Topic: Blockchain is charging high fees - $0.25 for sending 1 Bitcoin transfer (Read 6169 times)
November 05, 2016, 04:30:08 PM
Now the price has been increased more higher as a few days ago when I was sending less than a half bitcoin to my exchange then I noticed that blockchain has charged an amount of 0.001 BTC for that transaction.
October 26, 2016, 01:07:03 AM
Actually, such high fees can happen... Remember: the fee is calculated based on the size of the transaction (in bytes).
If this user created a transaction using hundreds of inputs, the fee can become really big...
The only way of knowing what really happened is if we get to see the transaction id.
Well i got it and also the highest fee you provide the fastest confirmation you get, right?If this user created a transaction using hundreds of inputs, the fee can become really big...
The only way of knowing what really happened is if we get to see the transaction id.
The alternative for sending little amount i think we should use a free service like coinbase or xapo to get zero fee aka free.
Allmost right, it's up to the miners to pick the transactions they want to include into blocks... Maybe some miners still reserve some space for 0 fee high priority transactions, who knows
Usually tough, the miners will pick the transactions that included the most fee per byte of transaction data
If i need fast confirmations, i do the following thing:
1) estimate the size of the transaction based on the number of inputs and outputs
2) multiply this size in bytes by the number i find on this website: https://bitcoinfees.21.co/
3) round up
60 satoshi's per byte, at time of writing, would have you waiting between 0 and 50 minutes on average.
80 satoshi's per byte has a big chance of getting in the very next block
BUT, you can go as low as 11 satoshi's per byte and still have a reasonable chance of getting a confirmation within 6 hours...
Thank you for your clear and helpful explanation, i have checked the website that you mentioned above and they said that the fastest and cheapest transaction fee is currently 100 satoshis/byte it means 10,000 Sathosis or around $ 0.07.1) estimate the size of the transaction based on the number of inputs and outputs
2) multiply this size in bytes by the number i find on this website: https://bitcoinfees.21.co/
3) round up
60 satoshi's per byte, at time of writing, would have you waiting between 0 and 50 minutes on average.
80 satoshi's per byte has a big chance of getting in the very next block
BUT, you can go as low as 11 satoshi's per byte and still have a reasonable chance of getting a confirmation within 6 hours...
It's possible... A lot of transactions are about 250 bytes, so times 100 equals 25.000 satoshi's =~ 0.16usd (at current preev rate).
Do note tough that this is the fee you should add if you want a big chance of getting your transaction into the very next block, you can pay a lot less if you don't mind waiting a couple of hours...
October 25, 2016, 01:53:14 AM
Here are similar transactions from "July 19 @ 11:46 AM":
Value when Sent
:
$270.09 (0.4BTC)
Transaction Fee
:
0.00263758 BTC
I have not used any advanced transaction fee.
and October 20 @ 11:06 AM:
Value when Sent
:
$245.05(0.39BTC)
Transaction Fee
:
0.0101365 BTC
and here is an explanation:
This is an oversized bitcoin transaction!
Your wallet needs to consolidate many smaller payments you've received in the past. This requires a relatively high fee in order to be confirmed quickly.
Value when Sent
:
$270.09 (0.4BTC)
Transaction Fee
:
0.00263758 BTC
I have not used any advanced transaction fee.
and October 20 @ 11:06 AM:
Value when Sent
:
$245.05(0.39BTC)
Transaction Fee
:
0.0101365 BTC
and here is an explanation:
This is an oversized bitcoin transaction!
Your wallet needs to consolidate many smaller payments you've received in the past. This requires a relatively high fee in order to be confirmed quickly.
October 25, 2016, 01:27:28 AM
Actually, such high fees can happen... Remember: the fee is calculated based on the size of the transaction (in bytes).
If this user created a transaction using hundreds of inputs, the fee can become really big...
The only way of knowing what really happened is if we get to see the transaction id.
Well i got it and also the highest fee you provide the fastest confirmation you get, right?If this user created a transaction using hundreds of inputs, the fee can become really big...
