Is the trade fee on the DAX really so high?

Hi. I just put in an order trying to trade 3 folderpepe’s for XCP on the DAX. I also keep some BTC in my account. I believe I asked for around 10 XCP per Folderpepe… so not much at all. However now my BTC balance is saying 0.06976032 (0.08307796) . Does that mean that counterparty just took a 0.01331764 BTC fee ($76) for a small transaction that’s only worth about $50? How is that possible? Is there any way to reverse this? I picked the smallest fee when launching the trade (1 satoshi/byte). Should I simply not trade on the DAX if the fees are so ridiculous? Sorry if my question is stupid. I’m not really an expert, just wanted to get rid of some folderpepes since I didn’t need them.

I believe your just misunderstanding the way that the BTC balance is displayed in counterwallet when you have pending transactions. All Bitcoin transactions require inputs in order to fund transactions, what your seeing in the BTC balance is the amount of funds contained in those inputs… it does not necessarily mean that all the funds are being spent on fees or lost… it simply means that they are on the move… even if most of it is coming back to your wallet :slight_smile:

If you request help in the future here, please reference some transactions hashes so that we can take a look at exactly what transactions your talking about :slight_smile:

Hi looking at this I am wondering how you can predict and control transaction costs and how much you need for each transaction there seems to be a lack of clarity can this be made more clear in the future or at least a clear explanation of what these are?

Counterparty runs on the bitcoin blockchain, so the fees will always be scaling based on how busy the bitcoin blockchain is, and how important it is to you that the transaction gets into a block/processed immediately… more users wanting transactions on bitcoin means competition to get into blocks and higher fees.

If you don’t need to have your transaction processed immediately and are willing to wait a few hours for a transaction to process, you can still pay pennies and get your transactions processed.

Counterparty is addressing this fees issue on multiple levels.

  1. Reducing costs of transactions, working on multi-sends, as well as the ability to pay transaction fees using a token like PEPECASH instead of BTC.

    I would encourage you to read our most recent newsletter which includes a list of the updates included in the last release yesterday, as well as a list of the upcoming updates which you can expect late next month.
    Counterparty Update 9/20/17 | Counterparty

  2. Making fees easier to understand/change/customize (below are some screenshots of counterwallet and freewallet showing you can customize the fees paid for transactions)

Counterwallet showing fee slider and explanation of speed/fee

Freewallet showing fee info and allowing customizing of fee amount

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