Sent $100. $50 transaction fee! Bitcoind 0.13.2

[modelski]

Hi, Guys. I wondered about so high transaction fee. How I can to minimize it un future? Thanks

https://blockchain.info/tx/488b41a4351317c87a881024ee84ee632becb8755fbb69090b270bceed2d3642

[karmakeddon]

You can set the fee before you send out your transaction. The lower the fee however, the longer it takes for the transaction to get confirmed. You can do these in wallets such as Mycellium and Electrum.

[TheQuin]

Hi, Guys. I wondered about so high transaction fee. How I can to minimize it un future? Thanks

https://blockchain.info/tx/488b41a4351317c87a881024ee84ee632becb8755fbb69090b270bceed2d3642

First off I would recommend upgrading Bitcoin Core to latest version 0.15.1 as you are well out of date there.

As for the fees you can see the current state of the network and calculate an appropriate fee using the following sites:

https://bitcoinfees.earn.com/
https://jochen-hoenicke.de/queue/#24h

If you are not in a hurry and don't absolutely need to get confirmed in the next block I would ignore the recommended fee. For example this morning bitcoinfees.earn.com was recommending paying 310 satoshis per byte but looking at the data showing what was in the mempool I used 8 satoshis per byte and only waited 38 minutes for it to confirm.

[modelski]

Hi, Guys. I wondered about so high transaction fee. How I can to minimize it un future? Thanks

https://blockchain.info/tx/488b41a4351317c87a881024ee84ee632becb8755fbb69090b270bceed2d3642

First off I would recommend upgrading Bitcoin Core to latest version 0.15.1 as you are well out of date there.

As for the fees you can see the current state of the network and calculate an appropriate fee using the following sites:

https://bitcoinfees.earn.com/
https://jochen-hoenicke.de/queue/#24h

If you are not in a hurry and don't absolutely need to get confirmed in the next block I would ignore the recommended fee. For example this morning bitcoinfees.earn.com was recommending paying 310 satoshis per byte but looking at the data showing what was in the mempool I used 8 satoshis per byte and only waited 38 minutes for it to confirm.

Thanks! And as I understand right, that for set the fee on server client bitcoind I must using 'settxfee' ?
so if I want to send a money I must:
#/root/bitcoin-0.13.2/bin/bitcoin-cli settxfee <fee amount>
#/root/bitcoin-0.13.2/bin/bitcoin-cli sendtoaddress <address> <amount>


Right?

[TheQuin]

Thanks! And as I understand right, that for set the fee on server client bitcoind I must using 'settxfee' ?
so if I want to send a money I must:
#/root/bitcoin-0.13.2/bin/bitcoin-cli settxfee <fee amount>
#/root/bitcoin-0.13.2/bin/bitcoin-cli sendtoaddress <address> <amount>


Right?

That I'm not sure about. I'm using 0.15.1 on Windows and you can just select a custom fee from the gui. I can't remember what it was like on 0.13.2 now, that was a long time ago and I haven't used the command line to send transactions. Maybe someone else can help you here.

[gbBit]

One other suggestion for you to reduce your fee, if possible try to a have as few transactions for acquiring your coins prior to your use.  This will reduce the size of transaction.

[modelski]

One other suggestion for you to reduce your fee, if possible try to a have as few transactions for acquiring your coins prior to your use.  This will reduce the size of transaction.

I am receiving coins for goods. So thats why I have many inputs. But anyway $50 is too much. Thanks all guys, I'll try that you recommended. Also interesting to hear other opinions.

[TheQuin]

I am receiving coins for goods. So thats why I have many inputs. But anyway $50 is too much. Thanks all guys, I'll try that you recommended. Also interesting to hear other opinions.

Another suggestion would be to switch to using a Segwit capable wallet. Ledger Nano S and Trezor hardware wallets both support Segwit transactions. Also, Electrum now supports sending native Segwit transaction although this means the addresses are in a different format so at the moment only other Electrum wallets are capable of sending to them.

Using Segwit in either form will reduce the size of transactions and the fees considerably. So, for example, a typical transaction of 1 input and 2 outputs (change address) is 226 bytes non-Segwit and reduces to 139 bytes for a Segwit transaction.