The only way of knowing what really happened is if we get to see the transaction id.
The alternative for sending little amount i think we should use a free service like coinbase or xapo to get zero fee aka free.
If i need fast confirmations, i do the following thing:
1) estimate the size of the transaction based on the number of inputs and outputs
2) multiply this size in bytes by the number i find on this website: https://bitcoinfees.21.co/
3) round up
60 satoshi's per byte, at time of writing, would have you waiting between 0 and 50 minutes on average.
80 satoshi's per byte has a big chance of getting in the very next block
BUT, you can go as low as 11 satoshi's per byte and still have a reasonable chance of getting a confirmation within 6 hours...
Thank you for your clear and helpful explanation, i have checked the website that you mentioned above and they said that the fastest and cheapest transaction fee is currently 100 satoshis/byte it means 10,000 Sathosis or around $ 0.07. 1) estimate the size of the transaction based on the number of inputs and outputs
2) multiply this size in bytes by the number i find on this website: https://bitcoinfees.21.co/
3) round up
60 satoshi's per byte, at time of writing, would have you waiting between 0 and 50 minutes on average.
80 satoshi's per byte has a big chance of getting in the very next block
BUT, you can go as low as 11 satoshi's per byte and still have a reasonable chance of getting a confirmation within 6 hours...
October 24, 2016, 04:11:23 PM
I leave blockchain, he charges me fee 0.013btc on 0.38BTC transaction. Seems too much for this amount
Welcome, Coinbase.
iam suprissed it's too high I thought we could adjust the transaction fee even zero fee but of course the recommendation fee we should used it. Untill now i still used blockchain for storing spendable amount, i actually want use coinbase, but i am so scare because there so many cases out there about locked about or being frozen.Welcome, Coinbase.
If this user created a transaction using hundreds of inputs, the fee can become really big...
The only way of knowing what really happened is if we get to see the transaction id.
Can someone tell me what is the default fee for blockchain sending bitcoin? I use electrum where default fee is usually 6 cents to 25 cents but mostly its 6-8 cents. Does blockchain offer option for no fee? But doing this is bad since transaction can take very long right and not worth it?
as far as i know the fastest and cheapest transaction fee is currently 60 satoshis/byte, correct me if iam wrong.If i need fast confirmations, i do the following thing:
1) estimate the size of the transaction based on the number of inputs and outputs
2) multiply this size in bytes by the number i find on this website: https://bitcoinfees.21.co/
3) round up
60 satoshi's per byte, at time of writing, would have you waiting between 0 and 50 minutes on average.
80 satoshi's per byte has a big chance of getting in the very next block
BUT, you can go as low as 11 satoshi's per byte and still have a reasonable chance of getting a confirmation within 6 hours...
October 24, 2016, 11:36:07 AM
I leave blockchain, he charges me fee 0.013btc on 0.38BTC transaction. Seems too much for this amount
Welcome, Coinbase.
iam suprissed it's too high I thought we could adjust the transaction fee even zero fee but of course the recommendation fee we should used it. Untill now i still used blockchain for storing spendable amount, i actually want use coinbase, but i am so scare because there so many cases out there about locked account or being frozen.Welcome, Coinbase.
Can someone tell me what is the default fee for blockchain sending bitcoin? I use electrum where default fee is usually 6 cents to 25 cents but mostly its 6-8 cents. Does blockchain offer option for no fee? But doing this is bad since transaction can take very long right and not worth it?
as far as i know the fastest and cheapest transaction fee is currently 60 satoshis/byte, correct me if iam wrong. October 24, 2016, 03:37:37 AM
I leave blockchain, he charges me fee 0.013btc on 0.38BTC transaction. Seems too much for this amount
Welcome, Coinbase.
Welcome, Coinbase.
October 19, 2016, 11:49:51 AM
why use blockchain?? try Xapo or coinbas wallet.both of are tranjecstion fess are totally free.both of are safe and secure.i am using coinbas from the begening.i strongly reccomended you to used coinbas for tranjecstion fess free service.
