There are some cases since the past few years where their transaction fees are more than the amount they want to transfer. If you are in a rush and didn’t do your homework by looking at the transaction fee and computing it, you would end up making a mistake by losing a lot of money in your arsenal.
Every time I send a Bitcoin transaction, I always take time to triple check my transaction fee before sending. This is what we should always do nowadays.
Topic: he pays 5000 € for a bitcoin transfer (Read 422 times)
That's a price of used but not abused car here in here. Can't imagine paying such high fees, unless I am talking about of millions of dollars, a hundred or higher. It's a rip off, I have encountered that a while ago and did not send the transactions. It's because the amount I nam sending is nearly the tx fee, it's no deal and rather wait for gas to go down.
Am very surprise to here that Bitcoin transaction take up to that level because without the evidence I won't have believe you from these, so if such happened it depends on the amount of transaction been transacted with the period, I really know that transaction fees currently is getting upset this time, really it's unbelievable in certain extent but we have no option to agree with you.
The only reason this transaction is even an issue is because no one knows what made him pay that fee. The sender may found himself in a situation where it was impossible to wait for lower fee. As long as it’s not a $5 wrench which forced him to make such fast transaction, no one should be worried about it.
It feels like an exchange collecting deposited coins, the destination address seems to be getting a lot of 0.8 trsanctions
https://www.blockchain.com/btc/tx/7c6e4b586d50bb3a084ea975aa5aa41565aa5d36339974e9840545179fe4e8f1
https://www.blockchain.com/btc/tx/847ae6bcf410561d9b8cf29495a24e426e7ac5ca8152bca977772e9f191d93af
https://www.blockchain.com/btc/tx/adc23c35aad928c85174bd1d4a8a233d7f64ca306fd23c5d0ff4ddc844de8465
https://www.blockchain.com/btc/tx/9f1f5375a91382f341fcc6f9bbad5ec9fdb850a553275edec6c8f12e1a84ec16
I was tempted to think it was some mixing activity but there is a lot of address reuse in those.
Here is my exchange collecting some of my coins
https://www.blockchain.com/btc/tx/68b285cf8a7c9e9aa62b68b10450643e39f70b24def0040a7ed977693018bf4f
although a bit cheaper, at just $1.2k.
Some businesses are forced to pay those fees, you can't wait till the weekend when you have withdrawals pending for days and no money in cold addresses, you have to collect from hundreds and hundreds of deposit addresses. Waiting till the mempool is empty is like waiting to go out of business.
I don't know what is wrong with these people. Check the last block that was mined (#676087). Transactions with a fee of 10 Sat/Byte got confirmed instantly. What is the need to pay a higher transaction fee, when it is not required? It is very rare to see someone paying BTC0.100 as fee for a single transaction. I just hope that he didn't accidentally put the fee as BTC0.100 instead of BTC0.010. Anyway, the large size and huge number of inputs mean that the sender had accumulated coins over a long period of time.
This is simply lack of familiarity with how the fees work on bitcoin, the issue for the person making the transaction was the huge amount of inputs, so even with a fee of just 100 satoshi/byte he paid that fee, so if he had used a 10 satoshi/byte he would still have needed to pay a huge fee as the size of his transaction was too big, but if he had just waited until the network was not as busy he could have saved 90% on fees which is significant.
I don't know what is wrong with these people. Check the last block that was mined (#676087). Transactions with a fee of 10 Sat/Byte got confirmed instantly. What is the need to pay a higher transaction fee, when it is not required? It is very rare to see someone paying BTC0.100 as fee for a single transaction. I just hope that he didn't accidentally put the fee as BTC0.100 instead of BTC0.010. Anyway, the large size and huge number of inputs mean that the sender had accumulated coins over a long period of time.
No offense but the rich are always going to have the advantage, that is what it means to be rich, for them the fee they need to pay compared to the size of their capital is lower than for someone that has less money, we have known this from the beginning and even some people early on asked questions to satoshi about this, the scaling solution already exists and it is the lightning network it is just that it is not widely accepted yet, it will take time to gain traction but once it does the fees will be smaller.
