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Author Topic: fees?  (Read 3284 times)
achillez
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June 02, 2017, 06:12:19 AM
 #1

Been a while since I've played with bitcoin. Tried the electrum client out recently, kind of nice. I tried experimenting with some old wallet with 1mbtc in it, sweeping it and moving to a electrum address. I was a bit stunned to see the fee is roughly 0.6mbtc, so I only get 0.4 mbtc left Is this typical? What happened to the days of 0.1mbtc (or less) fees?

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June 02, 2017, 06:17:52 AM
 #2

Been a while since I've played with bitcoin. Tried the electrum client out recently, kind of nice. I tried experimenting with some old wallet with 1mbtc in it, sweeping it and moving to a electrum address. I was a bit stunned to see the fee is roughly 0.6mbtc, so I only get 0.4 mbtc left Is this typical? What happened to the days of 0.1mbtc (or less) fees?



Fees are fucked up lately.

You can set the fee manually in electrum's settings. Set it as low as you can (not lower than 30-40satoshi/byte) and submit your transaction here: https://www.viabtc.com/tools/txaccelerator/

It will get confirmed fast and cheap.
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June 02, 2017, 06:39:51 AM
 #3

Been a while since I've played with bitcoin. Tried the electrum client out recently, kind of nice. I tried experimenting with some old wallet with 1mbtc in it, sweeping it and moving to a electrum address. I was a bit stunned to see the fee is roughly 0.6mbtc, so I only get 0.4 mbtc left Is this typical? What happened to the days of 0.1mbtc (or less) fees?



Fees are fucked up lately.

You can set the fee manually in electrum's settings. Set it as low as you can (not lower than 30-40satoshi/byte) and submit your transaction here: https://www.viabtc.com/tools/txaccelerator/

It will get confirmed fast and cheap.

What you are suggesting good but for that he have to spare the time and on correct time have to execute the accelerator in viabtc if not it wont succeed. 
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June 02, 2017, 06:46:19 AM
 #4

Been a while since I've played with bitcoin. Tried the electrum client out recently, kind of nice. I tried experimenting with some old wallet with 1mbtc in it, sweeping it and moving to a electrum address. I was a bit stunned to see the fee is roughly 0.6mbtc, so I only get 0.4 mbtc left Is this typical? What happened to the days of 0.1mbtc (or less) fees?



Fees are fucked up lately.

You can set the fee manually in electrum's settings. Set it as low as you can (not lower than 30-40satoshi/byte) and submit your transaction here: https://www.viabtc.com/tools/txaccelerator/

It will get confirmed fast and cheap.
Your transaction probably still won't get confirmed. ViaBTC isn't a charity, they are still going to prioritise those with a higher fee.


Unfortunately, thats the truth. If you don't want to pay the high fees, you aren't getting it confirmed within a reasonable period of time. If you want, you can change the dynamic fee slider to the left. If not, you can just use the fees taken from bitcoinfees.21.co.

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June 02, 2017, 12:19:53 PM
 #5

- snip-
It will get confirmed fast and cheap.
Your transaction probably still won't get confirmed.

It probably will.

ViaBTC isn't a charity,

No, but they do offer a free service where they will include your transaction in the next block they solve as long as you meet certain conditions.

Those conditions are:
  • Your transaction does not spend any unconfirmed outputs
  • Your transaction pays a fee of at least 0.0001 BTC per kilobyte
  • They have not seen any other valid transaction that spends any of the same outputs
  • Your transaction is in their memory pool
  • You are one of the first 100 such valid requests they receive in any given hour

they are still going to prioritise those with a higher fee.

That is not currently true.  They may change their mind in the future, but right now they are willing to prioritize 100 lower fee transactions per hour that meet the proper conditions.

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June 03, 2017, 03:04:55 AM
 #6

For me I think the fee is really matter especially if you pay higher fee then your transaction is above priority and if it's low then it is possible that the transaction will be less priority but it also matter on how many transaction a every time.

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June 05, 2017, 11:03:02 PM
 #7

What happened to the days of 0.1mbtc (or less) fees?

They gone forever to us. Now you must pay at least 0.4 mBTC for successful  and fast transaction.

In science we trust!
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June 08, 2017, 06:18:17 AM
 #8

yeah i was wondering also why that fee goes too high.. if i use the low fee it will take more time to make the transaction completed. is there any way to make it fast? yes there are a way if you didnt know. There is a site name "VIABTC"which can boost the transaction, using low fee isnt bad at all but miners will be sad because they will get low profit while they are farming..


