Newbie here : is this amount of fees legit ?

layoutph

sr. member

Activity: 1372

Merit: 255

Oh, thats a huge miner fee. Never seen like that. I wish Bitcoin core implement the fork that enables the blockchain to send fast transactions.. Others called it "Bitcoin Lightning".

Quote from: illusdidi on April 13, 2017, 02:12:46 PM

Thank you very much

Yeah after a little calculation (~70 inputs -> ~12714 bytes, ~75 satoshis per byte), it seems right.
That's a lot more than I expected. :p

illusdidi

newbie

Activity: 4

Merit: 0

Thank you very much

Yeah after a little calculation (~70 inputs -> ~12714 bytes, ~75 satoshis per byte), it seems right.
That's a lot more than I expected. :p

NeuroticFish

legendary

Activity: 3668

Merit: 6382

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The fee depends on 2 factors:
* the size of the transaction (how many bytes it has)
* how busy the network is

The size of the transaction depends on the number of inputs and outputs.
So if you gathered that 0.001 BTC by sending to your wallet many many very small amounts, now you will pay a huge fee.
As somebody else said, you'll have to rent a truck to carry your pennies to the supermarket.

Now the network is very busy too, making the fees "explode". Just check the graph: https://btc.com/stats/unconfirmed-tx

illusdidi

newbie

Activity: 4

Merit: 0

Hi, I'm using bitgo.com as my bitcoin wallet, and I currently have 0.03 BTC.
It only allows me to send a small amount of bitcoin (like 0.001 btc) but the amount of the fees looks extremely high. :/

Is it normal ?

Thanks

Here is a screenshot :
http://puu.sh/vj9Fy/6900b9d4ad.png

Topic: Newbie here : is this amount of fees legit ? (Read 682 times)