Why are my sending fees so high?

[khaled0111]

Regular fee for a transaction is 14,5 USD which is really expensive and not everyone can afford that.
Even when you try to use a customized fee, blockchain.info informs you that the recommended fee is 500sat/b meaning 7$.
If you will use a lower fee your transaction probably will not get confirmed and it will join the list of more than 126k unconfirmed transaction.
I hope this situation will not last long or it will harm the crypto world.

[FasTroy]

summary of what happened:
- August 1st BCH was created to attack bitcoin, they implemented EDA or difficulty manipulation
- SegWit2x was suspended
- BCH pumpers used this to FUD bitcoin and pump BCH
- higher price of BCH + lower manipulated difficulty => incentive for miners to switch
- sudden lower hashrate on bitcoin + no difficulty manipulation => temporary harder to find blocks
- lower number of blocks found => bigger mempool => higher fees.

all will be fine soon
- difficulty adjustments will start + the BCH pump will end => incentive to mine BCH is removed

Thanks for this informations and I hope that this problem of the high transactions fees will fix and the BCH pump will end soon. From the beginning i didn't like the idea of the split of bitcoin. I mean bitcoin cash, i don't know why they want destroy bitcoin by these forks. Anyway, I believe that bitcoin is too strong, and it will be not die at least in upcomming 10 years.

[bitvalak]

this is due to the accumulation of transactions are very much, then it is required a higher fee for your transaction can be confirmed immediately. I also have some unconfirmed transactions because I am using a standard fee. It's been more than a day of transactions that I do.

[Skieleton]

Regular fee for a transaction is 14,5 USD which is really expensive and not everyone can afford that.
Even when you try to use a customized fee, blockchain.info informs you that the recommended fee is 500sat/b meaning 7$.
If you will use a lower fee your transaction probably will not get confirmed and it will join the list of more than 126k unconfirmed transaction.
I hope this situation will not last long or it will harm the crypto world.

In my opinion, such transactions should not exist at all. If you can pay for something and do not have confidence that everything will be ok. This is a way to pay more.

[Gabrieelle]

this is due to the accumulation of transactions are very much, then it is required a higher fee for your transaction can be confirmed immediately. I also have some unconfirmed transactions because I am using a standard fee. It's been more than a day of transactions that I do.

High transaction fees are being applied to those who wants a faster transaction rather than waiting. I guess to be able to save a little it is better to make the transactions ahead of their time so that it won't be hassle for them and the fees won't be too much.

[aardvark15]

I have a little bit of bitcoins on the online blockchain wallet and noticed the sending fees is 14$ no matter how much I am sending and seems to be rising everyday... what happens if I decide to customize the fee and put it at 10 sat/b for example?

How long would that take it to transfer?

$14 seems too high. I have noticed high fees as well but not that high. It could be because your wallet has received a bunch of small payments and then when you send them all out together, it requires more work to bundle those small transactions into one. I think that has happened for me but my fees have never gotten over about $4. One thing we know with Bitcoin is that the fees may get higher as time goes on.

[chuckblocker]

Which fee should I use?

The fastest and cheapest transaction fee is currently 900 satoshis/byte, shown in green at the top.


https://bitcoinfees.earn.com/

900 sat/byte is worth 12.46 usd right now according to blockchain.info wallet.

[equator]

I have a little bit of bitcoins on the online blockchain wallet and noticed the sending fees is 14$ no matter how much I am sending and seems to be rising everyday... what happens if I decide to customize the fee and put it at 10 sat/b for example?

How long would that take it to transfer?

I dont know much about blockchain but the main reason will be that as much the difficulty level raised the transaction fees also raise. I am using electrum and it gives option to change the transaction fees as per our need. and i am using 30k per sat and my transaction are taking 30 min to 50 min for confirmation.

[bitcoincollector03]

I have a little bit of bitcoins on the online blockchain wallet and noticed the sending fees is 14$ no matter how much I am sending and seems to be rising everyday... what happens if I decide to customize the fee and put it at 10 sat/b for example?

How long would that take it to transfer?

Because of Btc Cash, pumping up & miners are moved , so btc miners are reduced, Transaction goes up!

[rajuahmed330]

There are some reasons why Sending Charge is over.
First of all, you're using a wallet. Secondly, due to the high price of bit coins, it seems that the charge is over.

[mk4]

this is due to the accumulation of transactions are very much, then it is required a higher fee for your transaction can be confirmed immediately. I also have some unconfirmed transactions because I am using a standard fee. It's been more than a day of transactions that I do.