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June 08, 2017, 04:12:43 PM
 #9

yeah i was wondering also why that fee goes too high.. if i use the low fee it will take more time to make the transaction completed. is there any way to make it fast?
Pay a high fee or push for a scaling method.
yes there are a way if you didnt know. There is a site name "VIABTC"which can boost the transaction, using low fee isnt bad at all but miners will be sad because they will get low profit while they are farming..
Honestly, they know this. ViaBTC allows a limited number of transactions to be accelerated for free. The loss in profits is so small that they really wouldn't mind if that gives people more knowledge about Bitcoin Unlimited, which they are pushing for. Most other mining pools requires a fee for them to mine it.

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June 09, 2017, 04:22:42 AM
 #10

also find this quite ridiculous  Angry
how are old transactions cheaper when btc was less inflated and there were less miners  Roll Eyes
if i'm not wrong, one of the aims of cryptos were to reduce to cost of transactions but now it's getting almost on par or even higher than traditional currency transaction fees. Huh
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June 09, 2017, 05:20:10 AM
 #11

also find this quite ridiculous  Angry
how are old transactions cheaper when btc was less inflated and there were less miners  Roll Eyes
Transactions were cheaper because there were less transactions. Blocks weren't full so there wasn't any fee pressure and thus you didn't really have to pay any fees. That has nothing to do with inflation or miners.

if i'm not wrong, one of the aims of cryptos were to reduce to cost of transactions but now it's getting almost on par or even higher than traditional currency transaction fees. Huh
You are wrong. The purpose of creating Bitcoin was to create a money system which did not rely on a central authority. It was not to create a global currency that had cheap transaction fees.

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June 12, 2017, 05:00:56 AM
 #12

yeah i was wondering also why that fee goes too high.. if i use the low fee it will take more time to make the transaction completed. is there any way to make it fast? yes there are a way if you didnt know. There is a site name "VIABTC"which can boost the transaction, using low fee isnt bad at all but miners will be sad because they will get low profit while they are farming..

Miners be very sad if  all what they mine 1 moth they need pay for fee for send , when fee be 1 btc  end btc - usd be 100 000  Grin Grin Grin
end i think the whole Internet will be filled with services to accelerate the transaction with a smaller commission, with another commission in the form of a fee to the service.
or smart miners start reject the fast transaction end collect the transaction with not fee for faster find block - solo miners or small pool's where price for finding block is actual )
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June 15, 2017, 12:56:17 AM
 #13

if i'm not wrong, one of the aims of cryptos were to reduce to cost of transactions but now it's getting almost on par or even higher than traditional currency transaction fees. Huh

I just sold something for .4 btc. Had that been a credit card purchase, the fee would have been $30. The btc fee was $2. I greatly prefer btc.

Buy & Hold
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June 15, 2017, 04:40:16 AM
 #14

well, its due to 'political' issues. segwit vs bitcoin unlimited.
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June 16, 2017, 04:16:10 AM
 #15

Transaction fees are now way over price and transfer speed is slow as a snail. More and more people are becoming aware of bitcoins, which means more transaction fees for exchanges, it only seems right to lower the cost for traders.. Like when we buy things in bulk, it comes cheaper.
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June 16, 2017, 07:12:49 PM
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well, its due to 'political' issues. segwit vs bitcoin unlimited.

Actually the reason is the technical overload of Bitcoin. Free-market demand and supply economics apply, because the transaction output is limited, while the price (the fee itself) is not. It is happening to ETH as well. Recently, Coindesk released some news about BAT ICO which had someone paying transaction fee of nearly $6k USD to ensure a quick transaction and, as a result, a position in the ICO.

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June 16, 2017, 07:55:01 PM
 #17

These high fees are just becoming the norm now.
It's like if you can't pay the fee then don't use bitcoin! Tongue
Is what the miner's are saying to everybody using it in their everyday to day transactions.

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June 17, 2017, 01:28:47 AM
 #18

Looks like the May fee craziness has settled a bit overall.

https://jochen-hoenicke.de/queue/#3m

It looks so out of place that it seems artificial in some ways...

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June 17, 2017, 08:29:31 PM
 #19

Looks like the May fee craziness has settled a bit overall.

https://jochen-hoenicke.de/queue/#3m

It looks so out of place that it seems artificial in some ways...
It does seem to be settled at 0.0012-0.0015btc now from casinos to exchanges after doing a withdrawal from each of those accounts.
0.0012btc(from 0.0005btc last week) for me at yolodice and 0.0015btc(from 0.0005btc three weeks ago) on Yobit.
Those are the only sites which I have accounts with so I can not speak for everybody else's experience with the increases in higher fees they need to pay now to do the same thing as before with these sites and their services.

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June 18, 2017, 03:59:42 AM
 #20

It does seem to be settled at 0.0012-0.0015btc...
0.0012btc(from 0.0005btc last week) for me at yolodice and 0.0015btc(from 0.0005btc three weeks ago) on Yobit.
These numbers are irrelevant... what are the sats/byte (or BTC/kB) fee rates being used? The sats/byte rate is the true reflection of the network fee... NOT the total amount of btc being used as a fee.

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