Questions tagged [transaction-fees]

This tag should be used for questions related to paying transaction fees in the Bitcoin network.

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24 views

Do I need to pay for a Transfer Code to withdraw funds from account? [closed]

Do I have to pay a transfer fee to complete my withdrawal to receive a transfer code?
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63 views

Unconfirmed transaction and expired address help

I have one unconfirmed transaction and now the expired address. I cannot abandon the transition because the writing is gray, +24h hours have passed (the arrival was expected in 8 hours...) and no ...
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1answer
40 views

Why is the fees so high? Is everything alright? or something hacked? [closed]

Fees for sending WBTC worth $250 is $210!!! I need to do this transaction urgently. Why is fees so high suddenly?
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2answers
66 views

What is the estimated USD fee price in BTC when Bitcoin is worth 1 million dollars in the future?

Currently fees in Bitcoin is quite high ($1-$30) to move anything under $50 USD. If Bitcoin is worth 1 million dollars one day, how much would an on chain fee be? Assuming blocks are going to be full ...
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52 views

What kind of fees do we need to be aware of, from purchasing a fraction of bitcoin to transferring it to our own wallet? [closed]

Is it typically Commission (Trading fee), or bid / ask spread (1% for example) Withdrawal fee Transfer fee (Network fee?) that we have to aware of? I am comparing between Coinbase Pro, Binance, and ...
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1answer
38 views

What are the benifits of using Compressed Bitcoin Addresses rather than Uncompressed addresses if same length?

They are both in base58, both 34 characters long, so where exactly is the space saved? When converted to binary is there one less bit on the compressed key as opposed to the uncompressed one? (This is ...
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1answer
71 views

Why doesn't Bitcoin-Core support Lightning Network? [closed]

I first learned about Bitcoin in 2009. Ever since, I've (very) slowly pieced together information, while shaking off 99% disinformation, about how Bitcoin works. I run a Bitcoin Core fullnode and have ...
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19 views

Why has there not been any confirmation for an entire hour? What do you recommend that I do to speed them up for myself and others? [duplicate]

I made a transaction an entire hour ago. Still in the damn "memory pool". I've had extremely varied experiences over the years with transaction speed, but I'm really starting to feel as if ...
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1answer
39 views

Basic overview of fees

Can someone explain fees in layman’s terms I thought I would throw a few dollars into bitcoins more for a laugh than anything - but the fees are confusing me. I googled best wallet for newbies & ...
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1answer
34 views

On a practical level, how exactly is the amount of a Bitcoin transaction fee determined?

Yes, I know that you can actually set the transaction fee to anything you want, but I'm of course talking about a transaction which will actually be "processed" in a reasonable timeframe, &...
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1answer
46 views

Is it actually possible to pay ONE fee but make many transactions? [duplicate]

I heard that apparently, exchanges and similar "load up" and then "batch-send" many Bitcoin transactions at once, with just one fee, instead of sending each one with a separate fee....
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Why should I care about my transactions ever reaching the blockchain if I can spend them while unconfirmed?

From what I understand, I can use unconfirmed transactions because they are essentially already confirmed, they just need to reach the blockchain. This can create a chain of unconfirmed transactions, ...
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How will a common guy use Lightning Network when BTC hits 10 mln$?

If BTC hits 10mln$ and transactions fees will be horrendous denominated in $, how a "common guy" will be able to opt in using Bitcoin, if even opening LN channel will be too expensive then ...
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1answer
28 views

How to set a specific fee in satoshis per transaction?

I'm currently working on a personal project which is a small bitcoin exchange website, I've figured out how to create a raw transaction and broadcast it (createrawtransaction -> fundrawtransaction -...
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60 views

Am i been scam or should i pay? [duplicate]

I was contacted on social media. He was going to mine 200 btc for me and I get a profit of $4870. He told me to create a black chain account but we never use it. Instead when I bought the btc he send ...
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1answer
117 views

Transaction with a high fee keeps getting skipped… Reason why?