October 16, 2016, 12:47:12 AM
Can someone tell me what is the default fee for blockchain sending bitcoin? I use electrum where default fee is usually 6 cents to 25 cents but mostly its 6-8 cents. Does blockchain offer option for no fee? But doing this is bad since transaction can take very long right and not worth it?
October 03, 2016, 01:18:30 AM
You can simply change the fees to whatever you want. You may have to wait longer to get confirmations for the transaction but you do nothave to pay a specific amount at all
September 06, 2016, 07:44:49 PM
We were using Blockchain with our site for quite a while but this has become ridiculous - they were charging around $0.04 initially for sending 1 Bitcoin transfer but now if we paid a member $1.50 for instance (worth of Bitcoins, a minimal amount) we would see a $1.75 deduction i.e. $0.25 is in fees!
That's absolutely ridiculous, yesterday it was $0.11 and now it's $0.25 - they keep on raising the fees.
Is this normal?
That's absolutely ridiculous, yesterday it was $0.11 and now it's $0.25 - they keep on raising the fees.
Is this normal?
blockchain fee transfer you can self setting every send
minimum fee send is 12.5 k satoshi is very low
September 06, 2016, 03:39:29 AM
We were using Blockchain with our site for quite a while but this has become ridiculous - they were charging around $0.04 initially for sending 1 Bitcoin transfer but now if we paid a member $1.50 for instance (worth of Bitcoins, a minimal amount) we would see a $1.75 deduction i.e. $0.25 is in fees!
That's absolutely ridiculous, yesterday it was $0.11 and now it's $0.25 - they keep on raising the fees.
Is this normal?
That's absolutely ridiculous, yesterday it was $0.11 and now it's $0.25 - they keep on raising the fees.
Is this normal?
This is odd, i sent 5$ few hours ago and payed 0.07$ fee. You didn't provide much information about transaction, whats tx size? Did you know that you can adjust fees when sending? Only thing you need to do is click advanced button and enter fee
The average mempool size is about 3MB. So you usually to pay higher than the recommended fees per kB.
September 02, 2016, 02:42:42 PM
We were using Blockchain with our site for quite a while but this has become ridiculous - they were charging around $0.04 initially for sending 1 Bitcoin transfer but now if we paid a member $1.50 for instance (worth of Bitcoins, a minimal amount) we would see a $1.75 deduction i.e. $0.25 is in fees!
That's absolutely ridiculous, yesterday it was $0.11 and now it's $0.25 - they keep on raising the fees.
Is this normal?
That's absolutely ridiculous, yesterday it was $0.11 and now it's $0.25 - they keep on raising the fees.
Is this normal?
This is odd, i sent 5$ few hours ago and payed 0.07$ fee. You didn't provide much information about transaction, whats tx size? Did you know that you can adjust fees when sending? Only thing you need to do is click advanced button and enter fee
August 29, 2016, 03:19:46 AM
But $0.25 for $1.50 worth of bitcoin isn't reasonable, and that's the situation that is also outlined in the OP.
Don't blame the network for improperly using it. There are certain things called inputs, and outputs which determine the transaction size (among other things).Sincere apologies but ...
full node?
broadcast tx?
miners?
It's all gibberish for us.
We like to keep things simple - we pay our members in Bitcoins because many of them like to use Bitcoins ... we are not into the business of learning how to work with Bitcoins, we just use it to pay members and that's all we need. The Internet is far too full of so much information, there is no time to "learn" it all. Thanks
These two concepts are fairly simple in my opinion and are far from "learning how Bitcoin works" (in depth at least). While this advice was actually flawed, it isn't "gibberish" in itself.full node?
broadcast tx?
miners?
It's all gibberish for us.
We like to keep things simple - we pay our members in Bitcoins because many of them like to use Bitcoins ... we are not into the business of learning how to work with Bitcoins, we just use it to pay members and that's all we need. The Internet is far too full of so much information, there is no time to "learn" it all. Thanks
Also, please avoid creating unnecessary consecutive posts like this. You can quote several previous posts in one post.
