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Author Topic: Transaction FEES 0.00133153 BTC !!!  (Read 2915 times)
1Referee
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BitKorn!


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August 13, 2017, 02:05:04 PM
 #41

It was effective until the spam stopped. Now it is too expensive. Some exchanges have not adopted to current fee.

Spam attacks pop up from time to time, that's a certainty. What isn't certain, is when they will be popping up. You can't expect exchanges to change their fee structure back and forth just because the spam attack isn't operating at full power anymore. If exchanges reduce fees, and people experience slower confirmation due to miners prioritizing transactions based on their included fees, people will complain. If exchanges end up increasing the fees to offer people faster chances on confirmations, again, people will complain because they think the fees are too high. In this situation exchanges can't seem to do anything that pleases their customers, because whatever they do, people will keep complaining.

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August 13, 2017, 02:22:03 PM
 #42

First of all, the sender paid a very high fee, although the size was less than 1KB. I checked the transaction in Blockchain.info, and the fee paid was close to 200 Sat/Byte. There was no need to pay this much higher fees. A fee of 30 Sat/Byte could have confirmed this particular transaction in 2 hours at the most (the size is around 670 B).

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August 13, 2017, 02:36:49 PM
 #43

Yobit is even worse is 0.0015 it was during that huge block up. They forgot to change is back I wonder why ? xP
I just made a transaction today where I had 15 minutes to pay through a payment gateway and I paid 0.0266 and 0.0054 for the transactions fee and it was as 1 minute left and the 1st confirmation went through. Just in case you wanted to know how long it takes.

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HabBear
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August 13, 2017, 02:46:35 PM
 #44

How to avoid it?

Trade with Litecoin instead. Litecoin's fees are much lower.

I realize it would cost you fees to trade existing Bitcoin into Litecoin, but this is a prime example of the benefits of keeping your wealth distributed among a few, well established, crypto currencies.

I've made transactions recently for much more than $200 and the fee was a few dollars. Why do you think your particular transaction had such a high fee attached. Did you need something unique?

In the end this $5 transaction is still cheaper than a wire transfer or exchange via Western Union or other money transfer service providers.

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August 13, 2017, 02:53:42 PM
 #45

I had to pay the same fee. Switch to Bitcoin Cash. Bitcoin Cash is the real Bitcoin (Satoshi was a big blocker) and Bitcoin Core want all transactions happening offchain (Lightning Network) because Blockstream wants to become the new Visa/Mastercard.

Because you were, like the OP, using an exchange. And you can't choose the fees you want to set to send the transaction. If you use a wallet where you can choose your own fees then there is no problem. To compare yesterday I send a transaction using Coinbase and the fees are about 0.0005. Guess what? The transaction has been confirmed within minutes. So don't blame Bitcoin for the fees that someone is choosing for you

Iranus
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August 13, 2017, 02:56:27 PM
 #46

It cost $9! If Paypal tried to take $9 for a $390 transaction without insuring it, they wouldn't be a business for very long!
PayPal's fees in the US are 2.9% plus a static $0.25 fee.

$390 x 0.029 + $0.25 = $11.56, which would be the fee PayPal charges you if you're paying for goods and services.  So it's more than BTC.

In the UK they're even higher - 3.4% + £0.2.  390 dollars is about 300 pounds, so it would be 10.4 pounds, or 13.45 dollars.

BTC's fees are completely off the rails due to the bubble that we're in, but for significant transfers they're still lower than PayPal.  Regardless, SegWit will be activated in 1450 blocks and after a while we'll start moving our coins to SegWit-enabled wallets.

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August 13, 2017, 02:56:59 PM
 #47

Daytime robbery, I received some milibits and the transaction had a fee of 15 satoshi per byte and it got confirmed in about 3 hours.
The fees are to their lowest point this year, change the service they are either idiots or try to milk as much as possible.
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August 13, 2017, 03:04:18 PM
 #48

All exchanges now increase the withdrawal fee, what about yobit, this exchange charges users with the fees of 0.0015btc?

Why ? Whats the reason behind the exchanges increases the withdraw fee ? Is it that they do not want people withdraw from their exchanges.
Even after the swegit, the blockchain size of bitcoin has doubled and it should make the fee of transfer bitcoins even more smaller.

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August 13, 2017, 03:07:17 PM
 #49

It cost $9! If Paypal tried to take $9 for a $390 transaction without insuring it, they wouldn't be a business for very long!
PayPal's fees in the US are 2.9% plus a static $0.25 fee.

$390 x 0.029 + $0.25 = $11.56, which would be the fee PayPal charges you if you're paying for goods and services.  So it's more than BTC.

