Sending $8 worth of BTC with a fees of $1.7??? is this reasonable

jekjekman

sr. member

Activity: 378

Merit: 250

Quote from: DannyHamilton on May 21, 2017, 09:51:37 AM

Quote from: jekjekman on May 20, 2017, 11:51:28 PM

- snip -
This is my ID Transaction: https://blockchain.info/tx/9936631876289a27f1f3d6ce5ae7fcfa457c8cb4279d995a98050b01b0fe3c85

I never did receive it from faucet or any other small size payment, I receive it from a gambling site. You are quite right about the multiple inputs I think that's the main reason why my size in bytes goes to 1k.

Every payment that you receive adds at least 148 bytes to a transaction when you spend that payment.

According to https://bitcoinfees.21.co/ the current estimated fees for fast confirmation are 0.00000270 BTC per byte.

Therefore, when you receive a payment, it's going to cost you at least:
0.00000270 BTC per byte X 148 bytes = 0.00039960 BTC to spend that payment.

As such, any payment that you receive that is less than 0.00039960 BTC is actually worth negative bitcoins. It's going to cost you more to spend it than its value.

You received:

0.0001 BTC on 2017-02-22 at 04:44:06 UTC in transaction 0de2fb7e0cfc5bce15c6ba23078c27cf5c13c7d65d32ab9655f5dc9e7627ac45
0.00029 BTC on 2017-05-01 at 03:49:08 UTC in transaction 131812d4f1252ade7cf0025fc0280a404f28322f18dea14431addf030c348d21
0.00001973 BTC on 2017-03-05 at 09:16:30 UTC in transaction 27522b243e91f92fb53e296403c696940c7606c4c983c2e701bf65e58a03b9f9
0.00005304 BTC on 2017-02-13 at 02:32:46 UTC in transaction 9f80bbbe2c228939b9e47fc9bec5b256d1db8efc53320b58df1efb0fc0988f70
0.00001092 BTC on 2017-01-24 at 07:27:24 UTC in transaction bbaea76629b9b114947a5d4cdcc8934ba1e5a3769f35110982c1630df87a7912
0.00035654 BTC on 2017-02-25 at 15:13:45 UTC in transaction e7134f6fde6c81474bd7d3d762a0c39919a3483363c36e812d791dca691ee916

Then you spent all those payments in this transaction that you are complaining about.

Every one of those payments that you received is worth less than the fees that it cost you to include them in your transaction. You'd have been better off not spending them at all.

What wallet or website are you using to send and receive transactions? If your wallet doesn't give you enough control to keep it from spending outputs that cost more than they are worth, then you need to switch to a better wallet.

If you want fast confirmation, and you don't want such high fees, then stop taking payments that aren't worth as much as the fees needed to spend them.

I only receive payment once and that is from a gambling website. I really don't know why it is reflecting that I receive it from many outputs whatsoever, all I did is withdrawn once from there and that's it.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: jekjekman on May 20, 2017, 11:51:28 PM

- snip -
This is my ID Transaction: https://blockchain.info/tx/9936631876289a27f1f3d6ce5ae7fcfa457c8cb4279d995a98050b01b0fe3c85

I never did receive it from faucet or any other small size payment, I receive it from a gambling site. You are quite right about the multiple inputs I think that's the main reason why my size in bytes goes to 1k.

Every payment that you receive adds at least 148 bytes to a transaction when you spend that payment.

According to https://bitcoinfees.21.co/ the current estimated fees for fast confirmation are 0.00000270 BTC per byte.

Therefore, when you receive a payment, it's going to cost you at least:
0.00000270 BTC per byte X 148 bytes = 0.00039960 BTC to spend that payment.

As such, any payment that you receive that is less than 0.00039960 BTC is actually worth negative bitcoins. It's going to cost you more to spend it than its value.