I don't see LN as a permanent solution to the scaling issue though. LN has its disadvantages and over the long term, it would not be enough either.Bitcoin needs to scale without a secondary layer. Until then, it'll remain an issue for many. Since Bitcoin itself is barely adopted, I can't imagine LN having that much of a success tbh.
I cannot get how some people still defend this issue when such problems come up. From both outside and inside, it looks like Bitcoin is flawed. Imagine having to pay $7-8 for every single bill you have inside your wallet.
We just havr to accept the idea that Bitcoin cannot scale. The rich are under advantage once again. Unless it gets the ability to scale, it might all turn into a big failure.
No offense but the rich are always going to have the advantage, that is what it means to be rich, for them the fee they need to pay compared to the size of their capital is lower than for someone that has less money, we have known this from the beginning and even some people early on asked questions to satoshi about this, the scaling solution already exists and it is the lightning network it is just that it is not widely accepted yet, it will take time to gain traction but once it does the fees will be smaller. We just havr to accept the idea that Bitcoin cannot scale. The rich are under advantage once again. Unless it gets the ability to scale, it might all turn into a big failure.
That much fees is simply super expensive and not sustainable in the long run! I see the sender paid 107 Sat per byte fees which is less than the current fees required. As per the below calculator, the current required fees is 111 Sat per byte.
https://www.buybitcoinworldwide.com/fee-calculator/
So the sender paid less than required feès which is 11% of the total transaction value! What a joke! Same goes with ETH as well! There is a good reason why altcoins are moving fast upto the queue!
https://www.buybitcoinworldwide.com/fee-calculator/
So the sender paid less than required feès which is 11% of the total transaction value! What a joke! Same goes with ETH as well! There is a good reason why altcoins are moving fast upto the queue!
He could've probably waited and paid a much lower fee.
Altcoins are not a good substitute. You are putting a lot of information on the blockchain and it is reasonable for them to pay a bigger amount. Having expensive fees is the cost of being decentralized instead of having to trust 27 super nodes like Tron does.
Situations like these are totally human error when setting up fees on where you do mistakenly put up big fees on a certain transaction.We have seen lots of situations like
these where fees been sent out are totally or ridiculously high.Its up to the miner if he would be giving those amounts back but to think that this one is
already making out some noise then for sure it would really be given back.It isnt just that right to sip out that kind of amount for pushing a transaction.
these where fees been sent out are totally or ridiculously high.Its up to the miner if he would be giving those amounts back but to think that this one is
already making out some noise then for sure it would really be given back.It isnt just that right to sip out that kind of amount for pushing a transaction.
The fee's amount is crazy, but this transaction has more than 630 inputs!
The Fee per byte is close to average: 107.553 sat/B
I guess somebody combined a lot of old dust...
That was my point exactly - I'd say someone has swept up every last bit of satoshi dust they ever accumulated and were prepared to pay ~10% of the current total as a transaction fee to cash the funds out.
BTW, hacker would have done the same thing.
I hadn't even thought of that, but yes, a hacker would want to shift funds in a hurry (especially if they were cashing out)
Woah, that's such an incredible amount. I think you joke when I look at the title, but when I checked the link, damn. It's real.
It's almost like 10% of the total transaction? and well, the transaction is big already, but the fee is far beyond normal. I never do any transaction myself, so i might not know much about it, but if the transaction fee is that high, will people want to use bitcoin? Won't it just prevent people who want to transact using bitcoin because the fee is insanely high? Or is that much of amount is normal for a fee? i don't really understand.
It's almost like 10% of the total transaction? and well, the transaction is big already, but the fee is far beyond normal. I never do any transaction myself, so i might not know much about it, but if the transaction fee is that high, will people want to use bitcoin? Won't it just prevent people who want to transact using bitcoin because the fee is insanely high? Or is that much of amount is normal for a fee? i don't really understand.
I think the person was high while making the transaction. This is some insanely huge amount to spend on fees.
A traditional bank transfer would have cost a lot less than this. This is why it's always recommended to double check on the fees before initiating a transaction. We have to be fully conscious and have to understand how much fees would be sufficient to make the given transaction.
