Very high transaction fee | Bitcointalksearch.org

Synaesthesia

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Quote from: stompix on August 22, 2017, 07:55:52 PM

You just said it yourself, you have 141 inputs.
The fee is 8 million satoshi or 363s/byte, the average right now.

Move it to a wallet where you can set your own fee and try to get it confirmed with 200 or 1000 satoshi per byte.
That if you are in no hurry and you can wait for days... and days.

or a month. Grin

That I told everybody about bitcoin fee. If price keep rising we will can make many transaction without thinking like the old day. see some coin like ripple and stellar. fee are 0.0000001 their unit.

Michael_Gims

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Transactions fees and the latency until confirmation is a major problem in Bitcoin.

Vyper

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Nice and remember that in order to get to benefit a Segwit transaction you need to have a wallet that can handle SegWit and a SegWit BTC address. In bitcoin core you can create a BTC SegWit address with a command in the debug console.

If you look at addresses you will recieve a address starting with the number Three (3) ..
Move to that address and benefit from the SegWit network..

Some hardware wallets and online have switched and soon Electrum and others will follow.

Streamlink

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Quote from: swd80 on August 22, 2017, 07:24:13 PM

I'm trying to migrate away from my Multibit Classic wallet. Recommendations I've read say to setup a new wallet with other software (I'm trying Electrum) and then send the BTC to the new address. I've got about 0.95 BTC.
It's not been easy because the transaction fee in Multibit Classic is set too low, so I've had to get the private key to my wallet into Electrum (either sweep or additional wallet). This has been complicated because Electrum doesn't like the format of the key from Multibit Classic so I've had to find a website to decode it.
I am now in a position to send the BTC, but when I preview the transaction, I see my transaction fee is 0.08BTC - that's around $300! It would seem it's because the transaction size is large, as I collected by BTC through altcoin mining a couple of years ago, so there are lots of source transactions (141) which makes my transaction around 22KB. Would that sound right? See below.

Can this be right? I can't believe I'm being charged $300 in transaction fees! Please help!

I think the hike in transaction fees is because of the current rise in the rate of transactions on the blockchain network so miners have decided to cash in on that, they have decided to slow down transactions for those who are offering low fees.

Gaff

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Quote from: swd80 on September 06, 2017, 01:59:16 PM

So now that I have my private key in Electrum, I can set the fee to what I want. Looking at https://estimatefee.com/ if I am happy with to confirm within 144 blocks ( ~1440 min), I can pay 5 satoshis/byte which will work out around $4.79.

Is there any reason why it would be a bad thing to let my confirmation take this long? I'm transferring between my own wallets, so it's not like trust is an issue.

So far,I haven't experienced high transaction fee yet because I keep on checking it though I know the fact that there should be restrictions in order to have a harmonious alignment with the transaction. I noticed that you have to be very cautious with the transaction of bitcoin through wallets because once you miss a number of each transaction is quite nerve-racking for you don't know what will happen. According to my elder brother,he keeps on telling me that I should better double check the codes because there might be a chance that somebody will get the code unknowingly. So double check every transaction so that there's no troubles to be encountered

swd80

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OK so I went for it with a fee of 5.019 sat/byte. total fee was around $4.77 and the transaction first confirmed after 6 mins. I'm very pleased!

swd80

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So now that I have my private key in Electrum, I can set the fee to what I want. Looking at https://estimatefee.com/ if I am happy with to confirm within 144 blocks ( ~1440 min), I can pay 5 satoshis/byte which will work out around $4.79.

Is there any reason why it would be a bad thing to let my confirmation take this long? I'm transferring between my own wallets, so it's not like trust is an issue.

Bigmacduck

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Quote from: 25hashcoin on August 24, 2017, 08:25:40 AM

Only going to get much, much worse. Best to switch to Bitcoin Cash while you can.

Sorry, but you are spreading FUD. Latest the lightning network payment channels will solve that. In the shorter term the mining rewards will balance out between BCC and BCH and this oscillation will flatten out.

gentlemand

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Welt Am Draht

Quote from: swd80 on August 23, 2017, 07:20:02 AM

Thanks for all the advice. I don't need access to the BTC - my motivation was to move it to a new wallet as Multibit Classic is no longer supported. Now that I've managed to import the private key into Electrum, I'm happy.

I intend to keep this BTC for as long as possible as I think Bitcoin will carry on increasing and if it goes up a couple more orders of magnitude it could make a big difference to my life.

Also, the guide I'd read about how to claim my BCH said I ought to move BTC to a different wallet first just to make sure - any advice there?

Who knows where on chain fees are going to end up in the future? I'd definitely keep my eyes open for slack periods and consolidate all of those inputs into one if the cost falls enough. The heat is on fee wise at present because of BCH and probable spamming, but it'll slacken off soon. Just a few weeks ago you probably could've sent that through for 1/10th of the cost or less.

I had a balance with something like 30 inputs. I waited until things were quiet and sent them all to one address. I think the fee was about $25 but I didn't want it marooned there in some super expensive future.

dreamer81

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Just wait a couple of months until segwit and lightning network has gotten a hang of the backlog. Fees will drop right away.
If you can't wait, pay up

ShadowBits

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transaction fees and withdrawal fees are very high now
i was going to blow some money on bitcoins... but after realizing that the transaction fees are currently more than credit card transactions fees I have a hard time buying more.
Guess ill just have to wait for the next dip.

