Bitcoin Forum

We had to send an urgent payment for our business and we sent it with extremely high fee of $150:

https://blockchain.info/tx/5eee35fffbb3f9c1bbaec1ad51b67bb3362351480807580fbbb5fd083d859225

Does it make any sense? Is Bitcoin that unreliable?

 ???

Looks like posting in this forum helps because finally there is a "1 Confirmation".
We're so unpleased with Bitcoin, too bad we have to use it to convert it to Bitcoin Cash to pay our members using BCH because at least with BCH each transaction costs a few pennies and not over $100 !

When it's about business we cannot save costs, we had an urgent payment to make (yes, in Christmas day), the issue is with the seller, we promised not to make them wait for too long but it's a disaster - you can pay $500 in fees and you would still get the transaction processed like anyone else.

How does ShapeShift send BTC to you with only $20 of fees?

It looks too much expensive.I am using blockchain wallet they charged me about $20 for sending $300.so it maybe problem with your wallet.

You need to wait a little bit more, just post in here once that it gets confirmed.. But $150? Seriously? The maximum fee that you can send in order to get it confirmed in less than 30 minutes is just 0.0023

We use Blockchain, that's what they asked for, based on this:

https://bitcoinfees.earn.com

Priority actually was for 1300 Sat/Byte, we took it down to 1100 and that was the fee.
Anything we did wrong here?

According to

https://bitcoinfees.earn.com

We had to set it around 1000 Sat/Byte, and that brought up $150 - have we done anything wrong?

We are not worried about losing $100 once, that's how business owners survive by learning from mistakes.

I figured that if you are using exchange(example poloniex) you will pay 0.0005BTC for fee and they will pay so high fee that transaction will be confirmed in first block.  ::)
It is far away from solution, and I feel your frustration.
It has been confirmed, OP said that in second post. Also if you look at txID you will see why OP payed high fee.  ::)

From what I read on the block explorer, your transaction was received by the network 22 minutes ago and 7 minutes ago it was confirmed.
The conclusion is that you are just too inpatient. You tx was included in the first block after you've sent it, just you've sent it at one minute or so after another block was found and you had to wait for the next one.

I can also tell that you've sent about 5x bigger fee than you should have (or let's say 3x bigger, since you were in super hurry) and the fee was also big because you needed 6 inputs for it.

Can you please explain this part in the Blockchain.info wallet?

Transaction Fee
Reg: 180, Priority: 1261

You choose "Priority" and it's showing $150 - why is that?

How do you reduce the fee by 3x times and still get it prioritized?

Are you really alright? because you have spent around 1/7th of the amount of transaction for paying fees. But obviously if it was urgent then you had no other choice. You have made a priority transaction which might just be processed within a few minutes. It does not makes any sense because such a fees is really hefty and considering the current scenario you got to say that bitcoin is unreliable.

Posting in forum doesn't really helps there is barely any miner reading your post up here. and yes you are right you should go for some top altcoin. I would suggest you Ethereum rather than BCH. BCH is too volatile a day before its 2000 and very next its 3500. So try ETH for such transactions.

Simple. I don't use blockchain.info wallet. I use Electrum.
Before sending I look here: https://btc.com/ and here https://btc.com/stats/unconfirmed-tx
I will get the following info:
1. How long since the last block and how near to eachother the blocks were (to estimate how long until the next blocks)
2. The 24h tx rate and the look of the bottom graph (if it's decreasing I don't need to worry, if it's increasing I have to pay more than what they say I should)
3. The actual "best tx fee" displayed and what fees the people use right now.

Then I decide myself what fee/byte to use.

Thanks, so does it mean Blockchain.info wallet is "cheating" its users?

wow, sending bitcoin can be so troubled. but i heard there something called bitcoin tx accelerator. you might want to use one of that at service section.

not surprising considering the number of pending transactions

That is not the brightest idea. You are rewarding the miners which are the ones that are in control of this! Miners needs to see less transactions, thus value will fall, and they are forced to do something!

Not at all. But you can't compare some simple checks programmed in with the human mind and some background/experience.
They could do better? Maybe. But I never stop learning either.

Edit: my point is that if you are really into Bitcoin, maybe you should start investing more time to understand what's around you (with goods and bads); it could save you money.

What priority was the transfer sent? Maybe it was too high for that reason?

That's crazy? why that much?  why don't you use wallets where you can have options for the fees you'd want to pay for your transactions without having to be restricted to one single high fee which are often outrageous like this transaction of yours.

It is normal because i have a friend who told me that he paid $120 for a transaction with his blockchain account. Bitcoin is currently in a weird situation because the fees are way too high.

That is also why now more people are stepping over to other coins. That friend also told me that bitcoincash fees are a lot cheaper than Bitcoin.

Bitcoin shouldn't be that complicated to use, and definitely shouldn't cost much to transfer.
Even $30 fee is absurd for most people.

There are good tips here how to save money later on (and thanks for that), but Bitcoin definitely requires a huge improvement or otherwise it will be continuously dumped in favor of other altcoins, and many platforms & exchanges take the initiative of allowing users to buy altcoins directly with cash without involving Bitcoin in the middle.