Why did blockchain.com increase FEES?

trashman707

newbie

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Quote from: Vort3x.Layers on April 22, 2021, 02:48:24 PM

In Blockchain.com for transfer 0.0005 btc i should pay 0.00060975 fee in priority mode.

Or for transfer 0.0018 btc i should pay 0.00100812 fee in priority mode.

What is this shit?

What is going on Blockchain.com?

Did they increase fees?

Can you check your wallet and share results here!

last time about 2 hours ago
i'm login to blockchain..
have a smurf balance only 3$ Grin

(poor guy)
do transaction for clearly my account for this forum
0.2$ and fee about 0.8$ dude

Lucius

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Quote from: notblox1 on April 27, 2021, 02:41:04 PM

Use other wallets that you can manually control and change fees and not web wallet like blockchain.

Quote from: sunsilk on April 28, 2021, 05:35:41 AM

The customization of fee on blockchain.com wallet is really expensive unlike the other wallets that I've used before even now, that's why it's already a long time since I stopped using it.

It is not clear to me why you are writing such things if it has already been explained that it is possible to customize the fee on this wallet and set the amount to the lowest possible as on any other desktop or mobile crypto wallet? What is true is the fact that they do not yet support SegWit, which is really unthinkable for a service that supposedly has over 30 million users.

mrjoy15

hero member

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Quote from: sunsilk on April 28, 2021, 05:35:41 AM

They're still using legacy address plus network congestion and that's why the fees are still high. Unlike those wallets that are segwit address, they have cheaper fee.

The customization of fee on blockchain.com wallet is really expensive unlike the other wallets that I've used before even now, that's why it's already a long time since I stopped using it. Use another wallet like Wasabi or Electrum.

That's weird part, they have customization of fee but you could not be satisfied with such high charges. For me, it's really terrible to take process. I won't giveaway my money anyway. I am suffering very much for using blockchain wallet, at that point I've chosen we should move to other wallet since there is a zero advancement for quite a while.

sunsilk

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They're still using legacy address plus network congestion and that's why the fees are still high. Unlike those wallets that are segwit address, they have cheaper fee.

The customization of fee on blockchain.com wallet is really expensive unlike the other wallets that I've used before even now, that's why it's already a long time since I stopped using it. Use another wallet like Wasabi or Electrum.

sheenshane

legendary

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As they said above, not only Blockchain.com Bitcoin wallet has been increasing the fee and I think all custodial wallets also do the same.
Last week I'm using my custodial wallet to pay my debt here in the forum, I'm shocked that I paid more than $20+ I think in one transaction which is very high compared to when you pay something like $4-5 if you're in hurry using non-custodial wallets.

As suggested above, avoid using this kind of wallet but if you didn't have a choice, just blindly accepted the fact that your paying a large fee per transaction, and don't forget to visit the mempool.space when you have a plan to transfer your Bitcoin.

stomachgrowls

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Quote from: Vort3x.Layers on April 22, 2021, 02:48:24 PM

In Blockchain.com for transfer 0.0005 btc i should pay 0.00060975 fee in priority mode.

Or for transfer 0.0018 btc i should pay 0.00100812 fee in priority mode.

What is this shit?

What is going on Blockchain.com?

Did they increase fees?

Can you check your wallet and share results here!

Not only blockchain but also in other wallets and services/websites out there which does have dynamic fees or does have some option for you to edit fees.

When it comes to bitcoin fees, then you can always check these sites.
https://ycharts.com/indicators/bitcoin_average_transaction_fee
mempool.space

So that you wont really have any questions if the site you are using is really charging high fees.

notblox1

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Use other wallets that you can manually control and change fees and not web wallet like blockchain.
Blockchain.com website probably don't have fixed fee and they are adjusting according to the state of bitcoin network and stuck transactions, like it was the case in last few weeks.

mersal

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Merit: 38

Quote from: totaleclipseofthebank on April 26, 2021, 06:58:03 PM

I recommend you to use coinbase wallet if you want to deduct the fee. Otherwise, segwit address is a smart choice

They are not going to collect less fee even when they are making batch withdrawals and don't forget that its an exchange not a wallet, if you still think it is the best wallet you can use then you will realize about their shitty service once you lose your funds in their wallet.

The number of unconfirmed transactions decreased a lot in this weekend, hopefully this will be resolved sooner. Currently, we have 100sat/byte approx for faster transactions.

totaleclipseofthebank

sr. member

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The congestion in the bitcoin network forces the fee to increase. You can wait for it to decrease then make your transaction. Normally, I send my bitcoin with Coinbase and they only charge $1-2 per transaction

I recommend you to use coinbase wallet if you want to deduct the fee. Otherwise, segwit address is a smart choice

Lucius

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Quote from: TheUltraElite on April 23, 2021, 01:12:41 AM

Blockchain has some fixed fees, but you can try the desktop wallets which allow custom fees if that is what you intend.

