Blockchain.info - Really high fees?

[Motivator]

Currently trying to send 2 bitcoins, however, the fee is ridiculous high. $45 to be exact...


What do you recommend to put the transaction fee too?

[1715365873]

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[bL4nkcode]

Transaction fee depends on the size of the transaction you want to make/send on any particular address/es. But $45 or 0.03508 current price via preev is pretty really high. But since you are using blockchain.info:s wallet you can manually put your desired fee based on this site https://bitcoinfees.21.co.

[Iranus]

The Blockchain wallet's fee estimation is terrible, but it is making normal transactions for you (unlike Coinbase or Xapo, where you can't actually customise your fees because they're not charging you the same that they're paying for the transaction).  You can set whatever fee you want.

You should measure it in satoshi/byte though rather than price.  If Blockchain recommends a fee that high it's probably because your transaction is insanely large for some reason.  Maybe you built up the Bitcoin with hundreds of tiny dust inputs instead of accepting large transactions yourself?

[Emoclaw]

You can lower the fee, but it will take longer to confirm. Right now the recommended fee for a fast transaction is 160 satoshi/byte.
Currently the mempool has ~27k unconfirmed transactions: https://blockchain.info/unconfirmed-transactions
You could wait for it to get below 15K, you'd be able to lower your fee considerably without compromising on confirmation time.

[Patatas]

Currently trying to send 2 bitcoins, however, the fee is ridiculous high. $45 to be exact...


What do you recommend to put the transaction fee too?

1.I don't recommend using blockchain.info with that amount of transactions ,use a desktop wallet.
2.Replace the default fees but sending from an address with exactly the amount you want to send plus te calculated fees from any bitcoin fees tool.This way ,blockhain.info can't use additional coins from your balance.And with low transaction fees you know the catch ,takes forever to confirm.

[amacar2]

I think you have received lots of micro transaction that sum up to 2BTC that is the real reason behind this high fee you have. Blockchain.info have option to lower your fee but you may have to wait for few hours. To accelerate this transaction try viabtc tx accelerator.

Also web wallets like blockchain.info is not my first choice, electrum is way better than any web wallets.

[Motivator]

I think you have received lots of micro transaction that sum up to 2BTC that is the real reason behind this high fee you have. Blockchain.info have option to lower your fee but you may have to wait for few hours. To accelerate this transaction try viabtc tx accelerator.

Also web wallets like blockchain.info is not my first choice, electrum is way better than any web wallets.

I have now moved to Electrum.

So say if I use a $5 fee for a 2bitcoin transaction, this will be safe right? Don't want it getting stuck or anything.

[Emoclaw]

I think you have received lots of micro transaction that sum up to 2BTC that is the real reason behind this high fee you have. Blockchain.info have option to lower your fee but you may have to wait for few hours. To accelerate this transaction try viabtc tx accelerator.

Also web wallets like blockchain.info is not my first choice, electrum is way better than any web wallets.

I have now moved to Electrum.

So say if I use a $5 fee for a 2bitcoin transaction, this will be safe right? Don't want it getting stuck or anything.

Blockchain.info is fine as a wallet, but it's safer to use an offline wallet (such as electrum) for large amounts, as long as your device is safe.

The ACTUAL amount you send has nothing to do anything with the fees. What matters is the number of inputs and outputs, which make the transaction larger in size.
For example if you got that 2 BTC from 10 different transactions (inputs), the transaction size would be considerably higher, and so would the fee, than if you got it all at once (from 1 transaction).

[bitcoin revo]

I think you have received lots of micro transaction that sum up to 2BTC that is the real reason behind this high fee you have. Blockchain.info have option to lower your fee but you may have to wait for few hours. To accelerate this transaction try viabtc tx accelerator.

Also web wallets like blockchain.info is not my first choice, electrum is way better than any web wallets.

I have now moved to Electrum.

So say if I use a $5 fee for a 2bitcoin transaction, this will be safe right? Don't want it getting stuck or anything.

Just use the fee from 21.co as bl4nkcode mentioned (or a bit lower if you don't mind waiting) and you should be fine. If you use too small of a fee (which $5 may be - I'm not sure), then you'll have to wait a very long time to confirm.

[Wandering Soul~]

I think you have received lots of micro transaction that sum up to 2BTC that is the real reason behind this high fee you have. Blockchain.info have option to lower your fee but you may have to wait for few hours. To accelerate this transaction try viabtc tx accelerator.

Also web wallets like blockchain.info is not my first choice, electrum is way better than any web wallets.

I have now moved to Electrum.

So say if I use a $5 fee for a 2bitcoin transaction, this will be safe right? Don't want it getting stuck or anything.

