Huge fee in blockchain.info

[smartut]

its not only on blockchain ... my "default" fees rate on bitcoin core is the same amout ... sure i can change it but the transaction will take much longer to confirm.

and 0.003 btc is about 50$ 

[JohnHero]

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on trasfer

it asking 0.00354522 BTC fee for transferin 0.02BTC  !

Yesterday I wanted to send 800$ worth of BTC and I would've paid around 5$ in fees. I don't think that's too high considering the amount. But I pitty the guys that are trading 40$ or someting around there.

[StevenS]

The network is super congested and miners want to make money hence the insane high fees.

The miners don't set the fees. To make the most money, a miner includes the transactions that have the highest fees, but it is the creators of those transactions who set the fees. They want their transaction to be included, so they send a fee high enough to be close enough to the top of the unconfirmed transaction list. We can do nothing about that as long as the number of unconfirmed transactions remains high.

[CryptoCurr]

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on trasfer
it asking 0.00354522 BTC fee for transferin 0.02BTC  !

Bitcoin transfer is very expensive now because there are so many transactions taking place on the bitcoin network. the network needs an update for scalability and speed. the problem is we don't when bitcoin core developers will make the update.

[WhichIsGood]

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on trasfer

it asking 0.00354522 BTC fee for transferin 0.02BTC  !

Simple... Bitcoin value is very high right now. Too many users and too many transactions taking place. The network is more or less becoming congested and with bitcoin scalability problem being unresolved, then it will remain what it is now I'm afraid. Just tune down your transaction fee, because we can't really do anything with recommended fees right now.

[felipe04]

Actually it's ok because fee is only given since your here in crypto,complain in anything here is not good you can save your money in bank and let go here.I think a lot of transaction here has a fee so if you continue to complain contact their support and ask why you have huge fees.Moreover i have wallet that don't need fee if i do transaction in our own country so try to search if you have also in your country.

[CyberKuro]

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on trasfer

it asking 0.00354522 BTC fee for transferin 0.02BTC  !

It's not just blockchain.info but most wallets adjust the fees based on current mempool.
If you want, just set a custom fee to send bitcoin, but it may take longer to be confirmed, maybe few days.
According to bitcoinfees; The fastest and cheapest transaction fee is currently 400 satoshis/byte
So, you may want to reduce it to 300-359 sat/byte, it will be confirmed in 30 min - 1 hour.

[rapidleech]

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on trasfer

it asking 0.00354522 BTC fee for transferin 0.02BTC  !

Just lower that fee from custom fee and than put your transaction in one of the tx accelerator and wait for some mining pool to include your transaction.

Also it is recommend fee rather than fee set by blockchain.info, you can check that by going through this site https://bitcoinfees.earn.com/

For a small transaction with only one input and output recommended fee is over 90,400 satoshis which will increase if you have received those 0.02 btc in different smaller transactions.

can you explain red part?

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on trasfer

it asking 0.00354522 BTC fee for transferin 0.02BTC  !

It's not just blockchain.info but most wallets adjust the fees based on current mempool.
If you want, just set a custom fee to send bitcoin, but it may take longer to be confirmed, maybe few days.
According to bitcoinfees; The fastest and cheapest transaction fee is currently 400 satoshis/byte
So, you may want to reduce it to 300-359 sat/byte, it will be confirmed in 30 min - 1 hour.

if i set it to 359 sat/byte it cost me around 0.004 BTC

something is wrong

[Nathan047]

... you ‘could’ import your private key into Electrum ...

so can i easily transfer my funds with private key?

Yes. Just get your private key and download the latest version of Electrum (https://electrum.org). Once you have Electrum installed just hit “Create New Wallet.” then “Import Wallet,” and add your private key. With this setup you’ll be able to broadcast a transaction from either Electrum or Blockchain.info, but in Electrum you’ll be able to set a custom fee.

[Sithara007]

If i set it to 359 sat/byte it cost me around 0.004 BTC

something is wrong

Nothing is wrong. Just that your transaction size is too big. If you are not in a hurry, then set the fee to somewhere around 71 Sat/Byte. The transaction should get confirmed in 2 days time. The basic issue persists. Lightning network is delayed and SegWit2X is cancelled. So get used to high fees for the medium term.

