What happens with blockchain fees?

[incaTech]

I have 0.0134BTC 223$ BTC in my wallet but i am only able to send only 0.0042364BTC 70$ what the f*ck is happening?

asking for 0.00798994 BTC (132.02 USD) Fee.. lol

[1715413165]

1715413165

[1715413165]

1715413165

[1715413165]

1715413165

[1715413165]

1715413165

[talkbitcoin]

you pay fees based on the size of your transaction in bytes. your transction must be HUGE that you are asked to pay that much fee. something around 2200 bytes which is 10 times bigger than a normal bitcoin transaction size, as a result you are paying 10 times more than a normal bitcoin transaction fee.

next time try accepting less micro payments and ask for a bulk payment of all of them at once.

[chuckblocker]

next time use another ecurrency

[junoreactor]

I have 0.0134BTC 223$ BTC in my wallet but i am only able to send only 0.0042364BTC 70$ what the f*ck is happening?

asking for 0.00798994 BTC (132.02 USD) Fee.. lol

This is an obvious mistake, I never heard of anyone paying 132 USD fee to make a transaction?
What is your wallet?

[dreamer81]

Fees will decrease once people start to use bitcoin less due to high fees. THe miners (the ones with the true power), will agree on new protocols that can carry more transactions otherwise their mining equipment will not be cost effecient

[aizen10]

you pay fees based on the size of your transaction in bytes. your transction must be HUGE that you are asked to pay that much fee. something around 2200 bytes which is 10 times bigger than a normal bitcoin transaction size, as a result you are paying 10 times more than a normal bitcoin transaction fee.

next time try accepting less micro payments and ask for a bulk payment of all of them at once.

exactly, transaction fees are base on the size of your transaction in a byte. and thats the reason why your transaction fee become high, from how small you have to transact upto how high its to be transact, the fees are based on the size of it.

[someusername]

Also have similar behaviour (Electrum)

The wallet has 0.0215, and if I use the auto-calculated fees to transfer it all, the middle fee selection (default, within 5 blocks, 357 sat/byte) is ~0.0107, and the low (within 25 blocks, 253 sat/byte) is ~0.0076, both are crazy. I hodl anyway, but I guess my coins aren't moving. I used to use faucets, so I'm guessing that's made things a bit of a mess.

[Kprawn]

Two newbie accounts complaining about slow Bitcoin transactions without providing proof. {FUD/Shilling much?}

Then a 3rd newbie account suggest this :

next time use another ecurrency

I want to say, Give proof or GTFO, but I will leave that up in the air.   ...We can debate the merit of this thread in context,

if you give the proof that this happened. I can send 10 000 tx's to a single Bitcoin address {like most faucet user do} and

then moan about the high fees, when I want to move those funds. So give us the tx id and we will be in a better position to

explain the reason for this.  

[dillpicklechips]

you pay fees based on the size of your transaction in bytes. your transction must be HUGE that you are asked to pay that much fee. something around 2200 bytes which is 10 times bigger than a normal bitcoin transaction size, as a result you are paying 10 times more than a normal bitcoin transaction fee.

next time try accepting less micro payments and ask for a bulk payment of all of them at once.

Yes. Quiet ridiculous. Another possibility is that the transaction fee that he chose is very expensive and he is not aware that he selected it which is quiet funny. To OP,  please try to look at it again. The wallet that you are using might have an adjustable fee. I usually use small fee as long as it is not needed immediately.

[Zebra.Guy]

you pay fees based on the size of your transaction in bytes. your transction must be HUGE that you are asked to pay that much fee. something around 2200 bytes which is 10 times bigger than a normal bitcoin transaction size, as a result you are paying 10 times more than a normal bitcoin transaction fee.

next time try accepting less micro payments and ask for a bulk payment of all of them at once.

Yes. Quiet ridiculous. Another possibility is that the transaction fee that he chose is very expensive and he is not aware that he selected it which is quiet funny. To OP,  please try to look at it again. The wallet that you are using might have an adjustable fee. I usually use small fee as long as it is not needed immediately.

