fee on small BTC transactions

[User365]

Hey everyone,

i got started with btc a month ago and i wanted to test out how transactions and stuff work. So i started with faucets and now i have 1$ in BTC in my wallet on my mobile phone. As i got more interested i installed a wallet on my PC too. Now i wanted to try out the transaction system, but then i saw the transaction fee would ~80% from my 1$ i would only have 0.2$ left on my PC wallet.

I have read throught the whole mobiel wallet app if i could configure the fee (i think less fee, longer transaction process?) but i found nothing.

My question is have i done something wrong ? Or is the amount i want to transfer just too small ?


Ty

[_nur]

transaction fee is currently very high due to bitcoin politics

[User365]

So fee is 80% for now ? 

[jackg]

So fee is 80% for now ?  

No, the fee is based on the size of the transaction (in bytes).

Transactions are sent inside blocks. Each block is currently limited to 1MB in size.
Once a block is full and mined/verified it exists in the blockchain and is sent to other users.
Size is determined mainy from the number of scripts needed.

You may get a warning wen you recieve these transactions that say the transaction is a "pay to many" transaction, that can increase your fee but there's nothing you can do about it.
What can be done is withdrawing bitcoin from the faucets once you get a substantial amoutn. Until that point, just leave the coins in the aucet until you need to withdraw them.

Currently, there is no way to change the transaction fee in your general wallet. You'll just have to wait until there's more bitocin in there before you can withdraw it.

(Also, WELCOME TO BITCOIN!)

[onnz423]

If you import your seed from your wallet to example electrum, you'll be able to manually set the fees. The option should be found on electrum settings for manual fee set up.

[GreenBits]

Hey everyone,

i got started with btc a month ago and i wanted to test out how transactions and stuff work. So i started with faucets and now i have 1$ in BTC in my wallet on my mobile phone. As i got more interested i installed a wallet on my PC too. Now i wanted to try out the transaction system, but then i saw the transaction fee would ~80% from my 1$ i would only have 0.2$ left on my PC wallet.

I have read throught the whole mobiel wallet app if i could configure the fee (i think less fee, longer transaction process?) but i found nothing.

My question is have i done something wrong ? Or is the amount i want to transfer just too small ?


Ty

Im using to mobile wallet too im using mycelium for small transaction.I recommend that to you too.Im think we cant set a fee in mobile wallet but in mycelium it have a choices how much your fee wants.If you want just like that feature that setting fee just use electrum.

[onnz423]

Hey everyone,

i got started with btc a month ago and i wanted to test out how transactions and stuff work. So i started with faucets and now i have 1$ in BTC in my wallet on my mobile phone. As i got more interested i installed a wallet on my PC too. Now i wanted to try out the transaction system, but then i saw the transaction fee would ~80% from my 1$ i would only have 0.2$ left on my PC wallet.

I have read throught the whole mobiel wallet app if i could configure the fee (i think less fee, longer transaction process?) but i found nothing.

My question is have i done something wrong ? Or is the amount i want to transfer just too small ?


Ty

Im using to mobile wallet too im using mycelium for small transaction.I recommend that to you too.Im think we cant set a fee in mobile wallet but in mycelium it have a choices how much your fee wants.If you want just like that feature that setting fee just use electrum.

Mycelium does not have an option to manually set the fee. It has 4 presets, Low-priority, economic, normal and priority. None of them lets you to setup your own fee, only a recommended fee for each preset.

[freemanjackal]

blockchain.info has the option to change tx fee manually instead the reccomended, i do it usually, but tx take more time to gets confirmation, and in the future the tx fees will be higher, thats really serious

[User365]

Ty very much for all answers