Bitcoin Fees

[screamingmimi]

I'd like to start a separate thread on fees.  I just ended up paying $15 for an $85 transaction using Electrum dynamic fees.  It's supposed to calculate that best fee but $15 is  a total joke.

I know fees are based on the byte size of the bitcoin, not the amount sent but that's all I know.  Can we get a dumbed down convo of this going.  I got ripped off I feel and need to figure this out.  

There are charts but if using electrum how do you know how much room you're taking?  And what is  a Satoshi?

 

[Big Drew 1174]

$15 on a $85 transaction? That is crazy!!   I have never had this happen I usually pay $3.99 on transfers sometimes more if it is a very large transaction. 

I do not know the details of the transaction so it it hard for me to say on this matter but I will be glad to help you in anyway I can.

Also a The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.

 

[screamingmimi]

$15 on a $85 transaction? That is crazy!!   I have never had this happen I usually pay $3.99 on transfers sometimes more if it is a very large transaction. 

I do not know the details of the transaction so it it hard for me to say on this matter but I will be glad to help you in anyway I can.

Also a The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.

I had just had a bad experience with my btc never confirmed that had to do with the blockchain being backed up.  I had my fees set on multibit higher than normal but the more i read the more I saw things on ohow to calculate fees.  They are not based on the dollar amount about how my bytes or something it takes up on the blockchain.  Don't quote me cuz I don't remember.

I switched to electrum which has an option use dynamic fees.  I figured that would calculate the correct amount of fees to get me going and get me confirmed but not bleed me dry.   Well F that.  I spoke to someone else who uses electrum and set it to that.  I almost stroked with the $15 and if I hd someone to complain to I would.  

So I've seen stuff on how to calculate fees based on the size of the transaction but I don't even know where to find the size of the transaction.   This one vendor wanted to be paid in 20 minutes.   I won't tell you my next dumb move but I have to wait 30 days to get $100 back that I sent to an email by mistake.  They won't claim it so I just have to wait it out.

So I'd like someone to dumb down how to pay fees, where to find how big the transaction is so you know how much fees to pay, stuff like that.  s$15 buys a lot, even with my btc discount I paid more than if I paid cash.   Grrrr

 Talk to me like I"m in first grade.  Satoshi matoshi.  Beats me. I just wanna buy crap.