Why counterwallet keep raising transfer fee? Do it again and again never get enought.
Why counterwallet keep raising transfer fee? Do it again and again never get enought
Same like these, still not fixed. Possible workaround: Set custom fee to e.g. 10 sat/byte according to https://bitcoinfees.21.co/ (the time must not be inf)
The fee charged for a bitcoin transaction is based off the size of the transaction (inputs and outputs). If you have a bunch of tiny inputs (tiny amounts of bitcoin) then the transaction will continue to grow in size until there is enough BTC inputs in the transaction to pay for the miners fees.
The reason the fees keep going up for you is because you continue to send tiny bits of bitcoin to solve the problem, which only makes the problem worse. You send a tiny bit, that tiny bit makes the next transaction larger, requiring a larger miners fee, resulting in an error message, so you send a tiny bit more, and the same thing happens again and again.
Think of this sort of like the difference between paying with $1 bill or 100 pennies at the supermarket…
If you pay with $1 bill, it is lightweight, and the transaction goes fast because you only have to hand over 1 dollar bill 1 time. If you pay with pennies, it is going to go slow because your going to have to hand over the pennies 1 at a time to the cashier 100 times. Both transactions are valid, but one is quick/painless ($1 dollar bill)… the other is slow/tedious and winds up costing everyone more money (pennies). Your paying with pennies bro.
The problem can be easily solved by sending a decent amount of BTC to counterwallet. If you send 0.01 BTC, then your transaction will only require a single input, making the transaction smaller, and thereby the miners fee smaller.
The “issue” has been discussed many times in slack, on the forum here, as well as on Telegram. It is not really an issue with Counterparty or Bitcoin, but rather an issue with users not fully understanding how bitcoin transactions and miners fees work.
TL;DR… send 0.01 BTC to the wallet and try again, problem solved.
This may be true, but it’s a terrible loop in the counterwallet to imply one fee then constantly increase each time the previous fee amount has been met. period. The fee is the fee. The fact that it doubles nearly every single attempt has nothing to do with bitcoin or miner’s fees. it’s a coding problem with counterwallet or one big scam by them.
The fee is the fee
That is not the case, the fee is constantly changing every second based on how many pending transactions there are and how much each of those transactions are paying. If you visit this URL below you can see that the fees are constantly changing.
I am sorry that bitcoin is not working how you would like it to. However, calling counterwallet a scam simply because you fail to fully understand bitcoin fees is silly.
I currently have this issue with not enough BTC at my counterwallet. I want to send with 40 sat/byte a 250 byte transaction so this is 0.0001 btc total fee. I have 0.001 btc but counterwallet API says need 0.004 btc. After I sent this 0.004 btc to my counterwallet then I can send my transaction with the original 0.0001 btc fee.
Shouldn’t it have asked for a btc increase in my counterwallet of 0.0001 btc only?
Probably related to you having some unusable dust txs… indicating you have a balance to cover fees, but some of that balance is locked up in tiny unusable dust amounts… hence why your told you don’t have enough for fees when the balance would indicate that you do.
The solution is still the same… if your told you don’t have enough to cover fees, it is because you don’t have enough to cover fees and you need to send more BTC to your address
I see. But the value shown as approximation, in my case 0.004 btc seems way off the custom fee used 0.0001 btc. It looks like this is the approximation for a fastest transaction while my custom fee wants to do a slowest cheapest transaction. Sending 0.001 btc to my address should have been enough for 0.0001 btc fee which then was successful.
I get the same 0.004 btc when using console command create_send with fee=10000 setting. So I guess there is something in counterparty-lib doing too high approximation.
Still workaround is to send 0.004 btc to counterwallet.
Another solution might be to send all btc from counterwallet to another btc wallet you own at low fee which consolidates the many small ouputs to one large. And then send it back to counterwallet with low fee.
Howto redeem btc dust outputs: