Is Blockchain.info a scam? | Bitcointalksearch.org

Synchronice

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Quote from: hosseinimr93 on May 15, 2023, 05:13:23 PM

You had three inputs because you had received that fund in three different transactions.
I'm not a fan of blockchain.com wallet and due to obvious reasons, I would never recommended anyone to use it, but what you said isn't really their fault.

Okay, I have one blockchain wallet. I have received funds at past and then decided to spend funds. I choose my Blockchain, so called DeFi wallet which definitely is one address that changes every time I receive deposit.

So, I send from my blockchain wallet to one particular address all of my balance. Logically, there should be 1 input and 1 output but in my transaction there were 3 inputs and 2 outputs. From three inputs, only one address had received funds at past. Two addresses among 3 inputs are brand new for me and one output address out of two is brand new for me too. So, idk what to say.

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Quote from: Synchronice on May 15, 2023, 01:28:08 PM

I know what is UTXO but how many UTXO should it create to make a huge difference in transaction fees?

The size of a normal transaction including 1 input and 2 outputs is around 225 byte. If you add an input to your transaction, so that it includes 2 inputs and 2 outputs, it size would increase to around 375 byte. That's around 67% increase in transaction size. If you increase the inputs to 3, the total size would be around 520 byte.

Quote from: Synchronice on May 15, 2023, 01:28:08 PM

BC generated wallet, the sender wallet was always different and it usually had one input and two outputs but here I found a transaction that has 3 inputs and 2 outputs, I have no idea why.

You had three inputs because you had received that fund in three different transactions.
I'm not a fan of blockchain.com wallet and due to obvious reasons, I would never recommended anyone to use it, but what you said isn't really their fault.

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Quote from: khaled0111 on May 14, 2023, 05:57:24 PM

Quote from: Synchronice on May 14, 2023, 07:31:45 AM

Yes, exactly but in my case, there was really a fee difference between imported wallet and one generated by blockchain.com. Imported wallet was always financially way beneficial to use than the BC generated one. I don't really remember if I was able to choose fee by myself but I can swear that regular or any three fee options were always 2-3 and more times more on BC generated wallet then on the imported one.

I believe you but, as explained above, the reason is most likely the number of inputs used in each transaction not if the wallet was imported or not. That's irrelevant.
It seems you are confusing addresses with inputs (UTXOs: unspent tx outputs). Even if you send from a single address, your transaction may have multiple inputs. Every transaction you receive is a separate utxo which may be used later as input.
Anyway, good thing you decided to stop using that buggy wallet.

I know what is UTXO but how many UTXO should it create to make a huge difference in transaction fees? Every time I send from single address to another single address, there is another 1 output that returns to me but I just gained access on my BC account and checked transaction, here is the deal: Right now it shows my wallet as DeFi Wallet. As I see, every time I was sending bitcoin from BC generated wallet, the sender wallet was always different and it usually had one input and two outputs but here I found a transaction that has 3 inputs and 2 outputs, I have no idea why.

All in all, BC wallet has lots of issues, I have even heard that people had log-in issues while everything was correct from their own side. I have no idea why should someone use it when you can download light Electrum.

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Quote from: Synchronice on May 14, 2023, 07:31:45 AM

Yes, exactly but in my case, there was really a fee difference between imported wallet and one generated by blockchain.com. Imported wallet was always financially way beneficial to use than the BC generated one. I don't really remember if I was able to choose fee by myself but I can swear that regular or any three fee options were always 2-3 and more times more on BC generated wallet then on the imported one.

I believe you but, as explained above, the reason is most likely the number of inputs used in each transaction not if the wallet was imported or not. That's irrelevant.
It seems you are confusing addresses with inputs (UTXOs: unspent tx outputs). Even if you send from a single address, your transaction may have multiple inputs. Every transaction you receive is a separate utxo which may be used later as input.
Anyway, good thing you decided to stop using that buggy wallet.

Synchronice

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Quote from: hosseinimr93 on May 11, 2023, 06:05:22 AM

Quote from: Synchronice on May 11, 2023, 04:22:39 AM

I had blockchain.com wallet years ago, for a limited and I had two wallets there, one generated by blockchain.com and another one was imported by me. If I remember it well, the wallet generated by blockchain.com had way higher fee than the imported one.

Maybe, you had more UTXOs in the wallet generated by blockchain.com.
Take note that fee you have to pay for a transactions depends on number of inputs and outputs. The more inputs or outputs you have, the more you have to pay as transaction fee.

What I actually remember is that regular fees on wallet generated by blockchain.com was way higher than regular fees on wallet that was created by me and imported in blockchain.com website. Both were legacy address.
Logically, single address that belonged to my, shouldn't have more outputs automatically and in my case, these fee deference was always on one output transactions.
Since that day, I haven't used blockchain.com and I advise everyone to not use, their website is slow, doesn't work as expected and overall don't like this company, I don't feel that in any way I can feel secure by using their platform.

Quote from: khaled0111 on May 12, 2023, 05:26:36 PM

Quote from: Synchronice on May 11, 2023, 04:22:39 AM

For example, if I wanted to send $10 bitcoin, BC generated wallet would charge me $2 while imported wallet would charge me $0.5

I used blockchain.com in the past too and if I memory serves me right, it didn't allow manual fee customization. It only allowed customers to choose among three priority options: low, medium and high.
What I'm certain about is that it was overcharging on fees.
But, technically it doesn't matter whether you are trying to withdraw from an imported wallet or a one generated by BC. The proposed fee rate is supposed to be the same since the algorithm used for fee estimation is the same.
The absolute fees you needed to pay was different because sizes of the transactions aren't the same (different number of inputs/outputs as hosseinimr explained above).

Yes, exactly but in my case, there was really a fee difference between imported wallet and one generated by blockchain.com. Imported wallet was always financially way beneficial to use than the BC generated one. I don't really remember if I was able to choose fee by myself but I can swear that regular or any three fee options were always 2-3 and more times more on BC generated wallet then on the imported one.

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Quote from: sheenshane on May 12, 2023, 06:27:48 PM

Quote from: khaled0111 on May 12, 2023, 05:26:36 PM

Quote from: Synchronice on May 11, 2023, 04:22:39 AM

For example, if I wanted to send $10 bitcoin, BC generated wallet would charge me $2 while imported wallet would charge me $0.5

I used blockchain.com in the past too and if I memory serves me right, it didn't allow manual fee customization. It only allowed customers to choose among three priority options: low, medium and high.

The reason why I didn't use my account for this wallet is just because of the fee and it takes time to open your wallet due to a lot of verification.
Why not you guys import your private key from Blockchain.com to Electrum, which on Electrum you can modify the fee even below 10 sats?

But yes, one main factor is always checking the mempool.space for tracking the transaction fee, last week we had an insane network free due to network congestion. Leave this buggy wallet the Blockchain.com.

Hell, right. There is no good news to them anymore, only newbies are the one creating accounts there because of there SEO related name which "blockchain" wallet that google suggest whenever someone make a google search, luring newbies believing they will have best experience on them, plus their shitty ads. Only to find out, they are still the same before, lots of bugs and shitty support.

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Quote from: khaled0111 on May 12, 2023, 05:26:36 PM

Quote from: Synchronice on May 11, 2023, 04:22:39 AM

For example, if I wanted to send $10 bitcoin, BC generated wallet would charge me $2 while imported wallet would charge me $0.5

I used blockchain.com in the past too and if I memory serves me right, it didn't allow manual fee customization. It only allowed customers to choose among three priority options: low, medium and high.

The reason why I didn't use my account for this wallet is just because of the fee and it takes time to open your wallet due to a lot of verification.
Why not you guys import your private key from Blockchain.com to Electrum, which on Electrum you can modify the fee even below 10 sats?

But yes, one main factor is always checking the mempool.space for tracking the transaction fee, last week we had an insane network free due to network congestion. Leave this buggy wallet the Blockchain.com.

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Quote from: Synchronice on May 11, 2023, 04:22:39 AM

For example, if I wanted to send $10 bitcoin, BC generated wallet would charge me $2 while imported wallet would charge me $0.5

I used blockchain.com in the past too and if I memory serves me right, it didn't allow manual fee customization. It only allowed customers to choose among three priority options: low, medium and high.
What I'm certain about is that it was overcharging on fees.
But, technically it doesn't matter whether you are trying to withdraw from an imported wallet or a one generated by BC. The proposed fee rate is supposed to be the same since the algorithm used for fee estimation is the same.
The absolute fees you needed to pay was different because sizes of the transactions aren't the same (different number of inputs/outputs as hosseinimr explained above).

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Quote from: Synchronice on May 11, 2023, 04:22:39 AM

I had blockchain.com wallet years ago, for a limited and I had two wallets there, one generated by blockchain.com and another one was imported by me. If I remember it well, the wallet generated by blockchain.com had way higher fee than the imported one.

Maybe, you had more UTXOs in the wallet generated by blockchain.com.
Take note that fee you have to pay for a transactions depends on number of inputs and outputs. The more inputs or outputs you have, the more you have to pay as transaction fee.

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

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 had blockchain.com wallet years ago, for a limited and I had two wallets there, one generated by blockchain.com and another one was imported by me. If I remember it well, the wallet generated by blockchain.com had way higher fee than the imported one. For example, if I wanted to send $10 bitcoin, BC generated wallet would charge me $2 while imported wallet would charge me $0.5
This is how I remember it, can't claim 100% because it was years ago and I only used Blockchain.com for a week or two.

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Quote from: robelneo on May 10, 2023, 05:55:20 PM

Is it worth transferring your tiny amount of Satoshi for 15k sat, why are you in a hurry to transfer, you could have to wait a few more days for the network to decongest, and you could have saved half of your fees,
My advice to you is if it's only a small amount and it's not that urgent wait for the right time to transfer and transfer at a fee where you are more convenient.
You can monitor the transfer fee here
https://mempool.space/.

And use a wallet that you are more comfortable using, but do explore other wallets as well, but always go for a hardware wallet if it's a big amount of coins that you'll be storing.

Though you have suggested the right thing, your timing is pretty off in this case. The guy has done the transaction last month and the network was not congested at that time nor there was much traffic in the mempool. This congestion has just happened this week or last week by most, for the transaction fees that OP paid to the wallet was probably not due to this.

Some wallets basically charge more fees on transactions but I don't think that blockchain.com would do that since it is one of the best online wallets out there in terms of security and usability, maybe the fees were just high at that time or for that particular day.

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Quote from: hassenpfeffer on April 13, 2023, 04:42:46 PM

In my first post I was having a problem with blockchain.com (formerly .info)

I ended up transferring my tiny amount of Satoshi from there to my private wallet on my PC. But I lost 15k sat.

Here's what I'm using now:
Bitcoin Core version v24.0
Copyright (C) 2009-2022 The Bitcoin Core developers

I tried using 24.0.1 but it caused a database corruption and I had to re-download some blocks.

Is it worth transferring your tiny amount of Satoshi for 15k sat, why are you in a hurry to transfer, you could have to wait a few more days for the network to decongest, and you could have saved half of your fees,
My advice to you is if it's only a small amount and it's not that urgent wait for the right time to transfer and transfer at a fee where you are more convenient.
You can monitor the transfer fee here
https://mempool.space/.

And use a wallet that you are more comfortable using, but do explore other wallets as well, but always go for a hardware wallet if it's a big amount of coins that you'll be storing.

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Quote from: BitMaxz on April 12, 2023, 03:01:00 PM

Are you sure that you are using Bitcoin-QT? Its an old version of Bitcoin core I suggest download the latest one and update your wallet. You can find the bitcoin this page top left under news it should be the right link where you can download the latest version.
If your problem from the first post is in this wallet the latest version of Bitcoin core will allow you to choose or manually customized the transaction fee.
I don't know what exactly your problem is and I don't see some progress about your case so what exactly your problem is? bitcoin.info transaction fee or Bitcoin-qt?

In my first post I was having a problem with blockchain.com (formerly .info)

I ended up transferring my tiny amount of Satoshi from there to my private wallet on my PC. But I lost 15k sat.

