Trezor/Ledger Nano Wants You to Pay 500USD Fee for Sending 1 BTC, Blocks Full, Transactions Stuck

bacchist (69) · 7 years ago

Bitcoin is such trash.

STEEM has 3 second block times and no fees.

Bitcoin feels like using one of these in comparison:

$6.03

nicnas (66) · 7 years ago

Dont we miss those?

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5 votes

urs (56) · 7 years ago

remember them very well.....state of the art back then....and a phone call to the bank in some cases...LOL...what an oldtimer......

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kingscrown (81) · 7 years ago

Exactly what i wrote in https://steemit.com/bitcoin/@kingscrown/bitcoin-suggested-tx-over-1-usd-mempool-full-money-stuck-no-problems-of-this-kind-on-steem

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hastla (56) · 7 years ago

lol - yeah what trash, only 30billion market cap..... #facepalm
Everyone who say that has simple no idea of that whole ecosystem.

7 votes

calmdownandhold (25) · 7 years ago

Kind of a weird thing to say @bacchist Reminds me of the headless Android vs IOS bickering just way way stupider. There are so so many aspects here. Entitled to his opinion of course.

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eirik (69) · 7 years ago

That is crazy.

They should have option for Litecoin payments though. :)

$3.36

7 votes

br0 (53) · 7 years ago

They has IIRC

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skylineking88 (53) · 7 years ago

the BTC fee right now with exodus wallet is wanting to use 9$ fee to send $5 in the current state BTC is broken

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6 votes

maryfavour (63) · 7 years ago (edited)

Thanks for the information. Generally, I don't hold bitcoins. I just use them as gateway to other coins. This extortion by Trezor and Nano Ledger is uncalled for. I'm glad that I use exodus wallet,although I know that Trezor and Nano Ledger are the best away from one's computer. Maybe we should go back to using paper wallets.

$1.27

11 votes

tamim (71) · 7 years ago

how would you use a paper wallet?

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maryfavour (63) · 7 years ago (edited)

Well, you may generate wallets from some sites like https://bitcoinpaperwallet.com/ . It will generate a public and private key for you. You can then begin to perform transactions from there. Note: No one must have access to your private key except you. Only show your public key to accept bitcoins. Regarding, the link I just gave you, please check that it is reliable. There are too many scammers these days.

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4 votes

urs (56) · 7 years ago

very good alternative.....have to think about it,cos the same happened to me today......those fees in BTC transactions are ridiculous...thxs for reminding me about the paper options...

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tamim (71) · 7 years ago

thank you!

so, if i want to receive BTC, i show my "public" key to the sender?
and, if i want to send BTC, i show my "private" key to the recipient?

correct?

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maryfavour (63) · 7 years ago (edited)

The first sentence is correct, but the second is not. If you want to send BTC you use your private key, not showing it to the recipient. Your ''private key'' enable you to send BTC , without which you cannot send. The recipient or any other person MUST NEVER see your private key.

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tamim (71) · 7 years ago

the question is, since we are using a paper wallet, how do i send it to him? this is where i am confused.

is a paper wallet a one time use?

maryfavour (63) · 7 years ago (edited)

I see. The paper wallet serves as a way you keep your information away from your PC. However, as soon as you generate your address that is on the paper wallet, it is registered on the blockchain . When you are ready to send bitcoins for any reason, you will have to go online. Those who use hardware wallets like Trezor must also go online to be able to send bitcoins. The paper wallet is not a one time use. You can use it forever. The challenge there is that anyone can monitor your public key, if you keep using the same public key. To prevent that you may decide to use https://blockchain.info/wallet/#/login . On blockchain.info, you can generate a new public key for every new transaction. In addition to exodus wallet, I also use blockchain.info . Personally, I've not had any reason to use paper wallets. I only know they exist and have a good idea on how to use them. I could do a video for you and other interested newbies on how to use blockchain.info . How about that?

$0.54

5 votes

tamim (71) · 7 years ago

thank you. i need to wrap my head around this.

nicnas (66) · 7 years ago

never show your private key

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nicnas (66) · 7 years ago

NEVER!!!! You only need the address (public key) for receiving. If you are sending you just send from your wallet to the receivers address.

