Transaction fees.

[se32786]

Hey everyone,

I apologize first hand because I am somewhat new to all of this.

I just sent 0.2828 BTC to Kraken to exchange, and the fee for that tx was 0.007 BTC, which currently is over $12.

Is this normal? Do I need to be doing something to lower the tx fee?

Thanks for any help you can provide.

-Scott

[unamis76]

I take it the fee was set automatically by your client according to current blockchain conditions. Yes, fee values like that have been recurrent and will not be solved until we scale.

[xhomerx10]

Hey everyone,

I apologize first hand because I am somewhat new to all of this.

I just sent 0.2828 BTC to Kraken to exchange, and the fee for that tx was 0.007 BTC, which currently is over $12.

Is this normal? Do I need to be doing something to lower the tx fee?

Thanks for any help you can provide.

-Scott

 Seems rather excessive even today.  You really need to give us more information.
How many bytes was the transaction?  Looks like it must have been nearly 4kb.
The amount of BTC you send has nothing to do with the fee as the fee is based on the transaction size.  If you want more info you'll have to post the txid.

 I did a tx about 3 hours ago and it cost $0.43 to be included in the next block.  It was 191 bytes.

[se32786]

I take it the fee was set automatically by your client according to current blockchain conditions. Yes, fee values like that have been recurrent and will not be solved until we scale.

It was, i use Jaxx, it allows me to set the mining fee though which is interesting. Will that not be successful if tried?

[The Sceptical Chymist]

That's pretty high, but it's within the normal range.  As the price goes towards the moon it's only going to get worse, too. 

Kinda makes you want to NOT send bitcoin, doesn't it?

[se32786]

Hey everyone,

I apologize first hand because I am somewhat new to all of this.

I just sent 0.2828 BTC to Kraken to exchange, and the fee for that tx was 0.007 BTC, which currently is over $12.

Is this normal? Do I need to be doing something to lower the tx fee?

Thanks for any help you can provide.

-Scott

 Seems rather excessive even today.  You really need to give us more information.
How many bytes was the transaction?  Looks like it must have been nearly 4kb.
The amount of BTC you send has nothing to do with the fee as the fee is based on the transaction size.  If you want more info you'll have to post the txid.

 I did a tx about 3 hours ago and it cost $0.43 to be included in the next block.  It was 191 bytes.

It was 3137 bytes. Here is the txid

https://live.blockcypher.com/btc/tx/406cd32ed36a3704d78d60dfa9c7982b77fce9f6906c6af2da0e7094d65c818e

[bamboylee]

Price is irrelevant in computing fees. What matters is the size of your transactions. If you have lots of dust input in your wallet, that will take a toll on  your fee when you send them. If you can post your tx id, we can verify if  you overpaid fee or not.

Edit: saw your tx id, 223.436 sat/B fee is fair enough

[se32786]

Price is irrelevant in computing fees. What matters is the size of your transactions. If you have lots of dust input in your wallet, that will take a toll on  your fee when you send them. If you can post your tx id, we can verify if  you overpaid fee or not.

Edit: saw your tx id, 223.436 sat/B fee is fair enough

Cool! Thanks man. I mainly wanted to make sure it wasn't something I needed to adjust on my own before sending... so basically I was a little unlucky and had *fat* bitcoins.

[erikalui]

Hey everyone,

I apologize first hand because I am somewhat new to all of this.

I just sent 0.2828 BTC to Kraken to exchange, and the fee for that tx was 0.007 BTC, which currently is over $12.

Is this normal? Do I need to be doing something to lower the tx fee?

Thanks for any help you can provide.

-Scott

 Seems rather excessive even today.  You really need to give us more information.
How many bytes was the transaction?  Looks like it must have been nearly 4kb.
The amount of BTC you send has nothing to do with the fee as the fee is based on the transaction size.  If you want more info you'll have to post the txid.

 I did a tx about 3 hours ago and it cost $0.43 to be included in the next block.  It was 191 bytes.

It was 3137 bytes. Here is the txid

https://live.blockcypher.com/btc/tx/406cd32ed36a3704d78d60dfa9c7982b77fce9f6906c6af2da0e7094d65c818e

Then the fee is appropriate (though it's too high). The transaction had many small inputs (21 inputs) due to which the size was above 3k and as per bitcoin21, the fee needs to be 220 sats/byte which applies in your case. Jaxx should have given you an option to reduce the fee and you can then reduce the fee by half and still the transaction can get confirmed (it may take an hour more if you can wait).

[rajasumi3]

Well according to me ,the transaction fees is quite high,as the price of bitcoins have also gone high,hope the transaction fees resolution will be resolved very soon.

[se32786]

Hey everyone,

I apologize first hand because I am somewhat new to all of this.

I just sent 0.2828 BTC to Kraken to exchange, and the fee for that tx was 0.007 BTC, which currently is over $12.

Is this normal? Do I need to be doing something to lower the tx fee?

Thanks for any help you can provide.

-Scott

 Seems rather excessive even today.  You really need to give us more information.
How many bytes was the transaction?  Looks like it must have been nearly 4kb.
The amount of BTC you send has nothing to do with the fee as the fee is based on the transaction size.  If you want more info you'll have to post the txid.

 I did a tx about 3 hours ago and it cost $0.43 to be included in the next block.  It was 191 bytes.

It was 3137 bytes. Here is the txid

https://live.blockcypher.com/btc/tx/406cd32ed36a3704d78d60dfa9c7982b77fce9f6906c6af2da0e7094d65c818e

Then the fee is appropriate (though it's too high). The transaction had many small inputs (21 inputs) due to which the size was above 3k and as per bitcoin21, the fee needs to be 220 sats/byte which applies in your case. Jaxx should have given you an option to reduce the fee and you can then reduce the fee by half and still the transaction can get confirmed (it may take an hour more if you can wait).

Good to know, I will try this on the next one. Thanks

[DannyHamilton]

basically I was a little unlucky and had *fat* bitcoins.

This isn't a matter of luck.

The cause of this is that you are receiving many very small payments.  If at all possible, you should let the balance owed to you grow more before you demand payment.

Each payment that you receive acts as a separate input into the transaction that you send.  Each input adds 148 bytes to the transaction.  At the current recommended fee of 0.00000220 BTC per byte, that means that each payment you receive will cost you 0.00032560 BTC to spend.

[fitty]

Well according to me ,the transaction fees is quite high,as the price of bitcoins have also gone high,hope the transaction fees resolution will be resolved very soon.

The fee also depends on how large the transaction is. In his case, I think that should be enough fees to transfer that money for not a long time. This is a common question of some people who are having trouble in sending a transaction, they are only relying on the basic fees to be paid (0.002 BTC) which took them for about 1-2 days before they can get a confirmation in their transactions.