Low transaction fees

[pixie85]

Hey, I had the same problem last week, the bitcoin network was overloaded and blockchain.info wallet offered me a commission of $ 50 absolutely crazy for transfer of 0.001 bitcoin.

You should always check the fees, compare to https://bitcoinfees.earn.com/ and set them manually. Sending money with a fee of $10 would be a robbery, $50 is like a financial suicide. I'm sure a number of people lost a lot of money on that bottleneck, especially business owners who had numerous transactions to send on a single day.

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[abaye]

Here is a simple formula for bitcoin transaction fee

lower fee = wait higher 
higher fee = wait lower

 

[jessicawelsh]

Last week I was introducing friend of mine into BTC,  tried to send him 5 dollar in BTC using Mycelium, just for fun.
33 dollars was the suggested transaction cost. I'm doing non-segwit transactions on my Ledger for 5 satoshi's with confirmations in the first block.
Why are wallets setting such high fees ? Am I just getting lucky that my transaction aren't getting stuck (all the time) ?
Is this also the reason were having this transaction debate, bad fee management ?

Also: When I do a transaction, blockchain.info list my transactions as unconfirmed while they are already confirmed, what's up with this ?

Thx
Bruru

The fee transaction is not the same at every moments. It's depend on how much unconfirmed transaction are there in the system. More unconfirmed transactions more fee transaction you have to pay to make the transaction going smoothly.

[MiningSensei]

I sent $30 to a guy two hours ago and it took half an hour to receive the first confirmation, i only paid $5 worth of fees and it all went through.
Why did you paid $33 for a single TX? it is unfair, maybe your wallet was bugged at that moment and maybe that is the reason of why it costed you a lot of money in order to make that transaction.
I had the same problem last week, but the highest fees that i have ever seen were not even more than $12 each one.

[Bruru]

I sent $30 to a guy two hours ago and it took half an hour to receive the first confirmation, i only paid $5 worth of fees and it all went through.
Why did you paid $33 for a single TX? it is unfair, maybe your wallet was bugged at that moment and maybe that is the reason of why it costed you a lot of money in order to make that transaction.
I had the same problem last week, but the highest fees that i have ever seen were not even more than $12 each one.

Did I said that the transaction was executed ? :-)

I'm making the point here that you should not pay more than 25 satoshi's.

[ladydark]

Instead you could use Electrum wallet where you could either set your transaction fee manually or it would be set automatically.Just set a nominal fee for transaction and send your bitcoins.

Even if it does not get confirmed quickly,then you could accelerate your transaction by any of the acceleration service freely provided in the forum's service section.

[BettingTips]

33 USD is too high for transaction fee. I have the same problem before when I used Electrum Bitcoin wallet, I sent 0.001 BTC and I had to pay more than 0.001 BTC for transaction fee. I had tried to find out the reason for this high transaction fee, finally I found it out, because I used 2 authenticator factor so I had to pay additional fee for this secure then I changed my wallet to Basic wallet and everything became as normal only 0.0001 BTC for transaction ). I think because of the secure of the wallet you are using is the case for your problem

[morrisby25]

I sent $30 to a guy two hours ago and it took half an hour to receive the first confirmation, i only paid $5 worth of fees and it all went through.
Why did you paid $33 for a single TX? it is unfair, maybe your wallet was bugged at that moment and maybe that is the reason of why it costed you a lot of money in order to make that transaction.
I had the same problem last week, but the highest fees that i have ever seen were not even more than $12 each one.

Did I said that the transaction was executed ? :-)

I'm making the point here that you should not pay more than 25 satoshi's.

Bitcoin have a lot of important factors due to which they are getting more and more interest of people like the rate of bitcoin is very high while the transaction fee of bitcoin is very low so bitcoin holder are tension free from paying high taxeses.

[xwtfx]

33 USD is too high for transaction fee. I have the same problem before when I used Electrum Bitcoin wallet, I sent 0.001 BTC and I had to pay more than 0.001 BTC for transaction fee. I had tried to find out the reason for this high transaction fee, finally I found it out, because I used 2 authenticator factor so I had to pay additional fee for this secure then I changed my wallet to Basic wallet and everything became as normal only 0.0001 BTC for transaction ). I think because of the secure of the wallet you are using is the case for your problem

All the currencies in the world which are working presently have taxes on their transection and due to these high taxes people are very in tension but bitcoin is the only currency in all of them which have very low transection fee and people are considered this transaction fee as negligible.

