0.005 BTC send + 0.0012 BTC fee ... why to much? explain please...

[molly777]

Hi... I send 0.005 BTC to cloud mining and total amount send was 0.0062 (that is 0.0012 fee). It's really a lot ... I study the fees a little and discover that will be fee because it's less than 0.01 but really to much? Can be the fee too high because i receive a lot of transactions what are small as 60 bits? Please explain me it a little bit and please tell me how to avoid it in the future. Thanks a lot.

Hash: https://blockchain.info/tx/cb8337e6635fadf423bb19fb4f8e2b147e85ccb8a41c8f1cff16d532be8f2052

Sended from blockchain wallet to scrypt.cc and I don't fill miners fee.

[eyeknock]

well yes i suffer the same when i was using faucets, i think that is because you have lot of small inc transactions to one btc address, so when you need to send money from there you need to pay more fees, dunno if im wrong, but since i dont have lot of inc transactions my fee is normal, like 10k.

[molly777]

So now I set faucetbox to send me BTC only if it reaches 0.2 BTC... did you think it will help? I read that if you want to send for example 0.1 BTC and you have not received any single input of that value or higher then it must collect from many small inputs (for example 60 bits - 100 bits) and in that case the fee is high. It's true? Or I must next time to fill the miners fee?

[BlackMachine]

Hi... I send 0.005 BTC to cloud mining and total amount send was 0.0062 (that is 0.0012 fee). It's really a lot ... I study the fees a little and discover that will be fee because it's less than 0.01 but really to much? Can be the fee too high because i receive a lot of transactions what are small as 60 bits? Please explain me it a little bit and please tell me how to avoid it in the future. Thanks a lot.

Hash: https://blockchain.info/tx/cb8337e6635fadf423bb19fb4f8e2b147e85ccb8a41c8f1cff16d532be8f2052

Sended from blockchain wallet to scrypt.cc and I don't fill miners fee.

If you were to click show scripts and coinbase, you will find lots of inputs. The main reason you are paying so much transaction fees is due to the fact that the transaction size is HUGE. If you want to avoid these fees, combine some transactions into one single transaction first then combine again till it becomes 1 transaction. It can cost you some time but the fees will be significantly lower. Alternatively, set a higher thershold for faucets or you can stop using them altogether. Default fees is 0.00001/kb.

[molly777]

Hmm... Ok but I send it only to one address only in one transaction so why it sending it in too much parts?

[OnkelPaul]

So now I set faucetbox to send me BTC only if it reaches 0.2 BTC...

0.2 is probably much too high - you will virtually wait forever to get a payout.
0.01 might be reasonable, I think it would result in less than 1% fees for most cases.
The recommended fee is about 0.0001 BTC per kbyte of transaction data. One kbyte will normally be enough to handle a number of those small inputs, so for sending anything from 0.01 to maybe 0.15 BTC your fee would be 0.0001.

Onkel Paul

[BlackMachine]

So now I set faucetbox to send me BTC only if it reaches 0.2 BTC...

0.2 is probably much too high - you will virtually wait forever to get a payout.
0.01 might be reasonable, I think it would result in less than 1% fees for most cases.
The recommended fee is about 0.0001 BTC per kbyte of transaction data. One kbyte will normally be enough to handle a number of those small inputs, so for sending anything from 0.01 to maybe 0.15 BTC your fee would be 0.0001.

Onkel Paul

It is actually 0.00001 for nodes to relay your transaction.

If you want a free transaction, leave the inputs there for a while. If the priority is high enough and size is small enough, you can send a no fee transaction.

[molly777]

Thank you ... now I think I understand it ... it send TRANSACTION what I previously receive and because I receive a lot of them and all was small amount then it need to send a lot of parts = lot of fee.

[shorena]

Hmm... Ok but I send it only to one address only in one transaction so why it sending it in too much parts?

Inputs are created for each transaction you receive. The address you receive the inputs on do not matter. You dont have a balance of bitcoin even though your wallet (or service like blockchain.info) is showing it to you like that. You have different inputs you can use. Every time you receive bitcoin through a transaction an unspend input is created. When you later use(spend) that input it needs ~180 byte as part of your transaction and (once confirmed) as part of the blockchain. The more inputs, the bigger the TX, the higher the fee. Its a typical faucet[1] or micro transaction problem and a common workaround is to do less frequent payouts or to combine micro payments.

-snip-
It is actually 0.00001 for nodes to relay your transaction.

No! As the owner of a node thats merely relaying transaction I can assure you that there is no such thing as a relay fee.

If you want a free transaction, leave the inputs there for a while. If the priority is high enough and size is small enough, you can send a no fee transaction.

This is very bad advice considering the inputs used. E.g. one of the inputs was 0.0000864 BTC which would take ~11k days to get a reasonable high priority in order to be send without fee.

[1] see this thread for more: https://bitcointalk.org/index.php?topic=1044399.0

[BlackMachine]

-snip

-snip-
It is actually 0.00001 for nodes to relay your transaction.

No! As the owner of a node thats merely relaying transaction I can assure you that there is no such thing as a relay fee.

If you want a free transaction, leave the inputs there for a while. If the priority is high enough and size is small enough, you can send a no fee transaction.

This is very bad advice considering the inputs used. E.g. one of the inputs was 0.0000864 BTC which would take ~11k days to get a reasonable high priority in order to be send without fee.

