wtf? Blockchain transaction fees is outrageous!!!

bitkilo

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https://www.bitcoin.com/

Quote from: btccashacc on June 23, 2017, 06:42:44 PM

Quote from: bitcoinbabu on June 21, 2017, 12:18:24 AM

omg!!

blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$

i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.

HOLY MOM!! Wth is this fees???

anyone experience the same...

wow this is my first time seeing this transaction, it usually costs 1$-2$ and guess what? it is exteremly expensive for me. well if you're not in a hurry you can set up your fee before sending them you can check the fee on https://bitcoinfees.21.co or another site. 16 dollar is such a big amount for a fee specially if you just send small amount like 40$.

So how long ago did you purchase the account you are posting from?
Anyone that has really been involved with bitcoin since 2013 would know that the fee has nothing to do with the amount being sent, it is based on the size of the transaction.

btccashacc

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Quote from: bitcoinbabu on June 21, 2017, 12:18:24 AM

omg!!

blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$

i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.

HOLY MOM!! Wth is this fees???

anyone experience the same...

wow this is my first time seeing this transaction, it usually costs 1$-2$ and guess what? it is exteremly expensive for me. well if you're not in a hurry you can set up your fee before sending them you can check the fee on https://bitcoinfees.21.co or another site. 16 dollar is such a big amount for a fee specially if you just send small amount like 40$.

Zicadis

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Dump it!!!

I do agree fees are outrageous at the moment but to continue enjoying the benefits it comes at a price and we just have to pay these high fees but things are bound to become better in a few weeks or so....

RedditMaster

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You are right. The problem is we were sold on the fact that fees would always be lower than traditional methods such as credit cards, etc. However, it seems that as more people use Bitcoin, fees increase due to high priority txs paying more to "cut the line", so to speak - leaving the average consumer waiting forever. I am not familiar enough with the tech to comment on Segwit, but hopefully something will be done shortly to ensure this doesn't continue in the long run.

CyberKuro

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Quote from: bitcoinbabu on June 21, 2017, 12:18:24 AM

omg!!

blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$

i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.

HOLY MOM!! Wth is this fees???

anyone experience the same...

Your transaction on June 21, right? And used blockchain wallet to sent $40, but $16 cut was huge amount in my opinion.
I remember it was over 37K unconfirmed transactions at that time you've sent that, than blockchain may increased the fees in order to made it confirmed as soon as possible. But my last transaction on June 17, sent $123 and paid $1 fees, quite faster to be confirmed as well.

Pearls Before Swine

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Quote from: bitcoinbabu on June 21, 2017, 12:18:24 AM

HOLY MOM!! Wth is this fees???

Lol. Son of a DICK!

And my brown skinned brother, I feel your financial pain. You're using a shitty wallet, though, or you don't know what you're doing. But I do feel you, because these fees are absolutely ridiculous. I can't see paying $3-8 extra just to buy something. That does not happen with cash money, does it? And this is a huge disadvantage of bitcoin. It's the gigantic pink elephant in the room that very few people want to acknowledge. But I'm acknowledging it. Fees absolutely blow dick.

Kevin77

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Quote from: Sundark on June 22, 2017, 03:42:46 AM

Don't panic everyone! Scaling solution is upon us. Soon transaction fees should be considerably lower when we will have SegWitX2 implemented.
Until then I just won't transfer any Bitcoins, because I expect that after the upgrade will be done the price of Bitcoin will go through the roof.
Just chill out for a few weeks and observe that is happening with the blockchain. Fun times ahead.

Well this is something way risky I don’t think many of the people will follow this opinion to wait because no one know exactly what is going to happen then. I can’t take this much risk with my coins so I have decided to sell them before the end of this month. If the prices go high there will be nothing to worry but if the Prices drop down then it will be a real issue.

KingdomHearts

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Quote from: iqlimasyadiqa on June 21, 2017, 05:34:00 AM

Quote from: bitcoinbabu on June 21, 2017, 12:18:24 AM

omg!!

blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$

i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.

HOLY MOM!! Wth is this fees???

anyone experience the same...

You can use a cheaper transaction fee. You can set it up to confirm delivery. But some of the risks that must be faced is the delay of delivery. So the bigger the fee then the faster, this is a problem now. As more and more bitcoin users have affected the speed of bitcoin delivery.

Yeah there is a range of transaction fees you can find the best that suits you for your transaction.
In case if you choose the lowest price you have to get ready that your transaction confirmation will be on a least priority and you may face quite long duration to confirm your transaction.

bitkilo

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Quote from: Netnox on June 21, 2017, 01:31:57 AM

$16 as the default transaction fee? Something fishy here. I know that the transaction fee is high nowadays, but I haven't heard anyone paying that much tx fee for a while. $16 is equivalent to BTC0.006, which is many times bigger than the highest transaction fee I have ever paid (BTC0.001).

Nothing fishy about this at all, fees can easily be $50 or more these days depending on the size of the transaction.

The OP said he made $40 from 2 days of earnings so this would suggest to me that he was most likely using faucets which do not much more than good but fill your wallet with "dust" transactions (many small inputs)

This is actually a good lesson to learn for the OP and one that i experienced myself a few years ago. Hopefully he will now research bitcoin transactions a little more and learn that the miners fee has nothing to do with the amount being transacted but the size of the transaction itself.

