Ledger Fee: 14 Dollar for 0,075 BTC transaction!

Hello,

normally I pay only 12 cent but today ledger shows that high fees (and If I choose low speed, it will also be 10 dollar fees).

Bug or normal or why then?

Furhter more I had for the first time a little bug in my ledger app (chrome bitcoin wallet): I did 2 transactions but the first one is not shown in the ledger but was confirmed as blockchain.info said.

Curios?!

Right now, the network is a bit congested. This tends to happen whenever there are significant movements in the pricing, and if you're willing to hear a bit of a personal conspiracy theory I think this is done on purpose for easier market-manipulation.

https://bitcoinfees.earn.com/ is a great place to see what kind of fees the rest of the network is using to get transactions confirmed at what pace, for what price.
Right now you're looking at about 90 Satoshi per Byte if you want a nearly instant confirmation. Depending on how many inputs make-up the transaction you are trying to send, this can get extremely costly. That is another reason why, during times of low-fees it is best practice to consolidate your smaller inputs.

Quote from: BTCtalker3000 on May 14, 2019, 01:18:17 PM

Hello,

normally I pay only 12 cent but today ledger shows that high fees (and If I choose low speed, it will also be 10 dollar fees).

Bug or normal or why then?
~

It depends on the size of your transaction in bytes. Today I paid 92.489 sat/B and got the first confirmation within 15 minutes. Paid 4 bucks for the speed because the size of my transaction was 517 bytes(definitely not the smallest tx possible). If I did what bill gator suggests above someday in the past, I would feel much better now.

In simple words, if you were collecting your BTC little by little, and now you want to move all of it at once, your transaction is going to have many inputs, and thus the size of it will be big.

It´s better to always take a look at a few websites such as https://bitcoinfees.earn.com/ or https://www.buybitcoinworldwide.com/fee-calculator/ or any other before making a transaction.

If the fee is too high such as 90 sat/byte and you are not in a hurry, you can wait for a few blocks.

For now, according to https://www.buybitcoinworldwide.com/fee-calculator/ you can use 3 sat/byte if you can wait 48 blocks. Or 101 sat/byte if you want on the next block...
You 14 Usd transaction could be 0,40 usd if you had used 3 sat/byte, waiting 48 blocks (480minutes)

The problem is: I dont know how to configure it on ledger chrome bitcoin wallet app. I can choose between high , middle and low speed and custom fees. What shall I typi in custom fees field to sink the price?

Quote from: BTCtalker3000 on May 14, 2019, 02:37:36 PM

I think the lowest you can use while still being able to broadcast your transaction is 1 sat/b.

As per coinsutra:
https://coinsutra.com/bitcoin-wallets-custom-transaction-fees/

Set it to "1" instead of 800.

Not sure if that article is still accurate/or if the ledger UI still looks that way though...

Quote from: BTCtalker3000 on May 14, 2019, 02:37:36 PM

Don’t use the Chrome app. These are outdated.

Download the new Ledger Live wallet on the Ledger website. It gives you a suggested fee based on how fast you want the tx to go through (if you’re in a hurry or wants to save some money), you can use the website linked above to get some close numbers.

Or you can use Electrum (just make sure you download from electrum.org).

If your money was gathered from a lot of small transactions, you should consider waiting until the network will free up and the fee will go down to 1 satoshi/byte.