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Topic: Bitcoin transaction fees lower than alts (Read 454 times)

legendary
Activity: 3766
Merit: 1217
May 13, 2021, 11:39:16 AM
#51
I had been using Mycelium which is also known for more than appropriate fees. So all in all I think I did pay more than sufficient fees for the transaction.
Well, I can't change the past now so be it. I guess I'll just import the seeds to a different wallet now.
Enough of Mycelium already.

There is no point in using a wallet, if it doesn't allow you to set a fee as per your liking. Bitcoin is a completely decentralized asset and users can set the fee to any level they want. You can even set it to 0 Sat/Byte or 1 Sat/Byte. Now the wallets can't dictate how we set the fee. If they impose any minimum limit on the fee, then it goes against the spirit of Bitcoin. There are a lot of wallets available which allows you to set the fee by yourself. So there is no point in continuing to use Mycelium.
hero member
Activity: 2702
Merit: 716
Nothing lasts forever
...

You must be damn lucky bro because the day before yesterday I did a $250 transaction with 7 inputs and one output and it costed me $15 in fees.
Although $15 is too much for fees recently the point is that I had to consumed 7 inputs as well.
If it had been one single input I guess I would have paid a lot less on fees too.
I wish bitcoin fees remain this low forever  Grin

btw, what wallet do you use, I used Bluewallet a few days ago and the minimum fee charged is only $ 4...

that is true, the OP is very lucky to be able to send his own BTC for such a low fee. I think what the OP goes through is very rare.


I had been using Mycelium which is also known for more than appropriate fees. So all in all I think I did pay more than sufficient fees for the transaction.
Well, I can't change the past now so be it. I guess I'll just import the seeds to a different wallet now.
Enough of Mycelium already.


There is no point in using a wallet, if it doesn't allow you to set a fee as per your liking. Bitcoin is a completely decentralized asset and users can set the fee to any level they want. You can even set it to 0 Sat/Byte or 1 Sat/Byte. Now the wallets can't dictate how we set the fee. If they impose any minimum limit on the fee, then it goes against the spirit of Bitcoin. There are a lot of wallets available which allows you to set the fee by yourself. So there is no point in continuing to use Mycelium.

I know that !
And Mycelium does offer the functionality to choose fees 1 sat/byte.
I had just paid a fees of 52 sats/byte which was nominal at that time since people were paying around 90 sats/byte in fees on that day.
sr. member
Activity: 2338
Merit: 365
...

You must be damn lucky bro because the day before yesterday I did a $250 transaction with 7 inputs and one output and it costed me $15 in fees.
Although $15 is too much for fees recently the point is that I had to consumed 7 inputs as well.
If it had been one single input I guess I would have paid a lot less on fees too.
I wish bitcoin fees remain this low forever  Grin

btw, what wallet do you use, I used Bluewallet a few days ago and the minimum fee charged is only $ 4...

that is true, the OP is very lucky to be able to send his own BTC for such a low fee. I think what the OP goes through is very rare.
legendary
Activity: 1918
Merit: 3047
LE ☮︎ Halving es la purga
Hi,
Well actually we must be cautious with that title, because it is missing some things, like a simple "?" or  "..."   Smiley

Although in the OP everything makes a little more sense in its intention of the presented context.
This has been the case not today because of this fury alts, every time it can be sent to 1sat / B the fee of the bitcoin transaction is below of some Alts.

Although the usual, wait until the network is not congested or $ 5 - $ 10 fee works well for many users, it all depends on the amount I sent, and that relationship applies to any Alts.

bitcoin is not better than any other cryptocurrency only for its fee at 1sat / B but it is important to know it, and the same happens with the Alts with low fees.

G.B.

legendary
Activity: 3346
Merit: 1352
Leading Crypto Sports Betting & Casino Platform
i think bitcoin fees still have higher fee per transaction because of its value, the higher the value of bitcoin the higher the fee was. it is quite expensive to those average holders  but probably it will be lessen in the near time if all of people already using bitcoin as main currency.

The block size restriction is not going to change, so only a limited number of transactions can be accommodated in each block. The block size has remained the same since 2009, although the userbase has grown manifold ever since. There is no mechanism within Bitcoin to accommodate the increasing number of users. And for smaller and medium sized payments, a lot of people are currently using other cryptocurrencies such as Litecoin, USDT, Bitcoin Cash and Ethereum Classic.
member
Activity: 432
Merit: 10
Bitfresh - iGaming with 90s UI
i think bitcoin fees still have higher fee per transaction because of its value, the higher the value of bitcoin the higher the fee was. it is quite expensive to those average holders  but probably it will be lessen in the near time if all of people already using bitcoin as main currency.
full member
Activity: 462
Merit: 100
The Standard Protocol - Solving Inflation
....
When I last checked the transaction fees they were still double digit. I thought about depositing BTC at an exchange but no was too expensive.
This is the main reason why I made this post. There are many people who don't check first before making a conclusion that it's expensive. You can use tools such as https://mempool.space/ to monitor fees. The fastest fee right now is 34 sats/vbyte which is ~$4.

