As you know Bitcoin problems with scalling made fees go high as crazy.
Currently average fee to send BTC and get them reasonably fast delivered is at least 0.0009944 BTC but more like 0.001 which is 3 USD.
But to send really fast you need to spend even 10USD or more.
Current Stuck Transactions
Bitcoin block has 12.5 coins + fees of transactions inside of it. And those money are taken by block finder - usually a pool (almost nobody solo mines BTC anymore).
Today somebody sent a transaction of almost 100 BTC with.. 80 BTC fee!
The pool that found it is BTC.com and they already offered to give back this money if sender contacts them.
https://btc.com/0000000000000000015c6e1c0b35834cb075727f3bec7bbe96289805c25af144?page=1&asc=0&order_by=fee
Does it happen often?
Well yes it happends but most epic one ive seen was sending 0.001 BTC with 291BTC as fee.
Is this first time pools give back failed fees? NOT!
Pools get users due to credibility and they dont want to make money of mistakes of others. I remember at least 3 cases of pool giving money back to user who made too big fee but google didnt help much to find them as its not something thats shared left and right.
So if this happens to you, check the block and see the pool that mined it. Contact them. If its a big pool they will send you coins back.
Here is example info of last blocks:
So on the right you have the pool, if you do a fuckup of big size - contact them and there is a chance you will get money back.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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odd this was downvoted by a person who likes BTC
Never knew you can downvote on steemit
Oh you can, but he removed the vote - maybe was a mistake :)
I used my massive steem power to upvote your comment. Too bad it didn't yield any earnings. Dude, i guess you're stuck with me ;)
Wow glad the pool is ready t give him his money back that is one hell of a fee!
Here is how to get around the Bitcoin Networking fees!
must be participating in a very important ICO and did not want to miss the sale :D
reminds me BAT and ETH... ;)
(sad face actually)
The ico that sold out in 24 seconds!!!! maan that was crazy!!!
HaHa
hahaha :')
Lol, that $1.2 million fee in today's value. They used to brand bitcoin as free to transfer funds.
The transaction fee alone is roughly 4 times the median household income in the US. Most recent stats are from 2015. Incredible. Somebody loan me 80BTC.
Thank for putting the numbers into perspective. You stat is eye opening!
Not to mention how many times the median household income in eastern Europe (Bulgaria for instance) is that! Cannot believe this!!!
Its a brave new world.
Lol, BTC is getting slower every day. I wait for 2 to 3 hours for minor transactions. EOS 1ms will do the trick and become the king of crypto transactions. Telegram on EOS 1.7k people. ICO auction will be ruthless, I guess. But the tech they are offering is outstanding.
Oh i want for EOS also :)
IMO the cost of transacting nowadays (both in time and money) with BTC is its Achilles heel. When I first got into cryptocurrencies one of the big attractions, especially regarding BTC, was how cheap (practically free) and quick it was to send it to anyone in the world with confirmations occurring within a matter of minutes. Not any more! This has actually put me off investing in BTC because when people start to realise it is becoming a very expensive and slow way of moving money around they will lose faith in it and the price will crash. Just take a look at this chart to see how much confirmation time has increased over the past year! https://blockchain.info/charts/avg-confirmation-time?timespan=all
Thanks for that chart. The center cannot hold.
Waw. Thats a lot of money beig tossed around. Be it imaginary or not still getting 10 btc for 80 is a big ripp off :D
This is awesome to see that the pool comes back and offers to return the fee to the poor user. With the pace technology is moving a lot of new users who are not that tech savvy tend to make such mistakes. It then becomes the responsibility of the community to give back.
It is great that the mining pool is offering the fees back. The big take away for me though is the importance of using extreme care when dealing with crytpo currencies. Most people are not used to using technology where transactions can not be reversed.
Hey @snubbermike! You have a great point. There should be a balance. We hope for grace in matters like this, but we also have individual responsibility as well . We must check, recheck, and re-recheck!
Fat finger? Similar to the $102 man on Mt Fox years ago?
Something of this kind haha.
What a typo! We need to check all transactions at least 2 times before send.
Oooopps!!
There is some incredible data, very surprising to some extent!
