Topic: What happens with blockchain fees? (Read 226 times)

If you think of any other organization or service provider. They have two or three categories of providing service based on time and service fees same is the case here in bitcoin blockchain fees, here is high fees for those who need services (which I definitely mean amount delivery) then bitcoin will charge you high and for normal process bitcoin will charge normal fees. For quick delivery bitcoin uses extra resources to make delivery possible on time that is why high fees.

Just to humour you.. I'm new here but stumbled on the thread and thought I'd add my experience. Pic is after selecting to send the entire balance. As you can see the fees are crazy. Not shilling.

http://i68.tinypic.com/2j694s0.png

As the price has increased high, the demand for bitcoin too have increased. This has lead to the network congestion and the same caused the high fees on the transaction. This will decrease when the transaction stuck to the network slowly get disappear. This doesn't seems to be a big issue.

Given the fee cited is 10x what you would expect, there's two obvious reasons (rather than FUD etc).  Either he's miss read the decimals, or misstyped the decimal, so ended up 10x out.  I know because I did the first last night.

We aren't used to working in hundredths and thousandths.  And then swithcing back to 10K's on the topline and back to local currency, this sort of mistake it going to happen.

It mostly depends on your wallet or your trading platform. That is one large amount of money just for a transaction fee. Why don't you use another wallet? Last time that I withdraw an amount of 0.096, I only paid 0.0001 btc. Then, I was able to received the money after 5-6 hours. Man, that's really huge. Although, there's also a possibility that something must have gone wrong with the price you input or something.

He is absolutely correct. The current fee is around 380 satoshis per byte according to https://btc.com/stats/unconfirmed-tx .
Which wallet are you using ? It must be surely the wallet that is over charging you for your transaction. As per the current fee it must be around $15 for the transaction fee to be confirmed on the network. Your wallet is charging you around 10 times more fee than it should. You should definitely consider changing the wallet. Import the private key/passphrase of your wallet into some other wallet (I would recommend Mycelium) and then try to broadcast the transaction again.

I guess it's a little bit too obvious that this is totally an issue. The fees are high but not that high lol
Actually the fees issue right now is absolutely crazy. I'm not sure when core devs are going to take a step forward and introduce a solution to this issue (even if a temporary solution.)

We've got a lot of interesting events coming up and more and more people are getting to know about crypto. If they get faced with these fees, they'll surely just remain with their fiat and it's way cheaper to make micro transactions with credit cards now than btc.
For the time being, people must understand they should try to receive bitcoin in a large amount at once rather than tenny tiny small transactions regularly. As more inputs will mean a bigger transaction and therefore higher fees.

Right now, a moderate fee is about 400 sat/byte and it's totally crazy in small transactions (that's why steam stopped accepting btc). I actually don't care about fees anymore. I send with 20 or 30 sats per byte and accelerate it using any of the free accelerators available out there (mainly viabtc).


This makes no sense. To bring down the fees people should stop using bitcoin ? LOL. We want it to be the main universal currency and you come up with this. Actually miners are in favor of BCH as it's way more profitable right now and with the latest price surge, a lot of money runners are switching to it. I'm not sure if that's the reason why the fees came up again but I'm suggesting it might be one of the reasons.

It is because of your wallet I assume. If you are not getting the option of custom fees, then better change your wallet else they gonna rob you off your BTC. No matter what the size of transaction is, you must have option for choosing your own fees. That way transaction will take time to execute, but sometimes you don't need fast transactions. Else try to read about batch payment. Many above have given the link to know the best fees at the moment. Don't let your wallet exploit you.

Network delay transactions only can be accelerated with the viabtc or confirmtx tools. Others like cheap fees gives failed results when you try to accelerate it with these tools. This issue I too faced. That is the reason I am explaining that to you.
You can make the custom fees in multibit or electrum or bitcoin core but you have wait for an hour or more to get the transaction to the destination wallets.
Blockchain fees is completely worst than any other wallet. Kindly swap to mycelium or xapo.

