Bitcoin Forum

what happended today, I sent 1 BTC into another wallet, and it took 2.5 USD. so high

There are speculations that the increase in bitcoin transaction fees in the past day is due to Bithumb clearing out its wallet in order to secure the remaining funds that were not stolen.

Source: http://bitcoinist.com/bitcoin-transaction-fees-bithumb-wallet/ (http://bitcoinist.com/bitcoin-transaction-fees-bithumb-wallet/)

The fees might possibly go down after the euphoria has died down. But $2.5 is quite small to complain for sending 1 BTC  ;D

The mempool doesn't look too full though (around 1500 unconfirmed transactions as of the time of writing).

Maybe your transaction contained a lot of inputs from various change addresses and/or incoming transactions? Either way it's nice to see that transaction fees of USD 2.50,- have become worthy of complaining again ;)

The most wallets let you set the fee, so it's your choice how much you are willing to pay.

You can check this site to get a feeling how much do you need to get your transaction confirmed.
https://bitcoinfees.earn.com/

$2.5 fee is too much for sending ~$7000$ ? :o It's less than 0.04%
Go to Paypal to receive $7000 and you will feel the pain when you will see how much you're charged to receive the same amount. And don't forget to consider that the sender would also pay a fee to seed to you

Not only paypal but if you have gone some months back then that time bitcoin transaction was so high that you have to pay more then 2 to 5% of the transaction value to get your transaction get confirmed fast. It is nice to see that now bitcoin transaction fees has down back.

Are you using a Segwit address? Can't imagine that you'd pay that much when you're using segwit.
Would be interested in seeing your transaction hash, because you haven't mentioned the size of the transaction either.

Don't think I've paid more than, say, 0.00005 BTC in fees per transaction since I've been using Segwit.

I think the price will go higher and higher. Bitcoin price vs dollar slightly lower than May. But it will rise, so as the conversion fee or sending from one wallet to another.

Never realized that there is a recommendation on the bottom of the page. Yes, seems ten times too high for a non prio transactions.

Yeah, I didn't forget this time don't worry  ;D It's funny to see people not happy to pay $2.5 to send 1 BTC, just 2 bucks... I would like to see what he could say if we go back to the period with high fees.
You can send bitcoins for cheap currently, it encourages people to make low payments instead t hold their coins

When the btc prices increases the transaction fees will also rise and I remember way back in December when the btc prices was above 15k the fees for like 0.1 btc was something like 30$+ and now for 1 btc it is just 2.5$

Fees have no correlation with the price of bitcoin...
From March we've been experiencing fees of under a dollar on average while the price is well above what we've seen prior to November 2017.
Yet the fees were around 5$ at that time.

Unless the number of transactions will exceed the block capacity again we will not see again a rise in fees.

The last block confirmed this transaction:
https://blockchain.info/tx/96a800451c53a4074019ca0aac5d167e3118cd885c7ae74d0375eb5c0f963218
Fee per byte   0.675 sat/B  or 1 eurocent per tx.

And yesterday was full of empty blocks (https://blockchain.info/blocks/1529605007214)   :P

what @reliable said is not right but in a way there is some correlations between the price and the fees.
for example when price was really low ($10 and lower) the fees in BTC were higher (for example 0.01BTC at some point) but as price went up such fees were unreasonable so they came down. now that price is in 4 digits were paying ~0.00000200BTC as fees.

eg. from 2011 https://www.smartbit.com.au/tx/c0e60912386aefeb6bf6c1b98834cbbb1babc704521057aef27a73631242cbdb

Not all the time, transaction fees depends on few things like the number of inputs and outputs and also the current memory pool size where some wallets will suggest you to pay larger amount for transaction fees for the miner to prioritize your transaction so it will confirm faster than the others

I don't get your example, the tx is from block 125740 (https://blockchain.info/block-index/140590) which had 4 txs, the reward, the tx you mentioned  and two other tx with 0 fees (https://blockchain.info/tx/950458a9a58c774214194d645ab005f4de6c20ed895debc74e0c7f93da54cc5e)

In 2011 the limit of 0.01 was there to prevent spam attacks but transactions with higher outputs than that were not affected. And it got removed from the clients altogether later on, as it was an anti-spam feature forced on the users
You can see in other blocks from the same period they all pay either exactly the same fee of 0.1 or 0.

