Bitcoin Forum

Hey everyone I know this has probably been asked thousands of times but I just exchanged $200 of litecoin into btc using shapeshift.io and was charged $42 miner fee? That's a massive chunk that has just been lost for me just for a transfer..

Just wanted some explanation as to why the fee is so high when btc is meant to be low fee?

Thanks

And why did you paid those fees? You are the only one who decides if you are willing to pay that or not.


So let me explain it to you, the whole blockchain is collapsed right now, a lot of people are not able to send or receive payments in their wallets because of the miner fees.

A normal transaction is about three or four bucks, but now that everybody is talking about bitcoin, it got collapsed, everybody wants to buy and everybody wants to sell at the same moment.

It will be back to normality soon

The fees have been this high since I started in bitcoin a fortnight ago other cryptos are cheap to trade but whenever I wanted to exchange into bitcoin I'm being charged out the ass

Not sure why such fees got sent but yeah you determine your fees essentially. One can put higher fees to get a transaction through especially when times are as tough as these but you don't have to go that high. The most I am willing to pay is 1-2% generally maybe 3% if the spot I am going after makes me more money than the transfer fee.

I think that the transactions has got collapsed as we could see more bitcoin holders are rushing to sell their bitcoins as it has reached ATH.Even i'm also trying to send bitcoins from my electrum wallet but despite setting high transaction fee,i'm encountering problems to send.Its just a temporary issue and very soon,every thing would become normal.

everything never free hihi

There are many transactions unconfirmed this day (around 220k) and it's increase from day to day, many miner change to another coin cause it's hard to get profit from Bitcoin this day. You can decrease the fees you'll paid from transactions (lower fees = slower transactions to confirmed )

Miners don't charge fees, you decide what fee you pay in a transaction.

So, when did you pay the 42$?
When they sent you the coins, the deducted 42$ and you received less btc than you bought?

https://info.shapeshift.io/about
Bitcoin Miner Fee: 0.00175 BTC  ~ 28$ fee.
This is something shapeshifts decides, not the miners.


What a load of bs
Bitcoin mining is 4 times more profitable than it was in January and you speak of miners switching to other coins?

How is everyone determining their own fees? I use exodus as my wallet which has been either blocking all trading or charging massive fees so I tried shapeshift which is their exchange and they charge a flat rate of .0015 btc

You should try a wallet like electrum, but I'm sure that many other wallets let you decide which fees to use. They normally give you a recommendation, based on how the network is doing, and you can choose at which block you are trying to get your transaction stored (normally each blok takes about 10min to be confirmed). Depending on your priority, you pay higher or lower fees. I don't think flat fees are a good option, because they always depend on how the network is doing.

You can also check this link, in order to see the number of unconfirmed tx on the network. If the number is above 100k, the fees are normally a bit high.

https://blockchain.info/unconfirmed-transactions

Did you even read the title? How can you say it's bit profitable to mine? We busy talking about how expensive Bitcoin fees are and you go and say it's bit profitable to mine. Gees.... Ok then.

I was thinking of getting an s9 miner but I'm not sure it was $3200 so I don't know.

Are you thinking after you're typing or what? Stick to your usual 3 liners about nothing !!!!
High fees means more revenue for miners, do you understand this?

Then go and make a check if it's profitable to mine:
https://www.cryptocompare.com/mining/calculator/btc?HashingPower=14000&HashingUnit=GH%2Fs&PowerConsumption=1375&CostPerkWh=0.10
https://www.cryptocompare.com/mining/bitmain/antminer-s9-miner/
Is $ 900 per month profitable for an s9?
And this by not taking into account the fees per block

Besides I've already explained to the user his problem.
It has nothing to do with the miners.
It's and arbitrary fee the service he choose has agreed on.

Well, in simple terms, the bolded is a resultant effect of demand on supply. You used a third party, Shapeshift, for that and it got to make its own profit after miners are done. The same thing Changelly would do. Demand for bitcoin is very high at this time and the blockchain is flooded and overwhelmed. I recommend you doing your exchange in-wallet by using a multi-wallets like Freewallet or Coinomi next time. It's cheaper that way.

Yeah it sucks honestly with the so high transaction fees. Thats the only bad thing about bitcoin and this really can become nightmare for bitcoin industry and blockchain. Miners really wants to keep it high for thr own interests.

Sorry you misunderstand. I was talking to Richard. I know it's profitable that's why I am asking if he even read. I'm agreeing with you. Sorry I should have stated who I was talking to I never meant to be rude. I checked the s9 but they only will ship it in February at that price. Not sure it's a good idea. Would you buy an s9 if you got it on February? For $3200+- ? The thing is it's $900/month now but how often will that half is the question. At least when you buy a miner you have something that will earn you something no matter what. It's not like you have to sell it to make a profit so that is nice. Again sorry for the misunderstanding.

I just exchanged 2.02 Litecoin into Bitcoin this morning using Shiftshift (waiting to be verified on Bittrex), it worked out 0.01885 in bitcoin before fees taken out. I was a little surprised when I received 0.01710 from Shapeshift. It works out they took over 8% fee. Is this normal? because I will have to be more careful in the future. I still new to the cryptoworld.