Too much transaction fee

[Makus]

Good day my fellow bitcoiners, all protocols observed. This few days I don do some series of transaction wey make me come dey wonder weda na all segwit wallet naim dey collect high fees for transaction abi na just the one wey I dey use, because na electrum wallet naim I use and the kind of transaction fee wey those people dey take charge my transaction nor dey nice at all, dem dey collect like 10% of the money wey I wan transact and this kind of thing dey short my money well well, naim make I say make I bring this problem come board weda my boss dem fit give me recommendations or direct me to any wallet wey nor dey too take much for transaction fee.

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[rachael9385]

As e be so, I already believe say you dey aware say electrum wallet no be exchange wallet, the electrum wallet nah for when you hold your coin for dear life nai you supposed to dey use am but for person like you way dey sell coins most times, I go like tell you to use an exchange wallet instead of the electrum wallet because exchange wallet go reduce the stress of high fee and waist of time for you.
Well, make you try binance exchange wallet, that nah another good exchange wallet for those way really dey sell their coins all the time, me I dey use electrum wallet before but letter on I con change am because of fees and waist of time and since then I dey get no stress (but I still dey use am)... Watin I dey try make you understand be say the electrum wallet no dey bad ohh, e dey more safer than the exchange wallet like binance and all the rest.

[Agbamoni]

My brother na so e be for everywhere na normal thing wey be say fees they high this period. The amount of transaction wey go they included for every block done they constrained, or ah go call am congested for the BTC blockchain. This thing done limit am to 7 transactions per second. Which we know say e they very slow generally. 

Anytime wey be say person send transaction for the blockchain, nah in tow parts, one for Bitcoin and the second one nah for miners to carry pay as they dey process the transaction wey they dey also use they carry maintain the network. The amount wey be say fees they cost dey change from time to time e no they static at all. If so, many persons they try make transaction at the same time only those wey pay higher for the fees own nah him they go release fast why those wey set the fees to they low go wait till their own come. Sometimes e fit even take one full day before u go receive am sef.

[Ever-young]

I no sure say the fee suppose reach that 10% electrum nah good wallet, and then get better features so if you see default fee like that Watin u suppose do nah to use the custom fee settings then reduce the fee to how eh go suit you for body, money no too they to come waste am give people way already don get the money.

No be only your wallet fee high like that nah so the blockchain bee the network they congested and fee high for everybody, so if you send your transaction with fee way at least reach $1-$2 eh fit take time but eh go go and if nah just one address you they send am go, after you don send the transaction out you fit use accelerator as one of our own person been share for the local board carry accelerate the transaction to make am faster.

Mempool is congested, use ViaBTC free accelerator. by Charles-Tim

[Hatchy]

Good day my fellow bitcoiners, all protocols observed. This few days I don do some series of transaction wey make me come dey wonder weda na all segwit wallet naim dey collect high fees for transaction abi na just the one wey I dey use, because na electrum wallet naim I use and the kind of transaction fee wey those people dey take charge my transaction nor dey nice at all, dem dey collect like 10% of the money wey I wan transact and this kind of thing dey short my money well well, naim make I say make I bring this problem come board weda my boss dem fit give me recommendations or direct me to any wallet wey nor dey too take much for transaction fee.

It's not your wallet that is the issue bro, Electrum wallet is among the best if not the best wallet for bitcoin. The memepool is currently congested because of the number of transactions going on it, this has caused transactions fee to increase rapidly. it is as a result of the bitcoin scalability issue and not the wallet.It's at least  better now compared to last week. the SEGWIT address is still the cheapest of all Bitcoin address and the fees are allocated by the miners not the wallet so don't get it wrong.
 

[Charles-Tim]

Mempool is congested. That is the reason for the high fee needed for making transaction for now.

Use ViaBTC free accelerator which is helpful. But make sure that the transaction fee is not less than 10 sat/byte (let it be around 19 sat/vbyte if you are using native segwit address).

Make sure that the size of the transaction is not more than 500 bytes.

[Makus]

I go like tell you to use an exchange wallet instead of the electrum wallet because exchange wallet go reduce the stress of high fee and waist of time for you.
Well, make you try binance exchange wallet, that nah another good exchange wallet for those way really dey sell their coins all the time

My sister thank you very much for this wonderful idea be like na em I go take dey do my many transactions dem oo, because e wan come be like say electrum wallet wan cut my neck commot. The only problem I get na be say normally our Ogah dem don dey advise us make we no dey too money for exchange for long, so I wan ask weda to keep for up to 24 hours na bad thing? because most times wey transaction dey come I fit dey were network no dey, I travel a lot so I wan know if e dey safe?