[1] see this thread for more: https://bitcointalk.org/index.php?topic=1044399.0
-snip-

1) I was referring to the minimum TX fee for Bitcoin Core (V 0.10) nodes to relay the transaction. Sorry for mixing it up.
2) I was referring to OnkelPaul's advice of the 0.01BTC withdrawal thershold.

[shorena]

-snip-
1) I was referring to the minimum TX fee for Bitcoin Core (V 0.10) nodes to relay the transaction. Sorry for mixing it up.

Alright, I didnt get that.

2) I was referring to OnkelPaul's advice of the 0.01BTC withdrawal thershold.

Still 100 days to get a reasonable priority. Forget waiting for priority with faucet income, just suck it up and pay the fee. You should probably consider ~10% of your faucet income a fee you have to pay when you try to spend the funds anyway. Alternativly you can be an arse and try to pass the costs along to a casino or another service that has a fixed withdrawal fee. They get your 100's of inputs and have to deal with them while you pay the same withdrawal fee as everyone else. Its not nice, but its a possible solution for the mess.

[HeroCat]

I do not think, you can avoid the fee 0.0001 BTC. If you pay less, your BTC transfer time will not be instant, it can be a much longer. I would not suggest to do that 

[molly777]

So I tested it right now ... I send 0.003 and set fee to 0.0001 and pay only 0.0031. Great ... Confirmed in 16 minutes.

https://blockchain.info/tx/471bfc1ef32b5d5306e5cfbe6a34baefc60b7daac0a6f56de8f23ffdeb022467

[shorena]

So I tested it right now ... I send 0.003 and set fee to 0.0001 and pay only 0.0031. Great ... Confirmed in 16 minutes.

https://blockchain.info/tx/471bfc1ef32b5d5306e5cfbe6a34baefc60b7daac0a6f56de8f23ffdeb022467

It used only two inputs and thus the fee "normal" was perfectly fine.

https://blockchain.info/tx/471bfc1ef32b5d5306e5cfbe6a34baefc60b7daac0a6f56de8f23ffdeb022467?show_adv=true

[moriartybitcoin]

Hi... I send 0.005 BTC to cloud mining and total amount send was 0.0062 (that is 0.0012 fee). It's really a lot ... I study the fees a little and discover that will be fee because it's less than 0.01 but really to much? Can be the fee too high because i receive a lot of transactions what are small as 60 bits? Please explain me it a little bit and please tell me how to avoid it in the future. Thanks a lot.

Hash: https://blockchain.info/tx/cb8337e6635fadf423bb19fb4f8e2b147e85ccb8a41c8f1cff16d532be8f2052

Sended from blockchain wallet to scrypt.cc and I don't fill miners fee.

i can see most of your coins is from little transactions, so it means you use too many inputs for that transaction you gave, means you will need to pay more fees

[BITCOINERSEJATI]

Hi... I send 0.005 BTC to cloud mining and total amount send was 0.0062 (that is 0.0012 fee). It's really a lot ... I study the fees a little and discover that will be fee because it's less than 0.01 but really to much? Can be the fee too high because i receive a lot of transactions what are small as 60 bits? Please explain me it a little bit and please tell me how to avoid it in the future. Thanks a lot.

Hash: https://blockchain.info/tx/cb8337e6635fadf423bb19fb4f8e2b147e85ccb8a41c8f1cff16d532be8f2052

Sended from blockchain wallet to scrypt.cc and I don't fill miners fee.

you can set miner fee
Open your wallet than click custom and fill miner fee you want, also you can set 0satosi fee but iam recomended 10k satosi or 0.0001BTC

[subSTRATA]

most likely your funds were mostly accumulated "dust" and with the number of outputs, the transaction size was incredibly large, causing your tx fee to be that high.

size of tx: ((numberOfInputs*148)+(numberOfOutputs*34)+10)

[ranochigo]

Hi... I send 0.005 BTC to cloud mining and total amount send was 0.0062 (that is 0.0012 fee). It's really a lot ... I study the fees a little and discover that will be fee because it's less than 0.01 but really to much? Can be the fee too high because i receive a lot of transactions what are small as 60 bits? Please explain me it a little bit and please tell me how to avoid it in the future. Thanks a lot.

Hash: https://blockchain.info/tx/cb8337e6635fadf423bb19fb4f8e2b147e85ccb8a41c8f1cff16d532be8f2052

Sended from blockchain wallet to scrypt.cc and I don't fill miners fee.

you can set miner fee
Open your wallet than click custom and fill miner fee you want, also you can set 0satosi fee but iam recomended 10k satosi or 0.0001BTC

0.0001 fee for a nearly 10kb transaction would never be enough. If I calculate correctly, the priority is 2,367,898. This transaction will not qualify for the 50kb max space in the block qualified for the high priority transactions. Hence, it would have to depend on the fees/kb if it pays 0.00001/kb, the transaction would be rank at the bottom. Please correct me if I'm wrong.

[molly777]

Ok ... now everything works perfectly. Thanks you all for your help. Problem was solved but if you want continue with discussion about recommended fees. Maybe it helps to others who read it.

[Snorek]

Ok ... now everything works perfectly. Thanks you all for your help. Problem was solved but if you want continue with discussion about recommended fees. Maybe it helps to others who read it.

Yep you are right. I didn't know that having a lot of 'dust' in your wallet would bite you in the ass, after reading this thread I know. Also, one another reason to not use faucets.
In my wallet transaction fee is set to 0.00000000 and I never pay it, yet transactions are processed - fast and without problems, is that normally possible? Maybe my wallet is taking fee stealthily?