High transaction fees are being applied to those who wants a faster transaction rather than waiting. I guess to be able to save a little it is better to make the transactions ahead of their time so that it won't be hassle for them and the fees won't be too much.

The thing is, the optimal transaction fee for a fast transaction got significantly higher due to the blockchain being congested. A few days ago when the transaction queue was only at around 15,000-30,000 a 30sat/b transaction fee will go through fine after approximately 40-80mins. Now that the queue is highly congested, a 30sat/b won't get your bitcoins anywhere.

[deviant99]

Basically, other are seems like this also. A higher fees they implement to get a faster transaction . Today it is normal for others because of the price of bitcoins today. Suggest that don't send small amounts of bitcoins it will cost you more from the fees.

[okissabam]

Which exchange site are you trying to make a transaction with by the way? I have tried to withdraw from Bittrex but it is not that high for me, I think it is just the same or it is just right for Bitcoins price right now. Usually they will just adjust the price depending on how much Bitcoins price is.

[kucritt]

yeah right now sending bitcoini or receive bitcoin is so long, bitcoin transaction right now is too long time, its wasting our time, we can't do with that coin. so my advice is dont do some transaction right now, you can wait it until bitcoin stable and you can makes some transactio after that

[BrannigansLaw]

summary of what happened:
- August 1st BCH was created to attack bitcoin, they implemented EDA or difficulty manipulation
- SegWit2x was suspended
- BCH pumpers used this to FUD bitcoin and pump BCH
- higher price of BCH + lower manipulated difficulty => incentive for miners to switch
- sudden lower hashrate on bitcoin + no difficulty manipulation => temporary harder to find blocks
- lower number of blocks found => bigger mempool => higher fees.

all will be fine soon
- difficulty adjustments will start + the BCH pump will end => incentive to mine BCH is removed

Really good to hear the story but the majority of the mining is done by a few corporates and they control the entire mining network and they could manipulate and do what ever they want with their machines and that is the biggest flaw in the network in my opinion,the people who spends the most get to decide what the transaction fees should be.I am sure the BCH pump is done by these big whales to get more profit out of it.

[ghost424]

Sending fees is most likely the profits of the sites or applications you are using for their work. I guess they need to set a standard chart of how much they need to ask you if you are sending bitcoin payments or cash payment using their application. Most of the pawnshops have this standard chart for every specific money they want to send out and this is very helpful because they need to follow the chart and they can plan well on how to pay or send transactions next time.

[arseaboy]

yeah right now sending bitcoini or receive bitcoin is so long, bitcoin transaction right now is too long time, its wasting our time, we can't do with that coin. so my advice is dont do some transaction right now, you can wait it until bitcoin stable and you can makes some transactio after that

we just needed for the miners to comeback with bitcoin as of now they are happy making decent profits mining bitcoin cash as we cant force them to help the chain,
its a business and we knew that its always about money but after that for sure they will go back and start doing their job we just need to patiently wait for them we
can't argue with those who still doing their job to ask for much higher fee as well.

[webtricks]

summary of what happened:
- August 1st BCH was created to attack bitcoin, they implemented EDA or difficulty manipulation
- SegWit2x was suspended
- BCH pumpers used this to FUD bitcoin and pump BCH
- higher price of BCH + lower manipulated difficulty => incentive for miners to switch
- sudden lower hashrate on bitcoin + no difficulty manipulation => temporary harder to find blocks
- lower number of blocks found => bigger mempool => higher fees.

all will be fine soon
- difficulty adjustments will start + the BCH pump will end => incentive to mine BCH is removed

Very well yes, The present bump in BTC fees is due to huge shift of miners from BTC to BCH due to reasons stated above.
But the situation is temporary and people need not worry about this. The rise in BCH prices was systematic pump and prices will dump hardly once again (I can see downfall of $1200 already). Once this happen, BCH mining will again become less lucrative and SHA256 miners will again head towards BTC kingdom.
My suggestion for users is to hold transactions for time being (5-6 days) if not then use those web wallets which make batch payments. Under batch payment system, web wallets accumulate transaction requests, create a batch and process all in single hash. This result in lower fees and wallets in turn give incentive to users in terms of lower fees.

[revv]

So what was the point of me paying a fee if it isn't going to confirm any time soon?

[bitart]

If you check the mempool, it seems that something has already started:

It needs some time but it will normalize soon. Would be interested to see the mix of the transactions in the mempool sorted by the fee (sat/byte). If there are a lot of 0 to 10 sat/byte transactions again, the situation would be similar when in summer we were right before the first fork...