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[MegaMan]

I have $5.5 worth of bitcoin in my wallet, I can't send any amount of bitcoin because the regular transaction fee is really high , will there be any problems if I customized this transaction fee?

 

[Abdul hanan]

Bitcoin transaction fee is really annoying for us. As bitcoin price is increasing wallets are also taking benefit by increasing fees. I think coinpayments is good wallet.

 

[tusziget]

Bitcoin transaction fee is really annoying for us. As bitcoin price is increasing wallets are also taking benefit by increasing fees. I think coinpayments is good wallet.

You are absolutely right about it.Couple of years ago the transaction fees were very low,I even invested my satoshis on different sites,there was almost no fee,but when Bitcoin value got higher,suddenly step by step all cryptocurrency wallets realized,that there a lot of work making the transactions and they have to put a fee on it.I understand they want their share of the pie,but sometimes the fees are exaggerated.

 

[overcast]

Bitcoin transaction fee is really annoying for us. As bitcoin price is increasing wallets are also taking benefit by increasing fees. I think coinpayments is good wallet.

Nothing can be done about it. you can buy BCCash in that case. and that may work out in that option too. but in due time I am guessing it may take time. and you would have to push on the transaction fee ahead. that is what is going to keep things proper.that's what i have learned about. and that's something many people are planning properly as well. not something we cna manage in due time as well. so we learn from the effort.

 

[tusziget]

Nothing can be done about it. you can buy BCCash in that case. and that may work out in that option too. but in due time I am guessing it may take time. and you would have to push on the transaction fee ahead. that is what is going to keep things proper.that's what i have learned about. and that's something many people are planning properly as well. not something we cna manage in due time as well. so we learn from the effort.

You are right about it.Nobody likes the transaction fees at cryptocurrencies,but we have to accept it.There is no way out of it,because we have to keep our Bitcoins in some wallet.What we can do,is to choose the wallet,which charges less fee at transactions,and if it is possible to do transactions with higher amount of Bitcoins,so we do not have to pay fees,every time we do transactions with little amount of satoshis.

 

[Lovely]

Thanks @******* maybe I have to change my wallet to blockchain.I just decided to sent some BTC to a friend two days ago, my goodness the fees charge by coinbase was outrageous. I will have to stop using them because their fees is way too high.

 

[Crystal]

Thanks @******* maybe I have to change my wallet to blockchain.I just decided to sent some BTC to a friend two days ago, my goodness the fees charge by coinbase was outrageous. I will have to stop using them because their fees is way too high.

You are welcome.
4 hours ago, i sent 15000 satoshi to someone with just 1356 satoshi fee.
Ive been watching the bitcoin network from some time and tonight i found that the network is not crowded with transactions.
If i would send those 15000 satoshi right now not 4 hours ago, the fee could be smaller.
If the network would be heavily loaded , the fee could be even higher than 100% of the amount sent.
https://bitcoinfees.earn.com/ In fact now it is best time to send bitcoins very cheap , almost free.
Here is the proof that i'm sending 15000 satoshi to someone ($1.10) with only 1356 satoshi as fee ($0.10)
The default (recommended ) fee for Regular was 10 satoshi/byte but i've changed that to 6 satoshi/byte (minimum was 5). In 4 hours the transaction got 2/3 confirmations because now the network has very few transactions in pending.

Coinbase could be friendly only for the rich people who are sending big amounts of bitcoins due to fixed fees .
But Blockchain.info is best for everyone , small users and bigger ones because if you know when to send bitcoins, you can send almost for free (cheaper fee than paypal ).
And dont forget that the upcoming segwit2x update will make the network more light and more often we will have cheap fees. Coinbase and XAPO might need to reduce their fees as well in order to survive

 

[tusziget]

