Bitcoin Forum
November 18, 2017, 08:57:24 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: bitcoin transfer fees?  (Read 1243 times)
bitkilo
Legendary
*
Offline Offline

Activity: 1162


-->forum.bitcoin.com<--


View Profile WWW
May 21, 2014, 06:17:39 AM
 #1

First of all I'm no computer wizz so maybe its something I'm doing wrong but I always read articles that say it only costs a tiny percentage to send bitcoins, today I sent $0.05 from my blockchain wallet to a different wallet I have just as a test and it cost me $0.11 in fees, WTF, and I thought banks were ripping me off.

1510995444
Hero Member
*
Offline Offline

Posts: 1510995444

View Profile Personal Message (Offline)

Ignore
1510995444
Reply with quote  #2

1510995444
Report to moderator
1510995444
Hero Member
*
Offline Offline

Posts: 1510995444

View Profile Personal Message (Offline)

Ignore
1510995444
Reply with quote  #2

1510995444
Report to moderator
1510995444
Hero Member
*
Offline Offline

Posts: 1510995444

View Profile Personal Message (Offline)

Ignore
1510995444
Reply with quote  #2

1510995444
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1510995444
Hero Member
*
Offline Offline

Posts: 1510995444

View Profile Personal Message (Offline)

Ignore
1510995444
Reply with quote  #2

1510995444
Report to moderator
1510995444
Hero Member
*
Offline Offline

Posts: 1510995444

View Profile Personal Message (Offline)

Ignore
1510995444
Reply with quote  #2

1510995444
Report to moderator
1510995444
Hero Member
*
Offline Offline

Posts: 1510995444

View Profile Personal Message (Offline)

Ignore
1510995444
Reply with quote  #2

1510995444
Report to moderator
TradeFortress
VIP
Legendary
*
Offline Offline

Activity: 910


View Profile
May 21, 2014, 06:19:59 AM
 #2

You probably sent a lot of tiny coins. Bitcoin transaction fees are calculated based on the storage space taken by your transaction on the blockchain.

Bitcoin transaction fees are based on how many bits it takes up, NOT based on the amount. If you send $10 billion and the size of the transaction is the same, the fee will still be your $0.11.
Foxpup
Legendary
*
Online Online

Activity: 2016



View Profile
May 21, 2014, 06:46:17 AM
 #3

Bitcoin transaction fees are not "a tiny percentage", as they're not a percentage of anything. The fee is independent of the amount transacted. Also remember that Bitcoin is a global payment network that does not distinguish between domestic and international transactions. I guarantee that your bank will not let you send $0.05 by international wire for less than $0.11 in fees. Wink

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
bitkilo
Legendary
*
Offline Offline

Activity: 1162


-->forum.bitcoin.com<--


View Profile WWW
May 21, 2014, 06:52:49 AM
 #4

OK thanks for the tip, but how can I reduce the storage space my transaction takes up on the blockchain and therefore reduce the fees I pay?
I just did the transaction using the send coins menu in my wallet as I thought the cheapest way would b pre set if possible for not so smart people like myself.
Bitcoin transaction fees are not "a tiny percentage", as they're not a percentage of anything. The fee is independent of the amount transacted. Also remember that Bitcoin is a global payment network that does not distinguish between domestic and international transactions. I guarantee that your bank will not let you send $0.05 by international wire for less than $0.11 in fees. Wink
. Your right if I wanted to send $0.05 from my bank they would probably charge me $5

BunsenBurner
Hero Member
*****
Offline Offline

Activity: 657



View Profile
May 21, 2014, 09:26:18 AM
 #5

OK thanks for the tip, but how can I reduce the storage space my transaction takes up on the blockchain and therefore reduce the fees I pay?

The tx size (in KB) depends on the number of inputs and outputs in the tx.
You would have a smaller tx size if you have less inputs (eg. don't fill your wallet with tens of dust inputs) Smiley

TradeFortress
VIP
Legendary
*
Offline Offline

Activity: 910


View Profile
May 21, 2014, 09:44:05 AM
 #6

You can try using an offchain wallet.
PerrythePlatypus
Member
**
Offline Offline

Activity: 109


View Profile
May 23, 2014, 07:32:58 AM
 #7

You can try using an offchain wallet.
Offchain wallet requires trust on the third party. Isn't recommended unless you trust the thirdparty. Bitcoin is meant to be decentralized. Look what happened to inputs.io  Roll Eyes.
Pobre
Full Member
***
Offline Offline

Activity: 182

HEy Hey HEY??


