♻️ BaltEX.io – Private Crypto Swaps 🍀 BTC ' ETH ' XMR 🍀

[zasad@]

This concern isn't limited to Bitcoin or specific wallets with such settings. The user base is diverse, and some users don't pay close attention to the fees they set; partly because they aren't using multi-crypto wallets that have complete fee customization capabilities. For instance, when using the Atomic Wallet to send 60% of my total XMR holdings to an exchanger, does Atomic deduct the fee from that 60% or from the remaining 40%, as the 60% figure corresponds to the specific amount stated in the exchange request? Since fees are generally low, not many users bother to find out.

In my experience, Bitcoin tends to have issues with transaction fees most often, followed by Ethereum.
At the same time, I haven’t noticed high fees when using Litecoin.
Everything here is subjective and depends on each user’s personal preferences, so I don’t see any point in arguing about it.

Issues like what? Because the fee can increase and decrease, and then there is the miner's preference. But if I compare ETH's fees with what they were five years ago, they have improved a lot. I was just having a discussion with someone about fees, and he said he once paid 0.2+ ETH in fees for swapping a useless token haha. That was the situation for many of us. Many of us were buying useless tokens while spending real gold haha.

It all depends on personal experience, really. For me, I just compare one thing, "At least I am not paying what I used to pay before haha." That's it. After this thought, I don't care about the fee, but for a small transaction, paying a very high fee can really be felt. But that's not personal preference. It's more like having no option other than gaining more knowledge of coin control and fee management.

I had a negative experience where I ended up paying $300 in Bitcoin transaction fees because I was in a rush and didn’t manage my inputs correctly. As demand for transactions increases, fees within the Bitcoin ecosystem will rise, because the Bitcoin blockchain isn’t fast enough to process a large number of transfers simultaneously.

[Faisal2202]

I had a negative experience where I ended up paying $300 in Bitcoin transaction fees because I was in a rush and didn’t manage my inputs correctly. As demand for transactions increases, fees within the Bitcoin ecosystem will rise, because the Bitcoin blockchain isn’t fast enough to process a large number of transfers simultaneously.

Oh my God, $300 in fees, really? I can see now why it is a big deal for you. Demand is just one factor. We have to look at the inputs as well, but you made a natural mistake that happens when we are in a rush or doing multitasking. I also don't usually see this, but I would definitely have stopped after seeing such a high fee.

Thanks for sharing this lesson for free that you learned the expensive way.

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[tabas]

I also don't usually see this, but I would definitely have stopped after seeing such a high fee.

That's a lot and costly lesson. Me either, if I've seen that it's going to charge me that I'll stop it and won't proceed the transaction. But that might have been overlooked because he was in a hurry. I use baltex whenever I can and I'll take time when I'll do a swap but with those inputs, I think that I won't have that much to, since I don't have that much to send to. Sorry about that loss zazad and I also thank you for sharing that here so we can avoid that mistake.

[fruktik]

I had a negative experience where I ended up paying $300 in Bitcoin transaction fees because I was in a rush and didn’t manage my inputs correctly. As demand for transactions increases, fees within the Bitcoin ecosystem will rise, because the Bitcoin blockchain isn’t fast enough to process a large number of transfers simultaneously.

That’s quite a hefty commission fee. I was actually speechless for a moment when I read about it.

Just recently, I almost made a similar mistake myself. I got distracted and entered the wrong information. The good thing is that I double-check my work several times, even when I’m in a hurry. You should never rush when dealing with numbers and money.

[zasad@]

I had a negative experience where I ended up paying $300 in Bitcoin transaction fees because I was in a rush and didn’t manage my inputs correctly. As demand for transactions increases, fees within the Bitcoin ecosystem will rise, because the Bitcoin blockchain isn’t fast enough to process a large number of transfers simultaneously.

Oh my God, $300 in fees, really? I can see now why it is a big deal for you. Demand is just one factor. We have to look at the inputs as well, but you made a natural mistake that happens when we are in a rush or doing multitasking. I also don't usually see this, but I would definitely have stopped after seeing such a high fee.

Thanks for sharing this lesson for free that you learned the expensive way.

If a wallet displayed the transaction fee in dollar terms even if just in parentheses it would save many users from making mistakes. You have to pay for any kind of experience, so I’m not too worried about it.
I primarily work within the Ethereum ecosystem, where the wallet shows the fee amount in dollars, which is very convenient.

I had a negative experience where I ended up paying $300 in Bitcoin transaction fees because I was in a rush and didn’t manage my inputs correctly. As demand for transactions increases, fees within the Bitcoin ecosystem will rise, because the Bitcoin blockchain isn’t fast enough to process a large number of transfers simultaneously.

That’s quite a hefty commission fee. I was actually speechless for a moment when I read about it.

