People who want to invest in Bitcoin should first be well informed about how transactions work, and the fact is that a very small percentage of all those who have something to do with Bitcoin know the basics. To begin with, we should clearly separate the transactions sent from non-custodial crypto wallets (where the user has absolute control) and the transactions we receive from centralized crypto exchanges.
With non-custodial wallets, we can determine the fee ourselves, but we should know that the transaction price also depends on the size of the transaction (number of inputs/outputs), while crypto exchanges charge a service fee that has nothing to do with the fee we pay to crypto miners. Many use crypto exchanges as their hot wallets, which is a completely wrong approach, not only because they pay too high a fee for each outgoing transaction - but also because they have no control over their funds, which can be frozen for any reason at any time.
Every tool, no matter how good, is not as effective in the wrong hands as it should be. Research, acquisition of knowledge + understanding and ultimately proper use are the only right path for everyone to follow.
Topic: Average bitcoin transaction fee lowest since two years - page 2. (Read 185 times)
I was expecting that since Bitcoin fees aren't expensive anymore, if we look on the mempool you can still use 1 sat/byte, better if you create transaction on weekend. Using mainnet I only paid less than $1, if you use lightning network perhaps you only pay few cents.
Most newbies complaining Bitcoin fee is expensive because they're using centralized exchange.
https://jochen-hoenicke.de/queue/#BTC,all,weight
Most newbies complaining Bitcoin fee is expensive because they're using centralized exchange.
https://jochen-hoenicke.de/queue/#BTC,all,weight
Depends on how you look at it and what you are using your Bitcoins for. If you are sending a $1 transaction in BTC and you have to pay $1 in fees (that's the average mentioned in the article), that's huge. On the other hand, if you need to pay the same amount in fees for a $1 million in BTC, that's nothing.
Transaction fees have been low for quite some time on the Bitcoin network and that's a good thing. 1 sat/vByte is enough almost all the time. I have often checked mempool stats just to see the current network conditions and I notice only 1-2k unconfirmed transactions. That's nothing, and in theory they could all fit into a single block. In the past, it wasn't unusual to see tens of thousands of unconfirmed transactions waiting to be mined. That's when things get interesting and network fees start to rise because people are fighting for a spot in one of the next few blocks.
Transaction fees have been low for quite some time on the Bitcoin network and that's a good thing. 1 sat/vByte is enough almost all the time. I have often checked mempool stats just to see the current network conditions and I notice only 1-2k unconfirmed transactions. That's nothing, and in theory they could all fit into a single block. In the past, it wasn't unusual to see tens of thousands of unconfirmed transactions waiting to be mined. That's when things get interesting and network fees start to rise because people are fighting for a spot in one of the next few blocks.
The average fee is on April 17 was $1.039
Some people think bitcoin transaction is high, the beginners that have just started to know bitcoin always have this complain which are from people that have wrong info about bitcoin and also because of the exorbitant withdrawal fee from exchanges. I can not remember the last time I make bitcoin transaction that is worth $1 fee, I pay lower.
https://cointelegraph.com/news/bitcoin-average-transaction-fees-lowest-in-two-years-at-1-04
Despite the exchanges and noncustododial wallets that make many input transactions and also consolidate, the average fee is still low.
https://www.blockchain.com/charts/fees-usd-per-transaction
Some people think bitcoin transaction is high, the beginners that have just started to know bitcoin always have this complain which are from people that have wrong info about bitcoin and also because of the exorbitant withdrawal fee from exchanges. I can not remember the last time I make bitcoin transaction that is worth $1 fee, I pay lower.
https://cointelegraph.com/news/bitcoin-average-transaction-fees-lowest-in-two-years-at-1-04
Despite the exchanges and noncustododial wallets that make many input transactions and also consolidate, the average fee is still low.
https://www.blockchain.com/charts/fees-usd-per-transaction
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