Postlegend (OP)
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October 04, 2017, 11:30:56 PM |
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Bitcoin fees are a little too high, don't you think? I have a few questions and would like to hear your opinions (See Below). Thank you for you time! ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) 1) On average, how much are you paying for BTC transaction fees? a. Do you increase the fee as transaction size increases? b. Which wallets are you sending from and how long does the transaction take? 2) Let's say you are sending 1 BTC, how much would you pay for the fee? 3) Let's say you are sending 0.01 BTC, how much would you pay for the fee?
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Postlegend (OP)
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October 04, 2017, 11:44:30 PM |
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How do the transactions get though, the fees seem very low. Wasn't it around $2 per transaction?
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Brama Jasa
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October 05, 2017, 02:09:53 AM |
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How do the transactions get though, the fees seem very low. Wasn't it around $2 per transaction? I am quite often transact ,, I do not pay much attention to the cost of the transaction, maybe at least about 2 dollars, if in big amounts 0.01%
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joinfree
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October 05, 2017, 02:12:20 AM |
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A few days ago i sent a payment and i had to pay $0,07 for fees, but the transaction got stuck and it took more than 18 hours to get the first confirmation.. That is why i will never send payments with less than $1 fees per transaction, maybe i can pay less than 10 cents per transaction, but waiting 18 hours is not worth it, i prefer paying a little bit more, and be able to proccess the payment quickly.
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Crypto Enthusiast supporting innovative ideas for the Liberalization of the world from the Centralized Institutions.
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PX-Z
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October 05, 2017, 02:17:29 AM |
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Transaction fee will depends on the size of your transaction the larger the size (sat/byte) the larger of your transaction fee.
And if you still converting bitcoin to USD in terms of fee then of course you will say that the fee is too high since 1 USD is equal to something on 0.0002+ BTC but that fee is just normal from 0.00009-0.0001 for faster confirmation
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Postlegend (OP)
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October 05, 2017, 02:20:22 AM |
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A few days ago i sent a payment and i had to pay $0,07 for fees, but the transaction got stuck and it took more than 18 hours to get the first confirmation.. That is why i will never send payments with less than $1 fees per transaction, maybe i can pay less than 10 cents per transaction, but waiting 18 hours is not worth it, i prefer paying a little bit more, and be able to proccess the payment quickly.
Since the transaction fee is based on satoshi/byte, the larger the transaction, the higher the fee, is that true? How much do you set for satoshi/byte?
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jseverson
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October 05, 2017, 02:21:37 AM |
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I use Electrum, and I have it set to pay 5 satoshis per byte. Average transaction time, I've observed, is around 4 hours. It typically doesn't bother me because I only ever move around small amounts, and only to my own wallets, or to people I personally know. I'm a compulsive HODLer, so yeah.
If I'm going to deal with large amounts, however, I would consider using Electrum's dynamic pricing. I'll keep an eye on this thread for more insight.
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shursight
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October 05, 2017, 02:24:36 AM |
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I've never had problem with the fees, when i send payments i always use the Priority option, in most cases i use blockchain wallet for sending them, and the priority fees are about $1,50 (around 0.0003- 0.0005) but it gets confirmed in less than 15 minutes, so i guess it is very fast, i made a mistake last week, and the transaction took more than a day to get confirmed, i was lucky that i did not lost my bitcoins.
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Postlegend (OP)
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October 05, 2017, 02:28:51 AM |
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I use Electrum, and I have it set to pay 5 satoshis per byte. Average transaction time, I've observed, is around 4 hours. It typically doesn't bother me because I only ever move around small amounts, and only to my own wallets, or to people I personally know. I'm a compulsive HODLer, so yeah.
If I'm going to deal with large amounts, however, I would consider using Electrum's dynamic pricing. I'll keep an eye on this thread for more insight.
A while ago I read an article on BTC fees, but I've forgotten to save the link. How is the size of the transaction calculated? If I remember correctly, there is no way to get an accurate calculation, just a rough estimate.
