High fee to transfer from blockchain.info ($1.3k fee!!)

[iamvinny]

I just got a Nano Ledger S, now I want to transfer all my funds from blockchain.info to my new Nano, the problem is that the fee to transfer all my balance is $1.3k, I don't know if it's a problem with my wallet or the bitcoin network is overloaded right now? Is it possible transfer my balance without paying such abusive fee?

https://i.imgur.com/SbsTpBn.png

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[Rozita]

1300 dollar fee? Are you sure? Now there are many unconfirmed transactions which cause the fee to be high. But it's impossible that transaction fee is 1300 dollar. The problem is not with network.

Edit: Now there are many unconfirmed transactions which cause the fee to be high. But it's impossible that transaction fee is 1300 dollar unless you have received your bitcoins from a lot of addresses. It's the first I hear about such a high fee.

[iamvinny]

1300 dollar fee? Are you sure? Now there are many unconfirmed transactions which cause the fee to be high. But it's impossible that transaction fee is 1300 dollar. The problem is not with network.

Yes, unfortunately, I'm 100% sure.

If I choose "priority", the fee goes to almost $1.6k.

https://i.imgur.com/vvPYyMu.png

[bill gator]

I just got a Nano Ledger S, now I want to transfer all my funds from blockchain.info to my new Nano, the problem is that the fee to transfer all my balance is $1.3k, I don't know if it's a problem with my wallet or the bitcoin network is overloaded right now? Is it possible transfer my balance without paying such abusive fee?

The blockchain.info wallet is pretty bad about calculating proper fees, but with the insane movement of bitcoin's price we have heavy congestion when it comes to verifying transactions; my suggestion for now is wait it out, the fees will go down; if you're ever interested in seeing what the fees have been for others, or want to manually calculate the fee that should go with your TX, just check out https://bitcoinfees.earn.com/

I sent a transaction last night with a fee of 111.5 Satoshi per Bye and it has not verified, as opposed to my transaction of 175 Satoshi at the same time last night went through within minutes. Right now the fees are ridiculous, and unless it is urgent that you move your coin I wouldn't stomach the fee.

Fees are more than 5x what they normally are (correct me if I'm wrong) so you'll be treated better by the network when all the hubbub dies down.

[Iranus]

If blockchain.info is still similar to when I used it, you can go into "Advanced Send" and customise your fees.  You can set a fee in satoshi/byte.  

Try basing your fees on this site, which in most cases should allow you to set a fee at least a hundred times less than that.  I'd suggest using a fee lower than their "recommended fee" by going to the lowest fee that appears it will confirm within a day or so.

If you have an abnormally large transaction which is resulting in this high fee (which is very unusual) you may have to set very low fees and wait a long time or try and get some help from accelerators.

[Coffee135]

Bitcoin becomes the currency for the oligarchs. Now on the market of wild excitement, and therefore, a lot of unconfirmed transactions. Perhaps the miners start again their merrymaking. The same problem is experiencing eth. It seems to me that there is nothing in this world that made me pay such a sum for a confirmation of the transaction.

[Thirdspace]

your screenhots didn't give us a hint on the root of the problem
but my guess is you have many unspent outputs for that transaction
and the recent min tx fee spike of 370 satoshis/byte might also contribute to that high fee
if you could tell us your sending addresses, we should be able to confirm that

[coin163]

Wow, unbelievable so who said Bitcoin help transaction cheaper and faster bank and solve bank problem?
LOL all we see now bitcoin crazy expensive and transaction many got pending event slower than bank too.
I guess you're trying to send big amount of BTC but 1.3k is huge!

[iamvinny]

Now there are many unconfirmed transactions which cause the fee to be high. But it's impossible that transaction fee is 1300 dollar unless you have received your bitcoins from a lot of addresses. It's the first I hear about such a high fee.

Yes, it's from different addresses to the same address, that's because I have my address configured for settlement on bitpay, so they forward all my received payments to my address, they never warned me about that though..