....
But you did not pay attention to Ripple (XRP)?
I would have included if it was more expensive. The title of the topic says "lower".

Well then thanks for sharing. ~$4 is a justifiable amount for a transaction compared to a couple of alts where fees are plainly unbearable. The disadvantage with Bitcoin still is the number of confirmations and the time it takes until a deposit is confirmed. That can be annoying, but if there is no time pressure it's worth using Bitcoin over others.
legendary
Activity: 3094
Merit: 1127
Do people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

You must be damn lucky bro because the day before yesterday I did a $250 transaction with 7 inputs and one output and it costed me $15 in fees.
Although $15 is too much for fees recently the point is that I had to consumed 7 inputs as well.
If it had been one single input I guess I would have paid a lot less on fees too.
I wish bitcoin fees remain this low forever  Grin
We are all hoping for the same thing thats why when i do make out transactions i do always look for the current fees or network condition and neither would make transactions or not basing on the current fees
that im seeing.If i do see high then i do skip out and wait for some moment and when the exact time comes or on where the fees are low then thats the time i do make out tx but well we do know that not
all would really be having a free time or doesnt need those funds urgently this is is why it would be leaving us no choice but to pay up with the fees.
At the moment the fees is playing around $1- $14 and it do change from time to time.
full member
Activity: 640
Merit: 104
not all altcoins have expensive transaction fees than bitcoin because expensive transaction fees are influenced by the number of transactions that occur in cryptocurrencies so that they experience very many queues. some altcoins are also still cheap in transaction fees because transactions that occur in these altcoins do not experience many queues.
we take an example of an altcoin with very expensive transaction fees, namely Ethereum. Several years earlier Ethereum transaction fees were very cheap because the price of Ethereum at that time was very cheap compared to the current Ethereum price, and transactions on Ethereum were much less compared to the number of Ethereum transactions at this time.
hero member
Activity: 2702
Merit: 716
Nothing lasts forever
Do people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

You must be damn lucky bro because the day before yesterday I did a $250 transaction with 7 inputs and one output and it costed me $15 in fees.
Although $15 is too much for fees recently the point is that I had to consumed 7 inputs as well.
If it had been one single input I guess I would have paid a lot less on fees too.
I wish bitcoin fees remain this low forever  Grin
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Do people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently?
~
That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

Hihi, you realize that this is a freak epoch by the number of blocks mined, and in less than 24 hours the capacity of the network will drop by around 30 extra blocks per day, right? Since the start of May, we have mined more than 300 of those extra blocks, 300MB of extra transactions.  The retarget will be close to the weekend so the mempool will not be able to spike again in such a short time but one week from now one these claims are going to be quite funny for a person first time reading them.

This so-called "reality" will just be temporary, the true reality is what we had in the previous three months.


Besides, if the fees would drop to being constantly 1sat/b it would mean only one thing, that nobody is using BTC anymore.
Bottom line, if you plan to spend or consolidate inputs at cheap fees time is running out.
sr. member
Activity: 1554
Merit: 413
Actually i'm still confused with the rate of transaction fee in bitcoin, like how is that always different? some experienced low transaction fee, but then there are also people with ridiculously high transaction fee that don't even make sense.
You have to go back and watch videos or read guides how the Bitcoin network works basically. The fee is not fixed since it's a decentralized network. Nobody can dictate how much fee you want to attach to your transaction. Likewise, you cannot control what other people do.

1 block was limited 1MB of transactions originally but the size limit was changed when segwit was introduced. It also takes ten minutes on average to mine one. That means it cannot accommodate all transactions at the same time. People who wants their transactions to be included in the next block pays more fees while the others who are willing to wait until the nertwork is less congested pay less.
legendary
Activity: 2730
Merit: 7065
Well you only mentioned Doge and Ethereum  But you did not pay attention to Ripple (XRP)?
Since you mentioned XRP, you need to be aware of a few things. You are not using Ripple, you are using its centralized coin - XRP. It's a premined coin with the Ripple foundation owning the biggest bags. I think the SEC forced Ripple to sell their holdings recently, but that doesn't change much when it comes to the whole XRP idea.

