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Author Topic: BTC CRAZY FEE  (Read 124 times)
MCLXS411
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December 18, 2017, 02:00:17 PM
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Is there a way to send BTC anywhere without paying huge fees ?
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cellard
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December 18, 2017, 02:10:32 PM
 #2

Is there a way to send BTC anywhere without paying huge fees ?



Well you could use segwit transactions, I've never used segwit yet, but recently my normal BTC transaction took me $5, I think with segwit transactions should be less than $1 but don't quote me on that. I don't really know at what ratio segwit transaction is cheaper than legacy.

Unfortunately most wallets still don't have easy to use GUI for segwit format, and big corps like Coinbase still don't have segwit support yet, so until that happens, fees will not go any lower.

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December 18, 2017, 02:35:49 PM
 #3

FEes are too high
Nathan047
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December 18, 2017, 02:46:02 PM
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Like @cellard said, SegWit transactions will reduce the your fees a fair amount (I believe somewhere around 60%). Electrum and Greenadress have both updated to support SegWit, so if you use them or migrate to them it will help a little.

Also, if you aren’t in a hurry to get it confirmed then use a lower fee. It can save you a lot.

I'm starting a technology blog T4CH.top, check it out!
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December 18, 2017, 02:47:45 PM
 #5

Is there a way to send BTC anywhere without paying huge fees ?

SegWit helps.

Lightning Network will help even more when it becomes available in 2018.

You could also use off-chain solutions (such as storing your bitcoins at Coinbase, and sending bitcoins to other Coinbase users).  Those solutions are often FREE (no transaction fees at all).

In the meantime, I don't find the transaction fees to be all that expensive (as long as you aren't in a hurry for confirmation.

In the past week, I've paid fees as low as 0.00001300 for a transaction that confirmed within two days.  At an exchange rate of nearly $19000, that's less than $0.25 in fees.

The highest fee I've paid in the past month was 0.00088 BTC (about $16.75 at the current exchange rate of about $19,000). I only paid that high of a fee because I was sending a large amount of bitcoins and wanted a fast confirmation.

amilla041184
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December 18, 2017, 02:49:58 PM
 #6

Is there a way to send BTC anywhere without paying huge fees ?


What Im doing is leaving some bitcoins that I budgeted for spending transactions in poloniex exchange and if I need to send btc in other wallet's address I'll just make withdrawal on polo and input the address I needed to fund that way I only spend 10k satoshi per transaction.
MCLXS411
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December 18, 2017, 02:58:41 PM
 #7

Sorry, I'm not familiar with segwit, what is it and how to use it to send BTC ?
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December 18, 2017, 03:25:55 PM
 #8

https://blockchain.info/address/1Hegpvt2z6jYP1iYw7T825dY71h9LoKBDE

I sent this 5 days ago, still no confirmation. I know that fee is low (5$, yes I have to call 5$ low!), but 5 days!!!

I am a true BTC believer, but at the moment BTC is a Porsche unable to drive  Sad

I am really looking forward to an LN solution.

PS: Yes I know those are no segwit addresses

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DannyHamilton
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December 18, 2017, 03:29:50 PM
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https://blockchain.info/address/1Hegpvt2z6jYP1iYw7T825dY71h9LoKBDE

I sent this 5 days ago, still no confirmation. I know that fee is low (5$, yes I have to call 5$ low!), but 5 days!!!

I am a true BTC believer, but at the moment BTC is a Porsche unable to drive  Sad

I am really looking forward to an LN solution.

PS: Yes I know those are no segwit addresses

The reason your transaction is taking so long (and needed a much higher fee for fast confirmation) is that you created a very BIG transaction.  Your transaction is more than 6,000 bytes in size!  Nearly all of my transactions are less than 375 bytes.

Note, however, that you did pay enough fees to use the viaBTC accelerator.  With a bit of patience, you can get your transaction confirmed within 2 days.

User365
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December 18, 2017, 03:36:43 PM
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https://blockchain.info/address/1Hegpvt2z6jYP1iYw7T825dY71h9LoKBDE

I sent this 5 days ago, still no confirmation. I know that fee is low (5$, yes I have to call 5$ low!), but 5 days!!!

I am a true BTC believer, but at the moment BTC is a Porsche unable to drive  Sad

I am really looking forward to an LN solution.

