Bitcoin Forum

I have a little bit of bitcoins on the online blockchain wallet and noticed the sending fees is 14$ no matter how much I am sending and seems to be rising everyday... what happens if I decide to customize the fee and put it at 10 sat/b for example?

How long would that take it to transfer?

Geeez, at least I am not alone. Yeah my transaction earlier had took forever and it costed me so much. I guess the majority of the miners are mining the wrong coin that's why only a few were processing your requests. My 0.5 BTC transfer took forever earlier, thank goodness I was able to cash it out before leaving my house.

summary of what happened:
- August 1st BCH was created to attack bitcoin, they implemented EDA or difficulty manipulation
- SegWit2x was suspended
- BCH pumpers used this to FUD bitcoin and pump BCH
- higher price of BCH + lower manipulated difficulty => incentive for miners to switch
- sudden lower hashrate on bitcoin + no difficulty manipulation => temporary harder to find blocks
- lower number of blocks found => bigger mempool => higher fees.

all will be fine soon
- difficulty adjustments will start + the BCH pump will end => incentive to mine BCH is removed

i use blockchain too, but the fee is low, u can set it according the ammount u want to send
for me blockchain still be good wallet with option fee. when i send about 0.0005-001, i use about 9-15sat, that take almost 1 day.
this according with blockchain transaction, more people sending BTC that will take long time

Some years back when I created my first blockchain wallet and I used it to invest in one of the mining company which the return was coming into that my blockchain wallet on daily basis. At time I noticed that transaction charges on that wallet became very high each time I try to transfer from that wallet to another wallet. The transaction for $3 was up to $8. I have option to create a new wallet and transferred all my money to the new wallet.

Suppose there will be less and less blocks found due to the design, will it be a problem in the future? Bitcoin's benefit for low transaction cost compared to other means may gone for the small transaction amount.

as I said in the last line, everything will be back to normal soon.
the way difficulty works (even in bitcoin cash with their emergency adjustment and all the difficulty manipulation) is that it adjusts itself based on the hashrate. the plan is to set it to an amount which leads to 2016 blocks be found every 2 weeks. if hashrate goes up, blocks are found faster and difficulty increases to slow them down. and if hashrate goes down blocks are found slower so difficulty goes down to speed them up.

under normal circumstances hashrate doesn't just evaporate suddenly. it may go down a little and it may go up a little so the "speed" doesn't change much.
but when something like bitcoin cash exists and miners can switch easily, hashrate can drop fast. but as soon as difficulty on BCH adjusts and it becomes hard to mine it and also when its price drops, they will come back, at least most of them and things will be back to normal-ish.

It is depend on a website or a developer

The bitcoin amount is limited, it is not like any other currency (you can a lot from it that you even can't count). Also Miners of cryptocurrencies have to take fees for every transaction, like a commission for them.
That is why the Bitcoin fees are very high and the transaction can take around 24 hours or more so if you want to sell, try to sell earlier that the day you supposed to sell because it will take time.

Bitcoin fees are based on demand. There's only a limited amount of space in each block and miners decide how they're going to prioritize transactions. Of course, transactions with the higher fees are given priority over other transactions so they're included in blocks faster. But as lower fees transactions mature they also have better chances of getting into a block.

Huge number of unconfirmed transactions is becoming biger and biger probably. I think that greedy miners are making pressure on the community because of the cancelled fork and puting very big fees to discourage people to further use bitcoins. I hope they will not succeed in their work, that would be very bad. Hope some solution and agreement will be found very soon before this escalets further.

Number of unconfirmed transactions are too high. So if you need your transaction to go through the next block then you have to pay high transaction fee for that. Maybe soon transactions will be normal in next two three weeks.

greed that why also if people or dumb enough to pay these fees miners will take advantage .I never send anything by bitcoin anymore .I use a altcoin with very cheap fees and fast transaction time.Even bitcoin only betting  sites have suspended taking deposits and withdrawals do to fees and sending time 

I am also shocked when I transfer Bitcoin to another person the fees deduction was is 7.7$ in just sending 180$.  May be the reason is Bitcoin miners convert to Bitcoin cash mining.

yes lets see how well the bitcoin cash holds for a while

Transfer fees are fixed. The higher the BTC price, the higher the transfer fee. Nothing special.

