Excessive fees ?

Status
Archived
Joined
Dec 2017
From
nsw australia
I'm new to this I got a Luno wallet and bought some bitcoin and there was a fee of 0.0002 (about $2.50 AUD) which I thought was OK
Then about a week later I decided it would be a good idea to give my nephew $100 AUD in bitcoin for Xmas, I tried to check the fee prior to sending and it just said "dynamic", after the transaction was completed the fee came up as $24.22. This was my first ever transaction apart from buying the BTC . I used a Luno wallet to send the BTC. This seems excessive to me, is this fee normal ? and if so is it avoidable ? I have sent a message to Luno asking if this is normal but have received no reply
 

V4Vendetta

Moderator
Joined
Apr 2017
From
Texas
I'm new to this I got a Luno wallet and bought some bitcoin and there was a fee of 0.0002 (about $2.50 AUD) which I thought was OK
Then about a week later I decided it would be a good idea to give my nephew $100 AUD in bitcoin for Xmas, I tried to check the fee prior to sending and it just said "dynamic", after the transaction was completed the fee came up as $24.22. This was my first ever transaction apart from buying the BTC . I used a Luno wallet to send the BTC. This seems excessive to me, is this fee normal ? and if so is it avoidable ? I have sent a message to Luno asking if this is normal but have received no reply
Yeah, BTC fees can be quite high and the fee will vary based on many factors. This is why the whole SegWit2x argument keeps popping up. At some point they’ll figure it out but for now the fees are kind of ridiculous.
 
Joined
May 2017
From
Kirkland, WA
It's interesting that transactions (like buying some groceries at the corner market) are virtually nothing, fee-wise. But P2P is quite high...
 

V4Vendetta

Moderator
Joined
Apr 2017
From
Texas
It's interesting that transactions (like buying some groceries at the corner market) are virtually nothing, fee-wise. But P2P is quite high...
Part of that is because of mining. If you want to avoid fees all together go with IOTA. Zero fees.
 
Status
Archived

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