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Bitcoin transaction fees are a big problem in the ecosystem right now. These problems have persisted for some time, yet things are not improving. The Blockchain.info wallet seemingly recommends very large fees, for some reason. According to a report, the wallet suggests paying US$26 in costs for a Bitcoin transfer. These problems continue to escalate at an accelerated pace as of late.
Blockchain.Info Wallet Fees Are Exuberant
While paying a higher Bitcoin transaction fee has become somewhat of the norm, things are not improving. Instead, it appears the fees are only getting worse as more time progresses. Anything over US$1 in fees is considered expensive in the cryptocurrency world. Things only get worse when a wallet recommends paying US$26 or more to transfer bitcoins. That is an outrageous amount of money, to say the least.
One Reddit user posted a screenshot of the Blockchain.info wallet proposing such a fee. The user has already included a 0.002 BTC fee, which is worth US$4.44 at press time. Compared to a few years ago, paying over US$4 is already far too expensive. For some reason, the Blockchain.info wallet fees that amount of money is not enough. Instead, it recommends a fee of 0.0119 Bitcoin, or US$26.63. That is quite a big difference compared to the already exuberant fee of US$4.
A few factors influence the transaction fee. Using a wallet with a bunch of small transactions to send money from will result in higher fees. Other wallets can suffer from this problem too, though. Then again, some clients provide a coin control feature to avoid this from happening. Blockchain.info does not provide said feature, which can cause some problems. Using a different wallet will usually circumvent these problems, though.
All of this goes to show different wallet providers calculate fees in different ways. Blockchain.info seems to provide the worst experience of them all right now. Luckily, users are never forced to pay the advised fee. There is an option to continue with the fee they set, albeit it can lead to confirmation delays. It is an interesting and troubling situation to keep an eye on, that much is evident.