OP, try to use the service https://btc.com/stats/unconfirmed-tx to estimate what is best transaction fee as a compromise between high fee = fast confirm vs low fee = very slow confirm.

Anyway, currently it is recommending to use radiculous 361 satoshi per byte. With such high fees we are doomed and I am dead serious.

[bug.lady]

you pay fees based on the size of your transaction in bytes. your transction must be HUGE that you are asked to pay that much fee. something around 2200 bytes which is 10 times bigger than a normal bitcoin transaction size, as a result you are paying 10 times more than a normal bitcoin transaction fee.

next time try accepting less micro payments and ask for a bulk payment of all of them at once.

Yes. Quiet ridiculous. Another possibility is that the transaction fee that he chose is very expensive and he is not aware that he selected it which is quiet funny. To OP,  please try to look at it again. The wallet that you are using might have an adjustable fee. I usually use small fee as long as it is not needed immediately.

OP, try to use the service https://btc.com/stats/unconfirmed-tx to estimate what is best transaction fee as a compromise between high fee = fast confirm vs low fee = very slow confirm.

Anyway, currently it is recommending to use radiculous 361 satoshi per byte. With such high fees we are doomed and I am dead serious.

With such high recommended fees as 350+ satoshi per byte it is no wonder the OP paid like 132.02 USD for his transaction, because probably his wallet did make a similar callculation and arrived at the same recommended fee of 350+ s/b as the service you cite.

[barabut]

If people continue to distribute free money on fork, Bitcoin will be $ 20,000, but I think that all of us know how the price of Bitcoin will stay if people get used to it for free and come out of those freebies. Even if the current transfer fee is $ 8000 for Bitcoin, it's ridiculous, not even $ 5. This system comes as an alternative to transaction of money, but it is as swift as slow and more expensive. We paid $ 18 for a transfer from Ledger, and it did not reflect the fact that I transferred the money to Ledger the other day. It is not exactly reliable technology and it is not suitable for everyday life use, it is not always good to be decentralized at the moment I can not find anyone who can understand the definition because there is no institution that I can understand. Bitcoin is decentralized, my money hanging in the air, Ledger's systematic error does not seem to be resolved (the problem is not from bitcoin, but from ledger but nobody can use bitcoin core naturally bitcoin is still not integrated in real life use)

[Catmony]

You can pay low fee by going through custom fee there and than try to put your transaction in one of the tx accelerater service like viabtc, confirmtx etc or pay some mining pool 10 to 20$ to include your tx

You can find different guy offering paid acceleration service in this forum contact them dont pay 100$+ fee to move less that 100$

[hajimasan]

I have 0.0134BTC 223$ BTC in my wallet but i am only able to send only 0.0042364BTC 70$ what the f*ck is happening?

asking for 0.00798994 BTC (132.02 USD) Fee.. lol

If you can understand well that how does the system of fee works then you can understand well because fee required minimum for transaction is about 0.0001btc to 0.0005 maximum for confirmation .
Here you should see toward that factor at which fee depends , fee directly depends upon input and output of transaction .
If you are sending bitcoin that is received from multiple people then surely you will needed to pay that times more than what need for single transaction .
So my suggestion for you to use custom fee option and pay 0.0001btc to 0.0005btc maximum and leave it for 2 to 3 hours , it will easily get confirm without much wait .

[miyaka26]

I have 0.0134BTC 223$ BTC in my wallet but i am only able to send only 0.0042364BTC 70$ what the f*ck is happening?

asking for 0.00798994 BTC (132.02 USD) Fee.. lol

Man I think you've messed up with the transaction fees, $16.37 is the fee to have your transaction mined on the next block within 10 to 20 minutes of waiting to get confirmed, you can customize that down to $10 for the waiting of 1 to 2 hours to have the transaction mined within six blocks that's a huge fee to transact, other wallet providers offer cheaper fees for the transaction, you should be careful next time with fees as you can't refund the excess amount.