You are welcome.
4 hours ago, i sent 15000 satoshi to someone with just 1356 satoshi fee.
Ive been watching the bitcoin network from some time and tonight i found that the network is not crowded with transactions.
If i would send those 1500 satoshi right now not 4 hours ago, the fee could be smaller.
If the network would be heavily loaded , the fee could be even higher than 100% of the amount sent.
https://bitcoinfees.earn.com/ In fact now it is best time to send bitcoins very cheap , almost free.
Here is the proof that i'm sending 15000 satoshi to someone ($1.10) with only 1356 satoshi as fee ($0.10)
The default (recommended ) fee for Regular was 10 satoshi/byte but i've changed that to 6 satoshi/byte (minimum was 5). In 4 hours the transaction got 2/3 confirmations because now the network has very few transactions in pending.
View attachment 4327
Coinbase could be friendly only for the rich people who are sending big amounts of bitcoins due to fixed fees .
But Blockchain.info is best for everyone , small users and bigger ones because if you know when to send bitcoins, you can send almost for free (cheaper fee than paypal ).
And dont forget that the upcoming segwit2x update will make the network more light and more often we will have cheap fees. Coinbase and XAPO might need to reduce their fees as well in order to survive

Interesting information and very useful in the same time.Maybe I will store some satoshis in Blockchain too.It is awesome if you can send satoshis with much lower fees.I will watch from now on the time,when I want to do transactions with Bitcoin.I didn't pay to much attention to this detail till now,but from now on I will.This way,I can save much more satoshis.

 

[HJVC Notes]

https://bitcoinfees.earn.com/

How to interpret the chart? I don't understand it.

 

[Crystal]

How to interpret the chart? I don't understand it.

Don't worry, you don't need any knowledge in bitcoin, you don't need to be expert in bitcoin, you don't need to do math calculations to look at this chart and see if it is or not the best time to send bitcoins with very cheap fees .
Al you need is patience if yu want to send bitcoins , patience to send not today, but tonight or maybe tomorrow or maybe after 3 days.
This applies to situations when you have to send bitcoin to purchase something from an online shop (without temporary address links) or to send to a friend, or to donate or to pay a friend, to deposit to an exchange account but not in situations when you have to send bitcoins to a temporary address such depositing on a HYIP, or to purchase from an online shop.
Bellow i will show you some screenshots to figure out when it is the best time to send bitcoins .
(Until 16 november 2017 because at that time it will be applied SEGWIT2x (segregated witness) Fork and it will be an update to the block sizes meaning that it is possible to not see overcrowded netwtork with transactions in pending and therefore the transactions are more likely to have cheaper fees (by default or recommended by blockchain.info as Regular sending).
All you need to know/worry is the last column, Time. The higher the second number on time for the first rows, the higher the fee will be (recommended by blockchain.info as Regular) and also more likely that your transaction to be in pending even for 2-6 days in the network.
If you look at the first column (with numbers for satoshi/byte as fee there are "steps") you will see 1-10,next is 11-20, and so on.
If the network is very crowded (high Time numbers) blockchain.info will ignore the first step 1-10 (fee range) and it will set fee as recommended for Regular, the fee from 2nd step, 11-20 satoshi/byte, so your transaction gets a better chance to be confirmed faster.
Those lengthy colored line charts are not important, it shows the nubers of transaction in the network , for each fee range.
The brown line shows Unconfirmed transactions (which might in pending even since 2 days ) and the dark grey one show the transactions started in that (to)day .
Keep in mind if you see at time 900 minuts, that doesn't necessary mean it will take 900 minutes for transaction,it can take 4 hours or 6 or 1 day but not really 900 minutes because the network loading varies/changes every minutes/second.
So its more like a fast check for cheap fees , not a professional reading of a chart.


1. This screenshot (28 october 2017) is from a super-mega-giga-extra-very-heavy loaded network ,and it shows Inf (Infinite) time meaning your transaction can take forever to be solved and you will pay very high fees (even more than 100% of the amount sent)
Recommandation : Avoid to send bitcoins.

2. This random screenshot bellow (27 october 2017) it shows a very loaded network , a situation when it is also recommended to avoid to send bitcoin when/if you see such big numbers for Time.

3. The screenshot bellow (16 june 2017) shows a medium-loaded network , a situations when i also recommend to not send bitcoin and wait for a better chance. (The first fee range 1-30 ("step") is no longer available and has been changed to 1-10. (so the fees got cheaper somewhat since june 2017). A Time as 400-500 (you see bellow is 480 ; important is the first and second row because from these, blockchain will make you to pay fees in Regular as recommended) is considered still risky for high fees to pay.