A traditional bank transfer would have cost a lot less than this. This is why it's always recommended to double check on the fees before initiating a transaction. We have to be fully conscious and have to understand how much fees would be sufficient to make the given transaction.
The fee's amount is crazy, but this transaction has more than 630 inputs!
The Fee per byte is close to average: 107.553 sat/B
I guess somebody combined a lot of old dust...
Seems unbelievable but considering that the transaction size is 92977 bytes still does make sense though too over the top. If that were me I'd just pay with below standard fee and pay premium tx accelerator but thats just me. Maybe he's rich and doesn't have too much patience who knows.
First of all no one can pay "5000 €" for a bitcoin transaction because it is a "bitcoin" transaction not a "€" transaction. Everyone is paying bitcoin for bitcoin transactions.
Secondly bitcoin fees should always be reported as amount per size using a unit such as satoshi/vbyte. Otherwise it is trivial to create a transaction that is for instance 4MB in size and pay the absolute minimum (standard) fee of 1 and a total fee of 0.04BTC which is about $2300 at current rate.
This transaction you posted is huge which is why with a medium fee of about 20 it is paying this much total fee.
Secondly bitcoin fees should always be reported as amount per size using a unit such as satoshi/vbyte. Otherwise it is trivial to create a transaction that is for instance 4MB in size and pay the absolute minimum (standard) fee of 1 and a total fee of 0.04BTC which is about $2300 at current rate.
This transaction you posted is huge which is why with a medium fee of about 20 it is paying this much total fee.
That's a beefy amount for fees alone I can't tell if that's a mistake or intentional maybe the sender really was in kind of a hurry because with such high fees his transaction will surely be prioritized and confirmed faster than normal 100Sat/byte is really big. But if this was a mistake I think miners who have mined the transaction can help with the sender's problem.
This isn't a mistake, because every sender who needs expediting transactions specially when the demand for money is rush could solve the delays. Many concerns regarding transaction was due to slow confirmation, and if you wanted to make it fast for less than an hour, then that's the best options to do. On my perceptions, we can only apply this strategy when the amount of asset to be transferred is at large quantity.
I cannot get how some people still defend this issue when such problems come up. From both outside and inside, it looks like Bitcoin is flawed. Imagine having to pay $7-8 for every single bill you have inside your wallet.
We just havr to accept the idea that Bitcoin cannot scale. The rich are under advantage once again. Unless it gets the ability to scale, it might all turn into a big failure.
We just havr to accept the idea that Bitcoin cannot scale. The rich are under advantage once again. Unless it gets the ability to scale, it might all turn into a big failure.
That's a beefy amount for fees alone I can't tell if that's a mistake or intentional maybe the sender really was in kind of a hurry because with such high fees his transaction will surely be prioritized and confirmed faster than normal 100Sat/byte is really big. But if this was a mistake I think miners who have mined the transaction can help with the sender's problem.
Mistakes happen, when you are in a hurry... I am an example of that. A while ago when there was a huge spike in the price, I decided to sell some coins.. so I had to transfer (sweep) coins from a paper wallet to my Electrum wallet and then to the Exchange.
The transfer from the Electrum wallet to the Exchange was rushed, because the price was on a downward spiral... so I wanted get it while it was still very high. (I did not double check the fee on the highest speed selection on Electrum) and I paid $1000 in miners fees.
Lesson : Always double check the fee, converted to Fiat value... before you press proceed.
This could be one factor but the issue was that he had more than 600 inputs, that is a lot so despite not paying an exorbitant price in terms of satoshi/byte, the fee was still outrageous, this should be a lesson to all of us, first people need to begin to use segwit addresses to get cheaper fees and second whenever you see the network not busy then consolidate your inputs, that way whenever you want to make a fast transaction you can pay a cheap fee instead of paying a fortune for it. The transfer from the Electrum wallet to the Exchange was rushed, because the price was on a downward spiral... so I wanted get it while it was still very high. (I did not double check the fee on the highest speed selection on Electrum) and I paid $1000 in miners fees.
Lesson : Always double check the fee, converted to Fiat value... before you press proceed.
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