Back to the price/txfee in sat/usd comparison...

Exactly 1 year ago...
Price in usd 2500, tx costs on average 2.5$,
Now, price 6000, average tx 1$, 6 times less in satoshi terms.

So no, there is absolutely no correlation.

i am talking about fee in BTC or satoshi not its value in USD. when price was low in USD, the fee in BTC was higher (0.01 then for example 0.0005 in 2012 (https://blockchain.info/block-index/162973)) and as price went up, the fee in BTC decreased to match the value.
and the fee has always been there to prevent spam attacks.

Don't forget that as the "base" block reward decreases at each successive halving... the transaction fees in a block will constitute a larger percentage of the total block reward. So, either the value of BTC will need to increase or the fees will need to increase or the cost of mining will need to decrease to incentivise the miners to continue to mine.

I doubt that option 3 is likely to happen (given increasing difficulty)... so we're left with increase of BTC value or increase of fees... or possibly both?

there is an option #4 which is finding a way to increase the sum of fees in a block which can be achieved by increasing the capacity. if the blocks contain more transactions then the total fees miners get will be higher without needing the fee per tx to go up.

It was maybe because your transaction size is large, based on multiple input.

Transaction fees not depend only on the number of inputs, but too number of outputs.


Learn more from here: https://bitcointalk.org/index.php?topic=4460377.msg39966082#msg39966082

Are you kidding? do you really think 2.5 USD is high?

You're sending 6,000$ to somewhere and just paying 2.5$ USD I ask you again do you think its still high even it's not a 1% of the fee.
Do you know if you send money via bans they applied highly fee on your I still remember I send my father to send me 50,000$ and they give 700$ plus tax?

Correct but not when 0.01 BTC

What's not correct when talking about 0.01 BTC? You mean USD 2.50,- are worth complaining about when sending 0.01 BTC? Depends on your use case, I guess. If you're just trying to send some money to one of your buddies across the street, sure. If you're talking about international remittance it's still a good deal unfortunately. PayPal, banks, Western Union, etc all take a bigger cut in that case.

This is not entirely true: I can send money by bank to any euro country without paying a fee. And even if I include the "commercial" banking fee, I can withdraw euros from for instance Kraken.com to my bank for just 0.09 euro.
The fee to withdraw Bitcoin is still 2.85 euro, almost 32 times higher.

Even after Bitcoin's fees dropped a lot, it can still barely compete to traditional banking fees.

still i can process it with low transaction fees - today i processed it with $0.17

It depends on your transaction size: Anything above 1 sat/byte is unnecessary, see Fees are low, use this opportunity to Consolidate your small inputs! (https://bitcointalk.org/index.php?topic=2848987.0).
For $0.17, you could have made a 2.5 kb transaction, that's 14 inputs (non-SegWit) and 14 outputs. If your transaction was smaller, you paid more than needed.

I wouldn't count SEPA transactions as international remittance though, unless you're withdrawing to US / Canadian bank accounts in which case I'd be positively surprised and impressed :)

My personal experience with transactions outside of the Eurozone (but within Europe) have been rather sobering to say the least, with transaction fees ranging from EUR 10,- to more than EUR 30,- with little to no beforehand transparency on what fees I might expect. Might just be me having a shitty bank tho.