No be only your wallet fee high like that nah so the blockchain bee the network they congested and fee high for everybody, so if you send your transaction with fee way at least reach $1-$2 eh fit take time but eh go go and if nah just one address you they send am go, after you don send the transaction out you fit use accelerator as one of our own person been share for the local board carry accelerate the transaction to make am faster.

Mempool is congested, use ViaBTC free accelerator. by Charles-Tim

Mempool is congested. That is the reason for the high fee needed for making transaction for now.

Use ViaBTC free accelerator which is helpful. But make sure that the transaction fee is not less than 10 sat/byte (let it be around 19 sat/vbyte if you are using native segwit address).

Make sure that the size of the transaction is not more than 500 bytes.

I thank una very much for this link and the advise I go check am out, so that I go get extra knowledge to the one wey dey now, so wen I need a faster transaction I go implement am.

[Davidvictorson]

I no sure say the fee suppose reach that 10% electrum nah good wallet, and then get better features so if you see default fee like that Watin u suppose do nah to use the custom fee settings then reduce the fee to how eh go suit you for body, money no too they to come waste am give people way already don get the money.

The highest fee I have seen an electron wallet is 6.5%. I am hoping that it doesn't go higher than this. If you customise your transaction fee it is to your own detriment because you may have to wait for more than 72 hours before your transaction is picked. I would recommend that you just do either a large transaction at once instead of small transactions or wait it out for whenever this fee hike would go down.

[Franctoshi]

As e be so, I already believe say you dey aware say electrum wallet no be exchange wallet, the electrum wallet nah for when you hold your coin for dear life nai you supposed to dey use am but for person like you way dey sell coins most times, I go like tell you to use an exchange wallet instead of the electrum wallet because exchange wallet go reduce the stress of high fee and waist of time for you.
Well, make you try binance exchange wallet, that nah another good exchange wallet for those way really dey sell their coins all the time, me I dey use electrum wallet before but letter on I con change am because of fees and waist of time and since then I dey get no stress (but I still dey use am)... Watin I dey try make you understand be say the electrum wallet no dey bad ohh, e dey more safer than the exchange wallet like Binance and all the rest.

Make you no say no be only cheap or low transaction fees wey you go only consider to use centralized exchange wallet, make op consider the risk factors wey dey involved when it comes to using a centralized exchange wallet like Binance as you mention,  make him no say not your keys, not your crypto, you fit to face any challenges at any time and they fit still freeze your money at any time plus other factors wey dey risky to dey use centralized exchange.

[electronicash]

the LN wallets are not spared when all i thought with LN the fees would always be a tiny amount. recently it deducted almost $8 worth of BTC. not surprising because BTC is going up and same as withdrawing from an exchange which also costs $18.

I no sure say the fee suppose reach that 10% electrum nah good wallet, and then get better features so if you see default fee like that Watin u suppose do nah to use the custom fee settings then reduce the fee to how eh go suit you for body, money no too they to come waste am give people way already don get the money.

No be only your wallet fee high like that nah so the blockchain bee the network they congested and fee high for everybody, so if you send your transaction with fee way at least reach $1-$2 eh fit take time but eh go go and if nah just one address you they send am go, after you don send the transaction out you fit use accelerator as one of our own person been share for the local board carry accelerate the transaction to make am faster.

Mempool is congested, use ViaBTC free accelerator. by Charles-Tim

i discovered that when i sent BTC the other day and set the fee to the tiniest possible, i waited long hours and wasn't confirmed, i will likely be waiting for more than 72 hours or more. but sending another transaction and this time following the recommended amount for the transaction fee. the first transaction made was also confirmed along with the 2nd. seem to work.

[rachael9385]

I go like tell you to use an exchange wallet instead of the electrum wallet because exchange wallet go reduce the stress of high fee and waist of time for you.
Well, make you try binance exchange wallet, that nah another good exchange wallet for those way really dey sell their coins all the time

My brother thank you very much for this wonderful idea be like na em I go take dey do my many transactions dem oo, because e wan come be like say electrum wallet wan cut my neck commot. The only problem I get na be say normally our Ogah dem don dey advise us make we no dey too money for exchange for long, so I wan ask weda to keep for up to 24 hours na bad thing? because most times wey transaction dey come I fit dey were network no dey, I travel a lot so I wan know if e dey safe?

