Is Blockchain.info a scam? - page 2.

hosseinimr93

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Quote from: hassenpfeffer on April 12, 2023, 12:23:52 PM

Now I wonder how the default rate was set. It appears they were asking 50 sat per transaction.

Miners are free even to include transaction paying zero fee, but nodes consider any transaction paying less than 1 sat/vbyte as non-standard and reject them. So, the minimum fee rate you can set for your transaction is 1 sat/vbyte.
Note that the transaction fee equals to the fee rate multiplied by (virtual) size of transaction and miners prioritize transactions based on their fee rate, not their absolute fee.

There is no such thing as 50 sat per transaction.

hZti

hero member

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Magic

The fee is not really determined by anything. Often there is a standard fee that is high enough that the transaction will be in every situation confirmed in the next block. If you want to archive that you will need very high fees. If you look on mempool.space you will see that many people don’t care or know and send with way to high fees.

hassenpfeffer

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Quote from: hosseinimr93 on April 12, 2023, 12:08:12 PM

The fee is determined by the one who makes the transaction. It's not that miners can charge you any amount they want.
Whenever you make a bitcoin transaction, you set a fee rate and miners prioritize transactions based on their fee rate.

That makes sense, thanks.

Now I wonder how the default rate was set. It appears they were asking 50 to 70 sat per transaction.

By the way I'm using bitcoin-qt, not a wallet-only program.

hosseinimr93

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Quote from: Nwada001 on April 12, 2023, 11:54:35 AM

you can also download Trust Wallet from either the Play Store or the App Store and import your seed phrase using it.

Please don't suggest a close-source wallet like trustwallet for bitcoin while there are many better alternatives.

Quote from: hassenpfeffer on April 12, 2023, 11:58:55 AM

So are you saying that in addition to the 6.25 BTC that a miner wins for solving a block,
there are also transaction fees added?

Miners get the newly generated coins and transaction fees.

Quote from: hassenpfeffer on April 12, 2023, 11:58:55 AM

If the miner can add a transaction for the fee later, how does that prevent them
from taking more Satoshi for the fee than was agreed?

The fee is determined by the one who makes the transaction. It's not that miners can charge you any amount they want.
Whenever you make a bitcoin transaction, you set a fee rate and miners prioritize transactions based on their fee rate.

hassenpfeffer

newbie

Activity: 13

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Quote from: Nwada001 on April 12, 2023, 11:54:35 AM

As the above members have mentioned earlier, if you are finding it difficult to import your seed phrase using Electrum, you can also download Trust Wallet from either the Play Store or the App Store and import your seed phrase using it. It's much more simple using Trust Wallet, and the fee can also be customized, but note that the lower the fee you are willing to pay the longer it might take for the transaction to be executed. I guess miners go for a transaction that has a higher fee first; it's always the person who is willing to pay the highest fee who gets their transaction the fastest.

So are you saying that in addition to the 6.25 BTC that a miner wins for solving a block,
there are also transaction fees added?

If the miner can add a transaction for the fee later, how does that prevent them
from taking more Satoshi for the fee than was agreed?

Charles-Tim

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Quote from: hassenpfeffer on April 12, 2023, 11:45:31 AM

I was under the impression that the miner fees are solely ~~62.5 BTC~~ for solving a block.
So do you mean that pools like CKpool are also making money by processing transactions
without ever solving blocks?

This is not related to your question, this is another question entirely.

Miners are mining 6.25 BTC in each block mined, but they also include transaction fee into candidate block which is later the mined block for a miner that mine the next block.

Quote from: hassenpfeffer on April 12, 2023, 11:45:31 AM

I'm not clear on how entering the list of keywords would allow for a cheaper transaction.

Import the seed phrase into Electrum or Bluewallet and customize the fee to 4 sat/vbyte or less. If less, you can pump the fee anytime that you like.

Quote from: Nwada001 on April 12, 2023, 11:54:35 AM

As the above members have mentioned earlier, if you are finding it difficult to import your seed phrase using Electrum, you can also download Trust Wallet

Trustwallet is close source. It does not also support RBF. Any bitcoin wallet that do not have these two features, I can not recommend. It is not difficult to import BIP39 seed phrase on Electrum, all he needs is to check BIP39 while importing it. Also he can use Bluewallet which is BIP39 wallet.

Nwada001

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Quote from: hassenpfeffer on April 12, 2023, 11:06:02 AM

Many years ago I accumulated a few Satoshi, which was worth a tiny fraction of a dollar, and I stored it in Blockchain.info.
Recently I wanted to transfer those Satoshi to a private wallet, but their website informed me that the fee for doing so was over 15000 Satoshi, which is currently US $15.
Are all online wallets charging exorbitant fees like this?