Nah for me too, I am from "the great" Europe, and transacting with the outside of the Eurozone (but still Europe) is costly. I remember the first time it had cost me more in fee than the transaction itself. It took me three days to figure it out, I even called my bank to blame them and saying they did a mistake. In fact, the charges were well marked on the contract but in a very small size

I think most of us in Europe can send SEPA transfer free of charge, but in my country, they invented a fee some years back. It's called  "account maintenance fee" LOL, of course, there is no maintenance. It's not a lot (~$7 per month) but at the end of the year, you gave it $80-90, when everything's automated now. And I haven't seen my banker since 2012, so I don't use his time. I'm not cheap but with this I can pay 3 months of internet connection unlimited or a year and a half phone plan.

Back to the topic, yesterday and today I did a few transactions, with 3 cents and 10 cents, it all went smooth and got confirmed pretty fast

Bitcoin transaction fees are proving to be profitable for so called bitcoin "miners". Miners work out complex cryptographic puzzles to add transactions to the blockchain, a decentralized record of all bitcoin transactions

Yesterday I also sent in the 2 bitcoin wallet to then know the high cost so high now do not know how to do

Bitcoin transaction fee is always maintained at 0.0005. I think Bitcoin prices are rising so the transaction fees increase. This will be more serious if the price of Bitcoin increases to $ 100,000

It may be worth to note that with bitcoin you are basically sending the money from yourself to the recipient directly.

With banks, you are telling the guys who hold your money to send an amount to another institution which holds the money for the actual recipient.

Even ignoring the decentralised, immutable, and guaranteed aravial of the money, i think that this is worth paying more than via 'traditional banking'. For me, it is worth paying a few cents more to be the one who decides when to send the money, without a group of people who can refuse/freeze/undo my transaction (2.85 € seems to be quite high for the current mempool).


But i guess this is a matter of opinion. I am looking forward to a stable and tested LN release, so all of this problems will be solved once for all.

The problem is what to do with those "money".
For 99% of the people that are getting funds from an international remittance is almost impossible to use them all as BTC.

So, they will have to look for an exchange to transform those into the local currency.
At this point is either go for a 5-7% fee at an ATM or 2-3% fee on localbitcoins meeting a total stranger face to face or...use and exchange and...a bank!!

Which is quite counterproductive I would say... 8)

Bitcoin trasactions Depend of # of Transactions
 Small Amount Fee It Will be Increased if so many Are Get Transactions
It Will be increased to High amount. But if no transaction found It will back on Small Amount :).
 Thats the reason 😁😁😁

The same applies if someone was to send me some venezuelan dollars.
They are worthless here. I wouldn't be able to convert them because the flat fee would be higher than yearly wages in venezuela.

If i am insisting on only accepting one currency, sure. I will have to convert it and need to pay a fee.

But if i am somehow free of which currency i choose, i won't have to exchange it. And in this case (i guess thats what bitcoin aims for ?) BTC is definitely the better alternative (imo).
There would be no reason for me to exchange BTC if i can pay bills, rent and food with BTC (and i definitely wouldn't).

Bitcoin is always costly in terms of transaction fee that's why alternatives are coming as Ethereum much convenient and less expensive. Even steller is too fast as compared to others, Neo is the nest option to send fund without any fee.

Common you're bringing in the discussion the most extreme example on the planet as an argument?
Maybe you don't know but you CAN'T receive Venezuelan bolivar (not dollars) in like 99% of the world.
Unless you have an account in bolivars or somali shilling or whatever you can't receive those, they will automatically be converted to your euro/usd/pound/whatever currency your account is in.


This is the point: it aims for! We're not there yet.
And until you will be able to spend it all just like regular fiat you will still have to convert it.

Of course the fee of bitcoin is increasing because the price of bitcoin is increasing now. Transaction fee was more when bitcoin's price was too high but later, when the price of bitcoin decreased, its fees also reduced. At present the fee has increased due to the price increase.
You can view the bitcoin's transaction fees from the link https://bitinfocharts.com/comparison/transactionfees-btc-sma7.html#3m

So can you explain why during June 20-24 when BTC was at 6600-6000, the fee was on average 2.50$ while now, with BTC over 7500$ the fee is on average 0.70$ ???