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guesswho (32) · 7 years ago

Please send me your private key and ill ahem check it for errors for free!

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maryfavour (63) · 7 years ago

This is a reliable website https://www.bitcoin.com/promoted-wallets

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gardnercalibuso (51) · 7 years ago

..and i just bought Nano Ledger S.. this crazy!

$0.49

5 votes

kingscrown (81) · 7 years ago

Keep cash there but dont send right now :)

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maryfavour (63) · 7 years ago

OMG! I also noticed a little bit of increased fee with my exodus wallet.

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aashishkandel (58) · 7 years ago

Never heard of trezor, wow, this is insane !

$0.35

4 votes

maryfavour (63) · 7 years ago

It's because you guys are new that's why you've never heard of trezor of Nano Ledger.

$0.04

aashishkandel (58) · 7 years ago

yeah, probably, but now I did :P

maryfavour (63) · 7 years ago (edited)

Good. A very warm welcome to steemit and thanks for the follow.

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aashishkandel (58) · 7 years ago

Actually, I wasn't following you, but now I did :P
anyway, thank you so much for welcoming me to steemit :)

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maryfavour (63) · 7 years ago

Oh I'm sorry. I realized that someone just followed me, so I thought it was you.

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aashishkandel (58) · 7 years ago

it's okay, I have followed you now,
thank you!

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maryfavour (63) · 7 years ago

It's my pleasure. I just followed you back too. Cheers.

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Show 1 more reply

bitcoinsig (55) · 7 years ago

Sent 0.25 btc today out of my Trezor about an hour ago, paid $1.25, and it was at the exchange in 10 minutes. I'm not sure where this FUD is coming from, I simply don't experience it when using bitcoin everyday. IMO if I had to send money using a bank I would incur more fees and it would take a lot longer than 10 minutes.

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kingscrown (81) · 7 years ago (edited)

FUD? Do you see 208 000+ unconfirmed transactions? Network is hiccuping on 40k. This is over 5 times more

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bitcoinsig (55) · 7 years ago

Right, but how much of those transactions are garbage micro transactions? Like I said I have been using BTC everyday multiple times a day to move money, and I haven't had any slow transactions as long as I pay $0.65-$1.50 in fees. Then again I don't send micro transactions.

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vincent4384 (47) · 7 years ago (edited)

I always though it was FUD about bitcoin getting stuck, but today is my first experience seeing a txn to me getting 0 comfirmations all day. It dosent happen often for a light user but in general its unnaceptable.

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leprechaun (56) · 7 years ago

The Airbitz wallet does a good job of setting tx fees. I pay my hosting with it

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arcange (73) · 7 years ago

Congratulations @kingscrown!
Your post was mentioned in my hit parade in the following categories:

Upvotes - Ranked 6 with 509 upvotes
Pending payout - Ranked 4 with $ 505,18

6 votes

aggroed (78) · 7 years ago

Feels like a Nigerian scam to me. Please send 1 btc into our account and we'll deposit $20000 within 5 days :)

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raphaelom (46) · 7 years ago

How long does the standard take?

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btcmillionaire (60) · 7 years ago

Yeah I think the low fee option would go faster.

This is not the fault of Trezor this is the fault of the Bitcoin blocks being full...

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raphaelom (46) · 7 years ago

I figured, the backlog is exploding.

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raphaelom (46) · 7 years ago

Bitcoin is a joke, people thought the scarcity came from the 21M hard limit but it actually comes for the fact that you can't send it anywhere with reasonable time/cost.

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fractalnode (58) · 7 years ago

Bitcoin is obsolete!

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belidged (43) · 7 years ago

And here is the scaling issue everyone has been wondering about...

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melip (61) · 7 years ago

Nice information. Thanks

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itsokay (33) · 7 years ago

Wasn't one of the benefits of cryptocurrency that you can get money fast, to almost anywhere, with low fees vs banks?

