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Bitcoin mining fees

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wildings

Eminent member
Joined
Feb 23, 2014
Posts
1,244
Just looked at the (right now) mining fees. i mean jes... wept are they freaking kidding? are they constructing personal/corporate nuclear power plants to run their computing/mining machines? as a money mover at that percentage, nope. go to the store, nope. long term invest, who's to say? i want to see that get translated into a fiat and moved to wherever that's gonna take place.

that is gonna have to get fixed. that's almost as bad (read expensive) as sending western union.
 

Kenjamin

Lapsed Senior Member
Joined
Feb 6, 2013
Posts
98
Yes, the fees are getting ridiculous. I always have a lump in my stomach when I send out bitcoin as well. Always hoping I didn't screw up a wallet address and send money into the great unknown.,.. lol
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
the same thing happened in '17 when it hit a high level. A trick I use if the fee seems outsized to the amount of the transaction is I use a lower fee. Not all wallets will support this but most do. You may have to click "custom fee" and they will show you a message imploring you to use a higher amount but ignore it. 10 or 20 sats per byte is enough

One downside is that the low fee may take longer to arrive. Send your payment the day before and you should be good to go. They asked me for $13 to send $60 or so and I said take a hike. On a big transfer its ok but I put in a much lower fee
 

wildings

Eminent member
Joined
Feb 23, 2014
Posts
1,244
happened in '17 when it hit a high level. A trick I use if the fee seems outsized to the amount of the transaction is use a lower fee. $13 to send $60 or so and I said take a hike. On a big transfer its ok but I put in a much lower fee
i remember then it corrected. no, well, little doubt the same is true here. using electrum you can slide the fee but it's insignificant on an individual basis. the miners would differ i suspect but at this time whatever you put the slider at it's silly. i think you can custom but it already dropped 2 bucks from 1 wallet to another. the trend seemed to be steady down so you wait longer with a lower fee while the xby value drops.
they might want to give that some thought unless they are good with the status quo.
 

HappyJoyJoy

Happy Happy Joy Joy!
Joined
Jul 17, 2019
Posts
88
The other option is to see if your vendor will accept another coin like Monero which is now getting more popular. If you can buy it directly through Kraken or localmonero, the better as transforming coins is a taxable event.

I've had Bitcoin transactions with low fees take days to go through which defeats the original intent of Bitcoin. The entire Bitcoin bubble is going to pop soon, IMO, and things will be back to normal.
 

wildings

Eminent member
Joined
Feb 23, 2014
Posts
1,244
@HappyJoyJoy i would say at this moment that bubble needs to burst or something. 17% to 25% at even "low" fee options makes this an absolute not no but freaking ...no. i haven't seen anyone else scream bloody murder about these transaction fees. maybe i'm doing it all wrong or who knows but some advisor types say wait for low activity times like the weekend. otay, it's saturday night and the fee is ~ 25% it posted. i obviously didn't verify that since i don't ever keep xbt. but from a couple of weeks ago i'm done with that until transaction fees drop. lightning is still too alpha phase for me.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
@wildings yes it has gone way up recently. I remember a few years ago I never paid a fee at all and it always went through. Its worse on small transactions, a 50 payment may suggest a $15 fee or more. I manually reduce it to a few dollars and it goes through overnight or after a couple days. If its not so crucial to confirm rapidly, try lowering it to a dollar or so or about 5 sats per byte. It will take a few days probably but it will go through.

For the big shots sending thousands or 10's of thousands at a time, a $20 fee is nothing but for day to day use its too much. Right now investing is the best thing to do with coin
 

otherone

Senior member
Joined
Oct 11, 2015
Posts
155
Fees over the last 2 years are ridiculous. something has to change as there is way too much cost for using bitcoin for a basic transaction.
 

Queens

Lapsed Senior Member
Joined
Jun 11, 2016
Posts
171
@wildings yes it has gone way up recently. I remember a few years ago I never paid a fee at all and it always went through. Its worse on small transactions, a 50 payment may suggest a $15 fee or more. I manually reduce it to a few dollars and it goes through overnight or after a couple days. If its not so crucial to confirm rapidly, try lowering it to a dollar or so or about 5 sats per byte. It will take a few days probably but it will go through.

For the big shots sending thousands or 10's of thousands at a time, a $20 fee is nothing but for day to day use its too much. Right now investing is the best thing to do with coin
Is there a set amount of time in which the transaction will cancel itself if it isn't written to the blockchain? Like say, if it doesn't get a confirmation in 24 hours it won't send? Or is that a feature of certain wallets etc? I've manually reduced fees in the past knowing it would be a longer wait to complete the transaction...but sometimes the transaction just never happens.
Sorry - bitcoin newb. I have a wallet but I don't use it all that much.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
@Queens there is not a set amount of time and it may take days to confirm. In general it will clear in a week or less or bounce back
 

wildings

Eminent member
Joined
Feb 23, 2014
Posts
1,244
i forgot about this thread but what's changed? well, nothing. i have 10 stinking bucks in an electrum wallet. so i figure donate it. try that, moving 10 bucks in xbt. so, this works for transferring larger amounts, holding wealth where your national fiat is questionable... but a loaf of bread? unless you come to a xbt cash machine you better come big. well if you can find one, one that works.
 

ram-man

Lapsed Senior Member
Joined
May 2, 2021
Posts
247
The mining fees being referred to here are the fees associated with how much you end up getting charged to transfer btc from one wallet to another. When I first came back to these forums I thought great no more having to deal with WU and MG. Now that I have had a chance to get a few transactions under my belt my thinking has changed. Besides BTC there are other payment options which don't cost you a hefty percentage. Its slower and perhaps riskier but I am beginning to prefer vendors that will do good old fashioned CIM.
The whole btc thing is like banking-fees for everything. You buy e.g. from Coinbase, they charge fees, you transfer to say your Electrum wallett, more fees again and then you transfer to the vendor-again more fees especially if you want the funds to get there in some sort of timely manner--electrum even almost always asks umm these fees seem really high.
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
Yeah it’s crazy, and it’s as bad if not worse than MG when you factor in the fees.

I even had someone who said I was short on a payment, but it was just the difference between what I bought and what it was trading for the next day.

What I didn’t understand is why they called it mining fees. I’m trying to figure it out and it seems like once it’s “mined” the coin should be “out”. But then from what I gather if you send it again it has to be calculated in the next block, so it’s never really paid off. 🤷🏻‍♂️ I’m not sure if it’s ever going to be something that I can wrap my head around. The fees for some of the stuff is understandable, it’s just like banking in that respect. But damn, a ~$25 mining charge every time a $100-200 transfers from wallet to wallet is excessive. The fees can be negotiated but if you try to get it too low it’s never going to be acceptable, or will take longer than people are willing to wait.
 

mimas

Senior member
Joined
Dec 12, 2014
Posts
88
If the fees don't come down another crypto will take its place, its only natural, however i think BTC is king and will be for a while yet.
Does anyone have a wallet they like? Ive used the same one for years but never really liked it...
 

Pantherfan

Lapsed Senior Member
Joined
Jan 24, 2017
Posts
295
i read recently how much energy is needed for Bitcoin mining. It’s mind blowing! No wonder it’s expensive. Especially with inflation going up 9.6% in a month.
 
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