With all these, everything is still ephemeral because sooner or later, people will come back to the origin and realize that there is no other way. In the case of BCH, a lot of innocents will have to bear the brunt because they will not be notified when the party will be over while they will be thinking the party is just starting but they are actually leaving the party for the remnants to be taken care of by the excessive greedy individuals.

Most of these days, btc calculated the power cut to bcc, so btc network congestion occurred, resulting in increased transaction fees and block confirmation for too long.

I think the transaction fee depends on whom you send bitcoins. I have recently send bitcoins to this site because I was banned for doing something evil and I pay with small fee. I try to send funds on trading site and it cost me a huge fee so I think that I said earlier is correct. The transaction in the trading site, hitBTC to be specific is almost $2 just to send $1 on the site. Correct me if I'm wrong, so much appreciated if you do.

Spending alot of fees are pretty normal right now at this moment,considering the price of bitcoin and how bitcoin network are not that stable.Higher fees are issued for transaction to get confirmations fast.So sending small amount of bitcoins right now is not advisable cause of high network fee

Regular fee for a transaction is 14,5 USD which is really expensive and not everyone can afford that.
Even when you try to use a customized fee, blockchain.info informs you that the recommended fee is 500sat/b meaning 7$.
If you will use a lower fee your transaction probably will not get confirmed and it will join the list of more than 126k unconfirmed transaction.
I hope this situation will not last long or it will harm the crypto world.

Thanks for this informations and I hope that this problem of the high transactions fees will fix and the BCH pump will end soon. From the beginning i didn't like the idea of the split of bitcoin. I mean bitcoin cash, i don't know why they want destroy bitcoin by these forks. Anyway, I believe that bitcoin is too strong, and it will be not die at least in upcomming 10 years.

this is due to the accumulation of transactions are very much, then it is required a higher fee for your transaction can be confirmed immediately. I also have some unconfirmed transactions because I am using a standard fee. It's been more than a day of transactions that I do.

In my opinion, such transactions should not exist at all. If you can pay for something and do not have confidence that everything will be ok. This is a way to pay more.

High transaction fees are being applied to those who wants a faster transaction rather than waiting. I guess to be able to save a little it is better to make the transactions ahead of their time so that it won't be hassle for them and the fees won't be too much.

$14 seems too high. I have noticed high fees as well but not that high. It could be because your wallet has received a bunch of small payments and then when you send them all out together, it requires more work to bundle those small transactions into one. I think that has happened for me but my fees have never gotten over about $4. One thing we know with Bitcoin is that the fees may get higher as time goes on.

Which fee should I use?

The fastest and cheapest transaction fee is currently 900 satoshis/byte, shown in green at the top.


https://bitcoinfees.earn.com/

900 sat/byte is worth 12.46 usd right now according to blockchain.info wallet.

I dont know much about blockchain but the main reason will be that as much the difficulty level raised the transaction fees also raise. I am using electrum and it gives option to change the transaction fees as per our need. and i am using 30k per sat and my transaction are taking 30 min to 50 min for confirmation.

Because of Btc Cash, pumping up & miners are moved , so btc miners are reduced, Transaction goes up!

There are some reasons why Sending Charge is over.
First of all, you're using a wallet. Secondly, due to the high price of bit coins, it seems that the charge is over.

The thing is, the optimal transaction fee for a fast transaction got significantly higher due to the blockchain being congested. A few days ago when the transaction queue was only at around 15,000-30,000 a 30sat/b transaction fee will go through fine after approximately 40-80mins. Now that the queue is highly congested, a 30sat/b won't get your bitcoins anywhere.

Basically, other are seems like this also. A higher fees they implement to get a faster transaction . Today it is normal for others because of the price of bitcoins today. Suggest that don't send small amounts of bitcoins it will cost you more from the fees.

