Bitcoin user paid $800,000 in fees to send $14,000

Source: https://citizenwatchreport.com/bitcoin-user-paid-800000-in-fees-to-send-14000/
Published: Dec 21, 2024
Author: Horse
Post Date: 2024-12-21 09:26:52 by Horse
Views: 194

Not a scam. One incorrect click or incorrect value or incorrect decimal place and your entire life savings can be gone forever.

In this case, the sender used a platform that allowed him to set his own fee payment to the miner. He likely either wanted to prioritize his transaction or wanted to tip the miner. He voluntarily entered 8 Bitcoins as a fee payment.

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#1: Pinguinite    To: Horse (#0)

You don't get to choose which miner fills the order. Normal reasons to increase the fee is when you need a fast transaction and you want to get first in line to have it filled with the next mined block in the bitcoin blockchain, but obviously you can be first in line for far less than that, and you don't need to be first in line anyway. Someone once told me they voluntarily offered $1000 worth for a fast transaction which was trading related. Normally you don't specify a fee as the wallet used auto selects a nominal fee, typically around $20 worth of BTC, last time I checked, and it shows you what that fee is in advance.

I happened before though, and the winning miner was kind enough to return the bulk of the fee.

Pinguinite posted on 2024-12-21 10:26:47   Reply   Private Reply