Just recently, I almost made a similar mistake myself. I got distracted and entered the wrong information. The good thing is that I double-check my work several times, even when I’m in a hurry. You should never rush when dealing with numbers and money.

This error occurred when fees in the Bitcoin ecosystem were around 100 sat/vB. Nowadays, it’s difficult to make such a mistake, as typical fees are 1–4 sat/vB.

[MainIbem]

I had a negative experience where I ended up paying $300 in Bitcoin transaction fees because I was in a rush and didn’t manage my inputs correctly. As demand for transactions increases, fees within the Bitcoin ecosystem will rise, because the Bitcoin blockchain isn’t fast enough to process a large number of transfers simultaneously.

That’s quite a hefty commission fee. I was actually speechless for a moment when I read about it.

Just recently, I almost made a similar mistake myself. I got distracted and entered the wrong information. The good thing is that I double-check my work several times, even when I’m in a hurry. You should never rush when dealing with numbers and money.

That's why i don't like carry out activities like that when am in distress because it involves money and online so you're supposed to be focused so you don't make mistakes and end up losing funds. Some folks would've Channel their frustration and blamed it on the platform for their own mistake but in situations like that you keep calm and learn from the mistake, we're humans afterall and would make errors but it's important to learn from them.

[Mate2237]

Oh my God, $300 in fees, really? I can see now why it is a big deal for you. Demand is just one factor. We have to look at the inputs as well, but you made a natural mistake that happens when we are in a rush or doing multitasking. I also don't usually see this, but I would definitely have stopped after seeing such a high fee.

Thanks for sharing this lesson for free that you learned the expensive way.

I think the main thing here is to know the network that he used because he failed to mention that, if only he made that clear it would have been very easy to spot why the transaction fee was high. There are different options he would have used that would be cheaper in transaction than what he chose but just like you said mistakes can be made when we are in a rush. Indeed this mistake is going to be a valuable lesson to others but he is also going to learn from it as well so it won't be repeated next time.

[Faisal2202]

If a wallet displayed the transaction fee in dollar terms even if just in parentheses it would save many users from making mistakes. You have to pay for any kind of experience, so I’m not too worried about it.
I primarily work within the Ethereum ecosystem, where the wallet shows the fee amount in dollars, which is very convenient.

Which wallet were you using when you paid $300 in fees on the BTC network? I am sure the wallet has a conversion option. I can understand how hard it must be to lose such a big amount on just one transaction when it could easily have been saved. I am sure you must have tried to find a conversion option so you don't make the same mistake again.

[fruktik]

That's why i don't like carry out activities like that when am in distress because it involves money and online so you're supposed to be focused so you don't make mistakes and end up losing funds. Some folks would've Channel their frustration and blamed it on the platform for their own mistake but in situations like that you keep calm and learn from the mistake, we're humans afterall and would make errors but it's important to learn from them.

I remember one incident in my life involving a crypto transaction. I’d had quite a few beers at the time, and on a whim, I decided to make a transaction. That would have been fine, but at the time, the transaction fees on the network were too high, and the amount I was sending was quite substantial. If I hadn’t stopped myself in time and postponed the transaction until the next day, I would have lost more than a third of the total amount. That’s why you shouldn’t do things like this when you lack understanding and focus.

[examplens]

I remember one incident in my life involving a crypto transaction. I’d had quite a few beers at the time, and on a whim, I decided to make a transaction. That would have been fine, but at the time, the transaction fees on the network were too high, and the amount I was sending was quite substantial. If I hadn’t stopped myself in time and postponed the transaction until the next day, I would have lost more than a third of the total amount. That’s why you shouldn’t do things like this when you lack understanding and focus.

It seems you didn't drink too much beer after all, given that you remember everything. 
Quite a bad decision to spend money drunk.
Although I have done the same process for my crypto transactions so many times, it often seems to me that I do too much automatically. Very often I have the feeling that I skipped some part, for example, like checking the deposit address on the HW screen, although I didn't because it is already a common process.

[Mate2237]

I remember one incident in my life involving a crypto transaction. I’d had quite a few beers at the time, and on a whim, I decided to make a transaction. That would have been fine, but at the time, the transaction fees on the network were too high, and the amount I was sending was quite substantial. If I hadn’t stopped myself in time and postponed the transaction until the next day, I would have lost more than a third of the total amount. That’s why you shouldn’t do things like this when you lack understanding and focus.

It is important to know when to avoid making a transaction, this is what makes you a mature crypto currency user. You were able to realize that you weren't really in the right space of mind to make any logical decisions, if you had made that transaction you would have ended up losing a lot which would have been very avoidable. Some people make a transaction when they are feeling sleepy or mentally tired without looking at the network rates properly.

[MainIbem]

...

