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Board Beginners & Help
Re: Short question - Short answer [Official Thread]
by
simik
on 27/06/2017, 02:10:44 UTC
1st question - I'm new to bitcoin.

I initiated a transfer, from bread, b75,000 ($260) but the network fee was b155,463 ($540) = $801.

The fee was essentially the same whether I attempted to pay the vendor directly or transfer to coinbase.

What am I doing wrong?

Thanks, in advance

You probably received a lot of very small amounts of bitcoin to your wallet. As a result transaction fee which are determined by the size of the transaction (which in your case tries to send a ton of those small inputs), is also high. Although $540 seems unusually excessive, unless your transaction has like a thousand inputs.