[MoonHodler]

this is the good ol' bitcoin scaling issue, but it has been predicted and solutions are in the works

[Christian13]

Last week I was introducing friend of mine into BTC,  tried to send him 5 dollar in BTC using Mycelium, just for fun.
33 dollars was the suggested transaction cost. I'm doing non-segwit transactions on my Ledger for 5 satoshi's with confirmations in the first block.
Why are wallets setting such high fees ? Am I just getting lucky that my transaction aren't getting stuck (all the time) ?
Is this also the reason were having this transaction debate, bad fee management ?

Also: When I do a transaction, blockchain.info list my transactions as unconfirmed while they are already confirmed, what's up with this ?

Thx
Bruru

low fees there aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even though there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, creating and maintaining their bitcoin wallets.

[cogtransgender]

Just as bitcoin prices are rising, transaction fees are also on the rise. This will probably continue to rise to limit transactions and to cope up with the value.

[Chaki]

Yeah some companies  does require some fee, but be wise whom you want to make transactions...

[yashjaat]

Bitcoin is different from what you know and use every day. Before you start using Bitcoin for any serious transaction, be sure to read what you need to know and take appropriate steps to secure your wallet. Always remember that it is your responsibility to choose your wallet carefully and adopt good practices in order to protect your money. A Bitcoin wallet is a collection of private keys but may also refer to client software used to manage those keys and to make transactions on the Bitcoin network.

[arjen20]

Transaction fees will be solved with the coming of the lightning network, we are all hopeful and you should be too! Low transaction fees will boost adoption in the next few years. There are lots of good projects trying to solve this problem, good luck to all of them. I just read very interesting use cases of IOTA, Lineage, Raiden and other scaling solutions and I love what I see.

[darkangel]

Transaction fees will be solved with the coming of the lightning network, we are all hopeful and you should be too! Low transaction fees will boost adoption in the next few years. There are lots of good projects trying to solve this problem, good luck to all of them. I just read very interesting use cases of IOTA, Lineage, Raiden and other scaling solutions and I love what I see.

The lightning network is something that has been mentioned a lot, but until now, it's still not complete, things are still out of control, bitcoin is slowly losing its place when the fee of transaction is too high.

[chuongvannguyen02]

Last week I was introducing friend of mine into BTC,  tried to send him 5 dollar in BTC using Mycelium, just for fun.
33 dollars was the suggested transaction cost. I'm doing non-segwit transactions on my Ledger for 5 satoshi's with confirmations in the first block.
Why are wallets setting such high fees ? Am I just getting lucky that my transaction aren't getting stuck (all the time) ?
Is this also the reason were having this transaction debate, bad fee management ?

Also: When I do a transaction, blockchain.info list my transactions as unconfirmed while they are already confirmed, what's up with this ?

Thx
Bruru

The withdrawal fee does not increase but the value of the bitcoin has increased which is why the fee you pay for that transaction is so high. But there are many sites with very low fees such as poloniex 10,000 sts.

[Bittoshi]

The fees are way too high nowadays. A $33 fee just to send $5 in BTC is ridiculous. I hope they find a solution for this in the future, else there will be no bright future bor BTC long term.

[Glutius]

Last week I was introducing friend of mine into BTC,  tried to send him 5 dollar in BTC using Mycelium, just for fun.
33 dollars was the suggested transaction cost. I'm doing non-segwit transactions on my Ledger for 5 satoshi's with confirmations in the first block.
Why are wallets setting such high fees ? Am I just getting lucky that my transaction aren't getting stuck (all the time) ?
Is this also the reason were having this transaction debate, bad fee management ?

Also: When I do a transaction, blockchain.info list my transactions as unconfirmed while they are already confirmed, what's up with this ?

Thx
Bruru

Online wallets can be compared with private organizations that themselves set any desired conditions. This idea is obvious. Because of this, online wallets are considered less secure and often we can see their scams.

[steveabrahams]

The fees are way too high nowadays. A $33 fee just to send $5 in BTC is ridiculous. I hope they find a solution for this in the future, else there will be no bright future bor BTC long term.

It's better to avoid micro transaction using bitcoin right now because the fee is so damn big, so many unconfirmed transaction nowdays. Just use another altcoins to do micro transaction, it will takes a low fee. Based on https://bitcoinfees.earn.com/, you need at least 960sats/byte to get fast confirmed.