Sundark

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Don't panic everyone! Scaling solution is upon us. Soon transaction fees should be considerably lower when we will have SegWitX2 implemented.
Until then I just won't transfer any Bitcoins, because I expect that after the upgrade will be done the price of Bitcoin will go through the roof.
Just chill out for a few weeks and observe that is happening with the blockchain. Fun times ahead.

DoublerHunter

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Quote from: bloomjoflly on June 22, 2017, 02:12:57 AM

hmmm any reply from thread owner? 40$ for 16$ fee kinda insane.
i usually using blackchain and fee set as Regular. take 30min-1 hour to sent with no problem.

I think it depends on the timeframe that he chooses because sometimes if you want a shorter period of time to get confirmation then your transaction needs a higher fees in your sent bitcoins so the miners will try their best to confirm it as soon as you send it or you have a complete payment of bitcoin to the address that you putted.

bloomjoflly

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hmmm any reply from thread owner? 40$ for 16$ fee kinda insane.
i usually using blackchain and fee set as Regular. take 30min-1 hour to sent with no problem.

raymond541

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16$ as transaction fees really insane.I think you set priority transaction for this reason blockchain cut that huge fees.transaction fees now really problem for small amount sender.blockchain now charging almost $3 fees for every transaction which is really high for who want to sending under $100.I see every block have 90% transactions are under $100 transaction.people are loosing their hard working money.if block size not increase bitcoin will fall in big trouble.

Schuyler

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Quote from: Taki on June 21, 2017, 05:50:48 AM

Quote from: In the silence on June 21, 2017, 12:42:28 AM

I think you set it on priority so that is why the transaction fee is soo big. you can always choose custom transaction fees on blockchain.

one of the reason why the fees is getting big is, more transactions are being processed on blockchain.

That's right. I use their wallet, but I choose the ordinary transaction fee, which is 0,0005 BTC and the transaction time is 1+h. Money comes actually fast, like during two hours.

My last few transactions using blockchain.info (over the last two weeks) have somewhat been smooth, because I was in no hurry to have my transactions confirmed. I only had to pay about .0001 ( for a .01 amount) and it confirmed within less than two hours I think. For me, that's good enough for now.

Taki

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Quote from: In the silence on June 21, 2017, 12:42:28 AM

I think you set it on priority so that is why the transaction fee is soo big. you can always choose custom transaction fees on blockchain.

one of the reason why the fees is getting big is, more transactions are being processed on blockchain.

That's right. I use their wallet, but I choose the ordinary transaction fee, which is 0,0005 BTC and the transaction time is 1+h. Money comes actually fast, like during two hours.

iqlimasyadiqa

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Quote from: bitcoinbabu on June 21, 2017, 12:18:24 AM

omg!!

blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$

i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.

HOLY MOM!! Wth is this fees???

anyone experience the same...

You can use a cheaper transaction fee. You can set it up to confirm delivery. But some of the risks that must be faced is the delay of delivery. So the bigger the fee then the faster, this is a problem now. As more and more bitcoin users have affected the speed of bitcoin delivery.

David19

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Don't pay the fee that they set on standard it is way bigger than you should be paying, while it might improve your transaction getting confirmed quicker but in your case it does not seem to be worth it so just set it to lower custom fee and wait a big longer for confirmation

ahmedjamal1998

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You must have done something wrong.
There's no way that the default fees is that much !
I'm still using the 220 sat/byte fees till this day and it's working just fine getting confirmed in an hour max.

If you show us the tx id we'd clearly see that you by mistake entered a high amount of BTC in fees section (or increased the priority bar if that's a thing )

jorneyflair

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Quote from: bitcoinbabu on June 21, 2017, 12:18:24 AM

omg!!

blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$

i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.

HOLY MOM!! Wth is this fees???

anyone experience the same...

Pretty sure you can use a custom fee, you may have accidentally set it on high priority which takes a higher fee but accelerates your confirmations. If you are just doing microtransactions, set the fee lower so it takes your payment to arrive but the fee is smaller. $16 though, that seems way too much of a “default” transaction fee. $16 dude,that is nearly half of your transaction. Either you just accidentally set it on high priority or the transaction fees have risen drastically. Your $16 is around 0.006 BTC while mine is less than a third of that! When segwit activates on August the first it should lower fees down.

If you are not in any rush to transfer money, just wait since this usually happens due to an abundance of micro transactions, try to transfer large amounts of bitcoin since then the transaction fee should be smaller.

Jherek

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Quote from: bitcoinbabu on June 21, 2017, 12:18:24 AM

omg!!

blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$

i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.

HOLY MOM!! Wth is this fees???

anyone experience the same...

You probably had multiple inputs.

When I use a standard sized transaction (1 input, 1 output) it is costing me on average around 0.0008 btc per transaction. I mean not ideal, obviously, as it is still a nice chunk of coinage that could have been spent elsewhere, but manageable.

If you are accepting payments, make sure that you don't accept too many small payments to make up an amount, instead try to either save these amounts up on a web wallet before sending or just tell the guy that's sending to only send you one big transaction instead of several small ones.

You gotta be pretty frugal using bitcoin these days, hopefully we can come to a resolution for this issue soon, even though it shouldn't affect the usability of bitcoin especially for these who are transacting in large volumes and/or storing wealth in bitcoin as a store of value.

Topic: wtf? Blockchain transaction fees is outrageous!!! (Read 2713 times)