Thank you for the heads up on this. Was looking for at wallets and Trezor gets mentioned a lot. This would be a huge mistake for people not paying attention. Recently heard that someone sent 21BTC as a transaction fee and was wondering how in the world that could happen, this might be the reason. There was a decent resolution with the company that mined the fee searching for the person to return the coins, or donating it if the person doesn't claim it. Rare to see such honest people.

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hellogelt83 (44) · 7 years ago

Ripping off! All i can say... to have some high price of Bitcoin! 😆

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digicrypt (60) · 7 years ago

I really appreciate this heads up, I will have to do some of my own tests with my hardware wallet.

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meesterboom (78) · 7 years ago

Thats ridiculous, I was half tempted to buy one of those Trezor things too

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grognak (57) · 7 years ago

Wow, thanks for the heads up!

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siddartha (63) · 7 years ago

$500 fees for 1 BTC transaction! That's crazy!!!!

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shankar (54) · 7 years ago

Time for bitcoin developers for making some change

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ienrikex (60) · 7 years ago

Wow, that's crazy, i didn't know about this, and you actually NEED to pay it if you're on it. Insane.

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capetown (56) · 7 years ago

Haha I totally misread this as "Nano Wants to Pay you 500USD Fee"

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br0 (53) · 7 years ago

Say Hello to blockstream core

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joanstewart (65) · 7 years ago

Now this is something that has stimulated real discussion thanks @kingscrown It is about time we all started to ask questions, the tech geeks will be sure to iron problems out, however if delays become rediculous in time of execution BC is going to be heading toward some negative reaction. If miners slow down the pace to force the issue on payment (which I agree they should do) then upping fees is going to cause discussions such as this. Again to be mutually beneficial to all, costs and speed have always been the reasoning, and that is to keep them low. I have the Nano S and still have to put it to use, hence all the reading up to find the positives and negatives.

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digicrypt (60) · 7 years ago

Just wanted to let you know I referenced and linked to this post in my most recent post.
https://steemit.com/cryptocurrency/@digicrypt/airbitz-may-start-paying-employees-with-litecoin-instead-of-bitcoin
Thank you again, this was helpful info.

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https://blockchain.info/address/1DgxGJjWBUZCCMRYUWD3MHEsFFePW4WJvC

renovatio (39) · 7 years ago

Today Alan Silbert showed this highly self-explanatory of what's going on:

History in the making. The question always is, "Cui Bono?"

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cozzasteem (48) · 7 years ago

Really crazy!
I feel fine running with ethereum based currency.
I'm into SWT and WAVES.
And love steem! :)

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rhino (56) · 7 years ago

I really want to buy a hardware wallet, but don't know what type to buy.

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iamenglishtv (64) · 7 years ago

Thats insane, its like price gouging at its finest!

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akiyoshi (58) · 7 years ago

Fantastic.
Great work.!
Good luck.

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arvydas (47) · 7 years ago

RIP BTC, go Steem!

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vincde (31) · 7 years ago

If it continues that way, Bitcoin won't be around for much long. Plus there is this new malware that infects people's computer into mining cryptocurrency so that sounds like bad news for BTC.

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drshmoe (32) · 7 years ago

I'm so glad my Millenial mind goes and looks for refferences before I make a purchase, I heard nothing but good things about Trezor when I found this article Thank you

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texasvsjohnson (49) · 7 years ago (edited)

nano ledger is just messed up i put it on custom fees. You just need to follow this site multiply the number by the amount your sending. If you want to pay in 2 blocks and get it fast then it shows you. If you to pay less and wait longer it shows you. Then whatever that amount is put it in the custom fees on your nano ledger and then send it. That satoshi thing is messed up is all its miss calculating the costs so you have to manually do it. Its a pain but oh well that site will show you the costs for how fast you want to send it out. I was sending 40 bucks out and they wanted to charge me 7.75 I changed the satoshi amount to .13 cents usd and sent it and it went to the other wallet very quickly. I put the amount around the 2nd block rate. https://estimatefee.appspot.com/

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fabriciocosta (2) · 7 years ago

Amazing interesting.
Excellent article.

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