bitcoinbabu (OP)
Newbie
 Offline
Activity: 24
Merit: 0
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June 21, 2017, 05:18:24 AM |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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krishnapramod
Legendary
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Activity: 1470
Merit: 1078
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June 21, 2017, 05:31:59 AM |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
There is an option to choose custom fee on blockchain wallet or you can use their fixed fee for regular or priority transactions. You might have chose the priority option otherwise it would not come around 0.006 in fee for a $40 transaction. https://btc.com/stats/unconfirmed-txAlways use custom fee on blockchain wallet, their recommended fee is always three times more than the standard fee. |
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In the silence
Sr. Member
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Activity: 1289
Merit: 294
''Vincit qui se vincit''
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June 21, 2017, 05:42:28 AM |
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I think you set it on priority so that is why the transaction fee is soo big. you can always choose custom transaction fees on blockchain.
one of the reason why the fees is getting big is, more transactions are being processed on blockchain.
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Kakmakr
Legendary
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Activity: 3444
Merit: 1957
Leading Crypto Sports Betting & Casino Platform
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June 21, 2017, 05:50:15 AM |
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If you go to sites like this : https://www.cryptocompare.com/wallets/exodus/ you will see people complaining about the wallet having extraordinary high transaction fees. You should have done a bit of homework, before you started using this service. When they do not offer you options to choose between minimum fees or standard fees or high fees, then you have to question their motives. You should be able to specify your fees on your own and if not, you should avoid their service. ^hmmmmmm^ |
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Herbert2020
Legendary
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Activity: 1946
Merit: 1137
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June 21, 2017, 05:57:51 AM |
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your post is completely meaningless because you made a bitcoin transaction but you are talking about USD! if you want your post to have any meaning you should include 2 things and include both of them not just one: 1. amount of fee 2. size if your transaction in bytes (or simply add fee/byte) right now my assumption is that you made a transaction with a lot of small inputs and the size of your transaction is more than 5000 bytes! If you go to sites like this : https://www.cryptocompare.com/wallets/exodus/ you will see people complaining about the wallet having extraordinary high transaction fees. You should have done a bit of homework, before you started using this service. When they do not offer you options to choose between minimum fees or standard fees or high fees, then you have to question their motives. You should be able to specify your fees on your own and if not, you should avoid their service. ^hmmmmmm^ i believe OP sent a transaction FROM blockchain.info TO exodus, which means blockchain.info costed that much fee and they have been suggesting 120 s/b for all transactions so far!! |
Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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Ekanenf
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June 21, 2017, 06:22:34 AM |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
I think $16 is a little bit overboard, maybe you have just mistype the transaction fee that you are putting in the transaction fee option. The biggest transaction fee that I'm using right now every time that I'm transferring my bitcoin to another wallet is just 0.002 bitcoin(I'm using Electrum wallet anyways), the transaction fee is too big for me but its worth it since my bitcoin is safe there. I'm not worrying about it that it could be hack by someone, because it could only hack if they are going to do it personally on me, and not by the use of the internet. |
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Netnox
Legendary
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Activity: 2044
Merit: 1008
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June 21, 2017, 06:31:57 AM |
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$16 as the default transaction fee? Something fishy here. I know that the transaction fee is high nowadays, but I haven't heard anyone paying that much tx fee for a while. $16 is equivalent to BTC0.006, which is many times bigger than the highest transaction fee I have ever paid (BTC0.001).
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magneto
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June 21, 2017, 06:41:38 AM |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
Everyone that is using bitcoin rightn ow is experiencing this. If you want to avoid paying hefty fees and you're just wanting to have a good way to send small amounts of bitcoins(under 0.05 BTC) to whoever, wherever, then what i actually suggest you do is deposit your funds to coinbase, and use their offchain transfers. No fees no matter how small the transaction is, although this is definitely not the most secure way to hold your funds as you are trusting someone else to hold your private key, and we all know that does not end ery well when you risk too much money for too long. The UASF should bring some sort of relief to this situation. The transactions will get smaller when Segwit gets activated, so that blocks can be less full, and miners have financial incentive to confirm transactions that have less fee, bringing the fees down. But that won't happen until 1st August, so as i said if you deal primarily with micropayments it's best to use off-chain, internal website transfers right now. |
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Qartada
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June 21, 2017, 06:53:41 AM |
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$16 as the default transaction fee? Something fishy here. I know that the transaction fee is high nowadays, but I haven't heard anyone paying that much tx fee for a while. $16 is equivalent to BTC0.006, which is many times bigger than the highest transaction fee I have ever paid (BTC0.001).
