Transaction fees

[kryptqnick]

So, today I went on shapeshift to see whether I can sell some eth for btc there. Min sum of eth is only 0.076 which is great but what caught my eye in a miner fee in bitcoin. I guess this is a btc transaction fee, not eth fee, right? Anyway, the sum is 0.0021 BTC! I'm used to fees below one dollar. But more than 3 dollars is just too much, isn't it? What do you think about that? And can anyone tell me what kind of transaction is that (eth miner fee or btc one)?

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[mocacinno]

So, today I went on shapeshift to see whether I can sell some eth for btc there. Min sum of eth is only 0.076 which is great but what caught my eye in a miner fee in bitcoin. I guess this is a btc transaction fee, not eth fee, right? Anyway, the sum is 0.0021 BTC! I'm used to fees below one dollar. But more than 3 dollars is just too much, isn't it? What do you think about that? And can anyone tell me what kind of transaction is that (eth miner fee or btc one)?

You'll deposit ETH, so the fee for the deposit transaction will be payed by you. The fee they list on their site is the withdrawal fee... So you are correct, the 0.0021BTC is the miner fee to include the withdrawal transaction in the bitcoin blockchain...

At the time of writing https://bitcoinfees.21.co/ recommands a 220 sat/byte fee.
Using my tool: http://www.mocacinno.com/page/feeestimate at the time of writing, a transaction with 2 inputs and 2 outputs should have a fee of 0.00082 to have a 95%  chance of getting into the next 3 blocks... So 0.0021BTC is a bit "outrageous" at the time of writing (altough, i verified your claim, and i came to the same conclusion as you did).

So, they're either planning on creating a withdrawal transaction using tons of dust inputs, or they pay way to much fees and pass the costs on to their users.

But, remember, nobody is forcing anybody to use their site... If you don't like it, don't use it

[kryptqnick]

But, remember, nobody is forcing anybody to use their site... If you don't like it, don't use it

Okay, so this is not the btc miner fee in general, right? It has something to do with this website.
Yeah, I won't for sure. Especially if there is any other website where one can sell a small amount of ethereum for bitcoin. The min amount is usually 0.5 eth which is too much as eth price is growing. Do you know some other website where one could sell around 0.1ethereum and where the fee won't be that big?

[Xester]

So, today I went on shapeshift to see whether I can sell some eth for btc there. Min sum of eth is only 0.076 which is great but what caught my eye in a miner fee in bitcoin. I guess this is a btc transaction fee, not eth fee, right? Anyway, the sum is 0.0021 BTC! I'm used to fees below one dollar. But more than 3 dollars is just too much, isn't it? What do you think about that? And can anyone tell me what kind of transaction is that (eth miner fee or btc one)?

A transaction with more than one dollar miner fee is a bitcoin transaction. Right now as the price of bitcoin increases the miner fee is also increasing. This is discouraging and disappointing but we have no choice but to accept it. To avoid paying more fees do not make small transactions rather save it and send a huge transaction so you can save a bit of btc.

[pawel7777]

After i check their services, it's not only bitcoin transaction fees, but also their own exchange fee. If you don't like their high fees, then try other exchange which have lower fees.

No, it's not. Their service fee is factored in their exchange rates.


The 0.0021 btc fee is flat. They set it way too high, not to mention that it should be dynamic (ideally with priority options to choose by user).
It's all explained in their FAQs:

https://shapeshift.zendesk.com/hc/en-us/articles/115000418010-Why-is-the-BTC-miner-fee-so-high-

...
To avoid this, ShapeShift uses a flat miner fee of 0.0021 BTC for every Bitcoin transaction we facilitate regardless of the size of the transaction. This relatively high miner fee ensures that our users are able to receive their funds as quickly as possible without experiencing delays due to network congestion.
...

[~Bitcoin~]

I have also wasted so much in fees trying to exchange my ETH to BTC few days ago with shapeshift integrated within jaxx wallet. I have exchanged large amount at once so i didn't noticed how much i have lost on that exchange but when i check it few days after, fee was quite insane.

I have started to avoid using them for now.