View Profile
May 23, 2014, 01:34:21 PM
 #8

If you want to reduce the transaction fee, you can simply set your transaction fee to 0, but this will result in the increase of time taken by the transaction to get confirmed, and sometimes the tx doesnt even gets confirmed without any tx fee. Its recommend that you pay the required tx fee for your transactions.

▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁
↑ UpDown.BT ↓  Bet on Gold/Oil/Currencies like a Boss ↑ [Thread] ↓
▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔
Pobre
Full Member
***
Offline Offline

Activity: 182

HEy Hey HEY??


View Profile
May 23, 2014, 01:36:15 PM
 #9

You can try using an offchain wallet.
Please dont suggest newbies using the third party wallets like offchain, we all know how inputs.io took away 4100+ BTC of their users.

▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁
↑ UpDown.BT ↓  Bet on Gold/Oil/Currencies like a Boss ↑ [Thread] ↓
▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔
PerrythePlatypus
Member
**
Offline Offline

Activity: 109


View Profile
May 23, 2014, 01:38:22 PM
 #10

First of all I'm no computer wizz so maybe its something I'm doing wrong but I always read articles that say it only costs a tiny percentage to send bitcoins, today I sent $0.05 from my blockchain wallet to a different wallet I have just as a test and it cost me $0.11 in fees, WTF, and I thought banks were ripping me off.

If you got 0.001 bit coins, make coinbase your hot wallet(place small amount of bit coin) they do help you pay your transaction fees for sending 0.001 bitcoins and above.
saddambitcoin
Legendary
*
Offline Offline

Activity: 1610



View Profile
May 23, 2014, 02:51:23 PM
 #11

First of all I'm no computer wizz so maybe its something I'm doing wrong but I always read articles that say it only costs a tiny percentage to send bitcoins, today I sent $0.05 from my blockchain wallet to a different wallet I have just as a test and it cost me $0.11 in fees, WTF, and I thought banks were ripping me off.


read up on http://bitcoinfees.com/

the default transaction fee is 0.0001 BTC (0.1 mBTC) so that's about 5 cents. if there are a lot of small inputs from many addresses, the size of the transaction will be larger, thus requiring a higher fee than usual.

yes this is a problem with bitcoin, it becomes difficult to send microtransactions.


DeathAndTaxes
Donator
Legendary
*
Offline Offline

Activity: 1218


Gerald Davis


View Profile
May 23, 2014, 02:55:22 PM
 #12

First of all I'm no computer wizz so maybe its something I'm doing wrong but I always read articles that say it only costs a tiny percentage to send bitcoins, today I sent $0.05 from my blockchain wallet to a different wallet I have just as a test and it cost me $0.11 in fees, WTF, and I thought banks were ripping me off.


read up on http://bitcoinfees.com/

the default transaction fee is 0.0001 BTC (0.1 mBTC) so that's about 5 cents. if there are a lot of small inputs from many addresses, the size of the transaction will be larger, thus requiring a higher fee than usual.

yes this is a problem with bitcoin, it becomes difficult to send microtransactions.



The min fee to relay (there is no such thing as default fee) is 0.01 mBTC in v0.9 (that is 0.5 cents) for LOW PRIORITY TXS.  The min fee to relay high priority txs is zero.   The size of the transaction is what matters.   The OP most likely has a bunch of worthless dust spam he got from "free bitcoin" sites.
Sonny
Hero Member
*****
Offline Offline

Activity: 868


View Profile
May 23, 2014, 04:02:17 PM
 #13

The OP most likely has a bunch of worthless dust spam he got from "free bitcoin" sites.

Very likely. And many people spending time on faucets don't consider that at all.
Not only faucets pay very little bitcoin, the cost to spend those dust inputs are very high. Smiley
horstman
Jr. Member
*
Offline Offline

Activity: 59


View Profile
May 23, 2014, 06:44:03 PM
 #14

faucets are nice for starting/testing, but you wont get any good amount of coins out of it
fatguyyyyy
Sr. Member
****
Offline Offline

Activity: 406

Bitcoin Mixer: https://BitLaunder.com


View Profile WWW
May 23, 2014, 09:56:21 PM
 #15

Its why most transactions I do, I try to send a large amount, so I dont have to pay the fee.