It's about the number of inputs the transaction has. OP has probably accepted a lot of dust transactions, pushing his transaction fee up. Personally, I've also never had a fee of >$2-3 for transactions to confirm within half an hour. Either that or he is paying excessively high fees by mistake. omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
Everyone that is using bitcoin rightn ow is experiencing this. If you want to avoid paying hefty fees and you're just wanting to have a good way to send small amounts of bitcoins(under 0.05 BTC) to whoever, wherever, then what i actually suggest you do is deposit your funds to coinbase, and use their offchain transfers. Onchain transfers are fine if you don't accept loads of dust transactions. I personally wouldn't use any offchain transfers from private companies, because they rely on trust and remove the whole point of using BTC.
OP, you also need to understand that it's nothing to do with what wallet you're using (blockchain.info, exodus, etc). All of them are just suggesting a fee that they believe is right for you, and most wallets will let you change that fee if you want to. The fee is not to the service but to the miners. |
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crazyivan
Legendary
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Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
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June 21, 2017, 06:57:01 AM |
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Not possible, almost 50% FEE??? This is not Blockchain, fee, this is something you did.
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Wendigo
Legendary
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Activity: 2604
Merit: 1036
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June 21, 2017, 07:04:56 AM |
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You better watch out for those nasty fees because you could get robbed blind. And we were worrying about those bad banksters  The irony  |
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DoublerHunter
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June 21, 2017, 07:15:03 AM |
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The fees in bitcoin now is very high and it is advisable to just save or keep our bitcoin in cold storage rather than just using it regularly because the fees is not a joke and it is very expensive compare to the past years. I think that the fees will go down or become lower after the forks so i am just collecting bitcoin and saving it until the fork.
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jaberwock
Legendary
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Activity: 2548
Merit: 1073
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June 21, 2017, 07:18:03 AM |
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Around 6mBTC of transaction fee  What was the size of the transactions? Were you fauceting or what? |
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Cereberus
Legendary
Offline
Activity: 910
Merit: 1000
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June 21, 2017, 07:21:04 AM |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
That kind of fee happens when you collect a lot of micro payments. When you collect a lot of these at the time of you transferring your btc, you have a lot of spending inputs therefore the transaction size in byte or kbyte is bigger and the fee is bigger depending on transaction size. You cannot do anything about it for the moment. You should try to withdraw only bigger amounts from where you earn your bitcoin. You see when you have only one transaction and you have withdrawn let's say 0.10 btc, and then soon after you spend this money the fee will be about 0.001 bitcoin maximum. |
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shine1123
Sr. Member
Offline
Activity: 490
Merit: 250
🤖UBEX.COM 🤖
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June 21, 2017, 07:26:07 AM |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
Use customize fee next time. The standard fee on blockchain is overpriced, you should stop using that fee like me. It's ridiculous though, the fee is on that big. That's why i start using bitcoin core wallet for now and rarely using blockchain. |
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Dudeperfect
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June 21, 2017, 07:30:14 AM |
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Well, we simply can't do anything for it. This is the reason why bitcoin is still struggling at $3K level otherwise considering the user base and world's perception I bet it could have reached $6K to $10K with this kind of support. We need to find a concrete yet viable solution for this ever increasing transaction fees. Bitcoin is still my favorite option for international transaction as it is still cost effective but I am worried about the growth of the transaction fees as it might surpass the cost of fiat transactions for the same amount.
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bamboylee
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June 21, 2017, 07:38:43 AM |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
We need transaction details on this one. you might be ranting on something you caused yourself like your input are lots of small transactions. that will bloat your tx fees. next time do what they say here; avoid small inputs, pay small fee and use accelerator or don't use bitcoin until segwit is activated. |
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Xester
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June 21, 2017, 07:41:06 AM |
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Never had that experience but thank you for sharing this. At least now I knew that transaction fees this high really existed. But is it for real to have that amount of transaction fee? Maybe you have big savings of bitcoins that is why when you transferred it, it computed on certain percentage depending on how much bitcoin you have.
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niisarearning
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June 21, 2017, 07:43:51 AM |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
I have also faced same issue which i got my small earning in coinbase and i wanted to transfer that earning to my private key holding wallet .After seeing transaction charge i left that earning as it is. |
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