*** BITCOIN FEES - Stop paying overpriced STUPID fees to greedy miners!! ***

[coinsgod]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

[pooya87]

it is not people, it is the wallet clients and their broken fee estimations most of the time.
right now that the memory pool is empty (<3000 tx) you can pay small fees and if the mining pools don't reject your transaction it will be mined. (some mining pools like F2Pool for example have set a minimum fee/B that they will reject lower than that).

checking the latest block it is filled with 1 satoshi/byte transactions:
https://blockchain.info/block/000000000000000000513221a373529b99c1982999abcfc189f446e0a8896e03?show_adv=true

~ I got 4 confirmations in 5 minutes! ~

LOL, 4 blocks in 5 min or nearly 1 block every 1 minute. you got ultra lucky.

[Yakamoto]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

I have sent a fee of $0.05 CDN, which was something like $0.04 USD (likely a bit less) at the time. That was probably the lowest fee I have ever put on a transaction that actually went through within an hour or two, I can't remember what the timing was exactly. It was a fairly long time ago, so I don't remember the specifics.

I think there was once instance where I paid a fee in excess of $1.00 CDN, and that was essentially at the peak of queue times and flooding transactions. That was just to make it go through quickly.

[coinsgod]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

Update: I got 12 confirmations in one hour with this $0.05USD (5 cents) fee paid. Nice

[coinsgod]

it is not people, it is the wallet clients and their broken fee estimations most of the time.
right now that the memory pool is empty (<3000 tx) you can pay small fees and if the mining pools don't reject your transaction it will be mined. (some mining pools like F2Pool for example have set a minimum fee/B that they will reject lower than that).

checking the latest block it is filled with 1 satoshi/byte transactions:
https://blockchain.info/block/000000000000000000513221a373529b99c1982999abcfc189f446e0a8896e03?show_adv=true

~ I got 4 confirmations in 5 minutes! ~

LOL, 4 blocks in 5 min or nearly 1 block every 1 minute. you got ultra lucky.

People need to stop using wallets where you can't adjust the fees and put in your own values for the fees. You've gotta be stupid if you are overpaying on fees for no reasons giving away money to greedy miners. I think that next time I need to do a transaction, I'll adjust my wallet to 0.00001BTC/kilobyte.

[piebeyb]

it is not people, it is the wallet clients and their broken fee estimations most of the time.
right now that the memory pool is empty (<3000 tx) you can pay small fees and if the mining pools don't reject your transaction it will be mined. (some mining pools like F2Pool for example have set a minimum fee/B that they will reject lower than that).

checking the latest block it is filled with 1 satoshi/byte transactions:
https://blockchain.info/block/000000000000000000513221a373529b99c1982999abcfc189f446e0a8896e03?show_adv=true

~ I got 4 confirmations in 5 minutes! ~

LOL, 4 blocks in 5 min or nearly 1 block every 1 minute. you got ultra lucky.

People need to stop using wallets where you can't adjust the fees and put in your own values for the fees. You've gotta be stupid if you are overpaying on fees for no reasons giving away money to greedy miners. I think that next time I need to do a transaction, I'll adjust my wallet to 0.00001BTC/kilobyte.

I only see spammers often make transactions using a large FEE fee to their own address
since yesterday until the bitcoin transaction network many have not get confirmation, yes I often see it but not with 2 days fee fee is not too big to send bitcoin and no longer see spammers do previous transactions and may come back
https://blockchain.info/unconfirmed-transactions

[Mandoy]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

You have a point but we have no choice. For example when we play dice games the minimum withdrawal fee is 0.0004 btc and on the exchanges the minimum fee is 0.0015 btc. If we are just allowed to place a small fee like you do then we will be glad to do so but since the fee is fixed we cannot but to comply and pay the required fee by the gambling sites and exchanges.

[tendermartin]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

you have a very good point here but most of the times we cann not edit our miner's fees depending on the wallet type we use.... if i may ask what BTC wallet do you use?

[tendermartin]

besides i strongly feel the miners fees and way too expensive and should be reviewed by consesus.... its way too high... 0.0005BTC - 0.001BTC is unacceptable as some miners charge

[HabBear]

~ I got 4 confirmations in 5 minutes! ~

LOL, 4 blocks in 5 min or nearly 1 block every 1 minute. you got ultra lucky.

Confirmations don't equal blocks. Correct me if I'm wrong, but for the number of confirmations that are used to verify one transaction multiplied by the number of transactions we'd need far more than 21m bitcoin if each confirmation awarded the miner with a block.

Can you clarify what you mean here? Thanks.

[Kakmakr]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

Update: I got 12 confirmations in one hour with this $0.05USD (5 cents) fee paid. Nice

Give us proof or gtfo of here. A lot of people might follow your example and never get there transactions confirmed. < or they will have to increase the fees afterwards to get it confirmed > If you do not want to compromise your identity, you could take a screen capture of the tx and then edit the personal details.

I also hate the 3rd party wallets and their silly fee estimation, but some people do not even query these fees and just pay what is recommended.

