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Author Topic: Help - Crazy high transaction fees from Exodus wallet during withdrawal!!!  (Read 1323 times)
Sandal_Hat
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November 13, 2017, 06:34:45 PM
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Right now, I have about 324 usd in bitcoin in exodus wallet and i can only withdraw up to 252 USD max because the rest will be fees.
This is because I have been receiving small daily payments in bitcoin from mining to this wallet.

Earlier i withdraw 60 dollars and got hit by about 130 USD in fees...this is insane

How do I stop this? Pls advise
Do u use a different mining wallet?
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leex1528
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November 13, 2017, 06:41:08 PM
 #2

I haven't used Exodus before but that does seem a little high for transaction fees....I would suggest opening a ticket with them to see why the fees are so high.  If I remember correctly fees should roughly be between 5-20 dollars depending where you go for your exchange.  Anyway, good luck!
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November 13, 2017, 06:44:28 PM
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I haven't used Exodus before but that does seem a little high for transaction fees....I would suggest opening a ticket with them to see why the fees are so high.  If I remember correctly fees should roughly be between 5-20 dollars depending where you go for your exchange.  Anyway, good luck!

http://support.exodus.io/article/71-i-receive-btc-mining-payouts-why-are-the-fees-so-high
There is this explanation.
I dont think there is a point to talking to them.
It seems their dynamic fees means somehow my transaction fees are high and it gets sent immediately.
The fees are high because they came from many small payments...wtf man. It is basis per KB.

Surely others encountered this issue before. Is there a cheap holding wallet of sorts?
I am googling but no solution so far.

Btw, is it possible to regenerate my exodus wallet on another, say electrum and then use electrum instead? I can choose lower fees on electrum, correct?

Fees are higher to withdraw if they come in small daily payments. This applies to all wallets?
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November 13, 2017, 06:53:20 PM
 #4

Right now, I have about 324 usd in bitcoin in exodus wallet and i can only withdraw up to 252 USD max because the rest will be fees.
This is because I have been receiving small daily payments in bitcoin from mining to this wallet.

Earlier i withdraw 60 dollars and got hit by about 130 USD in fees...this is insane

How do I stop this? Pls advise
Do u use a different mining wallet?

This is more than crazy rather its ridiculous and it's something that needs to be attended to by the bitcoin core developers because it seems miners have just decides to kill bitcoin on their own but the issue is if the difficulty and the cost of being a miner is not too much where the miners are spread all over, all this will not be happening but its because the mining and confirmation of transactions has been centralized to some set of people, that's why challenges like this is being faced.
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November 13, 2017, 06:56:51 PM
 #5

Right now, I have about 324 usd in bitcoin in exodus wallet and i can only withdraw up to 252 USD max because the rest will be fees.
This is because I have been receiving small daily payments in bitcoin from mining to this wallet.

Earlier i withdraw 60 dollars and got hit by about 130 USD in fees...this is insane

How do I stop this? Pls advise
Do u use a different mining wallet?

This is more than crazy rather its ridiculous and it's something that needs to be attended to by the bitcoin core developers because it seems miners have just decides to kill bitcoin on their own but the issue is if the difficulty and the cost of being a miner is not too much where the miners are spread all over, all this will not be happening but its because the mining and confirmation of transactions has been centralized to some set of people, that's why challenges like this is being faced.

Is there a way to hold the bitcoin in a wallet that does not do this?
Or is the only solution is to not get paid in small amounts because I am not sure if my pool supports this.
They pay automatically daily.
Sandal_Hat
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November 13, 2017, 07:02:30 PM
 #6



Check out the bottom right network fee if I were to send.....
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November 13, 2017, 07:12:00 PM
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Still think btc is going to replace cash?
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November 13, 2017, 07:14:09 PM
 #8

Have a nice solution for you dont listen to anybody else and dont pay those insane fees..
what i do is using  exchange to ETH than to BTC again you end up paying only 1%
it takes 10 minutes MAX
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November 13, 2017, 07:17:55 PM
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Wow that does seem excessively high to transfer such a small amount.

I also have an exodus wallet and noted they recently put up a warning about high fees for btc transaction.

The thing to do would be to convert the btc to eth or dash and send them.

I'm only keeping btc on exodus  to buy some eos when the price drops again.

Exchanging coins within the exchange has fairly low fees
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November 13, 2017, 07:21:02 PM
 #10

Have a nice solution for you dont listen to anybody else and dont pay those insane fees..
what i do is using  exchange to ETH than to BTC again you end up paying only 1%
it takes 10 minutes MAX

How do i exchange? To send money out to exchange, it gets used up by network fees and my network fees are very high because I received it from many small transactions
I am trying the exodus internal exchange function but at the moment, for bitcoin, is unavailable... I hope that solves it for me later.

This is the transaction...
https://live.blockcypher.com/btc/tx/b5707395c7bf59f004de4d769c4646463dcca0d172104912f26c47168f2d476b/

kinda crazy, I sent out 60+ usd and got charged a hell about 140 usd.... or so..


Wow that does seem excessively high to transfer such a small amount.

I also have an exodus wallet and noted they recently put up a warning about high fees for btc transaction.

The thing to do would be to convert the btc to eth or dash and send them.

I'm only keeping btc on exodus  to buy some eos when the price drops again.

