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I sent 0.0005 btc to my wallet. Bittrex took 0.0003 btc fee. In my wallet it says 0.0005btc ,18 usd. Then it says 0.002btc network fee, 92usd.

But i still have the 0.0005 btc in my wallet.

Who pays for that fee? And how can the fee be that high? It was 245 satoshi/byte.

Do i have to pay that fee when i have more btc in the wallet? Or is it payed by bittrex?

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When you move bitcoin from one address to another, a transaction fee is incurred, and that fee is paid to the miner that mines the block that your transaction is included in.

So when you eventually spend your coins to a different address, you will have to pay a transaction fee in order to have your transaction considered for inclusion in a block by any of the miners out there.

How much you'll pay depends on a few things, including the size of your transaction (measured in vbytes, not in monetary value), and the current state of the mempool (ie, how many unconfirmed transactions are already waiting to be mined, and what fee-rate those transactions are paying, measure in sats/vbyte).

My guess is that the 0.002 BTC fee you mentioned was paid by bittrex when they sent your coins to you. Chances are, that transaction paid many other users their withdrawals at the same time, so that fee will be amortized across all of those withdrawals.

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Apparently we pay that fee to the miners to encourage them to include transaction I was recently in a similar situation. >$1300 but could only net $800 because of the over $500 network fee. And then it still needs to be exchanged into fiat :rolleyes:

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I was reading an article that claimed that a lot of micropayments can cause this. I cannot find this article. But I can confirm that this wallet had a lot of tiny spends in it. (it was used for some "pay-to-surf" payments from ~12 years ago).

I'm grateful for the opportunity to recover this wallet that may have otherwise been lost. So I guess it's free money in a way.

Still feeling ripped off by the network though.

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