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Author Topic: What's the average fee you guys are paying for transaction these days?  (Read 261 times)
JB0011 (OP)
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November 17, 2017, 08:52:10 PM
 #1

The other day I made two transactions after a month of $55 and 7. And I was surprised to see that Blockchain.info showed that I had to pay $13 fee for each transaction. As far as I remember, the regular fee was around $2-3. Has something changed that I don't know about? Will I have to pay $13 fee for each transaction from now on?
LeGaulois
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November 17, 2017, 09:12:10 PM
 #2

Sorry to ask but are you aware how the fees work and that basically, you can set the fees yourself with Bitcoin. You could have pay 4 times less and still receive the transaction at a decent time. I don't know blockchain.info wallet but to avoid such situation, uses a wallet that let you set the fees you want to pay. (Bitwala, for example, as it look like you prefer we based wallet)

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salterious
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November 17, 2017, 09:27:19 PM
 #3

The other day I made two transactions after a month of $55 and 7. And I was surprised to see that Blockchain.info showed that I had to pay $13 fee for each transaction. As far as I remember, the regular fee was around $2-3. Has something changed that I don't know about? Will I have to pay $13 fee for each transaction from now on?

It depends on what website you are using as some fees are drastically higher than others and some are non negotiable (sending from exchanges). Now that you mention it my fee was 200k satoshi the other day and that is

equal to ~15 which is quite damn high!

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JB0011 (OP)
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November 17, 2017, 09:56:53 PM
 #4

I think there is an option to set the fee yourself in Blockchain.info but I never use that option and let it decide for itself what the fee should be. I fear if I put in a low amount, my transaction may get stuck, don't go through etc.
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November 17, 2017, 10:03:25 PM
 #5

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m

Currently about ~$12
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November 17, 2017, 10:09:21 PM
 #6

If only people would stop competing to pay the maximum fee, fees wouldn't be so high!
https://btc.com/stats/unconfirmed-tx now says 150 Satoshis/byte is enough to be included in the next block. The moment blocks are full, this jumps to 400, and then quickly continues to 600. Last weekend, it reached more than 1000!

The problem here is: no matter how much you pay, blocks are still full! I only use a high fee if I'm in a rush, yesterday I made a transaction with less than 30 Satoshis/byte, it took 12 hours to confirm.
If you let your wallet set the "best" fee (and most wallets do this by default now!), fees can spiral upwards very quickly. Set your own fee to stay in charge.

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darkangel11
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November 17, 2017, 10:10:04 PM
 #7

I still have my wallet set to the same range I have been using for the past 3 months. It comes down to paying around $2-$3 per transaction depending on its size. I have never paid more although sometimes it takes over 24h to confirm, but usually is much faster.
Make sure you regularly check https://bitcoinfees.earn.com/ to know if the network isn't bottlenecked. If that happens you can either send money with a lower fee and wait 1-2 days for a confirmation or adjust accordingly. Still I think fees higher than $5 are a waste of money, unless every hour of waiting is worth $1 to you.
FrueGreads
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November 17, 2017, 10:18:34 PM
 #8

Last transaction I've made was pretty high, but I "asked" for it to be done in the second block, and I think I payed around $10 or so. Of course that if I wasn't in a hurry, the fees would be much lower. It was during that time when the unconfirmed transactions were a bit high in the mem pool, so I'm guessing that if I did it now, it would be much lower as well.

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Oceat
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November 17, 2017, 10:47:51 PM
 #9

There should be a transaction fee options about it depending on the network fee. I think if more users are trying to select the high priority fees it will be added to a block of delayed transactions again and the fees were going to rise. You could always set the network fee on what you have selected in your normal transactions before.

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November 17, 2017, 11:02:30 PM
 #10

The other day I made two transactions after a month of $55 and 7. And I was surprised to see that Blockchain.info showed that I had to pay $13 fee for each transaction. As far as I remember, the regular fee was around $2-3. Has something changed that I don't know about? Will I have to pay $13 fee for each transaction from now on?

there have been ongoing spam attacks on the network, probably carried out by bitmain to fit the bcash narrative. here's a couple things to consider:

1) stop counting fees in dollars. fees are part of the protocol, meaning they are calculated in BTC. dollar value is irrelevant. the price of bitcoin has risen 40x over the last couple years, so of course the dollar value of fees will be much higher now.

2) with these levels of congestion, proper fee estimation and fee priority becomes very important. do you need your transaction confirmed by the next block, or by the next day? it makes a huge difference. i never aim for confirmation in the next block. usually i go for 3-10 blocks, and sometimes extremely low fee transactions are fine if i am just consolidating outputs into my own addresses.

on my last transaction, i paid 0.0003503 btc in fees ($2.697 at the time). that was a for a standard non-segwit transaction (1 input, 2 outputs). with segwit, it would have been even cheaper. and if i were willing to wait 24 hours for a confirmation, i could probably have paid 10x less. when in doubt, use https://bitcoinfees.earn.com/ to properly estimate fees, and stop overpaying!

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