Bitcoin Forum

Been a while since I've played with bitcoin. Tried the electrum client out recently, kind of nice. I tried experimenting with some old wallet with 1mbtc in it, sweeping it and moving to a electrum address. I was a bit stunned to see the fee is roughly 0.6mbtc, so I only get 0.4 mbtc left Is this typical? What happened to the days of 0.1mbtc (or less) fees?

Fees are fucked up lately.

You can set the fee manually in electrum's settings. Set it as low as you can (not lower than 30-40satoshi/byte) and submit your transaction here: https://www.viabtc.com/tools/txaccelerator/

It will get confirmed fast and cheap.

What you are suggesting good but for that he have to spare the time and on correct time have to execute the accelerator in viabtc if not it wont succeed. 

Your transaction probably still won't get confirmed. ViaBTC isn't a charity, they are still going to prioritise those with a higher fee.

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Unfortunately, thats the truth. If you don't want to pay the high fees, you aren't getting it confirmed within a reasonable period of time. If you want, you can change the dynamic fee slider to the left. If not, you can just use the fees taken from bitcoinfees.21.co.

It probably will.


No, but they do offer a free service where they will include your transaction in the next block they solve as long as you meet certain conditions.

Those conditions are:

• Your transaction does not spend any unconfirmed outputs
• Your transaction pays a fee of at least 0.0001 BTC per kilobyte
• They have not seen any other valid transaction that spends any of the same outputs
• Your transaction is in their memory pool
• You are one of the first 100 such valid requests they receive in any given hour

That is not currently true.  They may change their mind in the future, but right now they are willing to prioritize 100 lower fee transactions per hour that meet the proper conditions.

For me I think the fee is really matter especially if you pay higher fee then your transaction is above priority and if it's low then it is possible that the transaction will be less priority but it also matter on how many transaction a every time.

They gone forever to us. Now you must pay at least 0.4 mBTC for successful  and fast transaction.

yeah i was wondering also why that fee goes too high.. if i use the low fee it will take more time to make the transaction completed. is there any way to make it fast? yes there are a way if you didnt know. There is a site name "VIABTC" (https://www.viabtc.com/tools/txaccelerator/)which can boost the transaction, using low fee isnt bad at all but miners will be sad because they will get low profit while they are farming..

Pay a high fee or push for a scaling method.
Honestly, they know this. ViaBTC allows a limited number of transactions to be accelerated for free. The loss in profits is so small that they really wouldn't mind if that gives people more knowledge about Bitcoin Unlimited, which they are pushing for. Most other mining pools requires a fee for them to mine it.

also find this quite ridiculous  >:(
how are old transactions cheaper when btc was less inflated and there were less miners  ::)
if i'm not wrong, one of the aims of cryptos were to reduce to cost of transactions but now it's getting almost on par or even higher than traditional currency transaction fees. ???

Transactions were cheaper because there were less transactions. Blocks weren't full so there wasn't any fee pressure and thus you didn't really have to pay any fees. That has nothing to do with inflation or miners.

You are wrong. The purpose of creating Bitcoin was to create a money system which did not rely on a central authority. It was not to create a global currency that had cheap transaction fees.

Miners be very sad if  all what they mine 1 moth they need pay for fee for send , when fee be 1 btc  end btc - usd be 100 000  ;D ;D ;D
end i think the whole Internet will be filled with services to accelerate the transaction with a smaller commission, with another commission in the form of a fee to the service.
or smart miners start reject the fast transaction end collect the transaction with not fee for faster find block - solo miners or small pool's where price for finding block is actual )

I just sold something for .4 btc. Had that been a credit card purchase, the fee would have been $30. The btc fee was $2. I greatly prefer btc.

well, its due to 'political' issues. segwit vs bitcoin unlimited.

Transaction fees are now way over price and transfer speed is slow as a snail. More and more people are becoming aware of bitcoins, which means more transaction fees for exchanges, it only seems right to lower the cost for traders.. Like when we buy things in bulk, it comes cheaper.

Actually the reason is the technical overload of Bitcoin. Free-market demand and supply economics apply, because the transaction output is limited, while the price (the fee itself) is not. It is happening to ETH as well. Recently, Coindesk released some news about BAT ICO which had someone paying transaction fee of nearly $6k USD to ensure a quick transaction and, as a result, a position in the ICO.

These high fees are just becoming the norm now.
It's like if you can't pay the fee then don't use bitcoin! :P
Is what the miner's are saying to everybody using it in their everyday to day transactions.

Looks like the May fee craziness has settled a bit overall.

https://jochen-hoenicke.de/queue/#3m

It looks so out of place that it seems artificial in some ways...

It does seem to be settled at 0.0012-0.0015btc now from casinos to exchanges after doing a withdrawal from each of those accounts.
0.0012btc(from 0.0005btc last week) for me at yolodice and 0.0015btc(from 0.0005btc three weeks ago) on Yobit.
Those are the only sites which I have accounts with so I can not speak for everybody else's experience with the increases in higher fees they need to pay now to do the same thing as before with these sites and their services.

These numbers are irrelevant... what are the sats/byte (or BTC/kB) fee rates being used? The sats/byte rate is the true reflection of the network fee... NOT the total amount of btc being used as a fee.

You are not yet informed :) When you get used to those fees back in the past then forget it already since fees do increase as of now but well you can easily adjust it but remember to stick on the standard fee if you don't really like to wait for too long.Even myself was got shocked when theres sudden price increase on fees lately even can hardly believe it that this is happening to bitcoin.

yep there is always a fee if you transfer your funds to other wallet because Miner fee (option to pay either standard or high priority )
Other to BTC wallet:
Free unless you're receiving small transactions, in which you are charged a fee.

What I find on most sites is they charge a flat fee instead of telling you the actual cost per byte. I can understand that they can't predict automated hotwallet withdrawals that may choose to combine many inputs for withdrawals. My main beef (not that it's a very big one anyway) is how, after viewing the tx in explorer, the fee paid is half or so of what the sites deducted from you.

Most exchanges/wallets are probably in some sort of competition right now to offer up the lowest fees. Until the whole segwit2x/bip148 struggle gets resolved the fees will remain kind of gouged.

If you want use Bitcoins you can't escape the fees, this is the new reality now. It's hard to find the balance and the solution that will satisfy everyone and currently miners are at bigest profit. But I like the wallets like Mycelium who proposes different fees and calculates actual cost per bite.

hmm, xapo and coinbase were offering no fees but now they pay nothing, we have to pay fees. Can't see that exchangers and wallets are trying to offer us low fees.
And OP that time is now piece of past. Good, old memories. Bitcoin fees are now very high and for low transaction it's simply useless.

Best exchanges so far that are using reasonable fees for me remain only 2. Poloniex which still continues to use 0.0001 btc fee and Bittrex which offers again 0.0001 btc fee but this one has add a 0.001 btc withdraw fee. I think nowadays we have to be very selective which exchanges to use as the fees makes a big difference for many people now.

Fees on transferring of bitcoin to other wallet was so expensive, imagine in coins.ph almost 10% of transferred amount is the fees. Example when you transfer 0.01 the total deduction are 0.011+. It's too expensive, that's why I'm calling your attention guys I want to ask if you have know wallet with low fees?

The fees increasing because of the current value of bitcoin that was the basis of that, before we do not mind the fees when the value of bitcoin is not high because we do not feel the 0.001 fees before but now they increase the fees due to big increase on the price of bitcoin i think that is not too much for the transaction much better to have fees to closed their services.

Fees have and will be fucked for awhile until we can fix this entire network up as we've been congested for a long time, I don't like it, you don't like it, no one likes it (except Jihan and the miners) There's nothing we can do except sit here and get them to try to signal for the newest fucking consensus thing that will finally fix us once and for all. These fees are the real issue when it comes to trying to get people involved in Bitcoin, as no one wants to join in on a currency which is going to cost them $3-4 to pay for a simple transcation which only cost that much anyway.

So, fees suck right now and the only thing we can do is pray for the miners to do what's right by us. If you want to know what the going fee is right now for a tx use one of those estimators like HERE https://bitcoinfees.21.co/

What you are saying is true that before when the fee was low but comparing the price was also low and now the price has gone 3 times more then the fees will also go high this is due to miners facing high expense to compensate they have to increase the transaction fees.

More people/users are continuous complaining about the transaction fee they do not think they using the wallet for free what if no more bitcoin wallet will exist because of the complain of high transaction fee who are affected? that is why stop complaining and find a way to earn more bitcoin to make your income much higher and you do not mind the transaction fee because your income is already big.