|
Title: Why does the expense of sending bitcoin is very high ? Post by: soccius on January 15, 2018, 02:59:08 PM I was trying to send my bitcoin that I collected from faucet to my wallet, but it was said that my balance wasn't enough to cover the expense. Why does the expense cost very high and how to know the expense of each wallet, is it same or not ?
Title: Re: Why does the expense of sending bitcoin is very high ? Post by: nitinkp47 on January 15, 2018, 03:14:04 PM The expense of sending the bitcoins in wallet is same and it is given as reward to the miner who will save this transaction in the block.
Unless you are using an exchange, they charge extra processing fees which differ from exchange to exchange. Title: Re: Why does the expense of sending bitcoin is very high ? Post by: OmegaStarScream on January 15, 2018, 03:37:14 PM The fees are currently little bit high then usual and you made things worst by collecting funds from faucets, this will just add more size to the transaction.
Title: Re: Why does the expense of sending bitcoin is very high ? Post by: mk4 on January 15, 2018, 03:37:56 PM Fees are high due to the bitcoin blockchain being congested. We currently have 165,000 unconfirmed transactions[1] as we speak. This is caused by a combinations of a lot of things (exchanges/services not implementing SegWit, possible transaction spam, etc).
[1] https://blockchain.info/unconfirmed-transactions Title: Re: Why does the expense of sending bitcoin is very high ? Post by: soccius on January 16, 2018, 03:25:57 AM The fees are currently little bit high then usual and you made things worst by collecting funds from faucets, this will just add more size to the transaction. ohh is it right ? so I made everything getting worst ? Title: Re: Why does the expense of sending bitcoin is very high ? Post by: pooya87 on January 16, 2018, 05:21:26 AM The fees are currently little bit high then usual and you made things worst by collecting funds from faucets, this will just add more size to the transaction. ohh is it right ? so I made everything getting worst ?yes. you pay the fees based on the size of your transaction in bytes not amount of bitcoin you send. and this size is determined based on how many transaction outputs (the payments you received) you are spending and how many addresses you are paying to. when using a faucet and getting paid tiny amounts you will end up having a huge transaction size when you try to spend it. so you will have to pay a much higher fee. Title: Re: Why does the expense of sending bitcoin is very high ? Post by: Wirex on January 16, 2018, 07:14:18 PM The current transaction fees for bitcoin is high due to the large amount of transactions that remain unconfirmed (pending transactions). this is worsened as miners will typically go for the transactions with the highest fees to confirm and add to the next block and users will set their fees higher in order to get their transactions confirmed sooner.
As a result this creates a cycle of people increasing their transaction fees and miners only accepting the higher transaction fees. To remedy this, SegWit has been introduced to the bitcoin network in august and is still in the process of being adopted on a large scale. Here at Wirex, we have implemented SegWit for all our users to try and reduce the miners fee by up to 60%. Also for our Wirex users, Transferring Bitcoin from one Wirex user to another is completely FREE (same goes for using our wallets). If you want to learn more about us, feel free to visit our websites here: if you are interested in what we have to offer, feel free to visit our website: https://wirexapp.com/segwit-bitcoin-wallet-update/ https://wirexapp.com/bitcoin-money-transfers https://wirexapp.com/wallet/ |