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Title: Newbie here : is this amount of fees legit ? Post by: illusdidi on April 13, 2017, 05:52:44 PM Hi, I'm using bitgo.com as my bitcoin wallet, and I currently have 0.03 BTC.
It only allows me to send a small amount of bitcoin (like 0.001 btc) but the amount of the fees looks extremely high. :/ Is it normal ? :) Thanks Here is a screenshot : http://puu.sh/vj9Fy/6900b9d4ad.png Title: Re: Newbie here : is this amount of fees legit ? Post by: NeuroticFish on April 13, 2017, 05:58:05 PM The fee depends on 2 factors:
* the size of the transaction (how many bytes it has) * how busy the network is The size of the transaction depends on the number of inputs and outputs. So if you gathered that 0.001 BTC by sending to your wallet many many very small amounts, now you will pay a huge fee. As somebody else said, you'll have to rent a truck to carry your pennies to the supermarket. Now the network is very busy too, making the fees "explode". Just check the graph: https://btc.com/stats/unconfirmed-tx Title: Re: Newbie here : is this amount of fees legit ? Post by: illusdidi on April 13, 2017, 07:12:46 PM Thank you very much :)
Yeah after a little calculation (~70 inputs -> ~12714 bytes, ~75 satoshis per byte), it seems right. That's a lot more than I expected. :p Title: Re: Newbie here : is this amount of fees legit ? Post by: layoutph on April 14, 2017, 09:50:01 PM Oh, thats a huge miner fee. Never seen like that. I wish Bitcoin core implement the fork that enables the blockchain to send fast transactions.. Others called it "Bitcoin Lightning".
Thank you very much :) Yeah after a little calculation (~70 inputs -> ~12714 bytes, ~75 satoshis per byte), it seems right. That's a lot more than I expected. :p |
