he pays 5000 € for a bitcoin transfer

[lejeune]

https://www.blockchain.com/btc/tx/7502bbfe1e30d66e07c7fda8123ebf0f61c5ec5bb2f6ae272057311892cff52c

[Poker Player]

https://www.blockchain.com/btc/tx/7502bbfe1e30d66e07c7fda8123ebf0f61c5ec5bb2f6ae272057311892cff52c

That's like an 11% fee. I don't know if that's considered normal these days because I haven't made a transaction for a while but it seems expensive to me. Is that because it has so many inputs? Maybe someone with more technical knowledge can enlighten us.

Also, consider moving this thread to the Development & Technical Discussion section. It probably belongs there and I think it won't get as many replies on this one.

[odolvlobo]

It was a very large transaction combining bitcoins from about 640 inputs. The sender could have saved a lot of money by waiting for fees to drop and paying 10 sats/vb rather than 100 sats/vb.

However, I notice that even when fees are low, there are still transactions paying fees of around 100 sats/vb. I bet those are exchanges that charge users a fee when withdrawing. They don't care what the fee is because the users pay it.

[avikz]

That much fees is simply super expensive and not sustainable in the long run! I see the sender paid 107 Sat per byte fees which is less than the current fees required. As per the below calculator, the current required fees is 111 Sat per byte.

https://www.buybitcoinworldwide.com/fee-calculator/

So the sender paid less than required feès which is 11% of the total transaction value! What a joke! Same goes with ETH as well! There is a good reason why altcoins are moving fast upto the queue!

[Timelord2067]

https://www.blockchain.com/btc/tx/7502bbfe1e30d66e07c7fda8123ebf0f61c5ec5bb2f6ae272057311892cff52c

Just imagine you've earned the bitcoin over many years and now you see them turn into about $50,000 - Ask yourself - would you be willing to sweep your funds to enable you to cash out - but have to pay 10% in transfer fees to ensure the funds went where you want them to the same day?

That much fees is simply super expensive and not sustainable in the long run! I see the sender paid 107 Sat per byte fees which is less than the current fees required.

I paid 20 sats per byte yesterday to send a TX and it's already confirmed.

[Kakmakr]

Mistakes happen, when you are in a hurry... I am an example of that. A while ago when there was a huge spike in the price, I decided to sell some coins.. so I had to transfer (sweep) coins from a paper wallet to my Electrum wallet and then to the Exchange.

The transfer from the Electrum wallet to the Exchange was rushed, because the price was on a downward spiral... so I wanted get it while it was still very high. (I did not double check the fee on the highest speed selection on Electrum) and I paid $1000 in miners fees.

Lesson : Always double check the fee, converted to Fiat value... before you press proceed.  

[NeuroticFish]

Lesson : Always double check the fee, converted to Fiat value... before you press proceed.  

Yep, it's a good lesson. Only that not all the wallets allow that.
I see people having fund in BTC, mBTC, whatever and they don't pay attention to all the details.
A proper wallet helps. Proper settings (to see also the values in fiat) help avoiding mistakes. And patience and double check is always necessary when one works with money.

Unfortunately knowledge is also necessary to have all these correctly together, and many don't have enough of that.

[webtricks]

That much fees is simply super expensive and not sustainable in the long run! I see the sender paid 107 Sat per byte fees which is less than the current fees required. As per the below calculator, the current required fees is 111 Sat per byte.

https://www.buybitcoinworldwide.com/fee-calculator/

So the sender paid less than required feès which is 11% of the total transaction value! What a joke! Same goes with ETH as well! There is a good reason why altcoins are moving fast upto the queue!

The fees estimates on this site is awfully high! I see that the estimates are not swiftly adjusting on this site according to the blocks mined.

I like this site - https://mempool.space, the fees estimate on this website adjusts quickly as soon as new block is mined.

[passwordnow]

Lesson : Always double check the fee, converted to Fiat value... before you press proceed. 

When I make a transaction sometimes I don't project the value in fiat and just remembering that this is like the same as before. It will really hurt to check the price of the fee in fiat value but the amount is just the same in btc value.
But this fee made by OP, this really is a lot just for the fee and I wouldn't proceed with that transaction because I can't avail that much fee whether I don't look at the fiat value when I send.

[bassbity]

it does not matter as long as it provides a profitable profit, there is nothing to lose, but with an amount that is not small and very risky when he cannot reconsider the shipping costs he will do in the future. but if as a trader, it would be better to visit the exchange and buy it with that kind of money. and if you are a holder of a shelf it may take several years to recover 50% of your current total payment.