25hashcoin

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Only going to get much, much worse. Best to switch to Bitcoin Cash while you can.

kinzey

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Blockchain with solar energy

thank you for the info... Wink

131tc01n

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Just follow the terms of their side, because maybe that much they need. If indeed they will have a policy then surely they will lower its fee.

romani245

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Quote from: swd80 on August 23, 2017, 07:20:02 AM

Thanks for all the advice. I don't need access to the BTC - my motivation was to move it to a new wallet as Multibit Classic is no longer supported. Now that I've managed to import the private key into Electrum, I'm happy.

I intend to keep this BTC for as long as possible as I think Bitcoin will carry on increasing and if it goes up a couple more orders of magnitude it could make a big difference to my life.

I'm glad you were able to import the private key. But you may consider waiting for a period with less network congestion, and consolidating all the inputs into a single input with a low fee transaction. Since you are in no hurry, you can wait days for confirmation if need be. That way, when you do want to spend them someday, you won't run into the same problem.

Dart18

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Quote from: swd80 on August 23, 2017, 07:20:02 AM

Thanks for all the advice. I don't need access to the BTC - my motivation was to move it to a new wallet as Multibit Classic is no longer supported. Now that I've managed to import the private key into Electrum, I'm happy.

I intend to keep this BTC for as long as possible as I think Bitcoin will carry on increasing and if it goes up a couple more orders of magnitude it could make a big difference to my life.

Also, the guide I'd read about how to claim my BCH said I ought to move BTC to a different wallet first just to make sure - any advice there?

So was it solved or you would rather wait?
Want to see this until the end if ever I will have the same issues in the future.
Is your dynamic fee on check or just a normal sending fee? Thisbis the fee for a recommended bytes per sats?

Red-Apple

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Quote from: NUFCrichard on August 24, 2017, 01:53:52 AM

Quote from: Red-Apple on August 24, 2017, 01:41:01 AM

Quote from: CryptosapienZA on August 23, 2017, 06:38:35 AM

...
$300 in transaction fees is ridiculously too high. I dont care how many inputs are there. Personally I am on pause in BTC transaction, until this mess is sorted.

you can try any other cryptocurrency (the altcoins) but let me save you some time and say all of the altcoins that i have seen so far will require a huge fee amount for a transaction that is as big as 20912 bytes (~21 kB) it may cost less in $ just because the altcoins are cheap but it doesn't change the fact that you pay for the size in byte.

He would have to send his Bitcoin to an exchange - so pay the transaction fee - to be able to buy an alt.
It isn't a solution, unless he finds someone who is willing to swap private keys, which I wouldn't recommend as they might have copies anyway.

Just pay 50 sats now, that will cost you $40-50 for the transaction. It sucks but now is a very good time to do it.

true about all the additional fees regarding exchange to an altcoin. people usually forget about those and just give an abstract opinion about "low fees". and the other issue is also the fact that altcoins are useless, for example if you want to pay for your VPN subscription or buy a game from Steam you have to pay with bitcoin!

and as for 50 sat/byte, there are always workarounds for "cleaning up your mess" or the dust

like paying 10 sat/byte (0.00209120BTC=~$8) and using an accelerator like ViaBTC. but it is always easier not to gather that much dust in the first place!

NeuroticFish

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Quote from: swd80 on August 23, 2017, 01:50:43 AM

Thanks for confirming I was reading it correctly. I'll keep an eye on the transaction fee then and wait until it drops.

Since all you want to do is migrate, it's enough to export the private key from multibit classic and create a wallet in Electrum with that key. I think that you did that and it that case you have plenty of time to wait for the best moment. I think that even 50$ fee is high and in your case can be avoided.
I use to watch the graph at the bottom of this page: https://btc.com/stats/unconfirmed-tx
When the mempool size becomes very low (let's say under 5MB?) then it's your moment to consolidate your inputs / transfer your Bitcoin. Then you'll be able to play with fees like 10 satoshi/byte or even lower.

Since SegWit is now activated, I expect the mempool drop fast, so the 5MB is, hopefully, less than 2 days away.

Edit: on a second thought, it may take longer than the initially estimated 2 days...

NUFCrichard

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Quote from: Red-Apple on August 24, 2017, 01:41:01 AM

Quote from: CryptosapienZA on August 23, 2017, 06:38:35 AM

...
$300 in transaction fees is ridiculously too high. I dont care how many inputs are there. Personally I am on pause in BTC transaction, until this mess is sorted.

you can try any other cryptocurrency (the altcoins) but let me save you some time and say all of the altcoins that i have seen so far will require a huge fee amount for a transaction that is as big as 20912 bytes (~21 kB) it may cost less in $ just because the altcoins are cheap but it doesn't change the fact that you pay for the size in byte.

He would have to send his Bitcoin to an exchange - so pay the transaction fee - to be able to buy an alt.
It isn't a solution, unless he finds someone who is willing to swap private keys, which I wouldn't recommend as they might have copies anyway.

Just pay 50 sats now, that will cost you $40-50 for the transaction. It sucks but now is a very good time to do it.

cjmoles

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Here use this: https://estimatefee.com/ it states ~304.81 USD for 141 inputs.....I'd just set a low to moderate fee and wait it out. Screw them and their fees! Sell and buy something that works decently, like DASH, Litecoin, or Ethereum.

Topic: Very high transaction fee (Read 1164 times)