why bitcoin fees is $1.60 to send bitcoins

soul-impact

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Quote from: cryptomium on July 11, 2017, 10:35:18 AM

I believe you have lots of dust transaction within that wallet and you are moving this dust (meaning you have lots of inputs from different dust deposit to that address) making the byte size bigger than the normal transaction that have one input and one output.

It has become a normal thing for a bitcoin of the present time, large transaction fees, slow speed is what we can see from the king of all the virtual currency. I wonder that, in addition to large values, bitcoin stronger where?

rockem5

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Antifragile

Looks like you need a better wallet. I've been having lower fees lately. Segwit having a good effect indeed.

mk4

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📟 t3rminal.xyz

Quote from: ahmed2017 on July 11, 2017, 07:19:56 AM

Hi,

I want to know why bitcoin is charging me $1.60 for sending $1 to another bitcoin wallet address ?

Can anyone confirm how i can send bitcoin without blockchain charging me fees.

It is because of the scaling issues we've been having for weeks and months. Heres a decent article for you to get more information about it: https://cointelegraph.com/explained/bitcoin-scaling-problem-explained

Anyway, I've done a transaction recently and I only paid for like 15 cents for a 30 minute transaction. What wallet are you using? if you couldn't choose your own transaction fee, I suggest changing wallet services. Try electrum.

xIIImaL

legendary

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Quote from: cryptomium on July 11, 2017, 10:35:18 AM

I believe you have lots of dust transaction within that wallet and you are moving this dust (meaning you have lots of inputs from different dust deposit to that address) making the byte size bigger than the normal transaction that have one input and one output.

What ever deposit that wallet providers does not need to worry about that. That would be on the head of depositor. I have noticed in last transaction which is I am used the wallet Coinbase. Fees has consumed 0.0008 btc which is cost in you USD 1.90 USD. I don't think anyone in is transferring is lower than this amount.

audaciousbeing

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Quote from: ahmed2017 on July 11, 2017, 07:19:56 AM

Hi,

I want to know why bitcoin is charging me $1.60 for sending $1 to another bitcoin wallet address ?

Can anyone confirm how i can send bitcoin without blockchain charging me fees.

Unfortunately, no one has been able to give you an answer on how to avoid paying fees because there is no way to do that anywhere to the best of my understanding anyone suggesting a particular site, you just need to watch it. The way out is to avoid doing small payment and wait till when you can afford it before you try sending. Also, you can download the bitcoin core and try from there but be sure to pay some fees as you can only reduce it but not avoid it altogether.

cryptomium

full member

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I believe you have lots of dust transaction within that wallet and you are moving this dust (meaning you have lots of inputs from different dust deposit to that address) making the byte size bigger than the normal transaction that have one input and one output.

Xavofat

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Did you see that ludicrous display last night?

Quote from: ahmed2017 on July 11, 2017, 08:20:57 AM

so how do i adjust fees according to me

Your fees in dollars don't matter in the slightest. You need to look at the number of satoshi/byte, or in some wallets satoshi/kilobyte. The amount of data which you are sending to the blockchain depends on the number of transactions you accepted in order to spend your coins (inputs to the transaction). this site will show you how long transactions are expected to take to confirm with different fees. Don't use their "recommended fee", that's only for if you want a priority transaction - you can see that currently transactions with >30 satoshi/byte are quite reasonable.

Quote from: ahmed2017 on July 11, 2017, 08:20:57 AM

and will my sent bitcoins be sent or return back if it is not sent ?

Thanks for confirming.

Your transaction will stay in the mempool for a while, but it's up to nodes to decide when they want to reject your transaction and "return" the coins. Last time I checked, Bitcoin Core's default setting to reject transactions is after two weeks - I see it as unlikely that the transaction would be unconfirmed at that point, especially if you set a decent fee.

If it stays unconfirmed and doesn't return, you can always use a CPFP transaction or use a transaction accelerator.

bamboylee

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Quote from: AiWanChu on July 11, 2017, 07:38:23 AM

miners are too greedy, this will be the downfall

It is not the miners fault that the fees are high. There are factors to consider that can cause the fee to skyrocket like size of the transaction, size of mempool, etc.

FZshuvo

newbie

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Quote from: ahmed2017 on July 11, 2017, 07:19:56 AM

Hi,

I want to know why bitcoin is charging me $1.60 for sending $1 to another bitcoin wallet address ?

Can anyone confirm how i can send bitcoin without blockchain charging me fees.

Transaction fee 1.60$ is to low man. few days ago i spend 5$ for a transaction. High fee transaction is speddy instrad of lower fees.without fee you cant send bitcoin.

chickenado

hero member

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Quote from: ahmed2017 on July 11, 2017, 08:01:48 AM

suggest me a good website from where i can send and receive bitcoins and website who doesnt charges fees for sending or receiving bitcoins.

It's hard to find bitcoin wallet who doesn't charge fees for sending bitcoin. I think the best way is to find an altcoin, convert your bitcoin to that altcoin, and use this altcoin to transact to the person you want.

warrior333

sr. member

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The miners really greedy. No need to talk about that very expensive equipment and electricity. If you are not profitable then do not engage. Let the transactions carried out in China or India. The whole reason that the miners want to recoup their equipment for 4-5 months and it is really expensive now.

ahmed2017

newbie

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i have a question.

if i set custom fees to 2 cents for sending $2 will my deposit send ? or i have to force to pay some fees so my deposit is sent.

without setting a fees will my deposit be sent ?

ahmed2017

newbie

Activity: 64

Merit: 0

ok i customize fees and changed cents to $0.21 and sent now waiting to see if my money sent is sent instantly.

also if i dont customize fees it charges me too much like yesterday it was charging me $1.20 or $1.60 for transaction fees.

so how do i adjust fees according to me and will my sent bitcoins be sent or return back if it is not sent ?

Thanks for confirming.

ahmed2017

newbie

Activity: 64

Merit: 0

can you tell me procedure alex ?

i went on blockchain and click on send then i click on customize fee and regular fees for sending $2.50 shows me as $0.40 cents

Now in the customize fees i see is

Transaction Fee
Reg: 25, Priority: 251

25
sat/b

what shall i enter ?

alex_mercer

jr. member

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If you are paying this, you are not doing it right. I've had transactions confirmed for less than 20 cents. If your wallet is not efficiently adjusting the fee, adjust it yourself.

mamaya

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Fees have been very high for quite a while now but depending on what wallet you use you can still reduce it to much less. I think after Segwit comes we will see more appropriate fees but its a problem the bitcoin community is well aware of.

ahmed2017

newbie

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suggest me a good website from where i can send and receive bitcoins and website who doesnt charges fees for sending or receiving bitcoins.

CryptonomyCapital

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In fact you pay miners for the transaction speed. You can pay $0,0 comission, but most likely your transaction will never be fulfilled.

cr1776

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Quote from: AiWanChu on July 11, 2017, 07:38:23 AM

miners are too greedy, this will be the downfall

If you think they are too "greedy" buy some mining hardware and start mining using different parameters on the transactions you accept for your blocks. They you can determine for yourself if you are covering your hardware, electric etc costs and whether or not miners are really being "greedy." Or you can just run the numbers yourself and see what makes sense.

DannyHamilton

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This is why it is a HORRIBLE idea to use "faucets" and other "services" that pay you with LOTS of VERY TINY amounts.

Later, when you try to spend those amounts, you discover that each of those payments that you received cost more to send than they are worth.

In the future, if you are going to collect very small amounts, only use services that allow you to build up a balance and then transfer to your wallet once the balance exceeds the estimated transaction fees.

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