Hi guys!
I have to admit I am new at this but I have a ledger Nano S, and I have made a few transfers so far to another account of mine, but now I am running into a problem that seems quite odd.
When I try to perform a new transfer of even as little as 0.0001 BTC (around 1.42 USD at the moment), it shows fees of 22.12 USD, and if I raise it to 0.001 (14.2 USD) the fees go up to 68.5 USD!
https://image.ibb.co/cdDdS6/Capture.jpg
What could the problem be caused by?
Thank you for your help!
I have to admit I am new at this but I have a ledger Nano S, and I have made a few transfers so far to another account of mine, but now I am running into a problem that seems quite odd.
When I try to perform a new transfer of even as little as 0.0001 BTC (around 1.42 USD at the moment), it shows fees of 22.12 USD, and if I raise it to 0.001 (14.2 USD) the fees go up to 68.5 USD!
https://image.ibb.co/cdDdS6/Capture.jpg
What could the problem be caused by?
Thank you for your help!
Unless it is a really urgent I would recommend waiting for the mempool to clear up a bit before making a new transaction. The market is pretty volatile right now which seems to cause a lot of people to move their coins, which lead to more than 170k of unconfirmed transactions at the time of writing:
https://blockchain.info/unconfirmed-transactions
Once the market cools down a bit and the amount of unconfirmed transaction reduces, fees should reach saner levels again. Which unfortunately won't make them cheap though.
As mentioned by bitperson, the overall transaction fee is dependent on the transaction size in bytes, which means that the more inputs a transaction has, the higher the fee. So if Ledger needs to gather Satoshis from a lot of different addresses to achieve the amount you are trying to send, the transaction size and thus the fee will rise accordingly -- ie. in your case sending 0.001 BTC will require more input addresses than sending 0.0001 BTC.