Man I think you've messed up with the transaction fees, $16.37 is the fee to have your transaction mined on the next block within 10 to 20 minutes of waiting to get confirmed, you can customize that down to $10 for the waiting of 1 to 2 hours to have the transaction mined within six blocks that's a huge fee to transact, other wallet providers offer cheaper fees for the transaction, you should be careful next time with fees as you can't refund the excess amount.

If you can understand well that how does the system of fee works then you can understand well because fee required minimum for transaction is about 0.0001btc to 0.0005 maximum for confirmation .
Here you should see toward that factor at which fee depends , fee directly depends upon input and output of transaction .
If you are sending bitcoin that is received from multiple people then surely you will needed to pay that times more than what need for single transaction .
So my suggestion for you to use custom fee option and pay 0.0001btc to 0.0005btc maximum and leave it for 2 to 3 hours , it will easily get confirm without much wait .

You can pay low fee by going through custom fee there and than try to put your transaction in one of the tx accelerater service like viabtc, confirmtx etc or pay some mining pool 10 to 20$ to include your tx

You can find different guy offering paid acceleration service in this forum contact them dont pay 100$+ fee to move less that 100$

If people continue to distribute free money on fork, Bitcoin will be $ 20,000, but I think that all of us know how the price of Bitcoin will stay if people get used to it for free and come out of those freebies. Even if the current transfer fee is $ 8000 for Bitcoin, it's ridiculous, not even $ 5. This system comes as an alternative to transaction of money, but it is as swift as slow and more expensive. We paid $ 18 for a transfer from Ledger, and it did not reflect the fact that I transferred the money to Ledger the other day. It is not exactly reliable technology and it is not suitable for everyday life use, it is not always good to be decentralized at the moment I can not find anyone who can understand the definition because there is no institution that I can understand. Bitcoin is decentralized, my money hanging in the air, Ledger's systematic error does not seem to be resolved (the problem is not from bitcoin, but from ledger but nobody can use bitcoin core naturally bitcoin is still not integrated in real life use)

With such high recommended fees as 350+ satoshi per byte it is no wonder the OP paid like 132.02 USD for his transaction, because probably his wallet did make a similar callculation and arrived at the same recommended fee of 350+ s/b as the service you cite.

OP, try to use the service https://btc.com/stats/unconfirmed-tx to estimate what is best transaction fee as a compromise between high fee = fast confirm vs low fee = very slow confirm.

Anyway, currently it is recommending to use radiculous 361 satoshi per byte. With such high fees we are doomed and I am dead serious.

Yes. Quiet ridiculous. Another possibility is that the transaction fee that he chose is very expensive and he is not aware that he selected it which is quiet funny. To OP,  please try to look at it again. The wallet that you are using might have an adjustable fee. I usually use small fee as long as it is not needed immediately.

Two newbie accounts complaining about slow Bitcoin transactions without providing proof. {FUD/Shilling much?}

Then a 3rd newbie account suggest this :



I want to say, Give proof or GTFO, but I will leave that up in the air.   ...We can debate the merit of this thread in context,

if you give the proof that this happened. I can send 10 000 tx's to a single Bitcoin address {like most faucet user do} and

then moan about the high fees, when I want to move those funds. So give us the tx id and we will be in a better position to

explain the reason for this.  

Also have similar behaviour (Electrum)

The wallet has 0.0215, and if I use the auto-calculated fees to transfer it all, the middle fee selection (default, within 5 blocks, 357 sat/byte) is ~0.0107, and the low (within 25 blocks, 253 sat/byte) is ~0.0076, both are crazy. I hodl anyway, but I guess my coins aren't moving. I used to use faucets, so I'm guessing that's made things a bit of a mess.

exactly, transaction fees are base on the size of your transaction in a byte. and thats the reason why your transaction fee become high, from how small you have to transact upto how high its to be transact, the fees are based on the size of it.

Fees will decrease once people start to use bitcoin less due to high fees. THe miners (the ones with the true power), will agree on new protocols that can carry more transactions otherwise their mining equipment will not be cost effecient