Bitcoin Forum

Hi,
I have around 0.08 BTC in a GreenAddress.it wallet and i'm using it with their chrome extension.
Yesterday I tried to transfer 0.07 BTC to another BTC address and to my surprise the transfer fee was 0.00504992, that is 7.2% of the sent value, and about 2.28 USD. Fee calculation was /kb.
Is that a normal fee or am I doing something wrong?
My account balance consists of about 30 smaller transactions.

Greenaddress kindly replied to my same question, saying it is OK.
Any second opinion about this? :)

Thanks for your reply.
Cryptme

This free is very high, for a such amount i usually use 0.04 or 0.05$ cents and i get 1 confirmation after 10 minutes, can you not select the fee manually?

Automatic fees on greenaddress are a joke! :o

I dont know about greenaddress but transaction fee depends on the size of the transaction to get high priority. Large transaction size needs high transaction fee. Most of the time the reason you have lots of small inputs is faucet claims and as result, large transaction size

Soooo, how large was your TX?

Today another transfer for about the same amount of bct:
Fee / Size (bytes) / Fee per kB
0.00528431 BTC / 11732 / 0.00045042 BTC
https://blockchain.info/tx/7a09f0058a30bd2a40d3073f7765b404fe0c59b4bf0817aa6d8a4eff2e90d082

If their is a option of editing the transaction fees manually then you can go to the menu and click manually and put the fees as per your need, if you have kept automatically then according to the site the transaction fee is charged.

contact the site about the transaction fee details and discuss about manually fees selecting

11,732 bytes with 120k satoshi as transaction fee is sufficient enough IMHO. i suggest you to stop using greenaddress and use mycelium or electrum as you can save some coins on fees there and you have full control over your private keys

Looks about right.

What is happening is that you are spending from many small inputs that you probably got from faucet payouts. These small inputs all take up a lot of space, so the transaction becomes fairly large. The fee is based upon the size of the transaction, so the larger the transaction, the larger the fee you will have to pay.

Thanks guys!
My wallet is filled up from mining with transfers twice a day, so it is a scenario i'll have to deal with. I'll probably move over to Electrum.
Thanks again for your time, info and advice.

If you receive less payouts, you will have to pay less. Its not wallet related. Each BTC input = 1 transaction when you send them out. Even if you take all these input and ouput it in one big transaction.

Bro for that you need to change your wallet setting from higher transfer price to normal or low. All that you need to do is when you transfer bitcoins next time You just need to be careful and change the rate. Due to that you can see little slow transaction.

yes i think you is right because i've a problem like this in my other wallet what i'm use for playing faucet site so for now i keep them on my faucetbox account and withdraw after 0.003. this is the one way to not get big fee when i want send to my cold wallet.

Unless GreenAddress does a poor job of figuring out the right fee, then switching wallets won't make a difference. An 11kB transaction is huge. You will not be able to avoid high fees if you continue to receive many very small payments.

https://bitcoinfees.21.co/ currently recommends a fee of 0.0007 BTC per kb, so an 11kB transaction should have a fee of 0.0077 BTC.

It sounds like your online wallet can't find appropriate fees... Next time choose manual.

Like said above, using a different wallet won' change much.
You just need to make sure you are able to set the fee and arm yourself with patience.

You can select a custom fee.
I have same problem,now in many wallets fee is very high,probably because blockchain spam atack.

I wouldnt advise this, unless you dont mind for the transaction to be extremely delayed.

There are times when people dont see their confirmation times within 3 days now.

Id suggest to always use the recommended output.

So you send more bitcoin you pay more fee? this is bs I was sure that you can send any amount with the same fee at least this is what
I was explaining to people about bitcoin.
And why is it fees are getting higher every day? if it goes this way I personally prefer banks. if bitcoin is going to take our money instead of
Producing new coins then I doubt any sane person continue to work with it and support the system.

Normaly I paying bitcoin mining fee's only 0.00005 BTC or less more

Miners choose which transactions to include in a block. Since the space in a block is limited, they generally choose the transactions with the highest fee per byte. They don't really care about the amount of the transaction.

And what's with the fee when you try to move coins from addresses in the same wallet? I'm referring to new block chain wallet if you try
to send from multiple addresses you need to pay fee for them all, but before you could just click on send and you were able to send your
Total amount in one transaction with only once paid fee. is it new way to rip off people?

I'm not clear on the situation you are describing, but sending bitcoins between two addresses in the same wallet accomplishes nothing, except perhaps if the wallet requires you to send from the old legacy addresses to a new HD address.

It isn't about the amount of bitcoin, it is about the amount of transactions.
If someone sends you 1 btc and you send it again somewhere else, you can basically send it without fees.
But if someone sends you 1000 times 0.001btc (total 1btc) and you send them all somewhere else then it will cost more because it will be more work for the network.