wtf? Blockchain transaction fees is outrageous!!!

[hello_good_sir]

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 just sent a transaciton across the bitcoin blockchain, and it cost me 0.0013 BTC to send which is like $3.5 i think. Perviously this was worth 0.01 BTC before bitcoin price rose dramatically. I know this is a bit hard to understand why, but the basic version of it is that bitcoin blocks are full,  and the amount of transacitons on the bitcoin network is growing, so the miners only accept transactions with higher and higher transaction fees everyday(supply and demand).

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.

Agreed. Without all this scaling debate, we could well be at $10k by now. But now we're struggling to break $3k because of this. I think that once Segwit is activated, things will go on the right track and hopefully the damages can be reversed.

Still though, bitcoin is much more secure to use and cheaper than most bank transfers internationally. So don't complain too much about it - try to condense your transactions into a small amount so you don't have to pay too much.

[jekjekman]

I once sent a $8 worth of BTC to one of my another exchanges and I got $2 transaction fees and that's 25%.

To see that I have many inputs that resulted of a high size in bytes with my transaction and with that I have no Idea, I never get it to a faucet site or any other small paying site until now that is a big question to me. I feel your frustration about this because this is not Bitcoin back then we better wait for Segwit to happen soon.

[cr9992]

These fees are NOT obligatory, you could have lowered them to whatever value you wanted to pay even if zero, just click (advanced settings in the sending page and set your own fees).
Blockchain has an auto-detection system to confirm TX's within a block or so by their estimation, it doesn't work sometimes and the fees is excessive, I think they need to make the fees voluntary and completely clear.

In short: blockchain.info did not take a cent, this was for the miners.

[batang_bitcoin]

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...

What? $16 fee for $40? That's totally a lot and why you didn't adjusted the fee? I wanted to try also exodus wallet but it seems that you had a bad experience with it so I won't give any interest on it anymore. Better to return at blockchain.info and just always set the fee with 0.0002-0.0005 BTC

[Jherek]

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...

You probably had multiple inputs.

When I use a standard sized transaction (1 input, 1 output) it is costing me on average around 0.0008 btc per transaction. I mean not ideal, obviously, as it is still a nice chunk of coinage that could have been spent elsewhere, but manageable.

If you are accepting payments, make sure that you don't accept too many small payments to make up an amount, instead try to either save these amounts up on a web wallet before sending or just tell the guy that's sending to only send you one big transaction instead of several small ones.

You gotta be pretty frugal using bitcoin these days, hopefully we can come to a resolution for this issue soon, even though it shouldn't affect the usability of bitcoin especially for these who are transacting in large volumes and/or storing wealth in bitcoin as a store of value.

[jorneyflair]

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...

Pretty sure you can use a custom fee, you may have accidentally set it on high priority which takes a higher fee but accelerates your confirmations. If you are just doing microtransactions, set the fee lower so it takes your payment to arrive but the fee is smaller. $16 though, that seems way too much of a “default” transaction fee. $16 dude,that is nearly half of your transaction. Either you just accidentally set it on high priority or the transaction fees have risen drastically. Your $16 is around 0.006 BTC while mine is less than a third of that! When segwit activates on August the first it should lower fees down.
 
If you are not in any rush to transfer money, just wait since this usually happens due to an abundance of micro transactions, try to transfer large amounts of bitcoin since then the transaction fee should be smaller.       

[ahmedjamal1998]

You must have done something wrong.
There's no way that the default fees is that much !
I'm still using the 220 sat/byte fees till this day and it's working just fine getting confirmed in an hour max.

If you show us the tx id we'd clearly see that you by mistake entered a high amount of BTC in fees section (or increased the priority bar if that's a thing )

[David19]

Don't pay the fee that they set on standard it is way bigger than you should be paying, while it might improve your transaction getting confirmed quicker but in your case it does not seem to be worth it so just set it to lower custom fee and wait a big longer for confirmation

[iqlimasyadiqa]

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...

You can use a cheaper transaction fee. You can set it up to confirm delivery. But some of the risks that must be faced is the delay of delivery. So the bigger the fee then the faster, this is a problem now. As more and more bitcoin users have affected the speed of bitcoin delivery.

[Taki]

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.

That's right. I use their wallet, but I choose the ordinary transaction fee, which is 0,0005 BTC and the transaction time is 1+h. Money comes actually fast, like during two hours.