[BlackHatCoiner]

When you look on a transaction that has BTC0.9 on inputs and BTC0.8 on outputs you know that something goes wrong! And that's the scaling problem. The fact that a man with more than 600 inputs wants to spend them and he'll have to pay BTC0.1 to the miner is really disappointing. I didn't check them all, but I see that most of the inputs are from legacy addresses, hence the five thousand euros.

By the way:  Rest in peace privacy. 

The sender could have saved a lot of money by waiting for fees to drop and paying 10 sats/vb rather than 100 sats/vb.

True, but he may was hurrying.

[dolcemariposa1]

The fees are now higher than before, but even so, 5k euros is what 1 Bitcoin was worth about a year ago.

[Spack17]

https://www.blockchain.com/btc/tx/7502bbfe1e30d66e07c7fda8123ebf0f61c5ec5bb2f6ae272057311892cff52c

It is really shocking for me and it is not the only high-feed transfer I'm afraid. People are obliged to pay incredible amounts of fees for even small transactions because of the Bitcoin price right now. As the price increases, it affects the fees in a bad way also in the end. I hope this huge problem can be solved in the future. Otherwise, Bitcoin's future may not be so much bright in a long run.

[maxreish]

With that .8 combination of all transactions, .1 btc fee is really that much but considering the price of bitcoin as of today, he choose the high fees for fast transaction.

 If I am going to withdraw or cash out my btc, I usually convert it into xrp and for cheapest  fee and fast transaction. However, that depends on the user. If he badly need that btc, regardless of the high fees he's gonna pay, it will be okay.

[Silberman]

Mistakes happen, when you are in a hurry... I am an example of that. A while ago when there was a huge spike in the price, I decided to sell some coins.. so I had to transfer (sweep) coins from a paper wallet to my Electrum wallet and then to the Exchange.

The transfer from the Electrum wallet to the Exchange was rushed, because the price was on a downward spiral... so I wanted get it while it was still very high. (I did not double check the fee on the highest speed selection on Electrum) and I paid $1000 in miners fees.

Lesson : Always double check the fee, converted to Fiat value... before you press proceed.  

This could be one factor but the issue was that he had more than 600 inputs, that is a lot so despite not paying an exorbitant price in terms of satoshi/byte, the fee was still outrageous, this should be a lesson to all of us, first people need to begin to use segwit addresses to get cheaper fees and second whenever you see the network not busy then consolidate your inputs, that way whenever you want to make a fast transaction you can pay a cheap fee instead of paying a fortune for it.

[Astvile]

That's a beefy amount for fees alone I can't tell if that's a mistake or intentional maybe the sender really was in kind of a hurry because with such high fees his transaction will surely be prioritized and confirmed faster than normal 100Sat/byte is really big. But if this was a mistake I think miners who have mined the transaction can help with the sender's problem.

[20kevin20]

I cannot get how some people still defend this issue when such problems come up. From both outside and inside, it looks like Bitcoin is flawed. Imagine having to pay $7-8 for every single bill you have inside your wallet.

We just havr to accept the idea that Bitcoin cannot scale. The rich are under advantage once again. Unless it gets the ability to scale, it might all turn into a big failure.

[Hippocrypto]

That's a beefy amount for fees alone I can't tell if that's a mistake or intentional maybe the sender really was in kind of a hurry because with such high fees his transaction will surely be prioritized and confirmed faster than normal 100Sat/byte is really big. But if this was a mistake I think miners who have mined the transaction can help with the sender's problem.

This isn't a mistake, because every sender who needs expediting transactions specially when the demand for money is rush could solve the delays. Many concerns regarding transaction was due to slow confirmation, and if you wanted to make it fast for less than an hour, then that's the best options to do. On my perceptions, we can only apply this strategy when the amount of asset to be transferred is at large quantity.

[pooya87]

First of all no one can pay "5000 €" for a bitcoin transaction because it is a "bitcoin" transaction not a "€" transaction. Everyone is paying bitcoin for bitcoin transactions.
Secondly bitcoin fees should always be reported as amount per size using a unit such as satoshi/vbyte. Otherwise it is trivial to create a transaction that is for instance 4MB in size and pay the absolute minimum (standard) fee of 1 and a total fee of 0.04BTC which is about $2300 at current rate.
This transaction you posted is huge which is why with a medium fee of about 20 it is paying this much total fee.

[bittick]

Seems unbelievable but considering that the transaction size is 92977 bytes still does make sense though too over the top. If that were me I'd just pay with below standard fee and pay premium tx accelerator but thats just me. Maybe he's rich and doesn't have too much patience who knows.