I think we should talk about the facts, not how something is good or bad because some people think so (and some of them don't even have experience with that service), and say that this online wallet also has something called "custom fees". Therefore, OP lives in the delusion that someone imposes something on him, which would happen to him with Electrum or any other crypto wallet that he does not know completely.

I always read the FAQ, it should be the first thing everyone should do before they start using any service.

Quote from: https://support.blockchain.com/hc/en-us/articles/360000939883-Explaining-bitcoin-transaction-fees

You can choose between a Priority fee and a Regular fee. The Priority fee is calculated to get your transaction included in a block within the hour. The Regular fee is lower, and is for users who can afford to be a bit more patient; a confirmation for a transaction that includes a Regular fee will typically take a bit more than an hour.

Advanced users can set custom fees for their transaction in units of satoshi per byte (sat/b) by pressing Customize Fee and entering an amount. Please note that setting too low a fee may cause your transaction to remain unconfirmed for a long time and possibly be rejected. Customize your transaction fee at your own risk.

The Sceptical Chymist

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Quote from: SFR10 on April 23, 2021, 12:09:40 AM

Quote from: Vort3x.Layers on April 22, 2021, 02:48:24 PM

What is this shit?

The latter word is the perfect representation of the type of service you'll be getting if you keep using that wallet.

I agree, though that's an entirely separate issue from what OP has brought up.

Seems like a lot of people think it's their particular wallet that's the problem with high fees in the past week or so, but it isn't. Network fees are through the roof and it doesn't matter what wallet you're sending bitcoin from--everyone has got the same problem, including me. I sent some bitcoin from my Electrum wallet 3-4 days ago, and I'm still waiting for a confirmation. I can't even increase the fee because I had RBF checked off in my settings and don't even have enough left in my wallet anyway.

It's a sucky situation, OP, but you're not alone. And as SFR10 mentioned, the blockchain.com wallet is pretty bad; you might want to switch to a better one (like Electrum).

TheUltraElite

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So anyway, I applied as a merit source :)

Also dude, you need to learn how the network fees work first before becoming furious and venting on a forum thread. The current situation of congested network has led to an increase in the average fee, but that does not mean that you have to pay that fee. But there is a downside to that.

Commonly the average fee is the estimated fee that can make your transaction confirm within a short period of time. If your fee is low, you have to wait a long time, it will eventually get confirmed - Happened with me a few years back when I cheaped out on the fee and had to wait 1week for the confirmation. Luckily it was not something essential for me, so I could wait.

Blockchain has some fixed fees, but you can try the desktop wallets which allow custom fees if that is what you intend. Be aware that low fees on a congested network means higher waiting time to get it confirmed.

SFR10

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Quote from: Vort3x.Layers on April 22, 2021, 02:48:24 PM

What is this shit?

The latter word is the perfect representation of the type of service you'll be getting if you keep using that wallet.

Quote from: Vort3x.Layers on April 22, 2021, 02:48:24 PM

Did they increase fees?

No; The short version is because of the power outage that a lot of Chinese pools experienced and that directly contributed to the network becoming fully loaded and that lead to fees going up ^{[it's finally on a downward slope]}.
^{Read this: Chinese mining pools’ hash power plummets amid regional blackouts}

Slow death

legendary

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there are better wallets than Blockchain.com, I would not recommend using Blockchain.com due to the poor service that they provide mainly in this issue of their 2FA, the center of the problem of Blockchain.com is precisely in 2FA either by sms and by email. be very careful with Blockchain.com

BitMaxz

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It's not only a blockchain wallet that shows high transaction fees also other wallets due to the network congestion.

What I see right now on the current network condition transactions keeps dropping so I think the fee will drop later.

For now, I suggest you keep monitor the Mempool stats from here https://jochen-hoenicke.de/queue/#BTC
And wait for a bit(Maybe hours or tomorrow) if you want to pay a lesser fee than the current suggested fee from blockchain.com

Vort3x.Layers

jr. member

Activity: 47

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In Blockchain.com for transfer 0.0005 btc i should pay 0.00060975 fee in priority mode.

Or for transfer 0.0018 btc i should pay 0.00100812 fee in priority mode.

What is this shit?

What is going on Blockchain.com?

Did they increase fees?

Can you check your wallet and share results here!

Topic: Why did blockchain.com increase FEES? (Read 248 times)