Well,,, as you already know say the binance exchange wallet no too dey safe, so I no go fit tell you when bad things go fit happen because me self I know really Kno if the exchange go crash any time soon (just like the EFX, no body knows untill e happen, and I believe say nah because of something like this nai make most exchange wallets them no dey safe but I go like tell you not to keep your coin too long for binance, just only if you know say you go sell soon.

As e be so, I already believe say you dey aware say electrum wallet no be exchange wallet, the electrum wallet nah for when you hold your coin for dear life nai you supposed to dey use am but for person like you way dey sell coins most times, I go like tell you to use an exchange wallet instead of the electrum wallet because exchange wallet go reduce the stress of high fee and waist of time for you.
Well, make you try binance exchange wallet, that nah another good exchange wallet for those way really dey sell their coins all the time, me I dey use electrum wallet before but letter on I con change am because of fees and waist of time and since then I dey get no stress (but I still dey use am)... Watin I dey try make you understand be say the electrum wallet no dey bad ohh, e dey more safer than the exchange wallet like Binance and all the rest.

Make you no say no be only cheap or low transaction fees wey you go only consider to use centralized exchange wallet, make op consider the risk factors wey dey involved when it comes to using a centralized exchange wallet like Binance as you mention,  make him no say not your keys, not your crypto, you fit to face any challenges at any time and they fit still freeze your money at any time plus other factors wey dey risky to dey use centralized exchange.

The main reason why I say binance nah just because of watin the op talk.

fit give me recommendations or direct me to any wallet wey nor dey too take much for transaction fee.

So nah because of this quote nai make I recommend binance exchange wallet give the op, as I see the matter, nah just because say the op want were em go fit sell em coins without any stress of fees or time wasted,, as the matter be so, I no really tell the op to use binance hold em coins because say e no dey safe,, so as em just want to sell em fit still use am.

[Makus]

So nah because of this quote nai make I recommend binance exchange wallet give the op, as I see the matter, nah just because say the op want were em go fit sell em coins without any stress of fees or time wasted,, as the matter be so, I no really tell the op to use binance hold em coins because say e no dey safe,, so as em just want to sell em fit still use am.

I understand wattin you mean and the point wey you dey put for ground, I also buy the idea, the only thing na be say I gats dey very conscious with the amount wey I dey put for there in regard to wattin boss Franctoshi don talk so and I no go let my coins stay for exchange more that 24 hours.

i discovered that when i sent BTC the other day and set the fee to the tiniest possible, i waited long hours and wasn't confirmed, i will likely be waiting for more than 72 hours or more. but sending another transaction and this time following the recommended amount for the transaction fee. the first transaction made was also confirmed along with the 2nd. seem to work.

The thing na just be say I no go like wan experience this kind of thing na why I no wan compromise my transaction fee to smaller amount for that wallet, na why I dey look for any other means wey dey sure of less transaction fee and faster transaction confirmation for the block chain, though I don see many suggestion and alternate part wey I fit take and I go check dem out, because I no ready to play that kind money play for electrum for this kind season.

[nelson4lov]

OP, I go recommend say make you no too dey make transactions in times when transaction fees dey high like now. If the transaction no dey absolutely necessary, just keep am and wait for better time when the mempool no dey congested. A quick look at mempool.space go tell you say e get some times wey the mempool dey hit peak capacity to indicate say demand for transaction confirmation dey high and plenty people dey replace old fee with new fee just to make their own transactions to be confirmed before other people own.

If you no fit wait, just follow that Charles-Tim thread on viaBTC usage. I don use am in the past and it was okay.  But remember say no guarantee say e go actually get your transaction 10x faster.

[Charles-Tim]

If you no fit wait, just follow that Charles-Tim thread on viaBTC usage. I don use am in the past and it was okay.  But remember say no guarantee say e go actually get your transaction 10x faster.

If the transaction is successfully submitted, and ViaBTC then mine a block, the transaction will be included into the block and which means the transaction will be confirmed. it may take like two or three hours before ViaBTC may mine a block based on the hash rate the mining pool is generating.

