TeePee (OP)
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December 27, 2017, 10:36:53 PM |
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Hello,
I've always been told that the fees per transaction have nothing to do with the amount of BTC you send. However, when I enter 1 mBTC as amount I have clearly lower fees in my Electrum wallet (when I set the fees at minimum) than when I for example enter 100 mBTC. And when I enter 1BTC it's again higher, and at 2BTC again higher and so on.
So apparently fees DO depend on the amount. Is this new? People have always told me it has nothing to do with amount.
And my second question is, why are fees so incredibly high at the moment? Even when I set my fees to minumum in Electrum I have to pay around 3.5mBTC in fees when I want to send 1.8 BTC. That is 50 euro! It's crazy! And when I want to send 1mBTC I have to pay a minimum fee of 1.3 mBTC! That is more thant the amount I send in that case!
And the last question: is it not even possible in the Electrum version 2.8.3 to send a transaction with an own amount of fees? I now cannot enter fees manually but have to scroll a bar to the left or right to decide minimum/average/high fees. How can I choose the fees amount myself in this Electrum version please?
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Kajune
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Activity: 112
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December 27, 2017, 10:39:57 PM |
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Hello,
I've always been told that the fees per transaction have nothing to do with the amount of BTC you send. However, when I enter 1 mBTC as amount I have clearly lower fees in my Electrum wallet (when I set the fees at minimum) than when I for example enter 100 mBTC. And when I enter 1BTC it's again higher, and at 2BTC again higher and so on.
So apparently fees DO depend on the amount. Is this new? People have always told me it has nothing to do with amount.
And my second question is, why are fees so incredibly high at the moment? Even when I set my fees to minumum in Electrum I have to pay around 3.5mBTC in fees when I want to send 1.8 BTC. That is 50 euro! It's crazy! And when I want to send 1mBTC I have to pay a minimum fee of 1.3 mBTC! That is more thant the amount I send in that case!
And the last question: is it not even possible in the Electrum version 2.8.3 to send a transaction with an own amount of fees? I now cannot enter fees manually but have to scroll a bar to the left or right to decide minimum/average/high fees. How can I choose the fees amount myself in this Electrum version please?
Depend on the merchant, some are fixed and some are in %, the one in % is the most greedy one. |
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Macadonian
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December 27, 2017, 10:40:37 PM |
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I'm not sure about your first question but I think for higher amounts it recommends more to get them sent faster. Your second question is due to the amount of people who are now buying into bitcoin and moving funds around. It's causing congestion and the miners can't keep up. Therefore the fee has to be increased for them to prioritize.
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heartrodriguez28
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December 27, 2017, 10:42:30 PM |
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Either way, things are getting out of hand here. I mean, who would want to pay $12 in fees for a $100 transfer?
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mostkey
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December 27, 2017, 10:45:57 PM |
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when we talk about the fee. this raises many questions!
* Why are fees so expensive?
* why the transaction is stuck?
yes that's what is often asked and it's back to us, is it reasonable with a high fee when the current btc price? I do not think it's a problem
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Kajune
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December 27, 2017, 10:48:53 PM |
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The high fees caused by high network transaction will go down once bitcoin prize are stabilized.
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TeePee (OP)
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Activity: 183
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December 27, 2017, 10:49:59 PM |
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when we talk about the fee. this raises many questions!
* Why are fees so expensive?
* why the transaction is stuck?
yes that's what is often asked and it's back to us, is it reasonable with a high fee when the current btc price? I do not think it's a problem
The whole point of bitcoin was quick processing and (almost) free transactions. Right now, the way it is that you have to pay even more fees than a bank would charge you and if you don't pay those fees your transaction will take over 1 week! |
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TeePee (OP)
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December 27, 2017, 10:51:01 PM |
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The high fees caused by high network transaction will go down once bitcoin prize are stabilized.
People have been telling this now for weeks. But the fees have stayed very high for weeks/months now. And to be quite honest, I don't think fees will ever go back to let's say 0.5 mBTC for a 2 BTC transaction. It will only get worse in my opinion. |
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TeePee (OP)
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Activity: 183
Merit: 13
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December 27, 2017, 10:51:53 PM |
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Hello,
I've always been told that the fees per transaction have nothing to do with the amount of BTC you send. However, when I enter 1 mBTC as amount I have clearly lower fees in my Electrum wallet (when I set the fees at minimum) than when I for example enter 100 mBTC. And when I enter 1BTC it's again higher, and at 2BTC again higher and so on.
So apparently fees DO depend on the amount. Is this new? People have always told me it has nothing to do with amount.
And my second question is, why are fees so incredibly high at the moment? Even when I set my fees to minumum in Electrum I have to pay around 3.5mBTC in fees when I want to send 1.8 BTC. That is 50 euro! It's crazy! And when I want to send 1mBTC I have to pay a minimum fee of 1.3 mBTC! That is more thant the amount I send in that case!
And the last question: is it not even possible in the Electrum version 2.8.3 to send a transaction with an own amount of fees? I now cannot enter fees manually but have to scroll a bar to the left or right to decide minimum/average/high fees. How can I choose the fees amount myself in this Electrum version please?
Depend on the merchant, some are fixed and some are in %, the one in % is the most greedy one. With merchant you mean Electrum or the one I am sending the bitcoins to? In this case GDAX....which one you mean? |
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Kajune
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Activity: 112
Merit: 10
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December 27, 2017, 10:53:44 PM |
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The high fees caused by high network transaction will go down once bitcoin prize are stabilized.
People have been telling this now for weeks. But the fees have stayed very high for weeks/months now. And to be quite honest, I don't think fees will ever go back to let's say 0.5 mBTC for a 2 BTC transaction. It will only get worse in my opinion. That is because bitcoin prize now are still fluctuate from 5 - 10% each day and even more than 10% in some days. Just wait until the fluctuation stabilize within 1%. |
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Kajune
Member
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Activity: 112
Merit: 10
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December 27, 2017, 10:54:45 PM |
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Hello,
I've always been told that the fees per transaction have nothing to do with the amount of BTC you send. However, when I enter 1 mBTC as amount I have clearly lower fees in my Electrum wallet (when I set the fees at minimum) than when I for example enter 100 mBTC. And when I enter 1BTC it's again higher, and at 2BTC again higher and so on.
So apparently fees DO depend on the amount. Is this new? People have always told me it has nothing to do with amount.
And my second question is, why are fees so incredibly high at the moment? Even when I set my fees to minumum in Electrum I have to pay around 3.5mBTC in fees when I want to send 1.8 BTC. That is 50 euro! It's crazy! And when I want to send 1mBTC I have to pay a minimum fee of 1.3 mBTC! That is more thant the amount I send in that case!
And the last question: is it not even possible in the Electrum version 2.8.3 to send a transaction with an own amount of fees? I now cannot enter fees manually but have to scroll a bar to the left or right to decide minimum/average/high fees. How can I choose the fees amount myself in this Electrum version please?
Depend on the merchant, some are fixed and some are in %, the one in % is the most greedy one. With merchant you mean Electrum or the one I am sending the bitcoins to? In this case GDAX....which one you mean? The merchant I mean refer to those who process your transaction, different sites = different merchant. |
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joinfree
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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL
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December 27, 2017, 10:55:25 PM |
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Either way, things are getting out of hand here. I mean, who would want to pay $12 in fees for a $100 transfer?
Haha $12? you are in the past, the actual fees are over $30 at the moment, they are getting a little bit cheaper day by day (last week they were over $45) and $12 is nothing, i would be willing to pay that amount for a single transaction.
Probably no one is using bitcoin for a single transaction of $100, the fees would be more than $30 at the moment, the thirty percent.
But yes, they are incredible high at the moment. |
Crypto Enthusiast supporting innovative ideas for the Liberalization of the world from the Centralized Institutions.
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heartrodriguez28
Newbie
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Activity: 81
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December 27, 2017, 10:55:52 PM |
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Why do we need to wait until stabilization? do we even know when that will happen? Bitcoin's (this technology's) promise has not been kept and has failed in my opinion.
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TeePee (OP)
Member
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Activity: 183
Merit: 13
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December 27, 2017, 11:05:56 PM |
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Still nobody knows the answer to my third question? I will repeat it here:
is it not even possible in the Electrum version 2.8.3 to send a transaction with an own chosen amount of fees? I now cannot enter fees manually but have to scroll a bar to the left or right to decide minimum/average/high fees. How can I choose the fees amount myself in this Electrum version please?
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