Fees increase with old wallet ($200 FEES !!!!!)

[bjbear123]

Do fees increase with a old wallet ?

I have a old wallet, it has several inputs, the paper wallet contains 0.1 BTC, the fees to move the 0.1BTC is 0.015 Almost $200

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[CryptosapienZA]

Welcome to the btc world. We are in a similar situation. I have a wallet full of bounty earnings. I can't even withdraw the coins because of the fees. I have decided to leave it there. Hopefully once the lighting network is implemented.. Maybe the fees won't be so much. But I must say these high fees are just ridiculous.

[bjbear123]

Could the high fees be the only thing that is saving bitcoins market cap.... I mean if the fees where low there I would sell my bitcoin, wouldn't everyone else

[Saidasun]

Fees shouldn't be higher just because of it being a older wallet. You can import the private key into a newer version of the wallet and test. $200 fees is way higher than what they are suppose to be right now.

[bjbear123]

I have imported the private key into Electrum and the fees are 0.015 BTC to move 0.1 BTC. The wallet is nearly 3 years old

[avikz]

The fees doesn't really depends on the age of the wallet. It mainly depends on the network congestion. Also since you have many smaller inputs it needs consolidation before you send a bigger amount out. So whatever wallet you use, you will have to pay similar fees. In some wallet though you will have the option to choose fees, but the lower you choose, the longer it will take for confirmation. So we are left with very less choice until lightening network is implemented.

[dzkazmi]

Welcome to the btc world. We are in a similar situation. I have a wallet full of bounty earnings. I can't even withdraw the coins because of the fees. I have decided to leave it there. Hopefully once the lighting network is implemented.. Maybe the fees won't be so much. But I must say these high fees are just ridiculous.

Its not that bad what people portrait. Today I sent a payment of 0.42 btc with just 0.00180000 Fee. And I sent a priority high fee, Transaction was confirmed in an hour.

[bjbear123]

Welcome to the btc world. We are in a similar situation. I have a wallet full of bounty earnings. I can't even withdraw the coins because of the fees. I have decided to leave it there. Hopefully once the lighting network is implemented.. Maybe the fees won't be so much. But I must say these high fees are just ridiculous.

Its not that bad what people portrait. Today I sent a payment of 0.42 btc with just 0.00180000 Fee. And I sent a priority high fee, Transaction was confirmed in an hour.

So why am I being quoted 0.015 BTC to move just 0.1 BTC ? I have tried both electrum and blockchain.info, and this was the cost for moving the funds out of the paper wallet at 300/sats.... the only reason why the fees are so high must be because it is a 3 Year old wallet. ?

[stompix]

Do fees increase with a old wallet ?

I have a old wallet, it has several inputs, the paper wallet contains 0.1 BTC, the fees to move the 0.1BTC is 0.015 Almost $200

Age and value don't count anymore.
Coin age was supposed to influence priority but I think it was dealt with it almost a year ago.

What matters is the size of the transaction.
Looking at the numbers, probably you have lots of inputs and dust.
Something around 15-20?

[slyfox]

Welcome to the btc world. We are in a similar situation. I have a wallet full of bounty earnings. I can't even withdraw the coins because of the fees. I have decided to leave it there. Hopefully once the lighting network is implemented.. Maybe the fees won't be so much. But I must say these high fees are just ridiculous.

Its not that bad what people portrait. Today I sent a payment of 0.42 btc with just 0.00180000 Fee. And I sent a priority high fee, Transaction was confirmed in an hour.

So why am I being quoted 0.015 BTC to move just 0.1 BTC ? I have tried both electrum and blockchain.info, and this was the cost for moving the funds out of the paper wallet at 300/sats.... the only reason why the fees are so high must be because it is a 3 Year old wallet. ?

The number of inputs is very important since that means that the size of the transactions gets bigger, one thing you can do is to consolidate your inputs, send all your bitcoin to another address you control and send with the lowest fee you can, if you are lucky you could get a confirmation in several days once you do that you can spend your bitcoin with a lower fee, and also if possible get a segwit address.

[Reid]

I have imported the private key into Electrum and the fees are 0.015 BTC to move 0.1 BTC. The wallet is nearly 3 years old

It is not the wallet anymore that is the problem.
Try to look at the settings of Electrum and pull down the scroll bar to the average speed. (mobile version)
It will input a large amount but yet when it was sent it is not really the price of what it tells that subtracts my balance.
I dont know why it happens like that. Maybe some error in the mobile version or it doesnt want you to leave it zero.

[eternalgloom]

If you could share you wallet address, we could have a look.
It might be possible to use a lower fee and wait a little bit longer to get your transaction confirmed, but you'd have to know what the transaction size would be and see how much fees you can add to get it confirmed in the next 20 blocks or so.