Here's what I'm using now:
Bitcoin Core version v24.0
Copyright (C) 2009-2022 The Bitcoin Core developers

I tried using 24.0.1 but it caused a database corruption and I had to re-download some blocks.

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Like other respected members clarified that the blockchian.info is moved to .com domain name and that's blockchain.com. That wallet offers a user the option to select low fees or high fees. In your case the wallet might have automatically prioritized the faster transaction route by setting higher fee, but that will help the transaction to be confirmed quicker.

The option of selecting a customizable fees is also available in that wallet. If you want your transaction to be confirmed not too fast then select a transaction fee that would be 4 sat/vbyte or higher for smooth transaction. I hope this will be helpful to clear your doubt about blockchain.com because that is not a scam wallet.

You should also visit the link below.

https://support.blockchain.com/hc/en-us/articles/360000939903-Transaction-fees

hosseinimr93

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Quote from: tabas on April 12, 2023, 04:43:09 PM

.......you have to take note that these wallets are also taking some little commission for the fees that they ask. ...............

Due to obvious reasons, I don't like blockchain.com and I would never recommend anyone to use it, but you are wrong here.
Blockchain.com is a non-custodial wallet and it doesn't charge you any extra fee. All the fee you pay go to miners. You have to pay fee to blockchain.com, only if you use their exchange.

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It isn't a scam but it is not a recommended wallet to use and a wallet to keep your bitcoins. When I was still using it, the network was clog-free and there's no problem about the fees but then it's still an online wallet that has brought problem to many users. So, from .info domain to .com and still nothing has changed from its service although they are also upgrading some of its features but it has never enticed me to be back using it. While the fee is being determined by the network if it's empty or not, if it's empty then the fees won't be that much and you have to take note that these wallets are also taking some little commission for the fees that they ask. You can set priorities and increase the fee for the speed or adjust it a little back if you're patient enough to wait until your transaction is confirmed. Your problem is much better and solvable than of those that they can longer recover their wallets there even if they've got the recovery phrases because the retrieval process has changed for them.

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Quote from: hassenpfeffer on April 12, 2023, 01:02:43 PM

For the present, it seems that bitcoin-qt is pretty reliable.
As for security, all my backups are encrypted and my hard drive is encrypted.

Are you sure that you are using Bitcoin-QT? Its an old version of Bitcoin core I suggest download the latest one and update your wallet. You can find the bitcoin this page top left under news it should be the right link where you can download the latest version.

If your problem from the first post is in this wallet the latest version of Bitcoin core will allow you to choose or manually customized the transaction fee.
I don't know what exactly your problem is and I don't see some progress about your case so what exactly your problem is? bitcoin.info transaction fee or Bitcoin-qt?

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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?

Blockchain.info is not available anymore. It has now moved to .com domain. Also the fees that they charge, goes towards the network fees. So not sure what's the issue here.

If you want to ensure that you are paying the right fees, you will find hundreds of bitcoin fees calculator online. Just check there to be certain about your fees. You can use Mempool for this purpose.

https://mempool.space/

Hope this helps!

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Quote from: digaran on April 12, 2023, 12:36:35 PM

Why the need to use an online wallet?

You should also use electrum instead.

This was many years ago. I don't believe Electrum existed at the time.
I tried using bitcoind back then but it caused my Mac to dangerously overheat (as did many things).

For the present, it seems that bitcoin-qt is pretty reliable.
As for security, all my backups are encrypted and my hard drive is encrypted.

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Why the need to use an online wallet? Maybe it was good back in the days where we could play around with some faucets and send them to our online wallet, but it's not safe to use them for more than a few k sats. Easiest way to have an address without downloading a wallet is using bitaddress.org using a browser in guest mode and disconnecting the net, generating keys, saving then, closing the browser. Then you could reconnect, but this is still for small amounts, for large amounts produce your keys on a system that never connects to the net and don't print or save the keys on flash drives, just carefully write them down, this is the best way.

You should also use electrum instead.

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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.

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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.

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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.

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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.

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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?

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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.

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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.

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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.

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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.

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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?

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

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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

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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.

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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?

Topic: Is Blockchain.info a scam? (Read 257 times)