Just use the fee from 21.co as bl4nkcode mentioned (or a bit lower if you don't mind waiting) and you should be fine. If you use too small of a fee (which $5 may be - I'm not sure), then you'll have to wait a very long time to confirm.

Or you can enable the dynamic fees on electrum . It is a feature on electrum that makes sure that the miner fee you pay is sufficient . I have used it and have no problems so far but to make sure nothing goes wrong check it also in 21.co like what they said .

To enable dynamic fees go to Tools > Preferences > Transactions> Check dynamic fees

[Catmony]

I have now moved to Electrum.

So say if I use a $5 fee for a 2bitcoin transaction, this will be safe right? Don't want it getting stuck or anything.

It completely depends upon your transction size, fees in bitcoin is not fixed like in any other payment processors. Electrum also uses dynamic fees to ensure your transaction will get faster confirmation, if you like to get confirmation than you have to pay the fee they will recommend.

If you receive 1BTC + 1BTC from two different addresses you have to pay more fees when you try to send more than 1BTC but you have to pay only few cents to send out less than 1BTC from that wallet.

So try to receive higher amounts to spend them with less fee.

[Motivator]

I think you have received lots of micro transaction that sum up to 2BTC that is the real reason behind this high fee you have. Blockchain.info have option to lower your fee but you may have to wait for few hours. To accelerate this transaction try viabtc tx accelerator.

Also web wallets like blockchain.info is not my first choice, electrum is way better than any web wallets.

I have now moved to Electrum.

So say if I use a $5 fee for a 2bitcoin transaction, this will be safe right? Don't want it getting stuck or anything.

Just use the fee from 21.co as bl4nkcode mentioned (or a bit lower if you don't mind waiting) and you should be fine. If you use too small of a fee (which $5 may be - I'm not sure), then you'll have to wait a very long time to confirm.

So right now this is the current display for 21.co:

The fastest and cheapest transaction fee is currently 0.0000016 BTC/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 0.0003616 BTC

The fee in USD = 45 cents

I'll give it a go.

[spngebob]

Just choose advanced send option and send with lower fee. Than go to viabtc.com and use their accelerator, when they mine block they will include your transaction in it.

[digaran]

I don't know how but in blockchain.info if you import an address or have it as watch only then you might see the option called "transfer" I once used it and sent $0.5 from an address to another one with maybe 1 cent as fee, only if there was a way to consolidate small transaction inputs into one simple and small size balance that would be great.

[jossiel]

Currently trying to send 2 bitcoins, however, the fee is ridiculous high. $45 to be exact...


What do you recommend to put the transaction fee too?

Yes you just need to do this if you think that fee is very high and I consider is as truly high.

Just choose advanced send option and send with lower fee. Than go to viabtc.com and use their accelerator, when they mine block they will include your transaction in it.

Most of the time, I'm only paying no more, no less than 0.0002BTC and it's always smooth. I just noticed that my transactions nowadays are fast and I don't know if it can be called as an instant.

With your 2 btc transaction, is that the recommended miners fee by blockchain.info?

[BitMaxz]

I think they are just relaying if what your transaction size. but if you want fully control about your miners fee you can try electrum you have a choice to to low medium and highest fee for more faster transaction.
And if you use low it takes some hours before gets confirm but you can try use some free service that you can accelerate the transaction sometimes it works minutes sometimes hours check it here http://viabtc.com/tools/txaccelerator/
Also this chart for default fee and chance of getting unconfirm if you pay lower fee.
Looks at this site. http://bitcoinfees.21.co

[Motivator]

Appreciate it guys, you've just saved me alot in fees. This has now been resolved and I've learnt something new!

[mrjoy15]

Appreciate it guys, you've just saved me alot in fees. This has now been resolved and I've learnt something new!

That's pretty nice you become resolve the issue and learn something good. Now, it's time to lock this thread if all are fine now.
Because it's necessary as we can't expect that the same answer will appear continuously by different member.

[rozee]

seems your transaction size is high so its ask high fees too, all transaction fees is depends on size of transaction, but at blockchain you can set the fees amount but its not recommended it will make you will get long time confirmation for your transaction

[wassi4]

Hi,

Transaction fees depends on internal and external type of transfer. Usually internal transfers(within e-Wallet provider's network) are free because this kind of transaction doesn't go to Blockchain for validation so obviously you don't have to pay Miner's fee. While external transactions fees are higher because you pay service fee to your e-Wallet provider as well as Miner. And make a note that BTCitcoin transaction fee is not fixed because of the fluctuating market price, so the transaction fee as well as your account balance keeps changing.

You will be in good luck if the price is rising but if the price drops then you bear huge losses. So, having BTCitcoins is not safe even in your own Wallet. Current price is good so whenever I have BTCitcoins i try to exchange it to my bank account. Because the fiat currency value can reduce but my balance remains same.

Regards,
wassi4