In the UK they're even higher - 3.4% + £0.2.  390 dollars is about 300 pounds, so it would be 10.4 pounds, or 13.45 dollars.

BTC's fees are completely off the rails due to the bubble that we're in, but for significant transfers they're still lower than PayPal.  Regardless, SegWit will be activated in 1450 blocks and after a while we'll start moving our coins to SegWit-enabled wallets.

The magic word you might have missed is "insuring". We are still talking abut a service that with all it's bad behavior and many fault it still has customer support it still offers customers protection and so on.
The chain offers nothing. You send you're done , there is no call free phone to satoshi to get your coins back.
And don't forget that you can't beat paypal when it comes to sending money to friends in the same country.Now without segwit at least.


I had to pay the same fee. Switch to Bitcoin Cash. Bitcoin Cash is the real Bitcoin (Satoshi was a big blocker) and Bitcoin Core want all transactions happening offchain (Lightning Network) because Blockstream wants to become the new Visa/Mastercard.

What is that altcoin you're talking about? The one with no merchants no users no miners , only shills?

All exchanges now increase the withdrawal fee, what about yobit, this exchange charges users with the fees of 0.0015btc?

Why ? Whats the reason behind the exchanges increases the withdraw fee ? Is it that they do not want people withdraw from their exchanges.
Even after the swegit, the blockchain size of bitcoin has doubled and it should make the fee of transfer bitcoins even more smaller.


NO, it has not YET!.
We still (or the miners do) don't mine 2 MB blocks.

Quote
The next step is SegWit activation, which is expected to happen in two weeks, as the change will only activate at block 481,824, as shown below. This is expected to happen around August 22.
or something

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August 13, 2017, 03:35:00 PM
 #50

Transaction FEES 0.00133153 BTC , is too much.So what do you say? Shocked
The_Dark_Knight
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August 13, 2017, 04:16:47 PM
 #51

Just now make a withdraw from Bitgrail and it take 0.00133153 BTC ($5.49 ) as a fee !! (https://live.blockcypher.com/btc/tx/cdf1dc891dfc0bd827b3b4f442ab5095e5073486bce9711fde859da7fccf7ecb) Oh my God! I think it's too many fees for a transation. How to overcome this high fee? Do you follow any special tips to overcome high Bitcoin fee?
Badly i need to know any good tips about it. Someone help me please.
Best regards
Mkmanik


Since you are withdrawing from an exchange there is nothing you can do at the moment most of the exchanges put a high fee because if they do not then the customers begin to complain about the site being a scam so for them it is better the customers complain about the high fee since that does not damage their reputation.

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tleilaxu_eyes
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August 13, 2017, 04:26:32 PM
 #52

Some exchanges want to take every cent from their customers by charging too much for withdrawals and taking most of the fees for themselves.

Doesn't mean the network is congested

Yes, there are many exchanges and mining pools that charge way too much as a transaction fee, but that doesn't mean you should pay it. Stick with reasonable service providers and let the highwaymen collect dust.

http://coinfo.me/ - All the information, one location. (beta)
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August 13, 2017, 04:27:20 PM
 #53

The chain offers nothing. You send you're done , there is no call free phone to satoshi to get your coins back.
That's because PayPal doesn't offer BTC's security.  They can screw around with your funds if they want to.  It's security versus convenience, and I don't think you can put an exact value on either of those things.
I had to pay the same fee. Switch to Bitcoin Cash. Bitcoin Cash is the real Bitcoin (Satoshi was a big blocker) and Bitcoin Core want all transactions happening offchain (Lightning Network) because Blockstream wants to become the new Visa/Mastercard.

What is that altcoin you're talking about? The one with no miners
You are incorrect about that.  Actually, miners support it dramatically more than the economy, which is why it's 62% more profitable to mine on the original chain.

As for merchants, you're correct that the attitude towards BCH has been focused on exchanges and wallets rather than places to actually use it.  However merchants come with time.  If you were judging currencies based on where people accept it, you would be using fiat.
Some exchanges want to take every cent from their customers by charging too much for withdrawals and taking most of the fees for themselves.

Doesn't mean the network is congested
The fee that the exchange charged was quite reasonable.  It was a relatively large transaction of >600 bytes.

The Pharmacist
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August 13, 2017, 04:30:16 PM
 #54

Never heard of bitgrail or XRB.  Maybe you ought to use a different exchange or ditch that shitcoin or something,  because that's definitely a high fee.  If it's only traded on one exchange,  that should tell you something.

Still,  about 1.5 months ago I was getting charged $8 to send $50.  That was with mycelium.  Things have improved considerably since then.