I was sent a transaction that has been unconfirmed for 3 days now - but the feerate is relatively high (53.8 sat/vB). Blocks have been confirming transactions with lower feerates for days, but for ...
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2answers
131 views

Moving BTC to cold wallet over Binance

The BTC withdrawal fee in Binance (and pretty much every other exchange) is 0.0005 BTC - very high. However, if you do the withdrawal over their Binance network then the fee is only 0.0000014 BTC (a ...
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1answer
26 views

Transferring funds from a cold wallet to a hot wallet - on chain or off chain?

I've seen two techniques when it comes to transferring funds from a cold wallet to a hot wallet. In one technique the cold wallet signs a transaction (offline of course) and transfers funds to the ...
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1answer
45 views

Reasons Behind Finding an IP addresses of Miners [duplicate]

I am wondering if Finding IP addresses of each miner, can help the transactions to be processed by them without waiting time in mempool or not? I do not understand clearly why people are looking for ...
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1answer
35 views

Fees for Multisig Addreses Twice as High as Standard Address?

Based on my research the cost to transfer funds from a 2/3 MultiSig address to any other address (be it a standard or MultiSig address) is approx. 2 x the cost of transferring funds from a standard ...
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2answers
37 views

Can I be the transaction processor and take in transaction fees as income without mining a Bitcoin?

Can I be the transaction processor and take in transaction fees as income without mining a Bitcoin? Would the fees be so low that it is not practical? Or is it true that I have to be a miner in order ...
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3answers
245 views

How can transaction fees be explained in a simple way?

I am reading the book Mastering Bitcoins 2nd Edition by O'Reilly, and it says: Alice buys a coffee from Bob's Cafe for $1.50, or 0.015 Bitcoin So Alice pays 0.015 Bitcoin, and Bob gets 0.015 Bitcoin,...
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1answer
37 views

Could a miner set a maximium transaction fee rate?

Could a miner set a maximimum transaction fee rate? I mean validate only transactions between x and y satoshis/byte? I know is not clever. Is it possible?
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1answer
132 views

Comparing UTXO transactions with Accounts transactions

I have seen few websites that compare number of transactions and fees between Bitcoin and Ethereum. Examples: https://www.flippening.watch/ and https://cryptofees.info/ What does the high number of ...
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1answer
61 views

bitcoin feeless transactions

The mobile application cashapp specifically says I can send bitcoin to any address anywhere in the world for free. Coinbase also says they can do off the network transactions instantly and for free as ...
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1answer
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Hidden fees in a transaction: How to anticipate one and avoid another?

On Bitcoin.org, the page on getting started has a button for "Buy Bitcoin". It links to page with a dialog box that appears to be an interface to the service, MoonPay. MoonPay has a page, &...
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Pros & Cons of Using the “Satoshi” Method to Track User Deposits

In this question user @lungj suggests using "satoshi" as a marker for user deposits. Another method I’ve seen used on bitcoin is using satoshis as a marker. For example, when paying for a ...
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75 views

Keeping Track of User Deposits with Bitcoin

I found the following statements about Bitcoin on the Ethereum SE: When using Bitcoin one can generate new address per user of service and save pair (address -> userId), so it is always obvious ...
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Single API to Get Fee Estimates for All Major Cryptocurrencies? [closed]

Many sites provide estimates of miner/gas fees for individual cryptocurrencies. For example, EtherScan provides gas estimates for ETH. BTC Network provides fee estimates for Bitcoin. Both of these ...
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1answer
61 views

Best way to store fund on the lightning network

Suppose that someone want to store 0.1 bitcoin on the lightning network for a period of 1 year to use services such as buying and selling things but doesnt know which one and with who yet. What would ...
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1answer
30 views

Broadcasting a transaction as a 3rd party

In a scenario I have a signed transaction from A to B and ready to broadcast. As C, I want to broadcast it but the part I am having hard time to understand is as the transaction is already signed and ...
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18 views

How long does it take for an unconfirmed transaction to drop from the mempool? [duplicate]

I have a transaction currently in unconfirmed limbo for 24+ hours. It was from an old 0.15 bitcoin core wallet, and I guess the fee was set too low. The old version of bitcoin-qt does not support ...
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2answers
58 views

Newbie Mistake?

I'm new to crypto. Well, I bought some back in 2017, but just forgot about it. I just opened a Wirex account and transferred some btc to Prime XBT. I thought it would be cheaper than using Coinbase, ...
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1answer
95 views

What is the network mempools unconfirmed transaction expiration time?

