$49 dollar network fee for sending $100? Am I missing something>

Bitcoin Questions and AnswersCategory: General questions$49 dollar network fee for sending $100? Am I missing something>

Irwin Gretczko asked 6 months ago

I tried to send $100 worth of BTC from EXODUS and the fee was $49. HOW does anyone use bitcoin for commerce with fees this high? (Or am i missing some thing?)

1 Answers
Steven Hay answered 6 months ago

Hey Irwin,
 
OK, Exodus is setting a very high fee in order to ensure quick confirmations. A more specialised wallet like Bitcoin Core or Electrum would set a better fee and also allow you to set your own fee. In this way, you could get much lower cost transactions.
 
I have an article on this subject coming soon… The gist of which is that you should use a SegWit-enabled wallet and learn how fees work as this will save you a ton of money on fees… Fees are high right now for lower value transactions (but even a $49 fee would be almost nothing on a transfer of a million dollars) but this is forcing people to optimize how they use Bitcoin.

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