Topic: High transaction Fees in blockchain (Read 266 times)

I didn't expect it, just take a look what kind of horrible and frightening transaction fees charges in blockchain. It's obvious not as usual and I can relate your feeling. It's my utter priority to get relief from this things and won't never back again in blockchain.

I didn't expect it, just take a look what kind of horrible and frightening transaction fees charges in blockchain. It's obvious not as usual and I can relate your feeling. It's my utter priority to get relief from this things and won't never back again in blockchain.

I made a transaction from my blockchain wallet some days back and was charged unusually high fees. I couldn't understand it 
Is there a wallet with less or no transaction fee? I'd save a lot using such a wallet.

There are suggestion that exchange wallet services could be taking a commission from the fees, but I cannot confirm this.

A bad wallet that does a bad job at this analysis or a malicious wallet that intentionally inflates fees will report back wrong fees and the user ends up paying higher or lower than "normal" fees.

The fee you pay for your transaction doesn't depend on the wallet you use but depends on the network status.

Is there a wallet with less or no transaction fee?

You have to take the calculated risks because AFAIK, it won't account for the factors like the avg time between the blocks and history of the fees market. I don't recommend people using mempool unless they know exactly what they're doing and/or they're prepared to wait slightly longer for their transaction to be confirmed.

Electrum gives wrong fee estimation when we uses ETA option while selecting the fee.Either they will show over killing fee or under required fee and but when we see the fee to Mempool option it gives the nearest fee required to the actual one.

But why we are not analyzing the required fee by ourselves before making a transaction?

Maybe the Electrum fee algorithm is a little better, but not so much better that in the past few days we haven’t seen at least a dozen members whose transaction is stuck precisely because they used Electrum. The bottom line is that no wallet will be good enough to calculate a fee at a given time - so as long as people don't learn what is mempool, input/output, transaction size and the type of address they use, they won't avoid such problems.

Normally, miners are the ones that determine the fee in accordance to mempool congestion.

While you are not able to edit the fee on blockchain wallet and yet sending with the estimated fee by the blockchain wallet itself, the transaction ought to be fast which should be 10 minutes in average with high fee. The conclusion is just that blockchain wallet fee esitmate is poor.

Use better wallet, if you can not buy hardware wallet like trezor or ledger nano, you can still make use of electrum wallet which have good and standard fee estimation. You can even still make use of fee customization in addition unlike blockchain wallet.

I made a transaction from my blockchain wallet some days back and was charged unusually high fees. I couldn't understand it 
Is there a wallet with less or no transaction fee? I'd save a lot using such a wallet.

Is there a wallet with less or no transaction fee? I'd save a lot using such a wallet.

How to minimize transaction fees?

With the current spike in fees, many would be interested in ways to reduce the fees. To reduce the fees one or both of the variable involve has to be reduced.
The standard feerate is determined by the level of activity in the network, so;
• timing your transactions can result in significantly lower fees. During a FOMO period, lots of investors are looking to get in and more traders are active, this is probably not a good time to transact, if it's not time sensitive, when the resulting activity cools, the feerate would also reduce, leading to lower transaction fees.

Reducing the transaction size would also reduce the fees incurred, this can be done through a couple of ways:
• Reducing the number of inputs: the higher the number of inputs involved in a transaction, the higher the size, so to reduce the size, less inputs should be spent.
If I receive 0.4BTC and spend that in a single transaction, the size would be smaller than a 0.2BTC transaction comprising two separate inputs (0.1,0.1BTC).

• Batching receptients : add multiple receiving addresses to a single transaction saves more cost than sending them in separate transactions.

• Consolidateling inputs and outputs: when an entire input involved in a transaction is not spent, this creates the need for a change address to receive the unspent coins. Spending the exact amount of an input would eliminate the need for a change address hence reducing the amount of outputs and also the transaction size.

Note that, inputs weigh more in a transaction and reducing them should be prioritized when looking to reduce fees.

Your Blockchain wallet will automatically calculate the appropriate fee for sending your chosen cryptocurrency. The fee for sending ether is static (you can view the fee for sending ether by clicking “Send” and selecting Ether as the currency), while the fees for sending bitcoin, bitcoin cash, and stellar are dynamic and will be calculated by your wallet after you input the amount you want to send. This article explains bitcoin transaction fees in greater detail.