Public Service Message for Bitcoin Core users

The latest version of Bitcoin Core has a slider which allows you to set your fees from "slow" to "fast." The Grand Wizard has been keeping it at the "fast" end of the scale. Yesterday that resulted in a $45 fee on a $53 transfer. (We have since moved it to the "should confirm within two blocks" setting and are still paying $3-5 a transfer).

Before you hit that "send" button be sure to check those transfer fees: they could be much higher than you expect. The Grand Wizard learned the hard way so you don't have to.


Comments


[31 Points] DooshNozzzle:

I'm gonna keep posting this site until everyone has it bookmarked. Never wait longer than 5-10 minutes and never overpay !EVER again!

https://bitcoinfees.21.co/

Note that the quantities on the graph are listed in different units of BTC/k-byte . For example: BTC/byte, mBTC/bye, satoshi/byte, and bits/byte. So you might have to do some very basic unit conversions.

My Electrum is currently set (tools, preferences, fees) at 0.004 BTC/kB. That correlates with 0.004 mBTC/byte on the graph on the web site I posted.

That puts my transaction comfortably above the line that guarantees my transaction will be solved with the next block.

HOWEVER. this number could change (!up or down!) at any minute. so if I never checked it again, I could be stuck with a huge wait or I could be over-paying for weeks/months and never know it.


[15 Points] murderhomelesspeople:

Yikes! 45$. Makes me sick, somethings gotta give over this Segwit/BTU debacle because this is unsustainable. I remember reading some good points on r/btc. Fees like this make bitcoin useless for anybody in developing nations and make small daily transactions double in cost. People are now skipping intermediary wallets as much as possible and doing many transactions in one go which saves costs but erodes their privacy. This is why markets should have at least one other crypto option for payments.


[6 Points] Dentuam:

switch to xmr or eth. this is the best option atm imo


[2 Points] None:

[removed]


[1 Points] jakepig:

Bet it confirmed fast tho


[1 Points] RIP_Meth_9000:

Yesterday that resulted in a $45 fee on a $53 transfer.......DaFuk!!!!

The BTC Did Not Flow!!!!

9000


[1 Points] I_did_did_I:

BWAHAHAH! BUY MOONCOINS.... IT IS ABOUT TO GO FOR THE MOON


[1 Points] None:

That's disgusting. I pay £1 on my bitcoin transfers and they're done in <30mins.


[0 Points] Yaastra:

Good thing mooncoin is straight up just getting a faster algorithm