4. The screenshot below (26 october 2017) shows a very light network , not crowded at all with Time as 100 or lower for the first fee range 1-10 satoshi/byte. In this case ,usually ,blockchain.info might recommend you to pay about 5 satoshi/byte for Regular sending.
This situation to find lower than 100 minutes is very rare this is best time i ever saw since i'm checking the website but it is IDEAL time to send bitcoin. Highly recommended to send bitcoins when you see small Times. Unfortunately the chance to find such Time numbers is very low.

Things will change after 16 november 2017 when a fork is expected to be applied with result in elimination of overcrowding in the network.
I wanted to make a guide about when it is the best time to send bitcoins but i have to wait until 16 november to see what's new about this subject.

Hope this comment helped many people and solved the mistery (for now) of best time to send bitcoins. Thank you for reading.
May the force be strong with you

 

[tusziget]

Yeah ryt..the fee is larger than the amount you want to send..sad

Yes,I have read the same thing some time ago in a site.Somebody wanted to send to his friend a certain amount of satoshis,but after reading how much fees would he pay with that transaction,he didn't go along with the transaction.The fee was higher than the amount he wanted to send to his friend.Some persons said,that there might be some network error,but I think,that was simply the fee,which had to be paid with the respective transaction.

 

[xXInfectedXx]

You can change the fees on your crypto wallet but beware your payment may take a few hours to receive on the customers end. I would just accept the high fee and pay up and it will be instant, or look a alternative Wallet that has less fees

 

[SharkPro]

Transaction fees is very high in bitcoin this is not good when send the low amount of satoshi I will recommend you to don't make any transaction yet with the low amount of bitcoin.

 

[tusziget]

When the fees for Bitcoin have been changed,when the value of the Bitcoin got very high,from that moment it was recommended to send bigger amount of Bitcoins,because the fees are the same when you send 1 Dollar worth Bitcoin or 10 Dollars worth Bitcoin.

 

[BMF]

I was pretty happy today when I've seen for sending $55 worth of the fee was just $0.12 only.

I just love it when Bitcoin beats PayPal. Yes, there is still the confirmation time, but if you ask me what I prefer paying higher fees or wait little longer, I rather wait than pay. Patience is key to success. More time to spend them wisely!

 

[Medowriter]

This is great though the fee varies with time cos I tried sending bitcoin worth of $73 to someone this evening and the transaction fee was around $0.38. The fee has reduced tremendously since last two months

 

[Prouty]

The thing with the miners brings up an interesting point I had not thought of before until I listened to a podcast about miners earlier today.

Miners typically prioritise transactions according to fee, so they would process the highest fees first, but interestingly because they have the power to rearrange transaction priority to do this they can actually rearrange transactions in whatever order they like.

Why is this a concern? Because they in theory could actually prioritise certain addresses involved in transactions, so, in theory if the owners of the mining operation are friendly with a certain bi business man who used bitcoin on a regular basis the miners could actually process his/her transactions before anyone else irrespective of the amount being transacted.

Preferential treatment of certain Bitcoin addresses.

A bit like Jihan Wu (Head of Bitmain) and Roger Ver (multi millionaire Bitcoin user)

Both are partners in Bitcoin Cash

 

[tusziget]

That is a very good thing,that there are no high fees at the transactions.Other good thing is that the transactions are confirmed very fast,within couple of hours.Blockchain.info is a great wallet.

 

[cryptohub123]

Transaction fees for bitcoin differs for different wallets. For coinbase , transaction fees for bitcoin goes as high as 0.00008 bitcoin whereas in blockchain , it doesnt even cross 0.00001 bitcoin , it all also depends on the amount .

 

[matt9005]

Bitcoin transaction fees are now relatively low, but they still cost 45K satoshis ($4) last time I checked. It also takes hours or even more to get your transaction confirmed. That's why I prefer using altcoins such as Bitcoin Cash and Litecoin.

 

[cryptohub123]

Bitcoin transaction fees are now relatively low, but they still cost 45K satoshis ($4) last time I checked. It also takes hours or even more to get your transaction confirmed. That's why I prefer using altcoins such as Bitcoin Cash and Litecoin.

which wallet has 4$ worth of transcation fees?