[naughty1]

So, today I went on shapeshift to see whether I can sell some eth for btc there. Min sum of eth is only 0.076 which is great but what caught my eye in a miner fee in bitcoin. I guess this is a btc transaction fee, not eth fee, right? Anyway, the sum is 0.0021 BTC! I'm used to fees below one dollar. But more than 3 dollars is just too much, isn't it? What do you think about that? And can anyone tell me what kind of transaction is that (eth miner fee or btc one)?

This is terrible, I have never paid a similar fee, and I never thought that the cost of what we pay so high. In particular, currently the value of bitcoin is too high, this fee needs to be reduced to the minimum fee, it is a waste of doing such transactions. Here, this fee is probably their withdrawal fee when you make a withdrawal, it is very expensive, so if you do not like it, do not use it.

[daringdiscovered]

But, remember, nobody is forcing anybody to use their site... If you don't like it, don't use it

Okay, so this is not the btc miner fee in general, right? It has something to do with this website.
Yeah, I won't for sure. Especially if there is any other website where one can sell a small amount of ethereum for bitcoin. The min amount is usually 0.5 eth which is too much as eth price is growing. Do you know some other website where one could sell around 0.1ethereum and where the fee won't be that big?

You could tell that there is wrong with their website by just the transaction fee, you are going to sell ETH and of course the transaction fee would be ETH also, because it is bitcoin to bitcoin and it goes the same to the other coins here in the crypto world. If I were you, I'm just going to go to the legit exchanger sites like C-CEX, Bittrex, Liqui and so on, because they are trusted by all the bitcoin users in this forum, and also, don't try to do some Trading if you don't know anything about it yet, because you are just going to waste your coin in case.

[eternalgloom]

After i check their services, it's not only bitcoin transaction fees, but also their own exchange fee. If you don't like their high fees, then try other exchange which have lower fees.

No, it's not. Their service fee is factored in their exchange rates.


The 0.0021 btc fee is flat. They set it way too high, not to mention that it should be dynamic (ideally with priority options to choose by user).
It's all explained in their FAQs:

https://shapeshift.zendesk.com/hc/en-us/articles/115000418010-Why-is-the-BTC-miner-fee-so-high-

...
To avoid this, ShapeShift uses a flat miner fee of 0.0021 BTC for every Bitcoin transaction we facilitate regardless of the size of the transaction. This relatively high miner fee ensures that our users are able to receive their funds as quickly as possible without experiencing delays due to network congestion.
...

Well, that explains it, I can see how it would be less work for them to just set the fee that high, but it's really a fail in terms of usability.
It woudl be a far better option to just implement dynamic fees with choices for the user in terms of transaction fees.

Perhaps it'll be something that they'll add in the future.

[Kprawn]

This is daylight robbery if you ask me.... they worked in the maximum fee to make sure people will never struggle to get their transactions

confirmed, but the mempool are not 100% full or congested 24/7. They are too lazy to adjust the fee to correspond with the situation, so they

just set it to the maximum. Wow.... this is sad to see people being exploited like this. 

[GreenBits]

After i check their services, it's not only bitcoin transaction fees, but also their own exchange fee. If you don't like their high fees, then try other exchange which have lower fees.

No, it's not. Their service fee is factored in their exchange rates.


The 0.0021 btc fee is flat. They set it way too high, not to mention that it should be dynamic (ideally with priority options to choose by user).
It's all explained in their FAQs:

https://shapeshift.zendesk.com/hc/en-us/articles/115000418010-Why-is-the-BTC-miner-fee-so-high-

...
To avoid this, ShapeShift uses a flat miner fee of 0.0021 BTC for every Bitcoin transaction we facilitate regardless of the size of the transaction. This relatively high miner fee ensures that our users are able to receive their funds as quickly as possible without experiencing delays due to network congestion.
...

To their credit, they confirm and convert extremely quickly. But, this fee is a bit much. With that being said, I'm usually at the funding limit when I shift coins;  I use the ShapeShift integrated into my KeepKey, its a beautiful thing for cold storage purposes.

[kolloh]

I think the reason they set a flat fee like this is also due to the fact that they can't really control the number of inputs that will be used to send you your exchanged coins. If they have a lot of users doing small trades, it is going to drive the number of inputs up and increase their overall fees. Perhaps they use a larger fee to avoid issues in the cases where there are a high number of inputs and to try and average out their overall fees.

