Bitcoin network fee

[testaholic]

Bit new to all this, I'm trying to send a small amount from my wallet to another wallet. About 110, and it is telling me the network fee is 26$ .... is this normal? Thats 25% of the transaction!

EDIT: it went down to 8$ a few minutes later. Are larger fees simply applied to very recent transactions or something?

 

[BawlsDeep]

Bit new to all this, I'm trying to send a small amount from my wallet to another wallet. About 110, and it is telling me the network fee is 26$ .... is this normal? Thats 25% of the transaction!

EDIT: it went down to 8$ a few minutes later. Are larger fees simply applied to very recent transactions or something?

What wallet u using?

 

[testaholic]

What wallet u using?

exodus

 

[Doodle]

That seems like a huge amount. Coin base usually takes a very small fee like 1-3 bucks.

 

[MR_Midas]

Some kind of huge commission, have they really raised the commission for such transfers? Guys who know?

 

[hijoshiki]

I have always used blockchain for my wallets, but I only use them for a quick transfer and then purchase and then I dump the wallet and never use it again.

Fees on $110 might be $1 at the very most to transfer back to an exchange or another wallet using Blockchain.

 

[testaholic]

Some kind of huge commission, have they really raised the commission for such transfers? Guys who know?

I have no idea what was going on with exodus when I posted that. within the hour though the fee had reverted back to its normal small fee. would be interesting if some crypto guy could clarify this tho

 

[testaholic]

I have always used blockchain for my wallets, but I only use them for a quick transfer and then purchase and then I dump the wallet and never use it again.

Fees on $110 might be $1 at the very most to transfer back to an exchange or another wallet using Blockchain.

is this for the whole 'every platform is monitoring where your crypto is going' thing? and avoiding flagged addresses?

 

[hijoshiki]

is this for the whole 'every platform is monitoring where your crypto is going' thing? and avoiding flagged addresses?

I've never not been able to send my crypto to any source using a blockchain wallet, including numerous international sources. I've never identified myself to any wallet I've created.

I've never even thought about a wallet flagging addresses, I doubt it would work for very long.

 

[MR_Midas]

I have no idea what was going on with exodus when I posted that. within the hour though the fee had reverted back to its normal small fee. would be interesting if some crypto guy could clarify this tho

Yes, it’s also interesting where such a jump comes from, a program glitch or something else

 

[Monsterlabstore]

Theres websites that show what the current fees are and what you should be paying. Check out The Mempool Open Source Project™

 

[MR_Midas]

Theres websites that show what the current fees are and what you should be paying. Check out The Mempool Open Source Project™

Very visual graphs and numbers, thanks, I will study.

 

[MFAAS]

I have no idea what was going on with exodus when I posted that. within the hour though the fee had reverted back to its normal small fee. would be interesting if some crypto guy could clarify this tho

The network was just congested. When the network is congested fees go up greatly. There are other factors too that you can Google if you want but that's the biggest one. Lowest fees are when the US is asleep. Like 10 PM To 4 AM

 

[MR_Midas]

The network was just congested. When the network is congested fees go up greatly. There are other factors too that you can Google if you want but that's the biggest one. Lowest fees are when the US is asleep. Like 10 PM To 4 AM

By the way, yes, I didn’t think that payment could depend on time and network congestion. Thanks bro.

 

[1tank1]

Crypto

I'm looking forward 3-5 years so I can gloat and call some of the current internet steroid buyers on meso gullible suckers for following the advice of their UGL sources/drug dealers

Life's a learning curve.

 

[MR_Midas]

Crypto

I'm looking forward 3-5 years so I can gloat and call some of the current internet steroid buyers on meso gullible suckers for following the advice of their UGL sources/drug dealers

Life's a learning curve.

Life is the harshest teacher and at the same time the best. But not everyone is able to learn these life lessons.