Why are my sending fees so high?

[revv]

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?

[1714766645]

1714766645

[1714766645]

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[no0dlepunk]

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?

Geeez, at least I am not alone. Yeah my transaction earlier had took forever and it costed me so much. I guess the majority of the miners are mining the wrong coin that's why only a few were processing your requests. My 0.5 BTC transfer took forever earlier, thank goodness I was able to cash it out before leaving my house.

[Pursuer]

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

[StreakW]

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 use blockchain too, but the fee is low, u can set it according the ammount u want to send
for me blockchain still be good wallet with option fee. when i send about 0.0005-001, i use about 9-15sat, that take almost 1 day.
this according with blockchain transaction, more people sending BTC that will take long time

[wisdomcn]

Some years back when I created my first blockchain wallet and I used it to invest in one of the mining company which the return was coming into that my blockchain wallet on daily basis. At time I noticed that transaction charges on that wallet became very high each time I try to transfer from that wallet to another wallet. The transaction for $3 was up to $8. I have option to create a new wallet and transferred all my money to the new wallet.

[windsee]

- lower number of blocks found => bigger mempool => higher fees.

Suppose there will be less and less blocks found due to the design, will it be a problem in the future? Bitcoin's benefit for low transaction cost compared to other means may gone for the small transaction amount.

[Pursuer]

- lower number of blocks found => bigger mempool => higher fees.

Suppose there will be less and less blocks found due to the design, will it be a problem in the future? Bitcoin's benefit for low transaction cost compared to other means may gone for the small transaction amount.

as I said in the last line, everything will be back to normal soon.
the way difficulty works (even in bitcoin cash with their emergency adjustment and all the difficulty manipulation) is that it adjusts itself based on the hashrate. the plan is to set it to an amount which leads to 2016 blocks be found every 2 weeks. if hashrate goes up, blocks are found faster and difficulty increases to slow them down. and if hashrate goes down blocks are found slower so difficulty goes down to speed them up.

under normal circumstances hashrate doesn't just evaporate suddenly. it may go down a little and it may go up a little so the "speed" doesn't change much.
but when something like bitcoin cash exists and miners can switch easily, hashrate can drop fast. but as soon as difficulty on BCH adjusts and it becomes hard to mine it and also when its price drops, they will come back, at least most of them and things will be back to normal-ish.

[Mersterious]

It is depend on a website or a developer

[dali_masmoudi]

The bitcoin amount is limited, it is not like any other currency (you can a lot from it that you even can't count). Also Miners of cryptocurrencies have to take fees for every transaction, like a commission for them.
That is why the Bitcoin fees are very high and the transaction can take around 24 hours or more so if you want to sell, try to sell earlier that the day you supposed to sell because it will take time.

[alani123]

Bitcoin fees are based on demand. There's only a limited amount of space in each block and miners decide how they're going to prioritize transactions. Of course, transactions with the higher fees are given priority over other transactions so they're included in blocks faster. But as lower fees transactions mature they also have better chances of getting into a block.

[BingoDog]

Huge number of unconfirmed transactions is becoming biger and biger probably. I think that greedy miners are making pressure on the community because of the cancelled fork and puting very big fees to discourage people to further use bitcoins. I hope they will not succeed in their work, that would be very bad. Hope some solution and agreement will be found very soon before this escalets further.

[moooonu]

Number of unconfirmed transactions are too high. So if you need your transaction to go through the next block then you have to pay high transaction fee for that. Maybe soon transactions will be normal in next two three weeks.

[allthebitandbobs]

greed that why also if people or dumb enough to pay these fees miners will take advantage .I never send anything by bitcoin anymore .I use a altcoin with very cheap fees and fast transaction time.Even bitcoin only betting  sites have suspended taking deposits and withdrawals do to fees and sending time 

[immunity]

I am also shocked when I transfer Bitcoin to another person the fees deduction was is 7.7$ in just sending 180$.  May be the reason is Bitcoin miners convert to Bitcoin cash mining.

[bitcoinfuck]

Number of unconfirmed transactions are too high. So if you need your transaction to go through the next block then you have to pay high transaction fee for that. Maybe soon transactions will be normal in next two three weeks.

yes lets see how well the bitcoin cash holds for a while

[Skieleton]

Transfer fees are fixed. The higher the BTC price, the higher the transfer fee. Nothing special.

[pearlmen]

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

With all these, everything is still ephemeral because sooner or later, people will come back to the origin and realize that there is no other way. In the case of BCH, a lot of innocents will have to bear the brunt because they will not be notified when the party will be over while they will be thinking the party is just starting but they are actually leaving the party for the remnants to be taken care of by the excessive greedy individuals.

[htsz_da12]

Most of these days, btc calculated the power cut to bcc, so btc network congestion occurred, resulting in increased transaction fees and block confirmation for too long.

[sumangs]

I think the transaction fee depends on whom you send bitcoins. I have recently send bitcoins to this site because I was banned for doing something evil and I pay with small fee. I try to send funds on trading site and it cost me a huge fee so I think that I said earlier is correct. The transaction in the trading site, hitBTC to be specific is almost $2 just to send $1 on the site. Correct me if I'm wrong, so much appreciated if you do.

[Nevis]

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?

Spending alot of fees are pretty normal right now at this moment,considering the price of bitcoin and how bitcoin network are not that stable.Higher fees are issued for transaction to get confirmations fast.So sending small amount of bitcoins right now is not advisable cause of high network fee