Trying to send 0.1BTC I am asked 0.1BTC of network fee: how is possible?

neuromancer74

newbie

Activity: 3

Merit: 0

Quote from: LoyceV on December 21, 2017, 01:50:13 PM

Quote from: neuromancer74 on December 21, 2017, 01:40:56 PM

Thanks for your answer: yes I receive small transactions every 5-6 days but I don't understand the correlation with the transaction fee when sending out BTCs.

Fees depend on the transaction size, and more inputs means a larger transaction.

Quote

Fees must be crazy now for sure: Two weeks ago I sent 0.05BTC with 0.0048BTC of fee for a quick transaction so I was very surprised of the sudden change.

Bitcoin needs scaling, the network congestion is getting worse and worse for a long time now.

Quote

Last question for you: are the small transactions received having an impact "forever" or only the last 3-6 months number of small transactions cause the hike you mentioned?

Using small transactions will always lead to a certain transaction size, that won't change. I don't expect fees to remain this high, if it doesn't drop it simply means many people can't use Bitcoin anymore. A small transaction requires a $30 fee now, which is a week's salary in some countries!

Thanks!

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: neuromancer74 on December 21, 2017, 01:40:56 PM

Thanks for your answer: yes I receive small transactions every 5-6 days but I don't understand the correlation with the transaction fee when sending out BTCs.

Fees depend on the transaction size, and more inputs means a larger transaction.

Quote

Fees must be crazy now for sure: Two weeks ago I sent 0.05BTC with 0.0048BTC of fee for a quick transaction so I was very surprised of the sudden change.

Bitcoin needs scaling, the network congestion is getting worse and worse for a long time now.

Quote

Last question for you: are the small transactions received having an impact "forever" or only the last 3-6 months number of small transactions cause the hike you mentioned?

Using small transactions will always lead to a certain transaction size, that won't change. I don't expect fees to remain this high, if it doesn't drop it simply means many people can't use Bitcoin anymore. A small transaction requires a $30 fee now, which is a week's salary in some countries!

neuromancer74

newbie

Activity: 3

Merit: 0

Quote from: LoyceV on December 21, 2017, 01:56:23 AM

Fees are currently very high. If you have approximately 50 different inputs worth 0.004BTC on average, you have 0.2BTC and half of that will be used for fee for a fast transaction.
At current fees, $30 per input is called "dust". It's rediculous, Bitcoin needs a scaling solution, but for now there's nothing we can do about it.

My advice: don't make the transaction now, just wait it out. Fees will most likely drop again at some point, and you can pay 5-10% of the current fees when that happens (on a quiet Sunday).

Addition: I think 0.1BTC is the maximum fee in Bitcoin Core. In case you have many more much smaller inputs, the fee won't drop that much. Did you receive many small transactions in the past?

Thanks for your answer: yes I receive small transactions every 5-6 days but I don't understand the correlation with the transaction fee when sending out BTCs.

Fees must be crazy now for sure: Two weeks ago I sent 0.05BTC with 0.0048BTC of fee for a quick transaction so I was very surprised of the sudden change.

Last question for you: are the small transactions received having an impact "forever" or only the last 3-6 months number of small transactions cause the hike you mentioned?

Thanks for the useful answers,
-d

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Fees are currently very high. If you have approximately 50 different inputs worth 0.004BTC on average, you have 0.2BTC and half of that will be used for fee for a fast transaction.
At current fees, $30 per input is called "dust". It's rediculous, Bitcoin needs a scaling solution, but for now there's nothing we can do about it.

My advice: don't make the transaction now, just wait it out. Fees will most likely drop again at some point, and you can pay 5-10% of the current fees when that happens (on a quiet Sunday).

Addition: I think 0.1BTC is the maximum fee in Bitcoin Core. In case you have many more much smaller inputs, the fee won't drop that much. Did you receive many small transactions in the past?

neuromancer74

newbie

Activity: 3

Merit: 0

Trying to send 0.1BTC I am asked 0.1BTC of network fee: how is possible?
I have the last version of Bitcoin Core and recently I am unable to send BTC with reasonable network fees.
I guess this could be due to network congestion BUT it sounds very bad.
Under what circumstances a network fee can be as much as the amount of BTC transferred, or (as in my case) 0.1BTC?
Is this a BitcoinCore Bug?
Thanks in advance for the answer.
-D

Topic: Trying to send 0.1BTC I am asked 0.1BTC of network fee: how is possible? (Read 229 times)