[Schuyler]

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.

That's right. I use their wallet, but I choose the ordinary transaction fee, which is 0,0005 BTC and the transaction time is 1+h. Money comes actually fast, like during two hours.

My last few transactions using blockchain.info (over the last two weeks) have somewhat been smooth, because I was in no hurry to have my transactions confirmed. I only had to pay about .0001 ( for a .01 amount) and it confirmed within less than two hours I think. For me, that's good enough for now.

[raymond541]

16$ as transaction fees really insane.I think you set  priority transaction for this reason blockchain cut that huge fees.transaction fees now really problem for small amount sender.blockchain now charging almost $3 fees for every transaction which is really high for who want to sending under $100.I see every block have 90% transactions are under $100 transaction.people are loosing their hard working money.if block size not increase bitcoin will fall in big trouble.

[bloomjoflly]

hmmm any reply from thread owner? 40$ for 16$ fee kinda insane.
i usually using blackchain and fee set as Regular. take 30min-1 hour to sent with no problem.

[DoublerHunter]

hmmm any reply from thread owner? 40$ for 16$ fee kinda insane.
i usually using blackchain and fee set as Regular. take 30min-1 hour to sent with no problem.

I think it depends on the timeframe that he chooses because sometimes if you want a shorter period of time to get confirmation then your transaction needs a higher fees in your sent bitcoins so the miners will try their best to confirm it as soon as you send it or you have a complete payment of bitcoin to the address that you putted.

[Sundark]

Don't panic everyone! Scaling solution is upon us. Soon transaction fees should be considerably lower when we will have SegWitX2 implemented.
Until then I just won't transfer any Bitcoins, because I expect that after the upgrade will be done the price of Bitcoin will go through the roof.
Just chill out for a few weeks and observe that is happening with the blockchain. Fun times ahead.

[bitkilo]

$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).

Nothing fishy about this at all, fees can easily be $50 or more these days depending on the size of the transaction.

The OP said he made $40 from 2 days of earnings so this would suggest to me that he was most likely using faucets which do not much more than good but fill your wallet with "dust" transactions  (many small inputs)

This is actually a good lesson to learn for the OP and one that i experienced myself a few years ago. Hopefully he will now research bitcoin transactions a little more and learn that the miners fee has nothing to do with the amount being transacted but the size of the transaction itself.

[KingdomHearts]

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...

You can use a cheaper transaction fee. You can set it up to confirm delivery. But some of the risks that must be faced is the delay of delivery. So the bigger the fee then the faster, this is a problem now. As more and more bitcoin users have affected the speed of bitcoin delivery.

Yeah there is a range of transaction fees you can find the best that suits you for your transaction.
In case if you choose the lowest price you have to get ready that your transaction confirmation will be on a least priority and you may face quite long duration to confirm your transaction.

[Kevin77]

Don't panic everyone! Scaling solution is upon us. Soon transaction fees should be considerably lower when we will have SegWitX2 implemented.
Until then I just won't transfer any Bitcoins, because I expect that after the upgrade will be done the price of Bitcoin will go through the roof.
Just chill out for a few weeks and observe that is happening with the blockchain. Fun times ahead.

Well this is something way risky I don’t think many of the people will follow this opinion to wait because no one know exactly what is going to happen then. I can’t take this much risk with my coins so I have decided to sell them before the end of this month. If the prices go high there will be nothing to worry but if the Prices drop down then it will be a real issue.

[Pearls Before Swine]

HOLY MOM!! Wth is this fees???

Lol.  Son of a DICK!

And my brown skinned brother, I feel your financial pain.  You're using a shitty wallet, though, or you don't know what you're doing.  But I do feel you, because these fees are absolutely ridiculous.  I can't see paying $3-8 extra just to buy something.  That does not happen with cash money, does it?  And this is a huge disadvantage of bitcoin.  It's the gigantic pink elephant in the room that very few people want to acknowledge.  But I'm acknowledging it.  Fees absolutely blow dick.

[CyberKuro]

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...

Your transaction on June 21, right? And used blockchain wallet to sent $40, but $16 cut was huge amount in my opinion.
I remember it was over 37K unconfirmed transactions​ at that time you've sent that, than blockchain may increased the fees in order to made it confirmed as soon as possible. But my last transaction on June 17, sent $123 and paid $1 fees, quite faster to be confirmed as well.