Android wallet eats funds

[freakbits]

Hi, I just got the Android wallet and transmitted a few mBTC to and from it for testing purpose. For some reason it ate about 7% of the funds!! On each transaction it lost 0.1 mBTC!
I looked into the settings if I maybe overlooked something but there's nothing. Where is my money?

[1714912693]

1714912693

[1714912693]

1714912693

[stevegee58]

You must be new here. 

[freakbits]

Lol yes, I am. But losing money is not a joke, it's serious. Even if bitcoin is currently not super high it's still money that got lost and I'd like why and I'd like it back!

[Andreas Schildbach]

Hi, I just got the Android wallet and transmitted a few mBTC to and from it for testing purpose. For some reason it ate about 7% of the funds!! On each transaction it lost 0.1 mBTC!
I looked into the settings if I maybe overlooked something but there's nothing. Where is my money?

What you see is the standard Bitcoin transaction fee, which goes to the miners. It's 0.1 mBTC per kB of transaction.

[freakbits]

uh where does it say so? I didn't agree to something like that. Especially if it makes up 7% of the whole transaction value!

[shorena]

uh where does it say so? I didn't agree to something like that. Especially if it makes up 7% of the whole transaction value!

Usually the wallet does not ask you for it, but just does it. The alternative is that people start complaining that their TX does not get confirmed. It might take up to a week for a TX without fee to get a confirmation.
See also here: https://github.com/schildbach/bitcoin-wallet/issues/18

[freakbits]

Well, I don't think a wallet should just take your funds without asking you. I don't want to call it theft, but it seems pretty much on the borderline of legal.
Also, 7% is way too much. Make it at most 0.01% of the funds transmitted, and I won't complain. Also, ASK or at the very least TELL me about it first!

[Andreas Schildbach]

This is the wrong forum to discuss a standard network rule. I suggest posting to the general forum.

The next major version 4.0 will calculate and display the fee in advance. So it will not feel unexpected. However, the fee amount will be the same.

[shorena]

Well, I don't think a wallet should just take your funds without asking you. I don't want to call it theft, but it seems pretty much on the borderline of legal.

Its not for the wallet or Andreas Schildbach, you pay the miners to include your TX. If they do not include your TX your bitcoin will be almost impossible to spend until they do. With your wording that would be "holding hostage". Maybe for a week. Would you have understood this consequence as a newbie? I dont think so. Several people that use bitcoin do not understand the importance of fees and try to cheap their way out of them. There is at least 1 post per week in tech support or similar subboards. Also some post in this sticky [1]. The app does what is best for you or at least for most users.

Also, 7% is way too much. Make it at most 0.01% of the funds transmitted, and I won't complain. Also, ASK or at the very least TELL me about it first!

There is an ongoing discussion how big a fee is enough. A percentage fee makes no sense, but as it was pointed out this should not be discussed here.


[1] https://bitcointalk.org/index.php?topic=232979.0

[Meuh6879]

uh where does it say so? I didn't agree to something like that. Especially if it makes up 7% of the whole transaction value!

talk real :
- for old coin, take 0,2 mBTC of fee.
- for new coin, take 0,1 mBTC of fee.

indicate cost : 6,4c of Euros
cost of a wire (international) : 9,57 Euros

when i transmit a 1 BTC on network, the cost is 0,0001 BTC ... i do this every 2 weeks.

[Muhammed Zakir]

I know its a standard rule but it would be good if you make an option to change/remove fees though the default should be 0.1mBTC . Making a note like : 0.0001BTC/0.1mBTC is recommended. Making the fee lower may delay the payment confirmation, making the bitcoins unavailable for a few days .

  ~~MZ~~