Topic: aren't BTC transaction supposed to be chyeaper than bank trasactions? (Read 200 times)

Before it was. But now it is more expensive to do a bitcoins transaction than in banks. It is because of the growing demands and the low of supply. Also the network can't accommodate the number of investors right now.

Not right now it couldn't. The network is terribly congested. It should be able to at normal capacity though. I used to send my transactions at 5-11 sats per byte without any problems.

Things seem to be starting to settle down though, with the backlog slowly decreasing and Bitcoin's price rebounding. I'll save my transactions for then.

Actually,BTC transactions were very cheap but now due to heavy congestion in the network,every one is making use of it and that's why,the fee has increased more.In localbitcoins,its a little bit more.For just 0.019 btc,they charged an incoming fee of 0.0016 btc.

All these problems would be only sorted out by activating the lightning network which would take some more time.

That is not correct.

I have wired $50,000 - $200,000 many times. $20 for a domestic wire. $30 for an international wire.

Can Bitcoin beat those fees? I don't think so.

On the original plan of Satoshi it was viable to use bitcoin as a source of money transferring system, cheaper and more convenient to use than doing bank transfer, but the problem occur when devs fight each other on when and what kind of technology will be added to the blockchain causing the hard fork of Bitcoin Cash and the massive clogging of transaction in the network which result to higher transaction fee.

I think Bitcoin transaction fees now are cheaper in bank transaction fees if you will send a huge amount but if it just a small amount, it will cost you high and sometimes, the transaction fees are much higher than the amount you are going to send. Lol. It is one of the major problems of Bitcoin nowadays. It cannot be solve anymore but I think some forked coins will.

yes , now a days transaction fess are increasing on bitcoins, as said above probably due to more transactions blocks and more minor resolves the hashes. it is best to buy alt coins which has lower transaction fees in case if you are buying or selling directly from fiat currency . or make transaction  one time with big amount instead of multiple smaller amounts .

A perk about bitcoin is that the way things work are less complicated and they are decentralized. Unlike banks, there are no charges or fees that will flood your bills even before you realize it.

that seems too expensive and yes, it is defeating the purpose.

The fee depends on the size of the transaction. The size of the transaction depends on the number of inputs and outputs, not their value.
A miner will usually pick the transaction with the highest fee/byte and put those transactions into the block he's currently trying to solve. The higher your fee, the more miners will have your transaction in the block they're solving, the bigger the chance your transaction will be in the next solved block.

At this moment, 2 things are going on:
- a lot of transactions are being broadcasted. In order to ensure a fast confirmation, people are using higher and higher fees... You either outbid them by using yet a higher fee, or you risk having to wait hours/days or even see the network forget about your transaction
- the FIAT price is exploding... Since BTC doesn't care about fiat, and the fee isn't related to the value of the outputs, this has as a side effect that the fiat equivalent of the fee is also exploding

The high fees are *probably* something temporarry, altough there is no way to be sure that these fees aren't the new *standard*
The community is working on sollutions like the lightning network. I'm not into bitcoin politics, so i won't disclose wether i'm pro or contra, but you can read up on this sollution if you want... do know that it's still in development.

A different "sollution" would be to use a lower fee, and just wait it out... It's possible you'll have to re-create a certain transaction a couple of times before it gets into a block

A last "sollution" would be to switch to an altcoin for smaller payments. For example ETH or LTC have low fees (in FIAT) and fast confirmations (for example, i haven't seen a full Litecoin block in a while... Not that i check that often tough)

Yes, more commission for input and output, plus when trading, it should be cheaper!

coinbase charged me 13usd to transfer 40 usd. isnt that too expensive. do I hava alternatives?