[solarion]

You can pay low fee by going through custom fee there and than try to put your transaction in one of the tx accelerater service like viabtc, confirmtx etc or pay some mining pool 10 to 20$ to include your tx

You can find different guy offering paid acceleration service in this forum contact them dont pay 100$+ fee to move less that 100$

Network delay transactions only can be accelerated with the viabtc or confirmtx tools. Others like cheap fees gives failed results when you try to accelerate it with these tools. This issue I too faced. That is the reason I am explaining that to you.
You can make the custom fees in multibit or electrum or bitcoin core but you have wait for an hour or more to get the transaction to the destination wallets.
Blockchain fees is completely worst than any other wallet. Kindly swap to mycelium or xapo.

[AK47-]

I have 0.0134BTC 223$ BTC in my wallet but i am only able to send only 0.0042364BTC 70$ what the f*ck is happening?

asking for 0.00798994 BTC (132.02 USD) Fee.. lol

It is because of your wallet I assume. If you are not getting the option of custom fees, then better change your wallet else they gonna rob you off your BTC. No matter what the size of transaction is, you must have option for choosing your own fees. That way transaction will take time to execute, but sometimes you don't need fast transactions. Else try to read about batch payment. Many above have given the link to know the best fees at the moment. Don't let your wallet exploit you.

[ahmedjamal1998]

I guess it's a little bit too obvious that this is totally an issue. The fees are high but not that high lol
Actually the fees issue right now is absolutely crazy. I'm not sure when core devs are going to take a step forward and introduce a solution to this issue (even if a temporary solution.)

We've got a lot of interesting events coming up and more and more people are getting to know about crypto. If they get faced with these fees, they'll surely just remain with their fiat and it's way cheaper to make micro transactions with credit cards now than btc.
For the time being, people must understand they should try to receive bitcoin in a large amount at once rather than tenny tiny small transactions regularly. As more inputs will mean a bigger transaction and therefore higher fees.

Right now, a moderate fee is about 400 sat/byte and it's totally crazy in small transactions (that's why steam stopped accepting btc). I actually don't care about fees anymore. I send with 20 or 30 sats per byte and accelerate it using any of the free accelerators available out there (mainly viabtc).

Fees will decrease once people start to use bitcoin less due to high fees. THe miners (the ones with the true power), will agree on new protocols that can carry more transactions otherwise their mining equipment will not be cost effecient

This makes no sense. To bring down the fees people should stop using bitcoin ? LOL. We want it to be the main universal currency and you come up with this. Actually miners are in favor of BCH as it's way more profitable right now and with the latest price surge, a lot of money runners are switching to it. I'm not sure if that's the reason why the fees came up again but I'm suggesting it might be one of the reasons.

[pawanjain]

Man I think you've messed up with the transaction fees, $16.37 is the fee to have your transaction mined on the next block within 10 to 20 minutes of waiting to get confirmed, you can customize that down to $10 for the waiting of 1 to 2 hours to have the transaction mined within six blocks that's a huge fee to transact, other wallet providers offer cheaper fees for the transaction, you should be careful next time with fees as you can't refund the excess amount.

He is absolutely correct. The current fee is around 380 satoshis per byte according to https://btc.com/stats/unconfirmed-tx .
Which wallet are you using ? It must be surely the wallet that is over charging you for your transaction. As per the current fee it must be around $15 for the transaction fee to be confirmed on the network. Your wallet is charging you around 10 times more fee than it should. You should definitely consider changing the wallet. Import the private key/passphrase of your wallet into some other wallet (I would recommend Mycelium) and then try to broadcast the transaction again.

[Swenna]

It mostly depends on your wallet or your trading platform. That is one large amount of money just for a transaction fee. Why don't you use another wallet? Last time that I withdraw an amount of 0.096, I only paid 0.0001 btc. Then, I was able to received the money after 5-6 hours. Man, that's really huge. Although, there's also a possibility that something must have gone wrong with the price you input or something.