[p3ppymon]

If you send your bitcoins from blockchain.info, just set the fees as custom and chose 183 sat/byte. You will pay only 0.00041 BTC as transaction fee, which is quite reasonable for a single transaction (or do you have ~300 wallets?). I am pretty sure the transaction will go through smoothly.
See this chart below. As long as you don't pay 10 sat/byte, you should be fine, even though the recent number of txs has skyrocketed).

https://jochen-hoenicke.de/queue/#30d

[iamvinny]

your screenhots didn't give us a hint on the root of the problem
but my guess is you have many unspent outputs for that transaction
and the recent min tx fee spike of 370 satoshis/byte might also contribute to that high fee
if you could tell us your sending addresses, we should be able to confirm that

I'm trying to send to this address:
3PygQyxMhwnLpCn12hDpfktJr64g6A8mzZ

And the address that received mostly of my funds is this one:
1N4aqAsohfUJMbj39rFrZuQhrdoy6jjddm

[odolvlobo]

The problem is that you have many small amounts sent to your blockchain.info wallet.

The fee is based on the size of the transaction (in bytes) and not based on the value of the transaction. The size of a transaction is based on the number of transactions that sent the bitcoins to you. That can be confusing, so let me give you an example.

Let's say that you that you received 0,1 BTC in one transaction and now you want to send it out. You received the bitcoins in a single transaction, so your transaction is going to be small because it only has to reference a single prior transaction.

On the other hand, suppose you received your 0,1 BTC in 100 transactions of 0,001 BTC each. The transaction sending your 0,1 BTC has to reference 100 prior transactions, and it will be very large.

In more specific terms, each reference to a prior transaction (called an "input) adds about 180 bytes to the size of the transaction. Right now, earn.com estimates that you must pay 0,00000350 per byte to have your transaction processed in one hour. That means that it costs 0,00063000 BTC for each input. If you have 100 inputs, you will have to pay around 0,063 BTC for the transaction.

It also means that any input less than 0,00063 BTC is not spendable because it costs more to send it than it is worth.

I hope that explains everything.

If you are not in a hurry and you can set a custom fee, the solution is to set the fee to 10 satoshis/byte and hope that the transaction is processed sometime over the next few days. That should lower the cost to about $40.

[iamvinny]

The problem is that you have many small amounts sent to your blockchain.info wallet.

The fee is based on the size of the transaction (in bytes) and not based on the value of the transaction. The size of a transaction is based on the number of transactions that sent the bitcoins to you. That can be confusing, so let me give you an example.

Let's say that you that you received 0,1 BTC in one transaction and now you want to send it out. You received the bitcoins in a single transaction, so your transaction is going to be small because it only has to reference a single prior transaction.

On the other hand, suppose you received your 0,1 BTC in 100 transactions of 0,001 BTC each. The transaction sending your 0,1 BTC has to reference 100 prior transactions, and it will be very large.

In more specific terms, each reference to a prior transaction (called an "input) adds about 180 bytes to the size of the transaction. Right now, earn.com estimates that you must pay 0,00000350 per byte to have your transaction processed in one hour. That means that it costs 0,00063000 BTC for each input. If you have 100 inputs, you will have to pay around 0,063 BTC for the transaction.

It also means that any input less than 0,00063 BTC is not spendable because it costs more to send it than it is worth.

I hope that explains everything.

If you are not in a hurry and you can set a custom fee, the solution is to set the fee to 10 satoshis/byte and hope that the transaction is processed sometime over the next few days. That should lower the cost to about $40.

Thanks for the explanation, you're right, that was the problem, I have received many small payments on the same address. I was thinking about setting the custom fee, but I'm afraid of my transaction getting stuck, never getting confirmed and I end losing my bitcoins.. Is that possible?

[cipher-x_09]

Talk about a really huge amount of money for a transfer fee. I mean now it's much even expensive than the processing fee of the banks and others money transferring firms. I mean this is why the Steam which is a website where many gamers buy games online in the internet already rejected accepting bitcoin as mode of payment for their games.

[Vannie12]

Talk about a really huge amount of money for a transfer fee. I mean now it's much even expensive than the processing fee of the banks and others money transferring firms. I mean this is why the Steam which is a website where many gamers buy games online in the internet already rejected accepting bitcoin as mode of payment for their games.

I experience that a lot. Since here in our country, specifically in the province, there's nothing you can buy with bitcoin. That is why we convert it to fiat and pretty expensive.
My last was about fifty dollars with 2 dollar fee. That saddens me a lot it's hard to earn 2 dollars in fiat equivalent.
Pretty much there's nothing that we can do about it because bitcoins were legalized by banks here.