WHY BlockChain IS TAKING TOO MUCH FEES??? ANY IDEA! :(

[Zbitco.in]

Today i did a transaction of 16.8$ .
I was sending to some other address.

I didn't look at the fees, i just submitted the payments.

Later on when i check, i found out that it deducted a 4.6$ fees. i was stunned.

That is almost 14% fees.

Is this even possible with BlochChain.

[NeuroticFish]

From what I know, blockchain doesn't take any fee. It's the transaction (tx) fee you have to pay.
If you would give the transaction id I could tell exactly what's the problem.

The tx fee depends of the transaction size (the number of inputs and outputs) and the number of satoshi/byte it's set to pay (which may depend on how busy the network is).
So if you have a lot of small "deposits", usually from faucets, you can get to very high tx fee.

Right now the recommended tx fee is 90 satoshi/byte, which is pretty high. https://btc.com/stats/unconfirmed-tx


Edit: For clarification, the tx fee is a fee you pay for the miners. If the fee is too small your transaction may take longer, very long or even not get processed at all.

[Zbitco.in]

From what I know, blockchain doesn't take any fee. It's the transaction (tx) fee you have to pay.
If you would give the transaction id I could tell exactly what's the problem.

The tx fee depends of the transaction size (the number of inputs and outputs) and the number of satoshi/byte it's set to pay (which may depend on how busy the network is).
So if you have a lot of small "deposits", usually from faucets, you can get to very high tx fee.

Right now the recommended tx fee is 90 satoshi/byte, which is pretty high. https://btc.com/stats/unconfirmed-tx


Edit: For clarification, the tx fee is a fee you pay for the miners. If the fee is too small your transaction may take longer, very long or even not get processed at all.

I get it, But still BC is working in a very strange manner or past few months.

[NeuroticFish]

I get it, But still BC is working in a very strange manner or past few months.

I don't use it, so I don't know...
In the book, the best way to go is locally installed wallet.
I use Electrum and I'm happy with it.

[BigBoom3599]

It's because the blocks are full. There are currently +-24000 unconfirmed transactions https://blockchain.info/unconfirmed-transactions, so if you want your transaction to confirm faster than the others you'll have to pay a larger fee than the others, you can look at the website NeuroticFish linked to see how large you should set you tx fee if you want fast confirmation times, otherwise you'll just have to wait until the network is less congested.

[devans]

Usually I see blockchain.info significantly underestimate fees, not overestimate them. How big was the transaction in bytes and how large was the fee in bitcoins? If you used many inputs or spent to many outputs it might not have been unreasonable in the current fee environment.

[BoXXoB]

Is it by any chance you were spending a bunch of small inputs? Let's say the transaction spent a bunch of small like 0.0001-0.0005 inputs, then there will be a bunch of fees to be paid. Although most people assume the amount they are sending somehow affects the transaction fee, it doesn't. You're just paying a fee that is suggested for a quick confirmation. In some cases it might be a large portion of the amount you're sending. However in this case it was a bit too much.

[achow101]

Transaction fee is based upon the size of the transaction in bytes since a transaction is really just data being sent to every single node on the network. The amount that you are spending from or to does not matter at all. When you spend Bitcoin, you are spending from previous transaction outputs. If you are spending from a lot of outputs your transaction will be larger. Thus your transaction fee will be large. Additionally if you spend to a lot of outputs, your transaction will be larger and thus your transaction fee will be larger. And vice versa.

What is likely happening is that you are spending from a lot of small outputs such as from gambling or faucet payments. Even though you are spending a small amount of Bitcoin, the amount of outputs you have is large, so you have a large transaction.

[JANGKRIK BOSS]

In my opinion this is to ensure that the delivery process could be faster, for transactions above 0.2 BTC I always use blockchain.info, because the process can be faster in compare to other web wallet.

[mobnepal]

I get it, But still BC is working in a very strange manner or past few months.

I am using blockchain from start and i don't think it is showing any strange behavior in past few months however they have upgraded their wallet layout recently.

Talking about fees it depends upon number of inputs and outputs you have, the more inputs (if you have received small amount of bitcoin from several address before) more fees transaction will require to be included in next few blocks. Currently blockchain.info recommend fee enough to include your transaction within next 2 blocks which you can lower but that may make your transaction stuck for several hours/days without any confirmation.

[Catmony]

That is almost 14% fees.

Is this even possible with BlochChain.

Fees for bitcoin transaction is not calculated on % of bitcoin you transfer it depends upon the size of your transaction. 200 bytes+ is minimum size for every transaction which will cost you around 14000 satoshi right now so if you try to send 28000 satoshi you have to pay 50% in fees so 14% fees is possible in bitcoin/blockchain.

[neochiny]

Fees for bitcoin transaction is not calculated on % of bitcoin you transfer it depends upon the size of your transaction. 200 bytes+ is minimum size for every transaction which will cost you around 14000 satoshi right now

This is correct. Except 200bytes is not the minimum size for a transaction.
I've had several transactions that was only in the 150 - 190 bytes range.

so if you try to send 28000 satoshi you have to pay 50% in fees so 14% fees is possible in bitcoin/blockchain.

Lost me there. So, I don't how what the 50% or 14% in fees are.

All I know is that the fees were never about how much we're sending but the size of the transaction as well as the unconfirmed transactions currently on the network(optimal fee per byte).

[thebatletbet]

i think is very big sending fee until reach over 4dollar
iam setting sending fee 30k satoshi/Kb is still fast confirmation my transaction
only 30 minute transaction confirmation only use 30K satoshi/Kb

[dasgardo87]

bump

yea me too , blockchain are take fees too high, just  some minute ago i just transfer 8$ BTC and my fees 1$ BTC. wth with that fees, even exchange fees are not that high

community should knows about this strange behavior, anyone can suggest what cheap wallet out there? should i use exchange to transfer my BTC? since it's A LOT more cheap than blockchain (i just have hesitate if i will get block by exchange site if i use too many withdrawal from exchange)

[rozee]

yes i agree if the blockchain ask high fee for a transaction, for single transaction around 0.12 bitcoin they ask 0.0016 bitcoin fee but i am agree with that fee because of my high size transaction and i want to get fast confirmation from the miners

[Devboy]

Transaction fee is based upon the size of the transaction in bytes since a transaction is really just data being sent to every single node on the network. The amount that you are spending from or to does not matter at all. When you spend Bitcoin, you are spending from previous transaction outputs. If you are spending from a lot of outputs your transaction will be larger. Thus your transaction fee will be large. Additionally if you spend to a lot of outputs, your transaction will be larger and thus your transaction fee will be larger. And vice versa.

What is likely happening is that you are spending from a lot of small outputs such as from gambling or faucet payments. Even though you are spending a small amount of Bitcoin, the amount of outputs you have is large, so you have a large transaction.

Yes, I agree that. It's mostly based on the size of the transaction. As network demand we should pay these fees. But I'm feeling sad while seeing that my transactions is being unconfirmed more than 10 hrs even I've set the highest priority to get fast confirmation. It's not normal at all.