Blockchain Best Minimum Transfer Fee - 0.00009 BTC Only - Not More

[Red Fish]

Currently Blockchain wallet make so high transfer fee, it is not acceptable, if you try to transfer 0.0001 BTC, they offer 0.00024 BTC transfer fee. I think best Blockchain transfer fee would be 0.00009 BTC. Blockchain pop up will say it is too small fee for transaction, but not everyone BTC user will agree to give to Blockchain so high transfer fee.
Estimated transfer time with 0.00009 BTC transfer fee - 24 - 36 hours !!!

[1715300764]

1715300764

[achow101]

This is a result of the size in bytes of the transaction you are creating, not anything to do with the amount you are sending. The size in bytes of a transaction has nothing to do with the amount of Bitcoin you are spending from.

The minimum fee set by blockchain.info is NOT for the entire Bitcoin network. This minimum fee is not taken by blockchain.info but rather given to the miners so that your transaction confirms quickly. The point of the fee is to increase the odds that your transaction will confirm in the next couple of blocks instead of having to wait several hours for it to confirm.

[Lauda]

Wrong. It looks like you don't understand how the Bitcoin protocol works. The blockchain.info is not the one determining the fee that is required, but suggests (or lets you choose it yourself) the appropriate fee required for the network. The fee policy is set by:
1) Miners.
2) Nodes.

Another contributing factor is the current number of unconfirmed transactions which also reflects via the fee rate in satoshis/byte. You can view that information here: https://bitcoinfees.21.co/
Basically the amount that you are transferring is completely irrelevant. What matters is: 1) The size of your transaction. 2) The recommended fee ratio in satoshis/byte.

[odolvlobo]

Currently Blockchain wallet make so high transfer fee, it is not acceptable, if you try to transfer 0.0001 BTC, they offer 0.00024 BTC transfer fee. I think best Blockchain transfer fee would be 0.00009 BTC. Blockchain pop up will say it is too small fee for transaction, but not everyone BTC user will agree to give to Blockchain so high transfer fee.

Please keep in mind that 0.0001 BTC is less than $0.10, and Bitcoin is probably still the cheapest way to send money -- even for such small amounts.

However, I agree that a typical transaction fee of 0.0002 BTC is too high because it discourages adoption.

[Digitalbitcoin]

This is a result of the size in bytes of the transaction you are creating, not anything to do with the amount you are sending. The size in bytes of a transaction has nothing to do with the amount of Bitcoin you are spending from.

The minimum fee set by blockchain.info is NOT for the entire Bitcoin network. This minimum fee is not taken by blockchain.info but rather given to the miners so that your transaction confirms quickly. The point of the fee is to increase the odds that your transaction will confirm in the next couple of blocks instead of having to wait several hours for it to confirm.

Very right. If you are sending big amount which is distributed in multiple transaction then size of transaction increases and fees will be applied as per rate of per kB. And in such condition if you not pay appropriate fee by sending lower fees. Then you transaction might be not completed within network for long duration or may be never confirmed by miner. And this is especially for Blockchain web wallet only. Because most of wallet service only offer wallet services for sending and receiving Bitcoins with cold storage facility.

[Velkro]

This is a result of the size in bytes of the transaction you are creating, not anything to do with the amount you are sending. The size in bytes of a transaction has nothing to do with the amount of Bitcoin you are spending from.

That should be changed. Its not logical, its not easy to understand and more worse is that its not easy to calculate.
Unacceptable for common user.

[achow101]

This is a result of the size in bytes of the transaction you are creating, not anything to do with the amount you are sending. The size in bytes of a transaction has nothing to do with the amount of Bitcoin you are spending from.

That should be changed. Its not logical, its not easy to understand and more worse is that its not easy to calculate.
Unacceptable for common user.

Why should it be changed? It is completely logical; you are paying for block space. It is very easy to calculate the fee for your transaction given the fee rate. Calculating the fee rate for any system where fees are not fixed will be hard regardless.

[ArcCsch]

That should be changed. Its not logical, its not easy to understand and more worse is that its not easy to calculate.
Unacceptable for common user.

It is logical because what you are really paying for is the space in blocks for your transaction, the network must store this in all nodes forever.
The network does not care how much you are transfering.
When the Lightning Network is activated (if ever), large transactions would be on chain and have an aproximally flat rate, but small transactions would be cheaper to send via chanells, which would be run by people with relativelly large holdings.
Holders would essentially become micropayment providers, but without the trust problem, as smart contracts would prevent them from cheating their clients.
I once sent a transaction with a fee of 0.00001 BTC, and got it confirmed within 3 hours, maybe I got lucky.

[odolvlobo]

This is a result of the size in bytes of the transaction you are creating, not anything to do with the amount you are sending. The size in bytes of a transaction has nothing to do with the amount of Bitcoin you are spending from.

That should be changed. Its not logical, its not easy to understand and more worse is that its not easy to calculate.
Unacceptable for common user.

There is no rule that determines the fee, so there is nothing to change. It is up to each miner to decide what transactions to include in their blocks. A while ago, fee/byte was only one factor of many, but it has become the major factor now that blocks are full.

[Adar Korin]

Not all BitCoin wallet's can alter the transaction fee - can they?  How low a fee can be set?  Is there a too high for that matter?

[achow101]

Not all BitCoin wallet's can alter the transaction fee - can they? 

Any Bitcoin wallet can and must set a transaction fee. Most wallets allow the user to change what the wallet sets, but not all. However all wallets must still set a fee.