Price has nothing to do with the fee, stop saying that...

That's what happens when people still think in fiat terms ;)

While I wouldn't say that the price has nothing to do with the fee (ie. everything else being equal, BTC @ USD 300,- was cheaper to send in fiat terms than BTC @ USD 6,000,-) it definitely is one of the lesser factors as seen during the December 2017 mempool congestion.

Miners are getting less and fewer gold mines. So to find your block, need a similar pay

The transaction fee of bitcoin decreased pretty much from the past,now the price of bitcoin for a small transaction is 0.00002 BTC.Do you think this is high? :o

Because right now fiat value is all that matters.
As long as a coffee will cost 0.6 mBTC today and 0.3mBTC tomorrow nobody will care about what the price is in satoshi.

Some pools right now block any tx lower than 5sat/byte, that's barely 10 cents, but if BTC goes to 1 million and those 5sat/byte will mean 12$ do you think everyone will keep on saying is just 5sat/byte?
People tend to say that bitcoin increases in price so the fees go up but it's the same when it goes down when they rush to dump coins to exchanges.

No, usage is the main factor behind the fees, and LN will prove this once for all....hopefully
I really don't want to experience 20$ per tx.

Well, in venezuela people are measuring food/groceries/.. in satoshis (or other cryptocurrencies).
These people don't care anymore wether some water costs 1 million bolivar or 2 million the next day. Their currency simply isn't worth anything anymore.
They are paying in satoshi equivalents. And they do not care what the FIAT equivalent is.




Which pools do block transactions with a fee less than 5 sat/B ?
Most transactions in the last week were below 5 sat/B. So you are telling me that they do not include any transactions because the fee is 'too low' for them ?

Let's not generalize the situation based on a shit-hole of a country  ;D



Which pools do block transactions with a fee less than 5 sat/B ?
Most transactions in the last week were below 5 sat/B. So you are telling me that they do not include any transactions because the fee is 'too low' for them ?
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F2Pool and ViaBtc are playing around with those, they seem to be dropping off the restrictions at x size of the mempool as I've experienced myself this, checking for block confirmation on my tx and they kept ignoring my tx at 2sat/b with blocks not full.

And it's not the first time, they did it in January and in March also, constantly.

Well, it started there.. and it will will continue world wide.
I hope you are not believing that the steadily increasing debts will somehow disappear mysteriously. This would be delusional.

It is just a matter of time when the financial system in the US / EU is going to collapse.
On average, a currency has a lifetime of 30-40 years. Based on this, we are overdue..



Thats weird.
I had quite a few 1 sat/B transactions confirmed within less than 3 blocks throughout the last week.

That's rather strange, since whenever I send BTC it costs me roughly 4-5 cents, which is basically nothing.

As of recent, it's cost more money to send ETH than BTC. 

Bitcoin transaction fees going high is very common, when ever their is a market bull run that time the transactions are very high so for that the transaction fees goes up. But still the fees is not that high which we were facing in past. So i think this is common and when the market stabilize that time the transaction fees will also lower it.

That seem to be an exceptional case lately, most of my bitcoin transactions are in the the range of less than 10 cents. It will increase now that volume of trade has increased

Yes,I noticed that too.The transaction cost of ethereum is much higher than the bitcoin now,Today I made $20 transaction of ethereum and $1 is the fee for that transaction but even when I transact the $100 of bitcoin still the fee is under half a dollar.

It was maybe because your transaction size is large, based on multiple input. Or there is change in fee strategy by blockchain or by change in policy of BTC Administration.

Yah, the fee of Bitcoin transaction increased and will be releasing an updated increase again because of Bitcoin price

I didn't like it a few times either. Because I think it's unacceptable. But at the time when large projects are on Eth, the network usually falls and transactions jump in price. Sadly it is