I remember one incident in my life involving a crypto transaction. I’d had quite a few beers at the time, and on a whim, I decided to make a transaction. That would have been fine, but at the time, the transaction fees on the network were too high, and the amount I was sending was quite substantial. If I hadn’t stopped myself in time and postponed the transaction until the next day, I would have lost more than a third of the total amount. That’s why you shouldn’t do things like this when you lack understanding and focus.

In the world of digital currency, there's no forgiveness in the sense that if you carry out transactions wrongly your money is gone, which is why extra attention is needed when carrying out such transactions either in an exchange or wallet. I've heard stories of how people send funds to the wrong address, some to the wrong chains. If the fees is why then waiting is not bad, if your mind is not at ease then don't carry about the transaction.

[Mate2237]

It seems you didn't drink too much beer after all, given that you remember everything. 
Quite a bad decision to spend money drunk.
Although I have done the same process for my crypto transactions so many times, it often seems to me that I do too much automatically. Very often I have the feeling that I skipped some part, for example, like checking the deposit address on the HW screen, although I didn't because it is already a common process.

You are right, he didn't take too much alcohol because he was able to still think logically, he was tipsy and at that point there is a high chance that he would have made some mistakes due to the influence of alcohol. It is important to always double check the details of transaction like the deposit address that you always  seem to skip, you might miss something that can affect you at some point.

[Faisal2202]

If a wallet displayed the transaction fee in dollar terms even if just in parentheses it would save many users from making mistakes. You have to pay for any kind of experience, so I’m not too worried about it.
I primarily work within the Ethereum ecosystem, where the wallet shows the fee amount in dollars, which is very convenient.

Okay, so you probably made this mistake during the Ordinals era!

I also paid the highest fees at that time, but bro, my fee was nothing in front of yours. I only paid $17 to $20 for moving my funds.

I always double-check the fees so I don't make any mistakes, especially when I have a lot of inputs and a lot of funds. Managing fees is important and a lesson learned again by you.

By the way,  I have lost more funds by choosing the wrong network (I was in a hurry and sleepy that time) than paying the fee, haha. But I learned my lesson and I never make any transactions when I'm sleepy and can't think straight.

There are different options he would have used that would be cheaper in transaction than what he chose but just like you said mistakes can be made when we are in a rush. Indeed this mistake is going to be a valuable lesson to others but he is also going to learn from it as well so it won't be repeated next time.

I won't lecture him or give him any advice either. He already knows more and he probably made that in Electrum or wherever. He said above that the fee was around 100 sat/vB, so I assumed it was around the time Ordinals arrived, back in 2024. Anyway, we just have to be careful.

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[fruktik]

It seems you didn't drink too much beer after all, given that you remember everything. 
Quite a bad decision to spend money drunk.
Although I have done the same process for my crypto transactions so many times, it often seems to me that I do too much automatically. Very often I have the feeling that I skipped some part, for example, like checking the deposit address on the HW screen, although I didn't because it is already a common process.

If you’re not focused and your attention is wandering, the best option is to put off any money-related tasks. It definitely won’t lead to anything good.

I’ve been lucky because I tend to be overly meticulous at times. I double-check things several times before finally clicking the button and taking action. This has saved me more than once. Apparently, that’s exactly what happened in that situation, and I stopped just in time.

[leea-1334]

Hello everyone,,, just making an appearance here, very pleased to support such a service as this. Privacy is always the most ignored aspect of Bitcoin (from my experience) and so nice to see support for XMR too. Especially in this era where even exchanges are sanctioned,,, we need much more of people like BaltEX.

See you all swapping 

[Peanutswar]

If a wallet displayed the transaction fee in dollar terms even if just in parentheses it would save many users from making mistakes. You have to pay for any kind of experience, so I’m not too worried about it.
I primarily work within the Ethereum ecosystem, where the wallet shows the fee amount in dollars, which is very convenient.

Which wallet were you using when you paid $300 in fees on the BTC network? I am sure the wallet has a conversion option. I can understand how hard it must be to lose such a big amount on just one transaction when it could easily have been saved. I am sure you must have tried to find a conversion option so you don't make the same mistake again.

Most of the stories like that they are not in their stable state to thing ended up losing their money, like waking up in the morning and received a notification you have been hack, or your assets get compromised came from an unknown and because they are not in a good state to think is they ended up do task and ended up losing their money, like in that case is you wasted much amount in a transaction fees which is every time I made a transaction is I do always check how much it is in the mempool well its been an old days like 2-3 years a go a low tx fee roughly around 25$+.

[leea-1334]

Regarding all those high fee discussion which is no longer relevant to Bitcoin these days. I really never understand when people pay so much by accident it is just basic math ,,, why not just stick to a very old trusted wallet like Electrum right? Fees are so clear, you can adjust, and just simply pay the lowest and wait. There was a time when it was expensive but that days are gone,,, and even in those expensive days I just set a low fee and waited.