As the above members have mentioned earlier, if you are finding it difficult to import your seed phrase using Electrum, you can also download Trust Wallet from either the Play Store or the App Store and import your seed phrase using it. It's much more simple using Trust Wallet, and the fee can also be customized, but note that the lower the fee you are willing to pay the longer it might take for the transaction to be executed. I guess miners go for a transaction that has a higher fee first; it's always the person who is willing to pay the highest fee who gets their transaction the fastest.

hassenpfeffer

newbie

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Quote from: Charles-Tim on April 12, 2023, 11:36:07 AM

Quote from: hosseinimr93 on April 12, 2023, 11:14:36 AM

I guess you have received a lot of transactions to your wallet and now you want to spend the whole balance. Am I right?
The more inputs you have, the more fee you have to pay to miners.

I also guess this is what happened, a transaction with many inputs.

Yes, there were many inputs.

I was under the impression that the miner fees are solely 6.25 BTC for solving a block.

So do you mean that pools like CKpool are also making money by processing transactions
without ever solving blocks?

If so, how does one become such a "miner" which doesn't solve blocks?

I'm not clear on how entering the list of keywords would allow for a cheaper transaction.

Charles-Tim

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Quote from: hosseinimr93 on April 12, 2023, 11:14:36 AM

I guess you have received a lot of transactions to your wallet and now you want to spend the whole balance. Am I right?
The more inputs you have, the more fee you have to pay to miners.

I also guess this is what happened, a transaction with many inputs.

Quote from: BitMaxz on April 12, 2023, 11:20:44 AM

Well about their wallet I think you can customize the network fee do you mind checking if there is an option to customize the fee under network fee.
Does it look like they remove this option?

The last time I tested how the fee work on Blockchain.com wallet, it has something related to low, medium and high priority, although called different name or something.

Importing the seed phrase on a wallet like Electrum or Bluewallet which he can customize the fee is better. But setting it to 4 sat/vbyte would be better this time around. Although even if he set the fee to 1 sat/vbyte, the opt-in RBF is by default on both Electrum and Bluewallet.

leonair

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★Bitvest.io★ Play Plinko or Invest!

Quote from: hassenpfeffer on April 12, 2023, 11:06:02 AM

Many years ago I accumulated a few Satoshi, which was worth a tiny fraction of a dollar, and I stored it in Blockchain.info.
Recently I wanted to transfer those Satoshi to a private wallet, but their website informed me that the fee for doing so was over 15000 Satoshi, which is currently US $15.
Are all online wallets charging exorbitant fees like this?

blockchain.info is no longer used directly. It is linked directly to blockchain.com. And it is a popular and trusted bitcoin wallet. So there is no opportunity to say scam. Bitcoin transaction fees are not determined by any wallet. It is determined by the minor. And the more transactions it tries to complete in a single moment, the higher the fee. And if you have selected the fast transfer option, then the fee will be slightly higher. Because the transaction with higher fee is given fast priority to get block confirmation. I think you tried a quick transfer which is why your fee is comparatively higher. Waller cannot be held responsible for this

BitMaxz

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Block halving is coming.

Blockchain.info is the old domain of blockchain.com so you might be talking about the wallet on blockchain.com?

Well about their wallet I think you can customize the network fee do you mind checking if there is an option to customize the fee under network fee.
Does it look like they remove this option?

If I were you if the wallet you generated from the blockchain wallet has a seed phrase import the seed into the Electrum wallet because you have more options there to reduce the fee.

Check this guide on how to import it to Electrum here https://bitcointalksearch.org/topic/guide-use-cpfp-if-your-stucked-transactions-from-blockchaincom-wallet-5324302

hosseinimr93

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First of all note that the fee you pay for your transaction is paid to miners, not blockhain.com wallet (formerly known as blockchain.info) and that depends on number of inputs and outputs, the network state, your address(es) type and how fast you want your tranaction to be confirmed.

I guess you have received a lot of transactions to your wallet and now you want to spend the whole balance. Am I right?
The more inputs you have, the more fee you have to pay to miners.

By the way, 15,000 satoshi is worth around 4.5 dollars, not 15 dollars.

hassenpfeffer

newbie

Activity: 13

Merit: 2

Many years ago I accumulated a few Satoshi, which was worth a tiny fraction of a dollar, and I stored it in Blockchain.info.
Recently I wanted to transfer those Satoshi to a private wallet, but their website informed me that the fee for doing so was over 15000 Satoshi, which is currently US $15.
Are all online wallets charging exorbitant fees like this?

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