PS: Yes I know those are no segwit addresses

The reason your transaction is taking so long (and needed a much higher fee for fast confirmation) is that you created a very BIG transaction.  Your transaction is more than 6,000 bytes in size!  Nearly all of my transactions are less than 375 bytes.

Note, however, that you did pay enough fees to use the viaBTC accelerator.  With a bit of patience, you can get your transaction confirmed within 2 days.

I am fully aware what I did and I did it on purpose.

I am not in a hurry, but I expected that it confirms in a few days.

Only posting such a message all two months, spread awareness (it might reach some dev one day) that we need scaling solutions.

viaBTC get´s spammed by bots, you need immense luck or a bot to get your tx in there  Angry Sad

And I tried several other services (free ones) 2 days ago.

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ceyceyki
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December 18, 2017, 03:36:58 PM
 #11

Well if your bitcoins are on an exchange website I suggest you to first convert it to ethereum, litecoin or dash. Then send it. I think BTC transfer fees will be higher. A dream comes true. BTC is now gold of crypto currencies world.

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December 18, 2017, 03:52:33 PM
 #12

To really help you we need to know where your bitcoin are stored. If you've got them stored on some sort of exchange, than chances are that they will ask a default fee that will range anywhere from 0.0005-0.001 btc a transaction. To avoid this you can convert them to some an alternative currency that allows for faster and cheaper transactions. If you've got them stored on a wallet that supports segwit your fees will significantly drop so it's recommened to store them there if you haven't already.
13abyknight
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December 18, 2017, 04:08:11 PM
 #13

Is there a way to send BTC anywhere without paying huge fees ?


Although not recommend, your best bet here would be to use a fee of around 10-100 satoshis/byte (prey pretty cheap) and accelerating the transaction through various services like Antpool or ViaBTC and just hope they include your transaction in their upcoming blocks. Have done this in the past myself and it took a few hours before eventually getting a confirmation.

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bronan
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December 18, 2017, 04:09:53 PM
 #14

This is one of problems i did report years ago.
You are no longer able to send a small amount of bitcoin without being charged at least 5 euro... yes even when you need to send 3 euro for the item.
I warned many times that if bitcoin would go this high or even higher in value it no longer can be used at all for normal lower priced payments.
The bad thing about it is that even though there are several much faster and good alternatives, they are not used by companies and individuals because they do not trust them.
And i kinda agree with them most of the smaller value digital coins can drop alot in a super short time span, while you want a little more stable platform.
But now that bitcoin became one of the slowest to get something paid, alot of early adopters stopped the use of bitcoin.
They really do not want to wait more than 2 days to receive the payement. I send a relative normal amount of money 75 euro and had to pay 7.50 euro to get it send.
But it took 4 days to arrive at the company who cancelled my order by lack of receiving the funds in time.
Hell even 3 confirmations are often now over 2 days before they get seen in the blockchain.
My bet is that it becomes even worse now that some large investment companies and even some trade agencies jumped on the bitcoin wagon.
Ofcourse the negative news makes the value drop for a few days, but after the value starts going up double as fast as history shows.
mda
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December 18, 2017, 05:13:15 PM
 #15

This

Well if your bitcoins are on an exchange website I suggest you to first convert it to ethereum, litecoin or dash. Then send it. I think BTC transfer fees will be higher. A dream comes true. BTC is now gold of crypto currencies world.
and this

To really help you we need to know where your bitcoin are stored. If you've got them stored on some sort of exchange, than chances are that they will ask a default fee that will range anywhere from 0.0005-0.001 btc a transaction. To avoid this you can convert them to some an alternative currency that allows for faster and cheaper transactions. If you've got them stored on a wallet that supports segwit your fees will significantly drop so it's recommened to store them there if you haven't already.
until https://bitcointalk.org/index.php?topic=2381234.0 is implemented.
MCLXS411
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December 18, 2017, 05:53:15 PM
 #16

Thank you everybody.

I don't have a wallet that supports segwit.

I use Coinomi and tried to send it from there for a fee of 0.9 dollars. Optimistic, I know.

Size of a transaction is 225 bytes.

When can I expect for my transaction to be confirmed ?     
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December 18, 2017, 06:19:56 PM
 #17

I make all my transactions in ETH because BTC is really expensive and I sent very low amounts.

I made a signature campaign, and 30% of budget was used in fees, incredible. If this situation doesn't change BTC is dead for normal and little transactions compared vs ETH (+10$ vs 0,40$... no comments)

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