August 29, 2016, 02:39:59 AM
We were using Blockchain with our site for quite a while but this has become ridiculous - they were charging around $0.04 initially for sending 1 Bitcoin transfer but now if we paid a member $1.50 for instance (worth of Bitcoins, a minimal amount) we would see a $1.75 deduction i.e. $0.25 is in fees!
That's absolutely ridiculous, yesterday it was $0.11 and now it's $0.25 - they keep on raising the fees.
Is this normal?
Some guys misunderstanding op he said sending $1.50 worth btc Blockchain charge fees $0.25 worth btc.I don't think its normal.Most of the people not having 1000 btc and they paid $0.25 worth btc for their transaction fees.I saw some transaction fees are more than actual transferred amount of btc.this is really ridiculous That's absolutely ridiculous, yesterday it was $0.11 and now it's $0.25 - they keep on raising the fees.
Is this normal?
Yes, thanks for dedicating the time to read.
We also said (in the previous page of this thread - page #3) that another member helped us with a very useful comment - we had to dig among lots of gibberish here (e.g. node, miners, txs or taxes?, wallets ZFA and other gibberish) in order to find what we were looking for. Thanks again.
August 29, 2016, 02:37:08 AM
$0.25 as a miner fee for sending $575 worth of bitcoin? That sounds reasonable to me, unless you mean something else. I've paid higher fees to send less bitcoin in the past using Android wallets. What you described doesn't sound all that high.
Where did we say we sent $575 USD worth of Bitcoins?!
August 29, 2016, 02:36:20 AM
what is up with this misleading comments. i see another one up there from a legendary member which is so much weirder! and it was explained before!
running a full node only lets you broadcast your tx with whatever fee you like (even zero/free) but miners decide to include your tx in a block or not so in fact it doesn't matter in the end.
running a full node only lets you broadcast your tx with whatever fee you like (even zero/free) but miners decide to include your tx in a block or not so in fact it doesn't matter in the end.
Sincere apologies but ...
full node?
broadcast tx?
miners?
It's all gibberish for us.
We like to keep things simple - we pay our members in Bitcoins because many of them like to use Bitcoins ... we are not into the business of learning how to work with Bitcoins, we just use it to pay members and that's all we need. The Internet is far too full of so much information, there is no time to "learn" it all. Thanks
August 29, 2016, 02:33:04 AM
Op if you are that concerned about high transaction fee of bitcoin transaction and don't mind using online wallet then why don't you switch to Xapo Wallet?
They main feature is fee-less transaction system, they will basically pay all of your fees. But you give up your privacy in return.
I imagine the same goes for Coinbase Wallet they will pay for your fee as well.
But be warned, if these services find that your coins are used in 'fraudulent' way (according to their ToS it could be gambling for example) they will freeze your account.
They main feature is fee-less transaction system, they will basically pay all of your fees. But you give up your privacy in return.
I imagine the same goes for Coinbase Wallet they will pay for your fee as well.
But be warned, if these services find that your coins are used in 'fraudulent' way (according to their ToS it could be gambling for example) they will freeze your account.
Why use wallets like Payza?!
We use Payza but keep around $1 - $10 in the balance with them simply because we don't trust them.
Blockchain is fine, just see our comment above - erikalui's suggestion is very useful and relates exactly to what we were referring to.
August 29, 2016, 02:30:41 AM
You need to go to Login to your blockchain, goto the Advance Send option and enter a Transaction Fee in the text box (in your case, you can enter 0.0001 BTC). It will show a pop up screen for you to confirm. This you can do everytime you are sending bitcoins using blockchain and decide your fee accordingly.
Your comment is very useful, thank you!
August 27, 2016, 03:23:34 PM
$0.25 as a miner fee for sending $575 worth of bitcoin? That sounds reasonable to me, unless you mean something else. I've paid higher fees to send less bitcoin in the past using Android wallets. What you described doesn't sound all that high.
But $0.25 for $1.50 worth of bitcoin isn't reasonable, and that's the situation that is also outlined in the OP. Jump to: