An unfortunate bitcoin investor ended up paying $ 47,000 in transaction fees to send only $ 194 in BTC.
According to an update of the Twitter bot Bitcoin Block Bot, which checks the bitcoin blockchain for anomalous transactions, an anonymous user paid a 2.66 BTC fee (worth $ 47K at the time) to send a little bit less than $ 200.
Somebody just paid a fee of 2.66 BTC ($ 47K) in block 657,535. Ouch! https://t.co/sl8EPpgIaA
– Bitcoin Block Bot (@BtcBlockBot) November 18, 2020
“Someone just paid a 2.66 BTC fee ($ 47K) on block 657,535. There!”
The tweet started a wave of comments, with cryptocurrency users expressing frustration with the current format subject to errors in sending transactions. Some users also took the opportunity to vent about the increase in transaction fees on the bitcoin network, which coincided with the price hike in November.
Ouch. BTC fees are way too high, but not THAT way too high. This may have been a case of manually constructing the transaction and making a mistake. Tx fees are outputs – inputs, so someone probably forgot to make a change output back to themselves 🙁
– chaintuts – Crypto & Blockchain Education (@chaintuts) November 18, 2020
“There. BTC rates are very high, but not SO high. It may have been a manual error during the transaction. Tx rates are exits – entrances, so someone probably forgot to make an exit change for themselves. ”
The transaction took place at block 657,535 and was probably another example of a transaction fee entered incorrectly. BitInfoCharts data shows that the average transaction fee for bitcoin is 0.00027 BTC ($ 4.82), below a relative peak in October of $ 13.15, but still higher than most users prefer pay.
Earlier this month, an equally unhappy user of ethereum (ETH) paid $ 9,500 in transaction fees to move $ 120. The user claimed to have exchanged entries in the “gas limit” field for “gas price”, resulting in into an expensive mistake.