[Albert211994]

Do fees increase with a old wallet ?

I have a old wallet, it has several inputs, the paper wallet contains 0.1 BTC, the fees to move the 0.1BTC is 0.015 Almost $200

It is not the wallet, it is the number of inputs you have that increased the transaction fees. You can try to move  it using lower fees then use accelerators to confirm it faster. There are free accelerators out there you can use.

[MattF24]

Same story, different day. I'm also just holding on to my Bitcoin since transaction fees of more than 10% of the actual amount i'm transferring is too much. When will the lightning network be implemented, I wonder?

[BTCforJoe]

Do fees increase with a old wallet ?

I have a old wallet, it has several inputs, the paper wallet contains 0.1 BTC, the fees to move the 0.1BTC is 0.015 Almost $200

When you say "several inputs" do you mean more than just several?? You have dusty inputs, pal. The fees have nothing to do with the age of your wallet, but rather that you have a bunch of inputs that each incur their own fees. More information can be found on this thread: https://bitcointalk.org/index.php?topic=1044399.0

But here is the part I wanted to share with you. Pay attention to the part that I've bolded in red:

...

#1 Fees and dusty inputs

The most common problem when using faucets is the small payment. Every time you receive a bitcoin payment to your wallet you have a new input to spend at a later date. Think of this like a lump of bitcoin you can use later. When you later want to use these lumps of bitcoin they need space as part of the transaction your wallet creates for you. This is usually 180 bytes per input. A bigger (in terms of byte) transaction will need more fees in order to be confirmed in a reasonable amount of time. Each block offers only a limited amount of space (currently 1 MB) and if you need a big chunk of the space a big chunk of your available funds will be used as fee for the miners. Faucets try to counter this by creating payout limits, but they are often set very small. A reasonable fee for a transaction with less than 1000 byte in size is 10,000 Satoshi. If the payout limit is 100,000 Satoshi and you try to spend this input, you will have to spend 10% on fees. If you want an example how bad this can end, I helped someone recover from this a while back, in numbers:
~0.5 BTC from faucets, collected over ~2 years, ~2000 inputs, ~350,000 bytes, ~0.09 BTC in fees.

...

Any of this sound familiar? Did you claim on a bunch of faucets before you went inactive?

Same story, different day. I'm also just holding on to my Bitcoin since transaction fees of more than 10% of the actual amount i'm transferring is too much. When will the lightning network be implemented, I wonder?

The Lightning Network is still ages away for implementation, and it may not be the best answer or solution as everyone thinks. The best thing you can do for the time being is to use a Segwit-enabled wallet as Green Address. SegWit transactions are less costly and help decongest the overloaded mempool.

Check out this quote from this reddit post: https://www.reddit.com/r/Bitcoin/comments/7m2vre/segwit_wallets_are_better_start_using_them/

BTC friends. I'm happy to report more inexpensive transactions using segregated witness enabled Green Address wallet. I just sent from Green Address to a regular Bitcoin paper wallet address using economic mode... the transaction made it inro a block in about 30 to 40 minutes. Please request that all of the wallets and exchanges you use enable segregated witness!

And here's an article written just yesterday about the fees dropping after Segwit adoption: https://cryptona.co/bitcoin-transaction-fees-dropping-adoption-segwit/

[heureca]

Welcome to the btc world. We are in a similar situation. I have a wallet full of bounty earnings. I can't even withdraw the coins because of the fees. I have decided to leave it there. Hopefully once the lighting network is implemented.. Maybe the fees won't be so much. But I must say these high fees are just ridiculous.

Yeah, currently BTC have huge fees comparing with other criptocurrencies so it is better to use other criptocurrecnies for payments 

[stompix]

But here is the part I wanted to share with you. Pay attention to the part that I've bolded in red:

~0.5 BTC from faucets, collected over ~2 years, ~2000 inputs, ~350,000 bytes, ~0.09 BTC in fees.

Any of this sound familiar? Did you claim on a bunch of faucets before you went inactive?

That was back in the good days.....
Right now it's going to cost you 0.87 BTC to send those 0.5 BTC in an estimate 24h.

295 satoshis/byte
For a standard transaction with  2000  inputs ~296044 bytes and  1  outputs ~87332980 satoshis ~11265.95 USD
According to estimatefee.

Lately dust is becoming more like a tax than free money .

[Diecaut]

Do fees increase with a old wallet ?

I have a old wallet, it has several inputs, the paper wallet contains 0.1 BTC, the fees to move the 0.1BTC is 0.015 Almost $200

you can control your fee, wallets give you options and try to help you sending bitcoin with safety method. some wallets ask you to pay high  just to avoid stock transaction.
217 sat is MIN fee for today