Thanks for sharing this madness with us. Time to cocoon the trading of our STEEM for a while. ;)
Namaste :)
Wish I could just buy and buy and keep buying steem, never sell.
I totally hear ya! I'm in the same boat. All of one and one for all! Namaste :)
LOL that is a big fee!
AWESOME Followed and upvoted ..!
What wallet allows such fee?? :s
Congratulations @kingscrown!
Your post was mentioned in my hit parade in the following categories:
im new on steem Check me out:)
I think just blockchain has this problem, other wallets are better because they have less people on them, is it right ?
No, this is network wise issue
no not the blockchain just bitcoin! u can use steem litecoin there or many other coins to send money almost instantly for free basically
the transaction fee increase is supply and demand, ppl are still willing to pay large fees to send bitcoin aroound the world because many only even KNOW about bitcoin and nothing else!
3$ is a large fee ?
a fee is by percent not dollars, i dunno what 3 dollars would mean , just keep under five percent
I still don't understand how much is fees in % ? last time when I sent from coinbase into xapo was about 1$ , I don't know what are you talking about ( I sent about 50$ and the fee was about 1$ so it's just 2%, I don't see any problem here )
That fee is insane! Don't bitcoin when you're drunk LOL
I do...but I'm used to it now
I just made a transfer from poloniex to localbitcoins, but it has already happened 1 hour and still the transfer does not appear (it does not even appear as pending), is it because of what you write in this post?
Thank you and greetings from venezuela
Do you have txid for it?
Yes, i have it
I didn't even know that could happen.
bitcoin....is a "hot cake" in crypto...price shooting up like crazy..... Now with complicated feeling....happy plus worry....
That's a proper fat finger error! Damn.
Maybe the dude was testing to see if the pool was honest lol
wow!!:0
Wow! That's cracked nuts!!!
nice post.
Thank god they aren't greedy and decide to take 80 BTC for them. That's over $200k.... impressive
Interesting, it's nice that there are honest people!
I am getting tired of websites jacking up the transaction fees.... My Bit go wallet wants $20US to transfer $100 worth of BTC.
Lol, I wasn't even aware that could happen. Kudos to them for giving it back, I love good people!
Thanks for the good info. It happens to me so am gonna trace the pool now to try my luck
Thanks for this information!
Sometimes the miners aren't as helpful. Cointelegraph.com had an article today about a Reddit post where u/ask_for_pgp appealed to miners on Reddit trying to stop a transaction before it was confirmed. He fell victim to a clipboard altering program that changed his destination address to a presumed hacker's wallet instead of his friend's wallet. Cost him 13 BTC. Despite petitions to the miners the 13 BTC transaction has been confirmed.
Not that easy to not confirm and prove all that but of course - it all depends :)
That is crazy! Gotta love free market capitalism though. The richest will undoubtedly get the quickest service :)
These are the people who keep my faith in crypto alive! Wish Coinbase was 10% as kind. I got hacked yesterday and instead of helping me get my BTC back coinbase told me to shove it.
upvote and resteem :) @kingscrown
this is the great news bitcoin needs that people are not always shady. on the other note btc fee is fucking insane atm
People will realize quite quickly that they need to be steady and sober when they start transacting in cryptos, they can easily evaporate a lot of money with a few clicks of the mouse.
Great informative post...Thank you for sharing with us...upvoted
that is jsut crazy! think about it 80 bitcoin = 212,000 !
wow, that is insane.... i have as yet to attempt to trade crypto... this kind of has me spooked now.. great post. upvoted and resteemed
oh wow, just another reason to check and recheck before committing to a transaction. Very cool that the pool will give back the BTC!~
Nice post. I do like it.
@indepthstory
I use polo as a hot wallet and make as many transactions as possible in other crypto's
Is this the portending of the August 1 BIP148 user activated soft fork and the possible split of bitcoin?
No this is just for now :)
I think that there two important factors here:
I wonder why people are still using bitcoins and also the price of btc goes up up up everyday... that 3 usd transaction fee is too expensive in my point of view... we have other alternatives like ethereum, dash, etc with much lesser transaction fees with less transfer time as well...