[anon4250158]

Try to wait for a time when fees are lower because the mempool isn't as full.  If the transaction isn't urgent, always pay the minimum.  There are going to be some days when the mempool is swamped and you will have to pay higher fees if you want to get coins transferred.  At least segwit has helped a bit.

[SmokeMcPay]

While using blockchain Im able to setup the fee myself. Which wallet are you sending bitcoins from ?

[squatter]

besides i strongly feel the miners fees and way too expensive and should be reviewed by consesus.... its way too high... 0.0005BTC - 0.001BTC is unacceptable as some miners charge

Start using a Segwit wallet. Block weight is 4x larger once you do. GreenAddress and Trezor have both released their Segwit wallets. I saw Jameson Lopp posting about BitGo clearing a lot of transactions and helping to create a couple 1.3 MB blocks by using Segwit, so I think BitGo might be ready, too. People are paying 1-3 satoshis/byte with Segwit transactions and getting confirmed without problems.

[AGD]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

I have send amounts with 0 fees, but that was some years ago.

[shesheboy]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

which wallet are you using?  well for me i actually tried  setting transaction fee to a verry low amount like 0.0003 but after i send it is still using the default transaction fee which is 0.0007 low priority. by the way im using a coinomi wallet for android.  i think that 0.0007 is too high for me because im not that earning much bitcoins here in the forum.

[figmentofmyass]

I don't get why lots of people are pay ridiculous overpriced fees when sending Bitcoin to those greedy ass miners! I've been experimenting with my wallet and reducing the fees each time and have been sending at 0.00005BTC/kilobyte. It only cost me $0.05 (5 cents) to send and I got 4 confirmations in 5 minutes! Anyone paying more than this is a complete idiot. I'm sure that I could even maybe do it at 0.00001BTC/kilobyte and it would get all confirmed within 20mins.

Anyway, let's discuss what is the fees you are paying when sending. What's the minimum fees you've tried?

I have send amounts with 0 fees, but that was some years ago.

i saw a 0-fee transaction confirmed just the other day: https://blockchain.info/tx/2e1fca53148718bd4d00eeebed510a9417a96a5bbd09be395c51afe776954ef2

so it still happens today. this one was supposedly pushed by a transaction accelerator service right here on the forum. i would be careful sending no-fee transactions, though, for obvious reasons. very easy for transactions like this to get stuck. but if you're just consolidating inputs (sending to self) and you've got time, why not?

[pooya87]

~ I got 4 confirmations in 5 minutes! ~

LOL, 4 blocks in 5 min or nearly 1 block every 1 minute. you got ultra lucky.

Confirmations don't equal blocks. Correct me if I'm wrong, but for the number of confirmations that are used to verify one transaction multiplied by the number of transactions we'd need far more than 21m bitcoin if each confirmation awarded the miner with a block.

Can you clarify what you mean here? Thanks.

confirmation shows the "depth" of your transaction.
when you have 1 confirmation it means your transaction is inside the last block.
when you have 3 confirmation it means your transaction was included in 3 blocks ago or 3 blocks deep.

this "depth" also shows how likely double spending is.

for example this is the first bitcoin transaction ever:
https://blockchain.info/tx/f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16
it was included in block 170 and it has 484450 confirmation by the time i am typing this and the last block found was 484619 which means that tx is 484450 blocks deep. (there are 484450 between block 170 and block 484619 including block 170) mathematically: 484619 -170 + 1 = 484450

https://en.bitcoin.it/wiki/Confirmation

[Vyper]

Try to wait for a time when fees are lower because the mempool isn't as full.  If the transaction isn't urgent, always pay the minimum.  There are going to be some days when the mempool is swamped and you will have to pay higher fees if you want to get coins transferred.  At least segwit has helped a bit.

Exactly.. It seems like that blockchain.infos way of showing "Cost per transaction" is utterly wrong. But even that fellow Roger Ver doesn't seem to notice it. He's yelling his fees are killing the system etc. Right after the switch i experimented with sending with lower fees and noticed that it worked flawlessly even with only 1 satoshi/byte. So in that statement he is utterly wrong!

To put it into perspective, this chart https://blockchain.info/sv/charts/cost-per-transaction?timespan=60days is so misleading because this following chart tells us that you don't need to pay high fees anylonger. Simply adjust it manually instead. https://blockchain.info/sv/charts/mempool-size?timespan=30days

When you combine the options to look and think for yourselves then you could start sending BTC with lower fees for others/yourself if you don't need it super super fast then i'd opt to raise the fee somewhat to have the possibility to process it faster but most often even if i send two transactions at the same time with different amounts and fees they almost get confirmed next to eachother in time anyhow even if the fee is 100X+ higher.

I use this site as a measurement of how much that is in the pipe in different fee amounts... https://bitcoinfees.21.co/.
So as the topic says.. Do some tests with lower amounts and you'll see that it will work out for you.

[lighpulsar07]

well, i tried to to send a transaction with 10 satoshi per byte few month ago and it was stuck over 2 days until i accelerated through viabtc it took another 8 hours to be included in their block. if i used a high priority fee, it will cost me 10 dollars in fees if i used a high priority fee.