Guy sent Bitcoin Transaction with 80BTC as fee.. Pool offers to give him the money back [+ Little Guide]
As you know Bitcoin problems with scalling made fees go high as crazy.
Currently average fee to send BTC and get them reasonably fast delivered is at least 0.0009944 BTC but more like 0.001 which is 3 USD.
But to send really fast you need to spend even 10USD or more.
Current Stuck Transactions
Bitcoin block has 12.5 coins + fees of transactions inside of it. And those money are taken by block finder - usually a pool (almost nobody solo mines BTC anymore).
Today somebody sent a transaction of almost 100 BTC with.. 80 BTC fee!
The pool that found it is BTC.com and they already offered to give back this money if sender contacts them.
https://btc.com/0000000000000000015c6e1c0b35834cb075727f3bec7bbe96289805c25af144?page=1&asc=0&order_by=fee
Does it happen often?
Well yes it happends but most epic one ive seen was sending 0.001 BTC with 291BTC as fee.
Is this first time pools give back failed fees? NOT!
Pools get users due to credibility and they dont want to make money of mistakes of others. I remember at least 3 cases of pool giving money back to user who made too big fee but google didnt help much to find them as its not something thats shared left and right.
So if this happens to you, check the block and see the pool that mined it. Contact them. If its a big pool they will send you coins back.
Here is example info of last blocks:
So on the right you have the pool, if you do a fuckup of big size - contact them and there is a chance you will get money back.
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odd this was downvoted by a person who likes BTC
Never knew you can downvote on steemit
Oh you can, but he removed the vote - maybe was a mistake :)
I used my massive steem power to upvote your comment. Too bad it didn't yield any earnings. Dude, i guess you're stuck with me ;)
Wow glad the pool is ready t give him his money back that is one hell of a fee!
Here is how to get around the Bitcoin Networking fees!
must be participating in a very important ICO and did not want to miss the sale :D
reminds me BAT and ETH... ;)
(sad face actually)
The ico that sold out in 24 seconds!!!! maan that was crazy!!!
HaHa
hahaha :')
Lol, that $1.2 million fee in today's value. They used to brand bitcoin as free to transfer funds.
The transaction fee alone is roughly 4 times the median household income in the US. Most recent stats are from 2015. Incredible. Somebody loan me 80BTC.
Thank for putting the numbers into perspective. You stat is eye opening!
Not to mention how many times the median household income in eastern Europe (Bulgaria for instance) is that! Cannot believe this!!!
Its a brave new world.
Lol, BTC is getting slower every day. I wait for 2 to 3 hours for minor transactions. EOS 1ms will do the trick and become the king of crypto transactions. Telegram on EOS 1.7k people. ICO auction will be ruthless, I guess. But the tech they are offering is outstanding.
Oh i want for EOS also :)
IMO the cost of transacting nowadays (both in time and money) with BTC is its Achilles heel. When I first got into cryptocurrencies one of the big attractions, especially regarding BTC, was how cheap (practically free) and quick it was to send it to anyone in the world with confirmations occurring within a matter of minutes. Not any more! This has actually put me off investing in BTC because when people start to realise it is becoming a very expensive and slow way of moving money around they will lose faith in it and the price will crash. Just take a look at this chart to see how much confirmation time has increased over the past year! https://blockchain.info/charts/avg-confirmation-time?timespan=all
Thanks for that chart. The center cannot hold.
Waw. Thats a lot of money beig tossed around. Be it imaginary or not still getting 10 btc for 80 is a big ripp off :D
This is awesome to see that the pool comes back and offers to return the fee to the poor user. With the pace technology is moving a lot of new users who are not that tech savvy tend to make such mistakes. It then becomes the responsibility of the community to give back.
It is great that the mining pool is offering the fees back. The big take away for me though is the importance of using extreme care when dealing with crytpo currencies. Most people are not used to using technology where transactions can not be reversed.
Hey @snubbermike! You have a great point. There should be a balance. We hope for grace in matters like this, but we also have individual responsibility as well . We must check, recheck, and re-recheck!
Fat finger? Similar to the $102 man on Mt Fox years ago?
Something of this kind haha.