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August 13, 2017, 04:30:46 PM
 #55

I use xapo and I can say that situation is the same, for low speed confirmation 1.03 mBTC for high speed 1.4 mBTC, and for me that is just too much, I`m sending money but its expensive, bitcoin is not cheap to use. To give 3 dollars for one transaction? Where are we going, and will things ever be better? I hope that after 1 august situation will be better about fees, but nothing has changed and that worries me. If fees continue to grow like this I think many people will turn to some alts rather then bitcoin, bitcoin will be just for saving and holding and sending in necessary situations.


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August 13, 2017, 04:31:08 PM
 #56

Just now make a withdraw from Bitgrail and it take 0.00133153 BTC ($5.49 ) as a fee !! (https://live.blockcypher.com/btc/tx/cdf1dc891dfc0bd827b3b4f442ab5095e5073486bce9711fde859da7fccf7ecb) Oh my God! I think it's too many fees for a transation. How to overcome this high fee? Do you follow any special tips to overcome high Bitcoin fee?
Badly i need to know any good tips about it. Someone help me please.
Best regards
Mkmanik




Perhaps this fee is too high and needs to be revised. However, high fees mean that the transaction time will be improved and faster than before. Besides, perhaps your trading volume is too much leading to an increase in fees. Limit large transactions and multiple transactions. I think it will improve transaction fees

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webtricks
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August 13, 2017, 04:36:39 PM
 #57

Just now make a withdraw from Bitgrail and it take 0.00133153 BTC ($5.49 ) as a fee !! (https://live.blockcypher.com/btc/tx/cdf1dc891dfc0bd827b3b4f442ab5095e5073486bce9711fde859da7fccf7ecb) Oh my God! I think it's too many fees for a transation. How to overcome this high fee? Do you follow any special tips to overcome high Bitcoin fee?
Badly i need to know any good tips about it. Someone help me please.
Best regards
Mkmanik

In one line, 'Stop using any such exchange.'
When you don't have liberty to choose fees (which isn't in all the exchanges), Bitcoin network has no role to play. Thus, there is no mistake from Bitcoin iself. Fees are set arbitrary by exchanges. So there is hardly anyway to eliminate high fees if you decided to use that very exchange.
If you care moving to other wallets and exchanges, you can significantly decrease fees. Use wallets like Electrum which give you liberty to choose fees and choose fees in accordance to this site-
http://bitcoinfees.21.co

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August 13, 2017, 05:09:13 PM
 #58

You should check what priority you chosen while proceeding the transaction. If you had highest priority of transaction meaning your transaction should be processed within 10 minutes then you have to pay high fees for that. Also note that your transaction fees are x percentage of your transacted amount, so higher the amount of transaction higher are the fees also. So just check those parameter first and then recalculate it.


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August 13, 2017, 05:25:16 PM
 #59

Just now make a withdraw from Bitgrail and it take 0.00133153 BTC ($5.49 ) as a fee !! (https://live.blockcypher.com/btc/tx/cdf1dc891dfc0bd827b3b4f442ab5095e5073486bce9711fde859da7fccf7ecb) Oh my God! I think it's too many fees for a transation. How to overcome this high fee? Do you follow any special tips to overcome high Bitcoin fee?
Badly i need to know any good tips about it. Someone help me please.
Best regards
Mkmanik


The transaction fee is too high. If we trade in large quantities it will take a lot of money. I think you should choose another type of trading or trading platform with lower fees. While waiting for the fee to be revised!

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August 13, 2017, 05:40:17 PM
 #60

The chain offers nothing. You send you're done , there is no call free phone to satoshi to get your coins back.
That's because PayPal doesn't offer BTC's security.  They can screw around with your funds if they want to.  It's security versus convenience, and I don't think you can put an exact value on either of those things.

BTC's security? This is a service that is charging the extra fees here.
We have an 3rd party using btc as a transaction medium, we're not talking about coin storage.


I had to pay the same fee. Switch to Bitcoin Cash. Bitcoin Cash is the real Bitcoin (Satoshi was a big blocker) and Bitcoin Core want all transactions happening offchain (Lightning Network) because Blockstream wants to become the new Visa/Mastercard.

What is that altcoin you're talking about? The one with no miners
You are incorrect about that.  Actually, miners support it dramatically more than the economy, which is why it's 62% more profitable to mine on the original chain.

Let's wait till the difficulty adjustment kicks in.
And what's the current difficulty between scamcash and BTC ? 650PH of hasing power?
If we take it like that , do you know even quark has miners still mining?


As for merchants, you're correct that the attitude towards BCH has been focused on exchanges and wallets rather than places to actually use it.  However merchants come with time.  If you were judging currencies based on where people accept it, you would be using fiat.

Merchants will come...just like how they did for litecoin. 1 every year.

If i made a mess of the formatting , excuse moi in advance Smiley

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