[sokani]

The mempool dey congested right now but wetin I dey observe be say in every 24hr, the congestion dey reduce small, so if you broadcast a transaction, just dey patient small except you dey in a haste to use the funds. If you fit try set your fee at 30 - 50 sat/vb, I dey sure say a miner go pick am, but if you dey desperate you fit bump am or use fee accelerator.

Yesterday, I been get one incoming transaction wey the fee dey set at 39 sat/vb wey come stuck for mempool for about 3hrs, then high priority na 72 sat/vb. I try the ViaBTC free accelerator but dem no gree include my transaction for their mining block because the block size been exceed 500kb. And me self no dey ready to bump the transaction. Naso I leave am, in 4 hrs time, a miner been come pick the transaction.

[Mate2237]

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Davidvictorson longest time. E don tey wey I see you here. And for di Op. As oda people e don talk am na di congestion of the mempool cause di whole high tx fee but e be like say e don come down small. When I checked my Electrum to see if the fee still dey high and I see day di fee e no dey like that again. The last time when I do transaction di fee was 0.000089 buy just now when I checked e dey 0.000064 and is not too high for you to pay. But I don't know from your end say.

Though di fee dey increase depends on di unit wey you dey transfer. But someone talk am say dis increase of fee go reach next year but I sure say e go reach again.

[letteredhub]

Good day my fellow bitcoiners, all protocols observed. This few days I don do some series of transaction wey make me come dey wonder weda na all segwit wallet naim dey collect high fees for transaction abi na just the one wey I dey use, because na electrum wallet naim I use and the kind of transaction fee wey those people dey take charge my transaction nor dey nice at all, dem dey collect like 10% of the money wey I wan transact and this kind of thing dey short my money well well, naim make I say make I bring this problem come board weda my boss dem fit give me recommendations or direct me to any wallet wey nor dey too take much for transaction fee.

Me I go cap you say make you sit down with that electrum you dey use oh nah for this congestion period nha I take know how better electrum dey for the transaction fees charge compared to other wallets especially if nah exchanger you dey use to send money. Just today you no go believe say $12 wey my nigga wan send person  the exchanger the demand for $9 as transaction fee, that one no be nearly the amount them wan send. But for electrum nah you go try adjust the fees per how many blocks you want am due to how long or quick you need the money to drop

[nelson4lov]

If you no fit wait, just follow that Charles-Tim thread on viaBTC usage. I don use am in the past and it was okay.  But remember say no guarantee say e go actually get your transaction 10x faster.

If the transaction is successfully submitted, and ViaBTC then mine a block, the transaction will be included into the block and which means the transaction will be confirmed. it may take like two or three hours before ViaBTC may mine a block based on the hash rate the mining pool is generating.

Thanks for the heads up. I have always thought that the usage of viaBTC transaction accelerator service was not a guarantee that the transaction will be confirmed as soon as the next block. I just thought the service work like a pinging service where they'd just re-broadcast again to miners. But it's good knowledge. Kudos to you

[Kelward]

If you no fit wait, just follow that Charles-Tim thread on viaBTC usage. I don use am in the past and it was okay.  But remember say no guarantee say e go actually get your transaction 10x faster.

If the transaction is successfully submitted, and ViaBTC then mine a block, the transaction will be included into the block and which means the transaction will be confirmed. it may take like two or three hours before ViaBTC may mine a block based on the hash rate the mining pool is generating.

Di wahala of high transaction fees no de limited to one wallet alone, me i de use a different wallet, and na so di fee sef de very high. I understand say na di congestion for mempool, na im be di cause, I guess say many people de do transactions dis period, before bull run. I hope say make di mempool dicongest soon, so we go fit to enjoy normal fees.

I go really need to study dis your method, e be like say na im go be di escape route of dis high fees, Aldo I no de knowledgeable about dis ViaBTC and to mine a black, I guess say na opportunity wey I go take learn am. I go appreciate if senior man, Charles-Tim, go fit trow more light about how I fit take go about am, maybe share a link to guide members wey wan learn?

[Charles-Tim]

I go appreciate if senior man, Charles-Tim, go fit trow more light about how I fit take go about am, maybe share a link to guide members wey wan learn?

I have already created a thread regarding it on our local board, you can read about it from the thread: Mempool is congested, use ViaBTC free accelerator.

Just like I commented on the thread, the fee should be at least 10 sat/byte (around 19 sat/vbyte if you use native segwit). Also that the transaction should not be more than 500 bytes.