Newbie confusion....nano ledger s huge transaction fee for 5 dollar transaction?

[mrhenry35]

Hello everyone,

I just bought a Nano Ledger s.

I tried to move 5 dollars of btc into a new wallet from the nano, just as a test, and they were like " transaction fee 15 usd" ? This is absurd. I took it off the "fast" and put it on "slow" and it's still high. I tried the "Normal" setting or whatever its called and the same thing. Super high transaction fees. This is disconcerting. I literally can't move 10 usd out of this thing without paying another 10 dollars as a transaction fee.

This is worse than a bank. What the hell is going on?

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[favdesu]

it's not absurd, bitcoin network is flooded right now. if you want your tx to go through you have to pay for it.

[shield132]

Hello everyone,

I just bought a Nano Ledger s.

I tried to move 5 dollars of btc into a new wallet from the nano, just as a test, and they were like " transaction fee 15 usd" ? This is absurd. I took it off the "fast" and put it on "slow" and it's still high. I tried the "Normal" setting or whatever its called and the same thing. Super high transaction fees. This is disconcerting. I literally can't move 10 usd out of this thing without paying another 10 dollars as a transaction fee.

This is worse than a bank. What the hell is going on?

It would be better if you open thread in Technical Discussion about this fact, we can help you here but that section is for such problems. Yes, you can't move because fee is out of this world, 850 satoshis/byte. Imagine how much it is for normal transaction? So now you can use bitcoin for only (if you want to save on fees) 10btc and higher transactions. Not only worse, it's worst now.

Edited: It's 950 satoshis/byte currently.

[mrhenry35]

Sorry I thought I did post it in "technical discussion."

I think I finally see the crack in this thing. The fees will eventually render the coin unusable unless you are holding large amounts. This will make
the banks look generous in comparison. I was gonna buy a bunch of btc but now I'm afraid. Does something like lite coin have these types of fees? This really changes my whole perspective.

trading one tyrant for another isn't very revolutionary.

[silversalvage]

im in the same boat....

tried to move out $15.00 worth of btc and i saw a $25.00 fee.....
 
is there a work around here? i mean whats the use of my btc's if we cant even move it.

[warningsigns]

Sorry I thought I did post it in "technical discussion."

I think I finally see the crack in this thing. The fees will eventually render the coin unusable unless you are holding large amounts. This will make
the banks look generous in comparison. I was gonna buy a bunch of btc but now I'm afraid. Does something like lite coin have these types of fees? This really changes my whole perspective.

trading one tyrant for another isn't very revolutionary.

I agree. The current fees are a flawed system. Banks indeed would be my choice of transferring small amounts of money. With the current fee structure, applying bitcoin to the retail environment is very cost INeffective for the consumer. Imagine being charged $4 for a cup of coffee and seeing $19 debited from your bitcoin wallet for that purchase.

On the other hand, this has its advantages. Gets rid of all the nano amounts sent by transaction spammers flooding all the yet to be confirmed blocks.

[timerland]

im in the same boat....

tried to move out $15.00 worth of btc and i saw a $25.00 fee.....
 
is there a work around here? i mean whats the use of my btc's if we cant even move it.

Nope... Unless of course you are able to use an online wallet that supports account to account transactions within its system, with no fees. Examples would be coinbase, xapo, etc. If your recipient also uses that web wallet then you'll be able to transfer off the grid, for free.

Also if you are just willing to wait longer for the confirmation to come, just pay with a lower fee, accelerate your transaction using antpool or viabtc, but be prepared to wait up to a week or even more for your transaction to get confirmations.

My suggestion is wait for the fees to go down. Right now they are crazy high.

[bL4nkcode]

Are you using the chrome app of Ledger nano? I suggest that use electrum desktop wallet when sending BTC with Ledger, you can manually set the transaction fee there, Instead of auto and recommended fee. But on the other side, it will takes too long before it got at least one confirmation. I have ledger but I never use the chrome app to send, I use electrum or Mycelium wallet. Try it for good.

BTW the fastest transaction and cheapest fee are currently 970 satoshis/byte based on bitcoinfees.earn.com. Lol