How low a fee can be set? 

You can set as low or high a fee you want. You can set a fee of 0, but your transaction may take a while to confirm.

Is there a too high for that matter?

What do you mean by this? This does not make sense.

[ArcCsch]

Is there a too high for that matter?

What do you mean by this? This does not make sense.

A wallets may concievebly warn you if you, for example, accidently set 1BTC as your transaction fee, you should always double-check your transaction before broadcasting to avoid this type of blunder.

[sportis]

Wrong. It looks like you don't understand how the Bitcoin protocol works. The blockchain.info is not the one determining the fee that is required, but suggests (or lets you choose it yourself) the appropriate fee required for the network. The fee policy is set by:
1) Miners.
2) Nodes.

Another contributing factor is the current number of unconfirmed transactions which also reflects via the fee rate in satoshis/byte. You can view that information here: https://bitcoinfees.21.co/
Basically the amount that you are transferring is completely irrelevant. What matters is: 1) The size of your transaction. 2) The recommended fee ratio in satoshis/byte.

I thought that only miners define the fee policy and nobody else. As I know nodes are responsible to verify transactions and then relay them to other nodes. So users who run their own full nodes define the fee policy too? May be I understand something wrong?  

[achow101]

I thought that only miners define the fee policy and nobody else. As I know nodes are responsible to verify transactions and then relay them to other nodes. So users who run their own full nodes define the fee policy too? May be I understand something wrong?  

All nodes have their own local fee policy (miners being a subset of nodes). This fee policy determines what fees have to be paid in order for a transaction to be relayed by the node. Those nodes who are miners include transactions based upon fees so they determine what fee rate is necessary to get a transaction confirmed.

[d5000]

Currently Blockchain wallet make so high transfer fee, it is not acceptable, if you try to transfer 0.0001 BTC, they offer 0.00024 BTC transfer fee.

I think you already know it, but you can set the fee yourself in Blockchain.info, clicking on "Advanced Send".

That the fee is so "high" is, as others already pointed out, a result of the full blocks because of the 1 MB limitation and the growing transaction volume. That fact give miners a high negotiation power. At this moment, I wouldn't recommend Bitcoin for micropayments of less than, let's say, 2-3 USD - only if you have a lot of time and can wait to be lucky to find a miner that accepts the TX in a couple of hours. And you should know what to do if it sits in the "limbo" for several days because it may never get confirmed.

That doesn't mean that it's not possible to do micro-transactions with cryptocurrencies. The currently possible way is to use altcoins, but in the near future it should be possible to use the Lightning Network with BTC if the SegWit functions are enabled. See this article for an explanation.

[Adar Korin]

Not all BitCoin wallet's can alter the transaction fee - can they? 

Any Bitcoin wallet can and must set a transaction fee. Most wallets allow the user to change what the wallet sets, but not all. However all wallets must still set a fee.

How low a fee can be set? 

You can set as low or high a fee you want. You can set a fee of 0, but your transaction may take a while to confirm.

Is there a too high for that matter?

What do you mean by this? This does not make sense.

too high a fee - i.e. I want a BTC 1,000 transaction to go through straight away, so I slap a BTC 1.0 transaction fee payment to hurry things up?  (this is an extreme example, but I hope you understand what I am asking?)

[Decoded]

**Tune of SpongeBob lol**

What does everyone need that you can't see,

BLOCKSIZE INCREASE! BLOCKSIZE INCREASE!

We need a change that will help you and me!

BLOCKSIZE INCREASE! BLOCKSIZE INCREASE!


On a more serious note, with adoption, the fee size is only going to increase if we don't make a move. People using Bitcoin will cause the price to go up, and so will the fee amount. Meaning that the cost to transact will skyrocket. What happens next? No one wants to send Bitcoin. Ponzis will become unprofitable (lol)!!! Oh no!

Then... The price drops.

[swogerino]

I was testing it out on my blockchain.info wallet and when I entered in a very low tx fee it automatically tells you that it is the minimum and if you go even lower it will tell you that it can not send with that amount. This is before the message telling you that the amount you are using for the tx fee is not advised because it might not confirm but allows you to do anyways.

[BitcoinBarrel]

The fee is higher if the transaction size is bigger than normal, which is usually the case with lots of small transactions in your wallet.

My recommended fee from Blockchain.info is 0.00014 which I bump up to 0.00018 for regular payments and 0.0002 - 0.000222 (no more, because it doesn't seem to matter) for priority payments. This is very reasonable and gets confirmed under 20 minutes almost always.

I really don't see a need to send a payment for less than 0.001 BTC.

What would you need to buy online for so cheap?

[youdamushi]

Currently Blockchain wallet make so high transfer fee, it is not acceptable, if you try to transfer 0.0001 BTC, they offer 0.00024 BTC transfer fee. I think best Blockchain transfer fee would be 0.00009 BTC. Blockchain pop up will say it is too small fee for transaction, but not everyone BTC user will agree to give to Blockchain so high transfer fee.

Please keep in mind that 0.0001 BTC is less than $0.10, and Bitcoin is probably still the cheapest way to send money -- even for such small amounts.

However, I agree that a typical transaction fee of 0.0002 BTC is too high because it discourages adoption.

Wut?

No BTC is not at all the cheapest way to send money!
Cheapest way to send money is clearly paypal, it's fucking free ^^
BTC has lots of good aspects but don't invent additional ones xD