You received:

0.0001 BTC on 2017-02-22 at 04:44:06 UTC in transaction 0de2fb7e0cfc5bce15c6ba23078c27cf5c13c7d65d32ab9655f5dc9e7627ac45
0.00029 BTC on 2017-05-01 at 03:49:08 UTC in transaction 131812d4f1252ade7cf0025fc0280a404f28322f18dea14431addf030c348d21
0.00001973 BTC on 2017-03-05 at 09:16:30 UTC in transaction 27522b243e91f92fb53e296403c696940c7606c4c983c2e701bf65e58a03b9f9
0.00005304 BTC on 2017-02-13 at 02:32:46 UTC in transaction 9f80bbbe2c228939b9e47fc9bec5b256d1db8efc53320b58df1efb0fc0988f70
0.00001092 BTC on 2017-01-24 at 07:27:24 UTC in transaction bbaea76629b9b114947a5d4cdcc8934ba1e5a3769f35110982c1630df87a7912
0.00035654 BTC on 2017-02-25 at 15:13:45 UTC in transaction e7134f6fde6c81474bd7d3d762a0c39919a3483363c36e812d791dca691ee916

Then you spent all those payments in this transaction that you are complaining about.

Every one of those payments that you received is worth less than the fees that it cost you to include them in your transaction. You'd have been better off not spending them at all.

What wallet or website are you using to send and receive transactions? If your wallet doesn't give you enough control to keep it from spending outputs that cost more than they are worth, then you need to switch to a better wallet.

If you want fast confirmation, and you don't want such high fees, then stop taking payments that aren't worth as much as the fees needed to spend them.

jekjekman

sr. member

Activity: 378

Merit: 250

Quote from: HCP on May 20, 2017, 11:45:55 PM

Put your transaction ID into blockchain.info and check these fields:

"Size: XXXX (bytes)" and "Fee per byte: YYY.YYY sat/B"

Given you've stated $8 (around 0.00384 btc) and $1.7 (around 0.00082 btc) I am going to go ahead and guess that the "size" is probably something over 680 bytes (you've been collecting small payments into your wallet, most likely from faucets or cloud mining etc)... and you have at least 4 or 5 inputs into your transaction... and that your fee is probably 120 sat/B or less...

Feel free to post your Transaction ID here and we can investigate if it is something other than a low fee (maybe unconfirmed parent transactions) that is preventing your transaction from being confirmed.

For future reference, telling us the absolute value of the fee paid (especially in $) is pretty meaningless... 1. the price of bitcoin varies, so the $ amount is constantly changing and 2. fees are calculated on a "satoshis per byte" basis, so you need to specify the "sat/B" fee amount to have any real relevance...

This is my ID Transaction: https://blockchain.info/tx/9936631876289a27f1f3d6ce5ae7fcfa457c8cb4279d995a98050b01b0fe3c85

I never did receive it from faucet or any other small size payment, I receive it from a gambling site. You are quite right about the multiple inputs I think that's the main reason why my size in bytes goes to 1k.

HCP

legendary

Activity: 2086

Merit: 4361

Put your transaction ID into blockchain.info and check these fields:

"Size: XXXX (bytes)" and "Fee per byte: YYY.YYY sat/B"

Given you've stated $8 (around 0.00384 btc) and $1.7 (around 0.00082 btc) I am going to go ahead and guess that the "size" is probably something over 680 bytes (you've been collecting small payments into your wallet, most likely from faucets or cloud mining etc)... and you have at least 4 or 5 inputs into your transaction... and that your fee is probably 120 sat/B or less...

Feel free to post your Transaction ID here and we can investigate if it is something other than a low fee (maybe unconfirmed parent transactions) that is preventing your transaction from being confirmed.

For future reference, telling us the absolute value of the fee paid (especially in $) is pretty meaningless... 1. the price of bitcoin varies, so the $ amount is constantly changing and 2. fees are calculated on a "satoshis per byte" basis, so you need to specify the "sat/B" fee amount to have any real relevance...

FlamingFingers

sr. member

Activity: 1344

Merit: 288

Bitcoin price has nothing to do with fees. You can send 1BTC with fees like yours, and it gets confirmed fast. The main culprit is the input and output data size (your transaction total size in bytes) – that what determines if you pay $0.5 or $10 in fees for the same amount of Bitcoin.

jekjekman

sr. member

Activity: 378

Merit: 250

I just send $8 worth of bitcoin to a specific casino website with a $1.7 transaction fees and yet it is more than a day now and it didn't complete a single confirmation. It seems that the hike in price of bitcoin is also a hike in fees in sending it. I hate this scenario.

Topic: Sending $8 worth of BTC with a fees of $1.7??? is this reasonable (Read 587 times)