Default but fees are huge

[yambub]

Hi

I made a payment of 0.02. I haven't altered the settings, but it added a fee of 0.00188985 - seems quite high. I thought the default setting would be safe, and I don't want to start messing with it. Any ideas?

A previous transaction of .036299 also got a fee of .0027301

Is this just normal?

Thanks

[crairezx20]

If you convert the fee in bitcoin its such a small fee.. you are just transferring a small ethereum for low amount of fee its not high fee..
If you send i high amount of ethereum you will notice it the difference..

[Jhanzo]

How big is your transaction?  The transaction fees depends on the size of the transaction.  The default transaction fees for normal sized transaction shouldn't even be close to that.

You can change the transaction settings in Preferences > Transactions.  If you don't know what to do with it and don't want to mess up just use dynamic fees and set it to 120% or something.

[Patatas]

Depends on the transaction size as mentioned above.Mind posting the transaction Id's ? Here's how you set the fees manually using the GUI.

-Activate the option set fees manually
-Enter 0 in the fee field
-Enter the amount in the amount field

[Herbert2020]

Hi
I made a payment of 0.02. I haven't altered the settings, but it added a fee of 0.00188985 - seems quite high. I thought the default setting would be safe, and I don't want to start messing with it. Any ideas?
A previous transaction of .036299 also got a fee of .0027301
Is this just normal?
Thanks

unless you include a transaction ID nobody can say if it is normal or not, but if you haven't changed anything with your wallet's setting then it should be the normal fee that you had to pay in order to send the transaction with high enough priority so that it could get confirmed.

p.s. Reminder: fee is not a fixed amount per transaction, fee is calculated first of all based on the size of your transaction.

[yambub]

p.s. Reminder: fee is not a fixed amount per transaction, fee is calculated first of all based on the size of your transaction.

Thanks, this is all fairly new to me at the moment. There's an option to set the fee per kb and this is set default to .0005. It's also set to dynamic fees 100%. Maybe I just happened to have a lot of dust in that transaction and that made it big?

This is the transaction: https://blockchain.info/tx/a974e8525a969a6f9d5343adda5def273363d0e2be449d6a353fb6dccd4273da

I just want to figure it out so I can understand better how it works. Fortunately I'm only doing small transactions as yet. I got it all from faucets, I have to get a good understanding before recommending it to others!

All the best
Andy

[merelcoin]

p.s. Reminder: fee is not a fixed amount per transaction, fee is calculated first of all based on the size of your transaction.

Thanks, this is all fairly new to me at the moment. There's an option to set the fee per kb and this is set default to .0005. It's also set to dynamic fees 100%. Maybe I just happened to have a lot of dust in that transaction and that made it big?

This is the transaction: https://blockchain.info/tx/a974e8525a969a6f9d5343adda5def273363d0e2be449d6a353fb6dccd4273da

I just want to figure it out so I can understand better how it works. Fortunately I'm only doing small transactions as yet. I got it all from faucets, I have to get a good understanding before recommending it to others!

All the best
Andy

Indeed, this one was huge: 10252 bytes
https://bitcoinfees.21.co/ currently advices 80 satoshi's per byte, so the recommended fee should have been around 80*10252 satoshis = 820160 satoshi = 0.0082016 BTC.

If you would have used a default fee of 0.0005, the transaction would probably have taken a really long time to confirm

[yambub]

How big is your transaction?  The transaction fees depends on the size of the transaction.  The default transaction fees for normal sized transaction shouldn't even be close to that.

You can change the transaction settings in Preferences > Transactions.  If you don't know what to do with it and don't want to mess up just use dynamic fees and set it to 120% or something.

thanks Jhanzo. It's a small amount but I got it all from faucets so maybe there's a lot of small transactions contributing to it. This is the transaction, I'd appreciate any insights, I'm only able to learn by doing!
https://blockchain.info/tx/a974e8525a969a6f9d5343adda5def273363d0e2be449d6a353fb6dccd4273da

In my wallet, .02188985 is how much went out. I need to understand what's happening before I start recommending BTC to folks in Africa!

[mocacinno]

How big is your transaction?  The transaction fees depends on the size of the transaction.  The default transaction fees for normal sized transaction shouldn't even be close to that.

You can change the transaction settings in Preferences > Transactions.  If you don't know what to do with it and don't want to mess up just use dynamic fees and set it to 120% or something.

thanks Jhanzo. It's a small amount but I got it all from faucets so maybe there's a lot of small transactions contributing to it. This is the transaction, I'd appreciate any insights, I'm only able to learn by doing!
https://blockchain.info/tx/a974e8525a969a6f9d5343adda5def273363d0e2be449d6a353fb6dccd4273da

In my wallet, .02188985 is how much went out. I need to understand what's happening before I start recommending BTC to folks in Africa!

There are a couple of good websites that can you can visit to learn about the fee, for example this one: https://en.bitcoin.it/wiki/Transaction_fees

I'll try to explain it as simply as possible. This explanation made a lot of abstractions, and is in no-way the complete bitcoin theory!!!:
- in order to send bitcoins to somebody else, you create a transaction. It's basically a piece of text where you specify which inputs you'll use to create an output. In your case you used lots and lots of inputs. Each input has to be specified in the transaction.
- A miner puts the text of the transaction into a block, as soon as it's written in a block, it has 1 confirmation
- The size of the block is limited to 1 Mb, when it's full the leftover transactions have to wait untill the next block is mined

So, the more inputs you used, the bigger your transaction will be, the more space it'll use in a block. That's why the fee is calculated using the size of your transaction, and it has nothing to to with the amount of BTC you wanted to send.

The fee is basically the "tip" a miner gets when he choses to put your transaction into the block he/she is mining. The more satoshi's per byte of transaction you added, the higher the chance the miner will pick your transaction over the transaction of somebody else

[yambub]

Indeed, this one was huge: 10252 bytes
https://bitcoinfees.21.co/ currently advices 80 satoshi's per byte, so the recommended fee should have been around 80*10252 satoshis = 820160 satoshi = 0.0082016 BTC.

If you would have used a default fee of 0.0005, the transaction would probably have taken a really long time to confirm

Great, thanks for the quick reply. So it's probably because all my BTC in the wallet is tiny transactions from faucets? If so then there's nothing to worry about, that's just how things are.

[yambub]

There are a couple of good websites that can you can visit to learn about the fee, for example this one: https://en.bitcoin.it/wiki/Transaction_fees

Cheers! That will save me a lot of searching through bad info... and keep me busy for the next hour or so.

[mocacinno]

There are a couple of good websites that can you can visit to learn about the fee, for example this one: https://en.bitcoin.it/wiki/Transaction_fees

Cheers! That will save me a lot of searching through bad info... and keep me busy for the next hour or so.

I edited my post and added a lot of extra info

[yambub]

Hi Thanks to all who replied. I think it's resolved now. Seems that using faucets has its downsides as well. All those tiny transaction made a huge file when I spent some. Still I got it all for nothing so no worries.

@Herbert2020 - Yes I should have included the transaction, my bad!

It's amazing, everything you need ot know is out there somewhere and there are people willing to spend the time to give advice and pointers. Thank you!

Andy