Although it's cheap to transact with, you are forgetting that each address requires a 20 XRP creation fee. That's almost $30 that you won't get back. And you pay that fee for every new address you create. 
sr. member
Activity: 700
Merit: 251
Actually i'm still confused with the rate of transaction fee in bitcoin, like how is that always different? some experienced low transaction fee, but then there are also people with ridiculously high transaction fee that don't even make sense. I think that's why people are skeptical with bitcoin transaction fee already, since most people who share their story here always complain about high transaction fee. I can't really say much about altcoin transaction fee though, since i never use one, or even own DOGE. but well, maybe they're like that to hype their coin, nothing's wrong with that, as long as they don't mind with the fee and happy with their decision, why not?
sr. member
Activity: 1554
Merit: 413
....
When I last checked the transaction fees they were still double digit. I thought about depositing BTC at an exchange but no was too expensive.
This is the main reason why I made this post. There are many people who don't check first before making a conclusion that it's expensive. You can use tools such as https://mempool.space/ to monitor fees. The fastest fee right now is 34 sats/vbyte which is ~$4.

....
But you did not pay attention to Ripple (XRP)?
I would have included if it was more expensive. The title of the topic says "lower".
hero member
Activity: 2338
Merit: 953
Temporary forum vacation
Lately, I have rarely used btc withdrawal transactions because the discussion in this thread made me very surprised by the lower btc withdrawal fees than altcoins even though the price has reached a very high price. For withdrawals, I use bsc or trc2 USDT gas fees compared to other low and cheap coins.

Do not always listen to the forums and reddit and Twitter. I keep seeing people talk about $50 or $20 transaction fees but most of them hardly understand even how btc fees work and especially how you can estimate and use a fee properly if you use a wallet like Electrum.

I still have at highest every paid $10 and this was years ago. You can easily do 10 satoshi/byte even today and that is not even 60 cents.
sr. member
Activity: 2520
Merit: 280
Hire Bitcointalk Camp. Manager @ r7promotions.com
Mining network back in the action so the huge clog of 200K transactions were abled to clear in the last few days not the network back to normal which may need 40-50sat/byte for a transaction when the network is highly spiked up but yes earlier today the 3-4 sat for the fastest transaction remains for very long time for the users to make cheaper transactions.

Each coin's transaction price is going to get more expensive in the fee when the more transactions are created at the same time.

Was that just fora short period of time? When I last checked the transaction fees they were still double digit. I thought about depositing BTC at an exchange but no was too expensive.
It was in 4sat/byte for few hours but now the fee was higher still its not going to take too long since the Mempool has only about 10 to 15K unconfirmed transactions which will be cleared in few hours unless the users keep pushing the prices higher and higher.
legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
I think it's because most of bitcoin holders aren't really moving their coin that much not to mention most of people nowadays prefer coin like tron, etc to make payment online so the transaction fee kinda low, ETH in the other hand having many dapps hosted on top of its blockchain and the ERC20 tokens too, it does make sense for ETH to have significantly higher fee if you compare it.
Transaction fees on Ethereum blockchain is crazy now. Sometimes, it needs more than value of a altcoin. Yes, you're right that we don't focus properly that we are spending more on altcoin. At this time we should use Bsc and Tron for saving some extra money.
Most of the dapps that are created on top of ETH blockchain executes rather many smart contract code thus the gas quantity required is astronomically high but it's indeed already high even just sending money definitely not a solution for ordinary people.
hero member
Activity: 3150
Merit: 937
Does people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

This looks like a cycle to me.Bitcoin blockchain gets stuck,so many people move to altcoins,this makes altcoin blockchains stuck and increases altcoin transaction fees,while the Bitcoin transaction fees go down.
The cycle will repeat again and BTC transaction fees will go thru the roof,when the Bitcoin price goes above 60K USD and a new FOMO phase starts.
If you want low fees,you should move to a centralized payment network,even though the fees there will increase as well. Grin There's no solution,I guess.
legendary
Activity: 3346
Merit: 1352
Leading Crypto Sports Betting & Casino Platform
We might really be seeing a promising project like ADA which they claimed to be perfect when scaling since it's going to be a lot faster when more are joining the network.
I haven't checked ADA but I no longer have any faith. Shitcoins like ETH have also been claiming to be "perfect when scaling". They even went as far as starting a scam campaign called "flippening" where they claimed they will replace bitcoin since they are "better".
Experts have been warning people about these false advertisements for years and nobody listened. Now they learn it the hard way. I wonder how long before ETH network goes down again like 2017 and exchanges are forced to shut down its deposit and withdrawals again!

Everyone know what happened to Ethereum in 2018. It lost more than 95% of its value when the bubble burst. And this is what happens when a project without enough merit is overhyped. The same will happen once more, but I am not sure about the dates. It can occur in the next few months, or it can occur next year. Eventually the bubble is going to burst. ADA looks like a better coin for me. But the developers are very incompetent. When I made my first investment in this coin, I had a hard time in storing my coins. Because there was no option other than to install the full wallet (Daedalus).
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