Which exchange site are you trying to make a transaction with by the way? I have tried to withdraw from Bittrex but it is not that high for me, I think it is just the same or it is just right for Bitcoins price right now. Usually they will just adjust the price depending on how much Bitcoins price is.

yeah right now sending bitcoini or receive bitcoin is so long, bitcoin transaction right now is too long time, its wasting our time, we can't do with that coin. so my advice is dont do some transaction right now, you can wait it until bitcoin stable and you can makes some transactio after that

Really good to hear the story but the majority of the mining is done by a few corporates and they control the entire mining network and they could manipulate and do what ever they want with their machines and that is the biggest flaw in the network in my opinion,the people who spends the most get to decide what the transaction fees should be.I am sure the BCH pump is done by these big whales to get more profit out of it.

Sending fees is most likely the profits of the sites or applications you are using for their work. I guess they need to set a standard chart of how much they need to ask you if you are sending bitcoin payments or cash payment using their application. Most of the pawnshops have this standard chart for every specific money they want to send out and this is very helpful because they need to follow the chart and they can plan well on how to pay or send transactions next time.

we just needed for the miners to comeback with bitcoin as of now they are happy making decent profits mining bitcoin cash as we cant force them to help the chain,
its a business and we knew that its always about money but after that for sure they will go back and start doing their job we just need to patiently wait for them we
can't argue with those who still doing their job to ask for much higher fee as well.

Very well yes, The present bump in BTC fees is due to huge shift of miners from BTC to BCH due to reasons stated above.
But the situation is temporary and people need not worry about this. The rise in BCH prices was systematic pump and prices will dump hardly once again (I can see downfall of $1200 already). Once this happen, BCH mining will again become less lucrative and SHA256 miners will again head towards BTC kingdom.
My suggestion for users is to hold transactions for time being (5-6 days) if not then use those web wallets which make batch payments. Under batch payment system, web wallets accumulate transaction requests, create a batch and process all in single hash. This result in lower fees and wallets in turn give incentive to users in terms of lower fees.

So what was the point of me paying a fee if it isn't going to confirm any time soon?

If you check the mempool, it seems that something has already started:
https://i.imgur.com/6eatxTx.jpg
It needs some time but it will normalize soon. Would be interested to see the mix of the transactions in the mempool sorted by the fee (sat/byte). If there are a lot of 0 to 10 sat/byte transactions again, the situation would be similar when in summer we were right before the first fork...

I did noticed that to my blockchain.info wallet too. The fee never moves whether the amount I'll send is high nor low, regular and priority fee is constant at $13. This is due to the spam attacks on the bitcoin network.

If I were you, I won't do this. Well the fees are really high and that's why I'm stuck of not sending any amount at the moment. I'll wait after the storm calms, is your transaction needed to send immediately? If not just wait for few more days.


If you'll do that, not only 24 hours stuck but I don't have any exact estimation on it.

I also experience it and I don't get it why transactioa fees need to increase this much we've been losing so much when bitcoin price drops then have to endure that high transaction fee even there are people supporting bitcoin cash it does not mean it will have to affects negatively the transaction of bitcoin

Transaction fees are being computed on bytes of your funds, as I noticed balance that came from
different origin has more bytes to be solved and results to a higher transaction fees.

I have experienced like you since last year, because you send so much so the effect for the shipment so it can high your shipping costs ...

40% of bitcoiners use Blockchain.info wallet. Their fees are really high. My recommendation is to move on another wallet, like HashNest where the fee is 0,0002 BTC. Good luck!

Before traveling outdoors and exchanging your currency, you should first take note of these things, Checking Currency Value, Select a Licensed Money Changer.

