to give to Blockchain so high transfer fee.

Please keep in mind that 0.0001 BTC is less than $0.10, and Bitcoin is probably still the cheapest way to send money -- even for such small amounts.

However, I agree that a typical transaction fee of 0.0002 BTC is too high because it discourages adoption.

Lauda

legendary

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Merit: 2965

Terminated.

Wrong. It looks like you don't understand how the Bitcoin protocol works. The blockchain.info is not the one determining the fee that is required, but suggests (or lets you choose it yourself) the appropriate fee required for the network. The fee policy is set by:
1) Miners.
2) Nodes.

Another contributing factor is the current number of unconfirmed transactions which also reflects via the fee rate in satoshis/byte. You can view that information here: https://bitcoinfees.21.co/

Basically the amount that you are transferring is completely irrelevant. What matters is: 1) The size of your transaction. 2) The recommended fee ratio in satoshis/byte.

achow101

staff

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Just writing some code

This is a result of the size in bytes of the transaction you are creating, not anything to do with the amount you are sending. The size in bytes of a transaction has nothing to do with the amount of Bitcoin you are spending from.

The minimum fee set by blockchain.info is NOT for the entire Bitcoin network. This minimum fee is not taken by blockchain.info but rather given to the miners so that your transaction confirms quickly. The point of the fee is to increase the odds that your transaction will confirm in the next couple of blocks instead of having to wait several hours for it to confirm.

Red Fish

sr. member

Activity: 435

Merit: 251

Currently Blockchain wallet make so high transfer fee, it is not acceptable, if you try to transfer 0.0001 BTC, they offer 0.00024 BTC transfer fee. I think best Blockchain transfer fee would be 0.00009 BTC. Blockchain pop up will say it is too small fee for transaction, but not everyone BTC user will agree to give to Blockchain so high transfer fee.
Estimated transfer time with 0.00009 BTC transfer fee - 24 - 36 hours !!!

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