Blockchain Wallet transfer fee

[odolvlobo]

In theory, the size of a block is limited, so miners try to fit the most transactions with the highest fees into a block in order to maximize their profit. Since the amount of bitcoins being transferred doesn't affect the size of the transaction, it doesn't affect the cost. If you are sending a large transaction (in size, not value), then you will have to pay a high fee in order to get the miners to include it.


There is a standard algorithm that most miners use to determine whether or not to include a transaction in the next block. The details of the algorithm are complicated, but the rule of thumb is that if you pay 0.0001 BTC per kilobyte, your transaction will be included in the next block.

Your problem is that you have received many very small amounts of bitcoins, and sending these bitcoins will result in a large (in size) transaction. There are strategies for getting around the fees. The least complicated one is to let the bitcoins sit for a long time. If they sit long enough, miners will process the transaction for free.

[jeffcooper]

Although I'm not understanding the workings of the bitcoin mining/transaction system, my view of the problem that I face is that somehow blockchain.info is predetermining a fee, and essentially forcing me to pay it; I thus wonder if the time/fee effect will ever be allowed to overcome my "dust" problem

[MAsterV]

I'm fairly new to trying to use my bitcoin, but I've been trying to accumulate a small amount over a year via the faucetts to add to my small purchased amount. I have managed to get 0.36 btc into my blockchain.info online wallet, and I wanted to transfer it to pay for something real - I can't believe it - blockchain say they want almost half of it to cover fees !!! so that's almost £25 in fees to move £50 - I though bitcoin was supposed to be a cheap way of transferring - can anyone tell me what could be happening, or help in any way, their customer support is not answering me !!

go to send
Then Custom and then u can choose how much fee's u want to give!!

U can set it to zero (0) but then it might take long time for it to confirm.

[Chemistry1988]

If you really want to use faucets (I don't suggest) but don't want to pay a high transaction fee, you could use your deposit address on an exchange or off-chain gambling site to collect the tiny amount of bitcoin. You can later withdraw the balance to your personal wallet when you feel it is large enough and you just need to pay a normal withdrawal fee once.