Topic: Transaction fee much higher than what I will be sending - page 2. (Read 572 times)
That is why if ever other alternatives such as XRP are available I use them as an alternative when transferring my money from my wallet to another. There are a lot of altcoins with lesser fees, this is how I save money from transaction fees. For example, BTC from my local wallet to XRP, sent to an exchange wallet, then XRP to BTC or USDT whatever you desire to start trading.
Im curious have you solve the problem? May you share your experience if its solved.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.
That's true the fee should be less than this if customized properly with the risk of the transaction being ignored by the miners. However, the transaction size also depends on the input and output of that address meaning there's possibility that the transaction size might be bigger than usual. Though, it's still no reason to justify this crazy fee, really hoping that this would get settled very soon but guess what, that's just a dream because there's no real sign of fixing this up till now. Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.
Im curious have you solve the problem? May you share your experience if its solved.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.
because he can always customised the fee. theres a button if you want to change the reco fee. dont know if the OP proceed with his transaction here.
but the way it sits here, he can also change the tab, network fee - as slow and customised the fee. he's just showing the fee if he chooses the regular network fee with about 1hr+ confirmation. so at least his wallet is giving him options. if you are not in a hurry and can wait, just select the slow option and you will pay smaller fees of course
3 options if you really want to transfer.
1. Exchange it to other coins that has a lower transaction fee and then transfer it and then exchange it again.
2. Don't transfer it at all.
3. Just close your eyes while doing it.
In your case, the second option will be better. That is the problem we are facing right now. Bitcoin and Ethereum have a high tx fees unfortunately. In order for you to transfer 20$, you need to pay 50$ which is absolutely insane
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1. Exchange it to other coins that has a lower transaction fee and then transfer it and then exchange it again.
2. Don't transfer it at all.
3. Just close your eyes while doing it.
In your case, the second option will be better. That is the problem we are facing right now. Bitcoin and Ethereum have a high tx fees unfortunately. In order for you to transfer 20$, you need to pay 50$ which is absolutely insane
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Sending money using bitcoin or ethereum isn't really a viable option right now not to mention their fee that's just beyond ridiculous the fee alone could feed people in third world country for a whole month. The option for you is to convert it to another coin but that still requires the bitcoin you have in wallet to get deposited into the exchange deposit address which still eats up big portion of your money. You can set the fee below standard and hoping it would miraculously get confirmed within few hours if not day or else the only way is just to wait it out.
Sounds ridiculous but that's the only thing we can do.
Sounds ridiculous but that's the only thing we can do.
Im curious have you solve the problem? May you share your experience if its solved.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.
because he can always customised the fee. theres a button if you want to change the reco fee. dont know if the OP proceed with his transaction here.
but the way it sits here, he can also change the tab, network fee - as slow and customised the fee. he's just showing the fee if he chooses the regular network fee with about 1hr+ confirmation. so at least his wallet is giving him options. if you are not in a hurry and can wait, just select the slow option and you will pay smaller fees of course
I am afraid this will somewhat reduce the confidence among investors. There should a better way on this problem which should be win win situation for both.
High transaction fees already made some big platforms think to migrate to the binance chain. The high fees only happened with ethereum and bitcoin. There is a lot of proposals to fix this problem but it needs a very long time process especially vote by the noodles validator on ethereum chain to approve such proposal. This is a very big problem that will never be solved when the miners are always abandoning the proposal. Miners are only approving the proposal that gives them a lot of advantages.
Im curious have you solve the problem? May you share your experience if its solved.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.
Because i think for Bitcoin tx fee shouldnt as much as shown in your pic.
OP, you can use the customise fee option and reduce the fee greatly but you have to wait for days to get it confirmed.Most likely you are paying too much fees because the weight of your transaction is higher due to more inputs, there is no other way to reduce the fee than waiting.
It is unfair? no I guess but you missed to consolidate then funds when the fee required for fastest transaction was less than 10sat/byte.
This is something that a lot of people forget about it, they have lots of inputs into their addresses not realizing that this makes their transaction bigger, and the bigger the transaction the more you have to pay in fees, some people think this is unfair because then we see cases like the one we're seeing here in which you are trying to send an amount of money that is kind of low and you need to pay more in fees than the transaction itself, but to me that is completely fair, so whenever you have the opportunity you should consolidate your inputs, that way whenever you have to make an urgent transaction then the fees that you will need to pay will be as low as possible. It is unfair? no I guess but you missed to consolidate then funds when the fee required for fastest transaction was less than 10sat/byte.
Ideally at the moment you should not try to trade with Bitcoin or Ethreum, the fees of these two coins are currently very high.
If possible I think you should convert Bitcoin to another currency with lower transaction fees before sending it out.
If possible I think you should convert Bitcoin to another currency with lower transaction fees before sending it out.
