Post
Topic
Board Beginners & Help
Re: 0.005 BTC send + 0.0012 BTC fee ... why to much? explain please...
by
BlackMachine
on 15/06/2015, 12:44:39 UTC
Hi... I send 0.005 BTC to cloud mining and total amount send was 0.0062 (that is 0.0012 fee). It's really a lot ... I study the fees a little and discover that will be fee because it's less than 0.01 but really to much? Can be the fee too high because i receive a lot of transactions what are small as 60 bits? Please explain me it a little bit and please tell me how to avoid it in the future. Thanks a lot.

Hash: https://blockchain.info/tx/cb8337e6635fadf423bb19fb4f8e2b147e85ccb8a41c8f1cff16d532be8f2052

Sended from blockchain wallet to scrypt.cc and I don't fill miners fee.
If you were to click show scripts and coinbase, you will find lots of inputs. The main reason you are paying so much transaction fees is due to the fact that the transaction size is HUGE. If you want to avoid these fees, combine some transactions into one single transaction first then combine again till it becomes 1 transaction. It can cost you some time but the fees will be significantly lower. Alternatively, set a higher thershold for faucets or you can stop using them altogether. Default fees is 0.00001/kb.