I think if transaction we do large amounts of automatic fee will definitely up. so if for this problem it depends on the big size of the transaction we do, but if delivery bitcoin through the specific site usually for fee cheap enough.

i think the fee is depend on how much amount that we want to send. if the amount is more than 0.1 and the fee is about more than $5, then i think its fine because depend on the money that you will receive, the fee is not too big. imagine if you want to cash out $1000 but you need to pay the fee for example $20, the money you received is still bigger than the fee and i think you can considering that you pay $20  is for charity because you still have the biggest amount of your money.

Does this fee cover your transaction and doesn't get it stuck as "Unconfirmed" for several days?

Here transaction fee depends upon the numbers of the transaction going on per block with high priority , means to say that if the fee is high then we should consider that the people who are sending bitcoin with high fee are many than what the people with less fee .
And also with this another factor also works that is the numbers of  input and output of the transaction .
If you will have bitcoin that is received by multiple people then surely you will needed to pay multiple times the fee than what for one input we need to pay .
Here I would like to recommend you to pay 0.0001 btc atleast for the transaction fee , otherwise you will face much problem for the transaction and that may get reverse ( chances are less ) .

I think that is too expensive, where are you sending? On a remittance? Maybe depend on what remittances you are sending but if it is in another btc wallet I think that is really required but I am not using blockchain. I am using coins.ph here in our country this is the popular wallet and if someone will send to my wallet and he is also using coins.ph then there is no fee for it. If someone send some coins to me from coinbase to coins.ph there is also fee.

the more lower the fee the more time you spend to wait to arrive your bitcoin into another wallet, fees are the indicators if you want to transfer fast from one wallet to another , the more high fee the most fastest transaction you can made, the lower fee, it takes more than 6-8 hrs before its arrived.

If you put fees to low, then your transaction would likely take forever to be picked up by a miner. It's how the fee market works sadly, and as long as there's too.much demand for Bitcoin transactions to be included in blocks fees just keep rising. With fees too low you'd be risking your transaction being stuck in limbo.

I have also noticed this. My fees were a lot of higher than when i was using it last year. It gained a lot of money in the price of the fees. It will go even up i think.

So its better to save all your coins first and wait for it get down.

That is normal the feeses are very high because exchanges want to make profit too and they can only make profit by increasing the fee if you send it to anyone that is why i only send when i want to send a lot in that way you can pay fee for a lot.

according to me If the forex delivery to exchange currency by sending abroad usually cost cheaper because banks have taken advantage of the currency conversion of friends.

Yeah it is true the bitcoin is the best help for thousands of the people and the bright side of the bitcoin is the currency that is being use by a lot of the people and the china and the other countries are here who are investing in the bitcoin, the part of the bitcoin is now getting down and the source of the bitcoin is now easy it is the just the buying and the holding of the bitcoin, I am sure the positive bitcoin is getting high and the best coin is the bitcoin.

I think the transaction fee depends on whom you send bitcoins. I have recently send bitcoins to this site because I was banned for doing something evil and I pay with small fee.

Regular fee for a transaction is 14,5 USD which is really expensive and not everyone can afford that.
Even when you try to use a customized fee, blockchain.info informs you that the recommended fee is 500sat/b meaning 7$.
If you will use a lower fee your transaction probably will not get confirmed and it will join the list of more than 126k unconfirmed transaction.
I hope this situation will not last long or it will harm the crypto world.

Time to change the rules. P.O.S. Casper is coming.

I agree with you with you.
As far as I know the transaction fee was so high because the value of bitcoin is also high.
Aside from that it way of the owner to have a commission for every transaction you did.
It is the same as the tax added to our earning.
And it takes a lot time because of a long process in doing it to maintain the security for purpose of your bitcoin

Bitcoin is limited. Besides, there are many Bitcoin transactions need to be executed. Therefore, the fee is so high

Ive also experience transferring money with a high fee. I would suggest you to have a local app  bitcoin wallet which allows you to transfer coin for free. Transferring coin from a platform to other kind of platform has really a big fee. This is one feature bitcoin has to develop, tgw transaction fee is high and tge transaction is also slow. Well, bitcoin is still on its development and we could expect this to be improve. By the way, transferring a coin with same kind of platform has really no fee.