Bitcoin Forum

Hi All

I have only just noticed that for every incoming transaction from Slushpool there is a FEE?

I am aware that Slushpool charges a small fee but that is their side/pool side hence why i have pay outs set to 0.0100001 on the pool.

What i do not understand is that for every incoming transaction LL displays a very large fee?

But when i check the outgoing amount in BTC from Slushpool to what is received in LL wallet they match?

What is this fee?

I understand there is a fee for sending but i am receiving these payments.

Anyone explain? I have attached a pic of said fee of one transaction.

https://imgur.com/5wTpkjN

Thanks

If you look up that transaction (https://blockstream.info/tx/2def5eb0b6e020a22713105b8698f2c6b13e6805a5fb384208e7a8fce2fcfc40) in a block explorer, you will see that Slushpool processed quite a few withdrawals in a single transaction. Each destination address (output) increases the weight of the transaction which makes it more expensive to spend.

That's the network transaction fee. Every time you or someone sends a Bitcoin transaction, they have to pay a fee so the miners include it in their blocks.

The fee was paid by Slushpool when they paid you and their other customers/miners. They do that in a single big transaction to save fees, which is why the fees are higher than your regular single transaction.

It is indeed the fee of the transaction.

Don't worry, it's not some kind of fee being subtracted from your incoming amount.
Since the transaction is quite large, the fee also is larger than your regular one. This fee is paid by slushpool to the miner mining the block. You don't have to worry.

Dragonizer, what you need to pay attention to is how often you receive transactions given that these are payments from mining, and if you receive a lot of small transactions you can have big problems in the future when you want to spend them. Maybe this is not the case with you because these are BTC payments that are not so common, but it is good to know what to pay attention to if you receive direct payments from mining.

How can you not know this? You joined Bitcointalk in 2014, you're mining Bitcoin and thus earning from block rewards and transaction fees, but you don't know what transaction fees are? You're an early adopter and miner, how did this happen?

People don't need to understand the concept of BTC to be able to mine it.
There are tons of simple tutorials on how to setup a miner and connect it to a mining pool.

A lot of people invest in BTC without knowing how to store them properly.

People have shown us (multiple times) that you don't need to understand what you are doing. If it works, it works for them.

Until it stops "working" and then they post here wanting to know "What is XYZ?" or "Why did ABC happend?" ::) ::)

It's part of the "problem" with Bitcoin I guess... the barrier to entry is actually fairly low as generally all you need is a computer/phone and an internet connection... but the "stakes" are quite high and it's actually quite a complex system which leads to a lot of misunderstanding. Especially because people think of it as "digital money", only it doesn't work like the "money" they're familiar with and get confused. :-\

Indeed. But it isn't just a problem with BTC, but with almost any new technology.

A lot of people (especially the older and very young generations) don't know how to manage data / private information.
If you look at what is being shared on social media, and what kind of software is being downloaded from shady resources, i sometimes wonder why only a pretty small percentage of people is complaining about identity theft etc.

With the negligent behavior, i feel like the number should be way higher  :D

Quoted For Truth... have you watch "The Social Dilemma"? ??? that is some scary shit... :o :o :o :o

What is really interesting to me, is that I regularly receive emails on my personal email address, clearly intended for other people who have the same (or similar name) to myself... from several different countries. I've got a cafe business in the Australia, a house in the Cayman's and a child in a christian preschool in America apparently. Completely unsolicited, I am being handed personal information of other people. :o :o :o

All these people are quite lucky I'm not the sort of person to do anything malicious with this info (although the property in the Cayman's looks nice from Google Maps :P)... indeed, I generally email back informing them they have the wrong contact details, but companies really need to start doing a much better job of not leaking personal private personal information! :-\

Not yet. Is it worth watching?

I agree, it is quite frustrating and frightening how sensitive data is handled.
In the current times, some lectures regarding privacy / social media should be taught at school IMO.

People too often do something they don't know anything about. Often that's fine.
But the internet never forgets. If you leak personal information, you might never undo that.