The fees actually kill you in the long run, if you are sending micro payments

Eg: 0.001 or below

But there are a few that dont charge anything.. so if anyone knows a few.. list them?

scarsbergholden
Hero Member
*****
Offline Offline

Activity: 686



View Profile
May 23, 2014, 10:09:45 PM
 #16

This is why BTC is not good for micro transactions. Fee is not based on % of what you transact. So it is actually extremely cheap to send large amounts of money.

drugo
Newbie
*
Offline Offline

Activity: 22


View Profile
May 24, 2014, 06:57:12 AM
 #17

Actually bitcoin isn't good for micro transaction, especially if your inputs are considered dust (lower than 5640 satoshis)
bryant.coleman
Legendary
*
Offline Offline

Activity: 1610



View Profile
May 24, 2014, 07:22:05 AM
 #18

I have no problem in paying small amounts as the transaction fee. But what will happen when transaction fee sometimes gets to more than 100% of the original amount? And there is no way to find out how much will be the transaction fee, before we sends the coins.


         ▄███████████████▄
       ▄██▀             ▀██▄
    ▄▄██▀                 ▀██▄▄
█████▀▀       ▄▀▀▀▀▀▀▀▄▄    ▀▀█████
██          ▄▀ ▄▄▄▀▀▀▀▄▀█▄▄      ██
▐█▌       ▄▀ ▄▀ ▄▄▄▀▀▀▄▀▀▀███   ▐█▌
 ██      ▄▀▄▀▄▀▀▄▄▄▀▀▀▀▀█ ▄█▀   ██
 ▐█▌    █▄▀▄▀▄█▀▀▀ ▀█▀ ▄▀▄▀█   ▐█▌
  ██    █▄▀▄▀▄▄█▀ ▄▀ ▄▀▄▀▄▀█   ██
  ▐█▌ ▀▄█████▀▄▄▀▀▄▄▀▄▀▄▀▄▀█  ▐█▌
   ██▌▀████▀██▄▄▀▀▄▄▀▄▀▄▀▄█▀ ▐██
    ██▌▀█▀▀█▄▀▀▄▀▀▄▄▀▄█▄▄█▀ ▐██
     ██▌ ▀  ▀███▄▄▄█████▀  ▐██
      ██▄      ▀▀▀▀▀      ▄██
       ▀██▄             ▄██▀
         ▀██▄         ▄██▀
           ▀██▄     ▄██▀
             ▀███▄███▀
               ▀███▀
.DeepOnion.
★ ★ ★ ★ ★  .❱❱❱ JOIN AIRDROP NOW!.
TOR INTEGRATED & SECURED
★  Your Anonymity Guaranteed
★  Your Assets Secured by TOR
★  Guard Your Privacy!
|Bitcointalk
Reddit
Telegram
|                        ▄▄▀▄▄▀▄▄▀▄▀▀
                    ▄▄██▀█▀▄▀▀▀
                  ▄██▄█▄██▀
                ▄██████▀
              ▄██████▀
  ▄█▄▄▄▄▄▄▄▄▄██████▀
██████▀▀▀▀▀██████▀
 ▀█████  ▄███████
  ████████████▀██
  ██▀███████▀  ██
  ██ ▀████▀    ██
  ██   ▀▀      ██
  ▀█████████████▀
krishatnet
Hero Member
*****
Offline Offline

Activity: 546


View Profile
May 24, 2014, 12:45:12 PM
 #19

he default transaction fee is 0.0001 BTC

                                                                                                                      We Support Currencies: BTC, LTC, USD, EUR, GBP
Pobre
Full Member
***
Offline Offline

Activity: 182

HEy Hey HEY??


View Profile
May 24, 2014, 01:17:03 PM
 #20

he default transaction fee is 0.0001 BTC
Well the default transaction fee is not 0.0001btc, its just an amount that is generally sufficient for making tx, but sometimes to prioritize your tx the blockchain.info sometimes automatically cuts 0.0002btc or more as a tx fee.

▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁
↑ UpDown.BT ↓  Bet on Gold/Oil/Currencies like a Boss ↑ [Thread] ↓
▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!