Bitcoin Forum

Hello!

Okay so I had to do a few transactions from my Blockchain wallet to some other wallets, and I have a question: as soon as I send an amount of money, it requires me to send a fee of 0.008BTC. Is this even normal? My highest fee I had to send because of the fear of never getting it confirmed was 0.001 about one month ago. I had to send over 10 transactions of the same amount, which means 0.01BTC lost already in fees. I don't think it's fair, and I'd like to know..... Would a transaction with 10k satoshis ever get confirmed? I'd go for it but I'm too scared.

Thank you, everyone!

Miners are getting greedy. I don't have any experience on blockchain wallet but does it let you change the fee amount or it is the only option? If that fee is forced to you then it is time for you to change your online wallet. I heard xapo pays the transaction fees. Can fix your problem.

Thats so high fees u got here. Your wallet thats suggesting such high fees is very bad, u loosing money coz of it.
U don't need to use such high fees, go ahead and try 5 to 10 times less and it will still get confirmed fast :).

That is very high in my opinion, but i think you can set a custom fee even in blockchain.info wallet you might need to look it out....

that is like $5. are you sure it is not 0.0008 BTC? would be still high, but more plausible. we had earlier another thread asking about a high fees and long confirmation time. some more details about the transaction would be helpful. 

Whether or not it's normal depends entirely on the transaction size. How many bytes are you talking about?
If you have a lot of inputs (or outputs), fees get high. I wouldn't expect this from blockchain.info for a normal transaction under 1 kB.

You can't really know if it's fair or not without seeing the size of the transaction in bytes.  You can't use 10K satoshi as fee for 15KB transaction and expect it to be confirmed fast.
Too bad blockchain.info doesn't let us see how many inputs we'll be using so finding out the size of a transaction would be pretty hard without actually sending it or calculating manually.  Soo... trust your instinct?

Edit:
Tried creating a transaction (I didn't send it) with 1 input and 1 output using blockchain.info and got recommended 0.0001243 as fee.  That transaction shouldn't be more than 300byte in size and yours is around 70 times that.  Either blockchain.info glitched on you or you have some really huge tx.

you may want to read more about tx fees
for example,here:
http://www.coindesk.com/new-service-finds-optimum-bitcoin-transaction-fee/
or here:
http://bitzuma.com/posts/making-sense-of-bitcoin-transaction-fees/
average confirmation times depend on blockchain backlogs too,once there 10.000 delayed transactions in que,you would want to increase your fee to get confirmed faster:
https://blockchain.info/charts/median-confirmation-time

You can knock the fees that you're paying down a considerable amount, I don't know why you're paying 0.001 BTC per transaction. I pay at least two decimals lower in fees for my transactions, and that's if it is a big and urgent payment, or a transaction I just want to go through quickly. A transaction with 10k satoshis should be confirmed relatively quickly, however I'd just check your wallet settings and see what it has for a default payment option. I spend maybe $0.20 per transaction, and that was for a $80 transfer.

That transaction fee is too high. I have never been asked such high fees in blockchain.info. Are you sure it is .008 and not .0008? Because the highest fee I had with them is around .0002 or a little bit higher but not over .0003. Today I sent a small transaction to a friend's wallet and blockchain.info asked for a .0001243 transaction fee. So everything is fine in my experience.

How large were your transactions? Also does it really matter much for the miners on how large your transactions are?

The transaction fee all depends on the size of the transaction your are sending, bigger the size bigger the fee.
You should be able to send most "normal" size transactions with about a 0.0002 fee.

I can't believe that you have been deducted or charge with that big amount of fee for your the confirmation of transactions.

Even I, when I am having transactions with blockchain upon sending bitcoin payments the highest miners fee would 0.00001-0.0001 bitcoins.

Have you reported that already to the provider you are using?

the reason of longer confirmation is explicitly because the queue and the limited transaction per block. miners mainly take the higher fee transactions as the priority, you need to wait for that, luckily the bitcoin core would be around 2017 to double the block size.

standard confirmation with standard fee send
this 20 - 60 minute to confrimation trasaction

0.001 btc fee is high for me as well,if i am sending big amount of bitcoins like atleast if i am sending 0.1 btc then its pretty fine but when i am sending small amounts like 0.02 or 0.01,then paying 0.001btc fee is really not understandable and a loss for you.So i rather send with only 0.0002btc fee and would like to wait more rather than wasting my bitcoins.

The fees you are sending is absurd, who recommended those fees? That is about the same fees as you would get with MoneyGram or Western Union. ^wow^ You should have a look at this https://bitcoinfees.21.co/#delay Hope you found this useful. ^smile^

This has nothing to do with the miners, ergo they are not getting greedy. Please don't post misleading information.

1) Stop using such a stupid wallet.
2) The fee is dependant on the wallet + the transaction size.
3) The fee should be displayed in satoshis/byte for accurate representation (which lets us determine whether it was too high or not.
4) Look at 1.