[olushakes]

So, today I went on shapeshift to see whether I can sell some eth for btc there. Min sum of eth is only 0.076 which is great but what caught my eye in a miner fee in bitcoin. I guess this is a btc transaction fee, not eth fee, right? Anyway, the sum is 0.0021 BTC! I'm used to fees below one dollar. But more than 3 dollars is just too much, isn't it? What do you think about that? And can anyone tell me what kind of transaction is that (eth miner fee or btc one)?

If you have been very active on the forum, you would know that the issue of transaction fees has been going on for long with it not even abating time and there is nothing one can do about it. We only complain. Yours is even still fair, the last transaction I did cost above eight dollar which in the last 9 months would have probably cost me 24 cents.

[pawel7777]

This is daylight robbery if you ask me.... they worked in the maximum fee to make sure people will never struggle to get their transactions

confirmed, but the mempool are not 100% full or congested 24/7. They are too lazy to adjust the fee to correspond with the situation, so they

just set it to the maximum. Wow.... this is sad to see people being exploited like this.  

That's not a 'maximum' they could set it much higher if they wanted to.

In the post above, I suggested they should be using dynamic fees, but on the second thought, it may not work well with their business model. Since they don't know when exactly the customer will be depositing altcoin (and since they allow re-use of deposit addresses) they won't be able to properly inform the user on what the fee will be. So it boils down to whether they should keep users uninformed or just overcharge them a bit.

Other thing to consider is their average tx is probably of large size, as their hot wallet likely consists of huge number of small-to-medium size deposits, as well as they probably don't want to charge different customers with different fees.

0.0021 is probably an overkill, but if they do want to keep sending with high-priority and maintain unified fees - they'd have to charge at least in ~0.0015 range anyway.

[U2]

So, today I went on shapeshift to see whether I can sell some eth for btc there. Min sum of eth is only 0.076 which is great but what caught my eye in a miner fee in bitcoin. I guess this is a btc transaction fee, not eth fee, right? Anyway, the sum is 0.0021 BTC! I'm used to fees below one dollar. But more than 3 dollars is just too much, isn't it? What do you think about that? And can anyone tell me what kind of transaction is that (eth miner fee or btc one)?

No idea what currency you're talking about. No idea what the price of bitcoins were at the time you wrote this. No idea what the actual fee was. Post in Satoshis/Byte or don't post anything at all. What you have posted is irrelevant and means nothing. I could have 100k Satoshis that are 100 inputs of 1000 Satoshis each and guess what, I would never use them because it would cost me way more than 100k Satoshis to send them in any half decent amount of time. L2bitcoin.

[LordKitty]

most sites have fees
they charge flat fee or have big spread or both

[stomachgrowls]

So, today I went on shapeshift to see whether I can sell some eth for btc there. Min sum of eth is only 0.076 which is great but what caught my eye in a miner fee in bitcoin. I guess this is a btc transaction fee, not eth fee, right? Anyway, the sum is 0.0021 BTC! I'm used to fees below one dollar. But more than 3 dollars is just too much, isn't it? What do you think about that? And can anyone tell me what kind of transaction is that (eth miner fee or btc one)?

No idea what currency you're talking about. No idea what the price of bitcoins were at the time you wrote this. No idea what the actual fee was. Post in Satoshis/Byte or don't post anything at all. What you have posted is irrelevant and means nothing. I could have 100k Satoshis that are 100 inputs of 1000 Satoshis each and guess what, I would never use them because it would cost me way more than 100k Satoshis to send them in any half decent amount of time. L2bitcoin.

It think its just near since he posted on may 8 and now its may 10 the charge on fees doesnt really differ at all and i suspected that what makes it expensive because the site do still impose some fee too thats why it piles up together with the transfer fee which i can say its really high considering on the amount that would be converted.As been said above dont use the site if you do hate higher fees.

[Stedsm]

The higher the size of the transaction, the higher will be the fee that they will charge and if you are talking about any wallet, then I would suggest you to use Xapo as they won't charge you any such high fee (they don't charge me fee either) for any such transactions. Else, if it's from an exchange, then we are bound to pay them, else they won't process withdrawals.

[Pearls Before Swine]

Yeah, that's a lot,  no getting around that fact.  I've never used them myself, and I would think even crappy exchanges like yobit wouldn't gouge you that much.  That fee wouldn't be so bad if BTC was $400.  At $1750, it's waaay too much.