Inquiry about blockchain fee

-1

So, I'm still new to Bitcoin and I have a fund around 0.004 BTC from a certain wallet. I transferred an amount around 0.001 BTC to another wallet (i.e. in Poloniex). The blockchain fee was 0.002 BTC (twice the amount I transferred)

Is this normal? Blockchain fee is higher than the amount transferred?

Steven

Posted 2017-12-22T09:41:08.733

Reputation: 1

Answers

2

yes, unfortunately this is normal. bitcoin is not designed to transfer very small funds.

usually the fees are lower but in the last few days the fees are increased because of the mass of bitcoin-user. admittedly: 0.002btc fee is really high even for the current blockchain-workload.

anion

Posted 2017-12-22T09:41:08.733

Reputation: 727

That's weird. I find it surprising that the transaction/blockchain fee is higher than the amount I send/transfer. Anyways, thanks for the confirmation – Steven – 2017-12-22T10:43:00.560

2To clarify, it is not necessarily normal for the fee to be higher than the amount transacted. The fee is actually not dependant on the amount transacted at all, it is dependant on the size of the raw tx data, in bytes. The fee rate varies according to network traffic, and right now we are seeing all time highs for fee rates / traffic. So right now is not really 'normal', compared to the average fees in the recent past. – chytrik – 2017-12-22T10:56:45.280

Asked: 2017-12-22T09:41:08.733

Viewed: 111 times

Active: 2017-12-22T10:07:06.523