[Kprawn]

I never pay the recommended fee, because it is usually much higher than the actual fee. I once paid a $75 miners fee, but I

made a calculation mistake and paid for it. {Ignoring the warnings, is never a good idea} .... I hope the Lightning Network will

eliminate all these scaling issues and high fees soon. This should not even be a issue and services and wallet providers are

exploiting people with this. 

[jrrigs]

well tx fees are at all time high.. around 600sat/byte. not the cheapest but the most efficient way to send. you can always opt to set the fee to low but it could take hours or even days to confirm.

[DarkStar_]

well tx fees are at all time high.. around 600sat/byte. not the cheapest but the most efficient way to send. you can always opt to set the fee to low but it could take hours or even days to confirm.

No they aren't, the fee landscape has settled down now and 600 sats/byte is overkill. I just sent this transaction with a fee of 121 satoshis/byte, and it was confirmed in 13 minutes. bitcoinfees.earn.com recommends 310 satoshis/byte, but if you look at how many are unconfirmed in each category, you will see it's overkill. 150 satoshis/byte or less is good right now.

[richlipkin]

Don't just use the automatically generated fee. There are various services that will tell you the real fee in sat/b if you want to wait an hour or a day. There are some wallets that I am convinced are generating fees that are too high so that certain individuals and companies can advance a political narrative about BCH. But some algorithms are just busted. Either way, don't trust it.

[webtricks]

well tx fees are at all time high.. around 600sat/byte. not the cheapest but the most efficient way to send. you can always opt to set the fee to low but it could take hours or even days to confirm.

600 sats/byte won't cost you $50 to send. It will be something around $10-11. If someone facing too high fees while sending, then he/she needs to change his/her wallet. I was using BTC.com Mobile Wallet while ago and default optimal fees sometimes cross $20-25 on app which was too high than network congestion at that time. So there are several wallets which can ask you arbitrary fees and you can't do anything.
Best is to stick with open-source wallets. My pick for Desktop is Electrum and for mobile is Mycelium. Both provide option to select custom fees unlike web/centralized wallets having default fees.

[pawanjain]

The fees you spent on the transaction is indeed large. I wouldn't spend 50% of the amount just to make the transaction. You spent 700 satoshis per byte for the transaction where 100 satoshis were sufficient per byte. $8 were enough for the transaction to process at normal speed.
You could have set a custom transaction fee and spent it on the transaction. You can visit https://btc.com/stats/unconfirmed-tx  and confirm the amount of transaction fee required for the transaction. The webpage also shows the mempool size which is clearly less than the previous week.

[Thirdspace]

well tx fees are at all time high.. around 600sat/byte. not the cheapest but the most efficient way to send. you can always opt to set the fee to low but it could take hours or even days to confirm.

600 sats/byte won't cost you $50 to send. It will be something around $10-11. If someone facing too high fees while sending, then he/she needs to change his/her wallet. I was using BTC.com Mobile Wallet while ago and default optimal fees sometimes cross $20-25 on app which was too high than network congestion at that time. So there are several wallets which can ask you arbitrary fees and you can't do anything.
Best is to stick with open-source wallets. My pick for Desktop is Electrum and for mobile is Mycelium. Both provide option to select custom fees unlike web/centralized wallets having default fees.

did you even check his tx id before posting your reply?
don't make assumption that every tx only have 1-2 ins and 1-2 outs and around 300 bytes in size
which of course would cost only $10-11 even with 600 sats/byte rate
his tx consists of 6 ins and 2 outs totalled 963 bytes size... Fees 0.00673045 BTC... Fee per byte 698.904 sat/B
his mistake was... not knowing how to set/reduce the tx fee

[modelski]

Thanks to all, guys! You're really help me. For bitcoind client I need to do next:

Just before sending coins:

/root/bitcoin-0.13.2/bin/bitcoin-cli settxfee 0.00010000

Then
/root/bitcoin-0.13.2/bin/bitcoin-cli sendtoaddress <address> <amount>


settxfee - (Satoshi per Kilobyte)