I sent a bare $1000 multisig transaction using sendrawtransaction with a too low fee. When I create a new transaction with a higher fee, I m getting txn-mempool-conflict error, and when I use the ...
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2answers
64 views

What do they mean by “Make sure to send enough to cover any coin transaction fees!”?

When I paid a Bitcoin bill yesterday to Coinpayments.net (that's what they used), which had no problems, I spotted this text: Make sure to send enough to cover any coin transaction fees! What ...
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1answer
132 views

Why does the block explorer show a different fee rate than what I selected in my wallet app?

I know this could have something to do with the fact that I was sending from a lightning wallet, but I would like to know why the transaction on blockchain.com shows my fee as being ~6.5 sats per byte ...
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1answer
211 views

Why can't default minimum fee rate be changed to 0.1-0.2 sat/vByte?

Main question (focus on this incase you are looking to close it as "needs focus"): Why can't we change default minimum fee rate to something below 1 sat/vByte? It was done in past: https://...
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1answer
64 views

Unexplained fee in electrum to localbitcoins transaction

Unexplained fee in electrum to localbitcoins transaction. How to avoid this in future? I was trying to make a transaction from electrum to localbitcoins 120$, paid 57$ fee for the transaction. https:/...
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1answer
45 views

Are Bitcoin transaction fees competitive?

I was listening today to their conversation about the transcation fees in Bitcoin and Michael Sailor's understanding stroke me as inaccurate. Is there any direct incentive within the Bitcoin protocol ...
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1answer
61 views

Can I verify my own transaction?

I'm waiting since 16/12/2020 and i still waiting in the Mempool. Exists a way how can i verify my own transaction without a Bitcoin miner? Yes, i paid a low fee. Here you can see my transaction: https:...
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3answers
553 views

Strategies to Reduce High Transaction Fees in a Cryptocurrency Marketplace?

I’m building a cryptocurrency marketplace where users mainly buy and sell small ticket items (worth $10 - $50) using cryptocurrency. However, the "miner fees" are making it prohibitively ...
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94 views

How to set the most budgetfriendly transaction fee in Electrum?

Since the newer versions of Electrum have more options in setting the transaction fee, what could be the best possible option to send bitcoins in a quick but budget friendly way? Static ETA or ...
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0answers
35 views

Which tool can I use to calculate the best fee for a specific time?

Let's say I'm okay with a transaction to be included in a block in about 24h. The fee is obviously dependent on the network congestion. Which (online) tools can I use to calculate the optimal fee ...
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1answer
83 views

electrum increase fee from command line

is it possible to increase fee from command line in electrum? I walked through all electrum commands but can't find such command.
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1answer
31 views

Set bitcoin fee lower than minimum estimatesmartfee value

Currently when I broadcast transactions, I seem to be unable to do so with a fee below ~10^-4 bitcoin (~$2 at current exchange rate). Any 'conftarget' value between approximately 100 - 1000 yields the ...
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1answer
448 views

How do I send bitcoin to multiple recipients at once?

How do I send bitcoin to multiple recipients at once? Like this. Also, I would like to know if the reason I see people do this is for privacy reasons? As when I sell items online they usually send the ...
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1answer
120 views

Is periodically transferring Bitcoin from an exchange to a private wallet cost effective?

I'm new to this, I've read a lot about it and I've decided to start saving money on Bitcoin by buying a fixed amount every month. I know it is safer to store my Bitcoin on a private wallet instead of ...
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0answers
42 views

I am new to Bitcoin. Am I being scammed? [duplicate]

I am new to Bitcoin. I got into transaction with this woman I saw on Facebook, Olivia Jessica, a lot were mentioning her in a group so I decided to ask her how to do this thing. She asked me to join ...
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34 views

assistance in transaction fee

I need some help in transaction fee in Bitcoin Core. In Send section there is a message after Transaction fee saying "Warning: Fee estimation is currently not possible." Why is it there? ...
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1answer
45 views

Why is the source code fee calculated higher than the current bitcoin fee amount?

In python bit (https://github.com/ofek/bit/), when sending a message, it is properly 80 bytes or less (https://developer.bitcoin.org/devguide/transactions.html) fee is If it is a 4-byte character ...

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