Bitcoin Fees

[Bothebu]

To avoid micro wallet deposits creating large numbers of inputs am I better sending them to an exchange and let them "consolidate" there and then move them when I need them?  IF I send to my Electrum wallet after a month I have 30 inputs, which is going to cost a fortune to move.  I just tried to move 12 days worth and the lowest fees setting was still going to amount to about $15.  Middle of the road setting was $25.  To move $84 worth of BTC is going to cost $25?  Not doing that.  So is the exchange consolidation plan viable?

Be patient and go with the minimum fee (~1 sat/byte). Your minimum consolidation fee should be about $.15. That's an extremely low .2% fee.

I use electrum, i slid the slider all the way to the left to the lowest setting.  The fees to transmit 12 inputs of ~.0028 BTC (total of .0336) was the equivalent of $15 USD in BTC at $2500/BTC.  So, it would be $15 to transmit $84....crazy.  I don't care if it takes a week to confirm, but the slider didnt go any lower.  Unless there is a trick to electrum I dont know about.

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[Bothebu]

I just went into electrum and I found how you can set fees manually.  I can get them pretty low!  Thanks   The default setting is dynamic fees.

[Aveatrex]

Dude you are lucky lol,I am using Xapo and paying 0.0018 btc in fees thats 4.5 usd... I started using bitcoins instead of paypal because of fees but now bitcoins fees are higher than Paypal that's insane amount of fees comparated to other payments ways..

[Muhammed Zakir]

Dude you are lucky lol,I am using Xapo and paying 0.0018 btc in fees thats 4.5 usd... I started using bitcoins instead of paypal because of fees but now bitcoins fees are higher than Paypal that's insane amount of fees comparated to other payments ways..

That is indeed high! IMO, you should use a different wallet.

https://jochen-hoenicke.de/queue/#24h

[Bothebu]

So I manually configured the fees in Electrum to: 2.645 sat/B.  Transmitted about 24 hours ago, still no confirmations.  If it takes a month I don't care.  Not desperate for the coins.  Also, pointing my cloud mining to an exchange...working.  Let the exchange consolidate for me!

[Shenzou]

Dude you are lucky lol,I am using Xapo and paying 0.0018 btc in fees thats 4.5 usd... I started using bitcoins instead of paypal because of fees but now bitcoins fees are higher than Paypal that's insane amount of fees comparated to other payments ways..

I think Xapo are gone too far with thier fees, i personally had to pay 5$ fee for a 10 dollar transaction and that is only standard fee, and the transaction was not as fast as i thought it will be , so there is no point from paying fees on Xapo, i personally think that Xapo has made a huge mistake, and many people have started switching to other wallets, in fact i siwtched to blackchain they have better fees.

[Bothebu]

So I manually configured the fees in Electrum to: 2.645 sat/B.  Transmitted about 24 hours ago, still no confirmations.  If it takes a month I don't care.  Not desperate for the coins.  Also, pointing my cloud mining to an exchange...working.  Let the exchange consolidate for me!

Just got my first confirmation....28 hours...

[Russlenat]

Dude you are lucky lol,I am using Xapo and paying 0.0018 btc in fees thats 4.5 usd... I started using bitcoins instead of paypal because of fees but now bitcoins fees are higher than Paypal that's insane amount of fees comparated to other payments ways..

I think Xapo are gone too far with thier fees, i personally had to pay 5$ fee for a 10 dollar transaction and that is only standard fee, and the transaction was not as fast as i thought it will be , so there is no point from paying fees on Xapo, i personally think that Xapo has made a huge mistake, and many people have started switching to other wallets, in fact i siwtched to blackchain they have better fees.

These 5$ fee for 10$ is an insane fee , I think they have fix fee amount for any transaction or these is maybe the error of there system, just try to contact there support.

[achow101]

This thread is being locked. OP has not responded and the thread is becoming a place for spammers now.