I see the high trasaction fees is a major problem today in cryptocurrencies market today. I am afraid this will somewhat reduce the confidence among investors. There should a better way on this problem which should be win win situation for both.
Maybe if the estimate we send is less than $ 100, I'm sure we will spend quite a lot of transaction fees. I last sent the token 2 weeks ago and it cost me 20 $ with the estimate I sent 150 $, this is why now I stop trading on dex trading. even though now there are so many airdrop opportunities with big results that can be obtained and also the advantages of altcoins that can be bought. however, the calculation of the cost of gas must really be considered
I see only one way to deal with this high commission situation. It is of course risky and very few people use it this transition to another cryptocurrency, the network of which is not so busy. But I read that according to experts, even if there is a solution to the problem of scaling networks, it will not last long due to the huge number of people willing to buy / sell coins, which is growing every day.
OP, you can use the customise fee option and reduce the fee greatly but you have to wait for days to get it confirmed.Most likely you are paying too much fees because the weight of your transaction is higher due to more inputs, there is no other way to reduce the fee than waiting.
It is unfair? no I guess but you missed to consolidate then funds when the fee required for fastest transaction was less than 10sat/byte.
It is unfair? no I guess but you missed to consolidate then funds when the fee required for fastest transaction was less than 10sat/byte.
10 coins Avg. Transaction Fees (couple of days ago)
BTC $25.47 USD
BCH $0.0027 USD
BSV $0.00053 USD
ETH $23.15 USD
XRP $0.00068 USD
LTC $0.045 USD
Doge $0.281 USD
Dash $0.0045 USD
XMR $0.053 USD
ETC $0.0027 USD
There are so many questions, if you only trade why have you got coins on some place not in your control?
BTC $25.47 USD
BCH $0.0027 USD
BSV $0.00053 USD
ETH $23.15 USD
XRP $0.00068 USD
LTC $0.045 USD
Doge $0.281 USD
Dash $0.0045 USD
XMR $0.053 USD
ETC $0.0027 USD
There are so many questions, if you only trade why have you got coins on some place not in your control?
I have $74 and I need the money and would like to send it to our local exchange I expect at least a $10 transaction fee on blockchain but got a big surprise when Blockchain is charging 0.00112176 BTC $53.74 I would end up sending only $20, this is to bad when you want to trade a small amount and you want to trade right away I will have a few hours or day before I can trade it.
I noticed this myself some days ago, this is why you need to take advantage of the low fees whenever they appear, I do not know if you are still using legacy addresses but if you do you need to change that and move your coins to segwit addresses, also if you have a lot of incoming transactions you need to consolidate those inputs by sending your coins to another address that belongs to you with the cheapest fees possible, that way the next time you want to make a real transaction its size is going to be lower and as such it is going to be cheaper. 
That's a sizable fee for the size of your transaction. Use the Electrum wallet and you can set your own fee and can give you the freedom to choose transaction fee. If you are on a bitcoin payment campaign, you can still use an exchange address to save on transaction fees. But you have to make sure that you have to use a segwit address according to the need of the campaign.
I think they can still save fee if there are not many deposite or withdraw transaction.
The problem of high transaction fees is currently being complained by all crypto users, especially those middle to lower class traders. because many of the small traders can earn only $ 10 - 50 / week. so if the transaction fee reaches $ 20, the small trader can be said to not get a profit every week because the profit is only to pay the transaction fee. I hope the founders will solve this problem soon.
If they are trader, why spend fee all the time ? I think they can still save fee if there are not many deposite or withdraw transaction.
I guess that is an instant withdraw, I mean your transaction will be proccessed quickly, that is why the fee for transaction is very high. You can click the customize and see there will be some options with a consequence your transaction takes a little longer to process, but it still work to be choosen.
Indeed, there will be a consequence when bitcoin price has a high price. This matter has been discussed many time in this forum. Also, there is another option to resolve this problem namely lightening network that will make the transactor more cheaply and fast, have you tried it?
Indeed, there will be a consequence when bitcoin price has a high price. This matter has been discussed many time in this forum. Also, there is another option to resolve this problem namely lightening network that will make the transactor more cheaply and fast, have you tried it?
I don't use blockchain but I think you can set it low the transaction fee if you are not in hurry, expect that it will take long to land your bitcoin in your local exchange. I wonder if bitcoin reached $100k I don't think small time traders will still trading on bitcoin.
when the price is higher and the situation is still like today it is like you said. Bitcoin will only be an investment asset for people who have a large capital. whereas small traders will only play altcoins which may have stabilized transaction fees. some altcoins may indeed increase, but looking at the transaction fees charged I don't think it will pay off anything. 
It is true, the transaction fee is greater than the funds to be sent this now , maybe for wholesalers and traders who benefit from BTC who reaches ATH how many X is not a problem, but for small traders it is very torturous, my advice is to try to use other coins for transactions so that the losses are not too large, if possible and not too urgent, wait until the transaction costs decrease
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