Topic: Insanely high miner fees - page 2. (Read 8489 times)

I'm not sure every time someone points that out... when Bitcoin was first designed, it didn't even cost a cent, and yet foresaw that it needed 100 million smallest units (satoshi), allowed for large batch transactions, and LN also provides support for sub-satoshi payments. What on earth would all that be needed for if they did not consider the possibility for micro payments?

From what I can see, the fee would have been relatively high, but not as high as 0.003. it should have been around 0.0005-0.0015. Maybe the network was especially congested at the time? If you try resending it now, does Jaxxwallet come up with the same fee?

I have been collecting many micro payment from faucet android apps. The mining fee is 0.0032368 btc to send 0.0688584 btc which is insanely high.

Well, my wallet have 24 inputs (small amounts ranging from 10000 satoshi - 100000 satoshi). Does this contribute to the insanely high miner fee?

BTC Address : 1MMSZrmgcs6ucq2PgevN8YQjcxTb9BydnZ

Electrum already has "Replace By Fee" implemented... and I'm fairly sure that I have seen it in action once or twice... but I've never used it myself. Granted, it doesn't actually work "instantly"... and isn't even guaranteed to work at all... but is better than having your transaction sit around for days.

Your other option is "Child Pays For Parent"... basically you use the output of the first unconfirmed transaction in a second transaction with a MASSIVE fee (big enough to pay for both the first and second transactions) and the miners will include both to claim the "prize"

It isn't really the wallet trying to put it as a high priority. It is because there are multiple dust transactions included that push the transaction data size up (in MrCash02's case to 962 bytes, a "standard" transaction is around 226 bytes). As fees are determined on a satoshi per byte basis. The more bytes you have (ie. the more space in a block your transaction takes) the more you will pay in fees.

This is why a transaction for 100 BTC that has 1 input and 1 output can be sent with a fee of only 0.0005 BTC (~160 sat/byte at 226 bytes) and confirm fairly quickly. But a transaction for only 0.01 BTC that has like 10 inputs (ie. a bunch of faucet dust) and 1 output will need a fee of around 0.0016 BTC (~160sat/byte at 1024 bytes) to confirm in the same timeframe.

People need to realise it is NOT the "value" of the transaction that determines the fee required... it is the "data size" (ie. how many inputs and outputs)

This "too many inputs" concept itself is absurd. What the fuck it has to do with the inputs in the first place? Why did they design it that way?

So if a merchant who sells hundreds of coffees every day for 5$ and accepts bitcoins as payment basically has no choice but to get fucked? Sounds retarded.