Some Bitcoin Investor Paid $47,000 to Send $194 in BTC

An unfortunate bitcoin investor ended up paying $47,000 in transaction fees to send just $194 BTC.

According to an update by the Twitter bot Bitcoin Block Bot, which scans bitcoin’s blockchain for anomalous transactions, an anonymous user paid a fee of 2.66 BTC (worth $47K at the time) to send a little under $200.

The tweet kicked off a wave of comments, with crypto users expressing frustration over the current error-prone format of sending transactions. Some users also took the opportunity to vent about rising transaction fees on bitcoin’s network, which have coincided with the bullish price rally over the month of 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

The transaction occurred in block 657,535 and was likely another example of an erroneously entered transaction fee. Data from BitInfoCharts shows the average transaction fee for bitcoin is 0.00027 BTC ($4.82), down from a relative peak in October of $13.15 but still higher than most users would prefer to pay.

Earlier in the month, a similarly unfortunate ethereum user paid $9,500 in transaction fees to move $120. The user claimed to have swapped the inputs for the “gas limit” field with “gas price,” resulting in a costly error.

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