Wirex bitcoin transfer fees out outrageous?

gentlemand

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Quote from: smilyfaith on May 29, 2017, 12:45:12 PM

I think smaller transaction means there would be more jobs for more miners. Is confirming
smaller transaction difficult?

The only thing that counts when it comes to Bitcoin fees is the amount of data in the transaction. It has absolutely nothing to do with the value. A $1 billion equivalent transaction with one input would cost less than a $10 transaction with two inputs.

What costs is the storing and processing of data. Every input adds to that cost no matter how small it is.

I don't know how many inputs or outputs that Wirex transaction has, but even a 1 input transaction often attracts a $1 fee. This is a relatively new problem for Bitcoin due to it having a maxed out network and also because the BTC price is so much higher than it used to be and fees are priced in BTC.

A $200 Bitcoin would have 1/10th of the current cost in dollars for a fee. Bitcoin fee pricing has been reduced once before. I don't know if it'll happen again.

smilyfaith

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I understand it's blockchain fees for miners to confirm the transactions.
But how can fees be higher than the sending amount? So, smaller the transferring
amount, higher the fees will be?

Fees are like $6 for $3, when I sent $5 it was almost equivalent blockchain fee.
Shouldn't the smaller transaction mean smaller the byte size or is it
opposite in bitcoin transfer? I read how $1 or $2 transaction fee was outrageous. Now,
I experienced this kind of high fees in wirex.

I am just trying to make sense of how bitcoin works.

I think smaller transaction means there would be more jobs for more miners. Is confirming
smaller transaction difficult?

Iranus

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Wirex is automatically paying the appropriate fees for your transaction. They're not service fees (a small amount could be), but miner fees for Bitcoin transfers.

The fees are not about how much Bitcoin you're sending, they're about the size in bytes of your transaction. So if you sent larger payments, the fees relative to them would be much smaller.

Currently microtransactions are impractical with Bitcoin due to the clogged network, which is resulting in high fees. This will change if/when scaling is implemented, but until then sit tight and keep it to large transactions or deal with the high fees.

OmegaStarScream

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The fees you are showing are the blockchain fees and they indeed became big, the calculation is not based on the amount being sent but on the transaction size, but there is a possibility that their algorithm is not that good. As for transfering balance from your account to your card then I really don't suggest using Wirexapp for that matter, they have the biggest fees you will ever see on an bitcoin debit card service.

smilyfaith

jr. member

Activity: 71

Merit: 2

I am new bitcoin user.
I tried wirex.
I had about 12btc in my account.
I transferred total of may be $5 or less. But the account has less than $1 remaining.

I was confused on how it happened. Then I checked the transaction history
and the fees were higher than the actual sending amounts.

Then, I was trying to send 0.001550 btc and the fee shown was 0.002927.
Is this normal or what? that fee is double of sending amount.

https://i.imgur.com/myr1O0c.jpg

Topic: Wirex bitcoin transfer fees out outrageous? (Read 850 times)