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jorneyflair
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October 05, 2017, 02:31:09 AM |
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Bitcoin fees are a little too high, don't you think? I have a few questions and would like to hear your opinions (See Below). Thank you for you time! ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) 1) On average, how much are you paying for BTC transaction fees? a. Do you increase the fee as transaction size increases? b. Which wallets are you sending from and how long does the transaction take? 2) Let's say you are sending 1 BTC, how much would you pay for the fee? 3) Let's say you are sending 0.01 BTC, how much would you pay for the fee? 1. I'd say right now, probably around 0.0003 BTC per transaction. I use electrum which automatically adjusts my fee level with the amount of inputs and outputs involved with the transaction(that increase the size of the tx). 2 and 3. Bitcoin fees have nothing to do with value of transaction but everything to do with the size it takes up in the blockchain. If you're asking for how much i'd be willing to pay, however, i would be prepared to pay around .05% of a transaction worth 1 BTC.
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iram1011
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October 05, 2017, 02:44:04 AM |
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Transaction fees has nothing to do with amount of Bitcoin you send. It is more dependent upon the size of your transaction. The optimal fees at present is of 144 satoshis/byte. Your transaction can very well happen if you pay less than that but waiting time would be more. Recently, I send 0.05 btc at the fees of 0.0003 btc and it got confirmed in 30 mins.
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Spaffin
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October 05, 2017, 02:45:05 AM |
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When carrying out transactions, the sum of the fee is automatically set to 0.001. Typically, this number is rarely changed to users and the transaction is successful. The time of the transaction is usually different - from several hours to almost a day.
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lottery248
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October 05, 2017, 02:56:35 AM |
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i would rather base the amount of unconfirmed transaction, mainly because nowadays despite the transaction volume is not as high as in the peak or literally less than 10k unconfirmed, the fee is being pumped too high then most of the transactions with lower fee is severely delayed, although to benefit miners, the users are not good for them at all. should be less than .0004 for lower byte or .0005 for higher bytes
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out of ability to use the signature, i want a new ban strike policy that will fade the strike after 90~120 days of the ban and not to be traced back, like google | email me for anything urgent, message will possibly not be instantly responded i am not really active for some reason
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pooya87
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October 05, 2017, 04:48:34 AM |
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Bitcoin fees are a little too high, don't you think? I have a few questions and would like to hear your opinions (See Below). Thank you for you time! ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) 1) On average, how much are you paying for BTC transaction fees? a. Do you increase the fee as transaction size increases? b. Which wallets are you sending from and how long does the transaction take? 2) Let's say you are sending 1 BTC, how much would you pay for the fee? 3) Let's say you are sending 0.01 BTC, how much would you pay for the fee? all your questions have one answer: transaction fees are set based on transaction size in bytes and it does not depend on how much bitcoin you are sending. you may send 0.01 BTC and 10000 BTC with the same amount of fee if their transaction sizes are the same. your transaction size is determined based on how many inputs and outputs it has. in simple terms if you have received a lot of payments and now want to spend all of them, your transaction size will be huge and you will end up paying a lot of fee. how much fee/byte you pay depends on whether the mempool is crowded or not. for example for the past ~12 hours the mempool contained more than 20,000 unconfirmed transactions. that means there will be a big competition for the small block size we have so you will have to pay a higher fee to compete with the others.
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Kakmakr
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October 05, 2017, 05:45:27 AM |
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I am going to over simplify this for you. If you are a faucet user and you receive small dust transactions every week into a specific address, your inputs will be much bigger and this will increase the transaction size. When you want to spend these funds, the bigger transaction size will add to the cost of the fees for that transactions and you might be paying a lot more fees than the Bitcoin address where you simply had 1 or 2 inputs.
It is never a good idea to accumulate 100's of transactions into a single Bitcoin address, because you will suffer later, when you have to pay these fees.
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bob123
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October 05, 2017, 06:35:30 AM |
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A few days ago i sent a payment and i had to pay $0,07 for fees, but the transaction got stuck and it took more than 18 hours to get the first confirmation.. That is why i will never send payments with less than $1 fees per transaction, maybe i can pay less than 10 cents per transaction, but waiting 18 hours is not worth it, i prefer paying a little bit more, and be able to proccess the payment quickly.
Since the transaction fee is based on satoshi/byte, the larger the transaction, the higher the fee, is that true? How much do you set for satoshi/byte? Thats almost true. The size of a transaction does not depend on the amount of BTC's you are sending... It depends on the amount of Input/Outputs. Meaning, if you have 1 btc on 1 address and you Send your whole BTC to 1 address the Transaction is small. But f you Send 0.5 btc to 5 addresses + address for change the Transaction is larger than the first.
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alva5763
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October 05, 2017, 06:43:38 AM |
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On a number of occasions I have converted to litecoin as fees are lower and transaction quicker. Obviously there is a conversion fee but it suits me.
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