Exchanging coins within the exchange has fairly low fees
If i exchange it internally, I dont get hit by those fees?
I wish i seen your post sooner Sad

Hopefully exodus makes the bitcoin exchange available. It current does not work for exodus.




For other bitcoin MINERS, pls take note of this....for your own good. Do not be like me....
I am gonna mine BCC for the time being. Hopefully the internal exchange thing works without insane fees.
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November 13, 2017, 07:27:01 PM
 #11

Sandal, if you read what they said in that article you posted it might give you some more information.  The fact that you are sending something and paying a stupid fee, something seems wrong.  I would definitely contact them, and if they can't get you a better answer, take all your coins out of that exchange and find something better( I personally use coinbase) they only charge about 5 dollars per fee.
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November 13, 2017, 07:27:30 PM
 #12

From your explanation I can really see that the transaction fee was actually crazy. I advise you start using another exchanger. At least for now we have so many of them.

Sandal_Hat
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November 13, 2017, 07:31:56 PM
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Sandal, if you read what they said in that article you posted it might give you some more information.  The fact that you are sending something and paying a stupid fee, something seems wrong.  I would definitely contact them, and if they can't get you a better answer, take all your coins out of that exchange and find something better( I personally use coinbase) they only charge about 5 dollars per fee.


http://support.exodus.io/article/71-i-receive-btc-mining-payouts-why-are-the-fees-so-high
From wat i read here. It is the transaction fee.

And from wat i see here, https://live.blockcypher.com/btc/tx/b5707395c7bf59f004de4d769c4646463dcca0d172104912f26c47168f2d476b/
Seems, I really lost it in transaction fees....

Amount Transacted      0.02196893 BTC
Fees                          0.021936 BTC


However, I guess I can still ask exodus.

My transaction fees are high because I received many small transactions for this bitcoin. I really like my mining pool. Problem is my send out fees for this bitcoin is high because it uses more KB data...due to the bitcoin being received from many small transactions.

So, the problem is that the bitcoin is received from many small transactions and not because of exodus??
I hope I can find some kinda special wallet that doesnt have this problem.




I hope other miners become aware of this issue!
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November 21, 2017, 11:06:32 AM
 #14

It doesn't matter what wallet you use... you have a ton of tiny "dust" inputs... your transaction "data" size is going to be large... fees are in sats PER BYTE or btc PER KILOBYTE.

So, the larger the transaction, the higher the total fee.

You options are:

1. Stop receiving tiny amounts, so when you try to transfer, you don't need a large number of inputs, which makes the transaction data size smaller... which makes the total fee smaller.

2. Export your Exodus seed and import into a wallet that allows you to specify the fee you want and send all your dust with a lower fee rate... transaction is likely to get stuck if you send with a low rate.

3. Continue getting tiny dust payments and pay large fees to move your bitcoins around.



For the record, you CAN import your Exodus seed into Electrum (select BIP39 from the "options"... and leave the derivation path at default of m/44'/0'/0')

Sandal_Hat
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November 24, 2017, 05:06:56 AM
 #15

It doesn't matter what wallet you use... you have a ton of tiny "dust" inputs... your transaction "data" size is going to be large... fees are in sats PER BYTE or btc PER KILOBYTE.

So, the larger the transaction, the higher the total fee.

You options are:

1. Stop receiving tiny amounts, so when you try to transfer, you don't need a large number of inputs, which makes the transaction data size smaller... which makes the total fee smaller.

2. Export your Exodus seed and import into a wallet that allows you to specify the fee you want and send all your dust with a lower fee rate... transaction is likely to get stuck if you send with a low rate.

3. Continue getting tiny dust payments and pay large fees to move your bitcoins around.



For the record, you CAN import your Exodus seed into Electrum (select BIP39 from the "options"... and leave the derivation path at default of m/44'/0'/0')

I see but how long will my transaction get stuck if so?
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November 24, 2017, 05:18:38 AM
 #16

High amount of unconfirmed transaction causes to the high fees transaction with it. If you want to processing your transaction first you have to pay for the high fees transaction for the priority.

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November 25, 2017, 06:00:09 AM
 #17

I see but how long will my transaction get stuck if so?
It varies, depending on the transaction fee that you use at that time.
For estimated time and block, you may refer to this: https://bitcoinfees.earn.com/#fees

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November 30, 2017, 10:46:37 AM
 #18

Yeah there is something wrong with it.

I am trying to send a 1,706byte transaction will 11 inputs for a .25BTC to another of my own wallets and Exodus wants $52 in fees.
Fee calculator sites say it should be half that based on 157 satoshis per byte. So it looks like Exodus is doing over 300 satoshis per byte.

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December 07, 2017, 03:01:50 PM
 #19

Have a nice solution for you dont listen to anybody else and dont pay those insane fees..
what i do is using  exchange to ETH than to BTC again you end up paying only 1%
it takes 10 minutes MAX


To sum up:
So that is the solution of taking bitcoin from multiple transactions? Let us say I have 1 BTC comming from 1000 transactions during the time.

1. The BTC which consists of 1000 transactions is being sent with high transaction fees. They apply just once ? I mean to resend this let us say one BTC in the future, the transaction fees will be also so high or they are already combined into one transaction with lower fees ?

2. I have one BTC which consists of 1000 transactens. So to avoid high fees for sending it,  I exchange it first inside my wallet for ETH. But the fees for this exchange transaction consist of the miners efforts. So EXODUS (or whatever wallet) will charge me again high fees for that exchange ?

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