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I recently bought $15 CAD worth of bitcoin from an bitcoin ATM nearby, only to receive $5.87 CAD worth of bitcoin(0.00047179BTC).

I am assuming this is because of the miners fee.

Why is it getting so high? Will it eventually drop? In total I payed a over 50% in miners fees.

Edit #1

Here is a link to the transaction https://live.blockcypher.com/btc/tx/7a24badf6dc3e7c7c788739e1e7d035fe0a10332d9f0531b0589f33ae8d9f953/

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  • It's unclear as to whether the ATM just took a big cut, or whether it's the miners fee. If you would like to provide the transaction id or receiving address, we could confirm what fee was paid. In the meantime, I'm voting to close this until that info is provided... (you got a good answer anyway though)
    – Highly Irregular
    Nov 28, 2017 at 8:13
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    @HighlyIrregular I added a link to the transaction
    – Matthew N
    Nov 28, 2017 at 13:54

2 Answers 2

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https://Blockchain.info shows the transaction has a fee of 0.00063014 BTC, or about $7.77* CAD. This seems to indicate the ATM took around $1.50 for the transaction, and the fee sent in the transaction by the ATM was set to 155 satoshis per byte. Since the transaction is 404 bytes, that makes for a total fee of 0.0006262 BTC for the transaction.

https://bitcoinfees.earn.com/ shows that 155 satoshis per byte is a reasonable transaction cost that will result in the transaction being processed in around 5 to 15 minutes. If the ATM provides the ability to specify the fee per byte, you might be inclined to set it to a lower amount knowing that the transaction will take a longer time to be processed, allowing you to retain more of your dollars.

*as of 2017-11-28 3:08 UTC.

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This company has something wrong, Bitcoin fee depending on inputs and outputs.

Let's pretend this $15 came from 15 different addresses. So total inputs of this transaction is 15 inputs and one output which is high.

So the recommended fee to get your bitcoins as soon as possible is 230 Satoshis per Byte.

Now let's calculate your transaction size as 15 inputs and 1 output.

Each input size is 134 Bytes, so 134 * 15 = 2010 Bytes + 34 bytes for 1 output equals 2044 Bytes.

Now the transaction size is 2044 Bytes, As we said the recommended Satoshis per byte is 230 so 2044 * 230 Satoshi = 470120 satoshi / 100000000 (To convert it to bitcoin) = 0.00470120 convert it to USD = $45.67

If they sent it with non recommended fee like 8 Satoshis per byte, fee would be 0.00016352 ~ 1.59 USD (it may take days to get confirmed).

Now if they are used only one input and one output, its like someone sent them $15 and you got this $15.

Transaction size should be like 200 bytes. So to get your transaction confirmed like within two blocks (20 min), the fee would be 2.92 USD and within 1 hour the fee should be less than 1$.

Finally You should get 15$ with 1$ fee. it's not your fault to pay 10$ fee. they got some bad programmers :D.

Sorry for my bad english :(

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