Topic: Insanely high miner fees - page 3. (Read 8483 times)

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

Well, if they could fix the malleability issues (aka. get SegWit implemented) then we could have the Lightning Network, which would allow "offchain" transactions... where you transfer coins from your "Offchain" account directly to someone elses "Offchain" account... 3rd party hubs track and validate all the transactions... and settlement occurs when you withdraw/deposit into an actual bitcoin wallet and the transactions end up in the blockchain.

A bit like how if use a coin exchange like Poloniex... when you buy/sell coins, you're just moving stuff around accounts on Poloniex's servers... it doesn't create blockchain transactions until you withdraw/deposit.

It can only be replaced while it still has ZERO confirmations... as soon as the transaction has at least one confirmation, it can no longer (realistically) be modified using "RBF"... so it isn't like a Merchant will suddenly stop accepting transactions from you if you use RBF. It just means you'll need to wait until at least 1 confirmation for them to provide whatever service/product you're trying to purchase. Which is what most merchants do now anyway.

Electrum does. It's called opt-in Replace by fee. The option comes with a big limitation. The merchant will no longer trust your *unconfirmed* transaction since it can be replaced easily. The best solution is to just pay an average fee when you send it. The transaction should confirm within a day without issues.

That is not a solution, you are hiding the issue to say everything is ok... We can forbid the dust transactions and it's all fine, it can help, but won't solve the problem at all.

Bitcoin is a currency to buy anything as I understand, doesn't matter the price. Now it can look a bit absurd, but in the future it won't.

They aren't necessary. Bitcoins aren't for buying your damn coffee and they never were. People need to get over it.

Is there any solution to make the inputs and outputs easier to be processed?

The dust transactions disturb a lot, but they are necessary as there are people paying cheap items on their daily life, if Bitcoin can't correspond to their daily necessities it's not completed yet. We can't say Bitcoin is only to pay expensive things.

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)

Your wallet tries to put your transaction as a high priority one based on current market standards. You coyld always pick a different wallet that'd let you pick smaller fees by hand but that wouldn't guarantee transactions confirming on a timely manner.

A bunch of $5 payments will end up with a reasonable fee. It's when you try hundreds of $.01 payments that you'll end up with massive fees. Bitcoin was never designed to be a micro-payment network.

You pay fees for the data you put in the block chain. The more inputs a transaction has, the more data it takes up.

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.

That option does exist. There is an opcode for allowing transaction to be replaceable. I don't know of any wallets that let you use it however.

https://blockchain.info/tx/37737b363c94389dd165cbcbb2649be7901d303e2f62e236fc71001a841c4283

Looks it will never be confirmed, would be nice to have an option to cancel it instantly and send again.

The fees are really painful.

Been seeing some 2BTC transactions having to pay 0.0006BTC fees, and 5BTC transactions were 0.002+BTC fees.

No wonder Jihad & Roger want this to last as long as possible, the mining farms are making a bomb.

I've seen the current level of congestion at least four or five times in the past 6 months, but never the recommended fee this high - practically double what it was the last time it reached this number of unconfirmed transactions. What has changed?

Whats your transaction? In an ideal situation, nodes will start to drop your transaction out of their mempool as soon as 72 hours. However, if your client or anyone else rebroadcasts the transaction, the transaction will not be dropped.

I sent yesterday a transaction of 962 bits with a $0.50 fee and until now it didn't finish... I used that site https://bitcoinfees.21.co/ as reference, yesterday the spectative was to finish it maximum in a bit less than one day, now the spectative is "infinite"...

When this happen, no chance to finish the transaction, will it be canceled?

Nothing wrong with the wallet, its fees are based on what you need to pay for quick confirmations.  The Bitcoin network is pretty congested but this is a very extreme fee, probably because you've accepted a lot of dust payments.

The current recommended fees:
So you should be paying around 0.0006 for a normal size of transaction, meaning that you've accepted a lot of small payments or are sending to a lot of output addresses.

We could be sure about this if you post the transaction ID.

How many inputs were used to create the transaction, and how many outputs were generated?

If you have no idear, you can use option 3 on my website http://www.mocacinno.com/page/feeestimate to calculate if the fee is appropriate based on a list of addresses managed by your wallet and the amount of BTC you wish to send.

0.0032BTC (i guess you made a typo in the original post, as 0.003 =~ 30% of 0.01) can range from waay to much to not enough, the fee is based on the transaction size, not the amount of BTC that is transferred. The size is based on the amount of inputs and outputs, not their monetary value... This makes it impossible for us to tell you if the fee is excessive based on your OP

I tried to sent a payment of 0.011 btc and the cheapest miner fee on jaxx wallet (slow) cost 0.032 which is like 30% of the total cost. Is there something wrong with jaxx wallet or its just bitcoin network being congested?