[wantjokull]

This not the case with blockchain info only but it also follows on coinbase and electrum wallet. For coinbase I’m not finding any manual option with which you can lower the fees at the cost of huge time taken for the transaction confirmation. However this option is handy on the electrum wallet and with as much low as 0.0003 BTC I can get my transaction confirmed with 6-12 hours really. 

So you really go in the manual selection of fees and lower them as per your convenience. :-) 

What is the size of the transaction? There is a possibility that your coins contains a lot of dust and therefore the size is much bigger than expected. You can use this website to calculate the minimum fee required:

https://bitcoinfees.earn.com

Right now, it takes a fee of around 400 Sat/Byte for instant confirmation. If you are ready to wait for a few hours, then you can manually lower the transaction fee in blockchain.info.

Thanks for sharing this website. Its new for me and I never thought there will be pre-set timings and blocks for every fees that we pay. Makes sense with this fee structure and I quickly calculated why my transactions taking more than 6 hours to confirm. :-D Good one. 

[steveabrahams]

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on transfer

it asking 0.00354522 BTC fee for transferin 0.02BTC  !

I bet it's because you send it from many your addresses into 1 address. I also have the same experience with you man and also the bitcoin fee is so damn big nowdays. The last time i send 0.05 btc and the fee is a god damn 0.013, nonsense.

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on trasfer

it asking 0.00354522 BTC fee for transferin 0.02BTC  !

Just lower that fee from custom fee and than put your transaction in one of the tx accelerator and wait for some mining pool to include your transaction.

Also it is recommend fee rather than fee set by blockchain.info, you can check that by going through this site https://bitcoinfees.earn.com/

For a small transaction with only one input and output recommended fee is over 90,400 satoshis which will increase if you have received those 0.02 btc in different smaller transactions.

To be honest, tx accelerator also not works if the fee per bytes is super small.

[Ararbermas]

hey guys
whats goin on with blockchain.info. there is Huge fee calculation on transfer

it asking 0.00354522 BTC fee for transferin 0.02BTC  !

yeah me too as i noticed the fees in blockchain is so high than the amount we want to send i think times 3? I have doubts that this is because the value of bitcoin is so high maybe that is the reason why blockchain increase their fees also. Perhaps it will decrease when bitcoin valued also drop. Even though the custom fees idont like it still the same .

[nwankwotech]

The fees are so crazy. I want to transfer $71 to someone and i am being charged $38 regular fee

I tried to use the custom fee and 551 sat/b is recommended which is $19.13

Maybe i will have to wait when transaction fees returns to normal

[blockman]

To be honest, tx accelerator also not works if the fee per bytes is super small.

There are some accelerators that are legit and working but it is limited to some people per day and if you want your transaction to be accelerated you might want to try out sign up with their VIP membership fees like in viabtc they have "customer only" members where you will get exclusively no limitation when it comes to sending the TXID on them. For those transactions that aren't willing to pay the high fee, you can't do anything about it so if you are willing to wait, just wait.

[jerry0]

How much does it cost for the fee service on viabtc?  I checked their site and they are no descriptive about it.

[Rahar02]

if i set it to 359 sat/byte it cost me around 0.004 BTC

something is wrong

Yes, something is wrong with blockchain network.
Too many unconfirmed transactions, mempool get flooded, which cause the network ask for higher fees.
The fastest and cheapest transaction fee is currently 990 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 223,740 satoshis.

For median size, you have to pay BTC0.0023 for the fee. It's better not to transact using bitcoin at the moment.

[barnes13]

Currently Bitcoin transaction fee is very high, but looking at your problems I think it's a problem from your wallet and the second is from bitcoin network nowdays is about 200k unconfirmed transaction.

[solarion]

Currently Bitcoin transaction fee is very high, but looking at your problems I think it's a problem from your wallet and the second is from bitcoin network nowdays is about 200k unconfirmed transaction.

Every wallet shows the higher transaction fees than we saw in the last month. We will find the fees recovered in the upcoming hard fork. I am not sure it may down to 0.0003 or 0.0005 not lower than that.
Due to network delay and huge transaction is been done by the people, we are seeing the huge transaction fees in the all online wallet provider site. Number of confirmation might be increased.