Woah?! Really already made 0.01 lost just for fees? I think that is unfair are sure that you are able connect to the blockhain network? Because as far as I know the highest amount of miners fee would not even reach 0.001 because the fees are depending on the how big is the size of your transaction. Maybe your wallet provider is charging you that not the miners.

So what would the average fee be in satoshis per byte? I believe all of the wallets whether it is offline or a webwallet would let the user choose how much you want to pay in transaction fees. So it would be unfair to even suggest for the OP to stop using blockchain.info. I know they have had their problems in the past but to be fair they also have been offering a decent and convenient service for small transactions.

Data queried at time of writing this post.

This is not the case.

No, it is not unfair. Any experienced Bitcoin user will tell you to stay away from online wallets.

I do not know why you accepted the cost is immense. I myself never get the charge of it because of the fees charged to me very little. I do not know how it could happen that obviously I think it is not fair ???

recomended fees is always change for everytime? ??? the current rec fees is 70 sathosi/byte, but should this fees is change for every time?
Like the another thread.

https://bitcointalk.org/index.php?topic=1636226.0
https://bitcoinfees.21.co/

is this faucet money? because it seems you're having problem with your inputs(faucet pay you with several small transactions). 0.001 is high and 0.008 is absurd...my fee's generally are around 0.0005.

The wallet that I use mostly have dynamic fees. This feature connects to the Blockchain and automatically select a good amount of fees for me to broadcast my transaction. It also allows me to choose three settings, low-priority, normal and high-priority. I normally choose the normal setting and I never actually care how much the fees is.

Most 'modern' (as in, new) wallet software should also come with this features. I believe this is the feature that you wallet have.

I really think it's just a typo, 0.008 BTC fees is just ridiculous. I use blockchain.info daily and have never encountered such high fees.
0.0008 BTC on the other hand is happening more frequently, but you can change it with 'advanced send'.

Of course they do. Primarily it comes down to what fees people are including and the amount of transactions that are unconfirmed.

It comes down how you look at it. Would you say a ~$5 fee is ridiculous for transferring a few million?

This is very cheap IMO.

It's a reasonable thing. because he also does something to benefit when we get the faucet from the site. So that any costs that must be removed will not have a good effect for them, because they give the bitcoin. So, better enjoy or find other places that according to us more fun and make concentration

I'm using Blockchain wallet and sending coins from it but I haven't noticed that the fees are so high. If this is the case then it has to be some reason for it. Maybe you've chosen the high priority protocol and that is the reason for high fee. If you are sure this is not the typo.

High priority protocol?  How do I do that?  Can't find it anywhere.

It is offering you the fastest way but the fee is higher. You can lower it down but it will take some time. If you got patience or the one you are sending it too have patience to wait then it wont be a problem. It will be sent, they cant rob you just like that.

You can avoid paying high fees by using exchanges wallets, because the withdraw fee is fixed, I know it is risky to keep your money in exchanges wallet, but if you are a trader, you should keep some of your money there, for example: Poloniex fee is 10k sat for any transaction, I think if you know how to manage your funds, you wo'nt pay high fees.

That's a pretty high fees there, but then you haven't shared how much you've actually transacted. The fees depend on the bytes per transaction and the most efficient fee can be determined by going to the 21 co's bitcoinfees website. It'll help you manually set the Bitcoin fees if you're using a wallet like Electrum. This could be probably because miners now have priority over higher fee transactions or if the blocks are filled a lot.

Strange, I've never faced so high fees. Is it maybe possible to set it manualy? Did you send some very large amount so the fee was that high? Or maybe you have chosen the fastest option for sending? If those werenot the reasons maybe you could think to change the wallet.

ha, you should see how much does the blockchain.info wallet want me to send as tx fee for a 0.01-0.05 btc transaction by default
it could be anything between 0.0005 and 0.002 i.e. 50-200k satoshi and it is a ridiculous 3-20% of the total amount sent
I set it manually,of course,range 10-30k depending on how fast I want it ,never had any issue or waited for hours for it to confirm  

Never experience yet to pay that amount as fee.. what wallet did you use op?
MAybe you need to try to chance the settings sat per kb and i think if you change that you wil lthe result if you are using electrum..

a little confused with your have experienced, it is a very large fee. I always get a confirmation quickly and no later than one day with only charged to send 0.0001btc. you need change the wallet address looks like have some problem.

It could just be that the wallet is inflating the fee numbers based on some numbers that the wallet is getting from the rest of the blockchain, and there is no issue with the wallet itself. It can just be the numbers being off, and not a whole lot more than that. I agree, the fees he's paying are insane and I rarely spend anything like that.

From my experience this is not normal because paying 0.008 BTC is very high for a normal transactions < 300-500 bytes.

Normally the fees are 0.0001 or 0.0002 but anything above 0.0005 I consider really high, if you know the size of the transaction then you can calculate yourself.