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Is it normal to pay this high fees on main network??? I do this type of transaction once every month or so moving my funds from an exchange to my cold wallet… I have seen other current transactions with fees on the 10s of dollars…

Is it normal to pay this high fees on main network??? I do this type of transaction once every month or so moving my funds from an exchange to my cold wallet… I have seen other current transactions with fees on the 10s of dollars…



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7 Comments

  1. If you withdrew from an exchange, most likely it was a huge transaction paying multiple people at once. The exchange paid the fees, not you (because it’s always the sender that has to pay bitcoin on-chain fees). Compare the amount you withdrew and the amount that arrived in your wallet **in bitcoin**, and then you’ll see if you were the one paying the fees or not.

    Fees are very low right now in general, but their absolute amount depends on a few variables. See how fees are calculated here: https://old.reddit.com/r/Bitcoin/comments/jkw0l5/transaction_stuck_read_this/

  2. Double check the amount you actually sent and what you received, I doubt you paid that amount, exchanges group together withdrawl transactions so that fee will be distributed over all the recipients

  3. No, that isn’t reasonable.
    If you can’t set your own fee, then there’s not much you can do but complain, tho complaining after the fact is useless.

    I’m usually in no hurry when i move btc. I’ve set fees as low as 1 sat. It may take a while but eventually it gets confirmed. I’m cheap when it comes to fees.

  4. A Bitcoin transaction can have hundreds of outputs. Any major cryptocurrency exchange will always use a single transaction with hundreds of outputs to pay withdrawals to hundreds of users. The exchange paid that fee

    On your screenshot, there’s a big blue button “View in explorer”. You could have clicked this button **before** posting this question, and you would have seen a large transaction with hundreds of outputs, and you might have been able to see which single output is your withdrawal

    As with everybody else who asks this “why my wallet say I pay big fee” question, the answer is to go and look at the whole transaction, not to focus on the fee

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