Bitcoin transaction fees lower than alts - page 2.

kotajikikox

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Quote from: Yogee on May 11, 2021, 11:41:55 AM

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.

Well you only mentioned Doge and Ethereum But you did not pay attention to Ripple (XRP)? Yeah Bitcoin transaction is really dropping now as i have already sent from exchange with really super low fee.

But Ripple on the other Hand has its lowest for me.

Though this is a Great news for all of us , because if there will someone to benefits from this , then it is Us.

Wawa2013

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Quote from: maxreish on May 11, 2021, 11:45:37 PM

But if Im gonna choose which coin will I use to lessen the transaction fees, I will choose either xrp or trx. Not bitcoin, eth or doge. Quite expensive , though bitcoin is much lower than ethereum and doge but still the transaction is still slow and it take some hours to be confirmed.

Not only that, if your local exchange has some altcoins like better to choose those as you wanted to save up some fees.

When compared to Ethereum and Dogecoin, Bitcoin may have cheaper transaction fees. However, there are still many altcoins that have lower
transaction fees. Like XLM, XRP and TRX have very cheap transaction fees when compared to Bitcoin. So when we move the funds we have
on exchanges, we can check first for coins that have cheaper transaction fees. Because not all altcoins have transaction fees that are more
expensive than Bitcoin.

maxreish

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But if Im gonna choose which coin will I use to lessen the transaction fees, I will choose either xrp or trx. Not bitcoin, eth or doge. Quite expensive , though bitcoin is much lower than ethereum and doge but still the transaction is still slow and it take some hours to be confirmed.

Not only that, if your local exchange has some altcoins like better to choose those as you wanted to save up some fees.

pooya87

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Quote from: cabron on May 11, 2021, 10:26:15 PM

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!

cabron

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Quote from: tbct_mt2 on May 11, 2021, 09:29:44 PM

Quote from: Yogee on May 11, 2021, 11:41:55 AM

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.

Big networks, no matter whichever network, will have congested times and people have to be knowledgeable and wisely when they choose the means to transact their money.

Bitcoin with its biggest hashrates is the safest network to move, if you move big funds.
Ethereum is option for people who want to trade with ERC-20 tokens.
BSC is option for people who want to trade ERC-20 tokens or some projects that have built on both ERC-20 and TRC-20.

It is a historic story: When Bitcoin network congested in 2017, Ethereum enthusiasts shill it as Ethereum network will never be congested. Look, ETH network was seriously congested, for more than 4 weeks or longer. Binance Smart Chain was shilled by CZ in the same way but look, their network began to have problems.

Actually, ETH also experienced congestion last 2017. The adoption wasn't expected to come this massive that ETH now is scrambling to develop ways to scale but it's yet not working after months. They did announce it will somehow improve after an update with Berlin but it's really not.

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.

tbct_mt2

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Quote from: Yogee on May 11, 2021, 11:41:55 AM

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.

Big networks, no matter whichever network, will have congested times and people have to be knowledgeable and wisely when they choose the means to transact their money.

Bitcoin with its biggest hashrates is the safest network to move, if you move big funds.
Ethereum is option for people who want to trade with ERC-20 tokens.
BSC is option for people who want to trade ERC-20 tokens or some projects that have built on both ERC-20 and TRC-20.

It is a historic story: When Bitcoin network congested in 2017, Ethereum enthusiasts shill it as Ethereum network will never be congested. Look, ETH network was seriously congested, for more than 4 weeks or longer. Binance Smart Chain was shilled by CZ in the same way but look, their network began to have problems.

wack slacker

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Transaction costs operate in the form of auctions. The higher the need to send Bitcoin causes the network to become congested, costs will increase, and the miners will support those who provide higher costs.
Low transaction costs bode well for the Bitcoin community. The application of Bitcoin to daily payment transactions still has a chance to do so.

erep

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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.

cowmaster

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Because of the dex bot, the erc20 fee is too high.

teosanru

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Quote from: Yogee on May 11, 2021, 11:41:55 AM

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.

Yes this is absolutely shocking. I saw this just a couple of days ago and was surprised to see that Bitcoin fees has gone way down. I think it's due to some recent difficulty adjustment but looks like btc is handling the scaling issue pretty nicely and that also despite such a high price. If this would have been something during the bear run fees would have looked even lesser it's just 6-10 sats/byte for a good and swift transaction. Ether on the other hand has really shocked everyone. Fees is terrible these days due to network congestion and Uniswap fees is even higher.

SimpleMan

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Quote from: jrrsparkles on May 11, 2021, 11:52:00 AM

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.

yhiaali3

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Of course, the transfer via Altcoin costs more than the transfer via the Bitcoin network, with the exception of the TRON network and the Binance network, currently the fees are still low at this time due to the fact that there is no significant use of these two networks and there is no congestion.
But despite that, it can be said that the transfer fees over the Bitcoin network are still high and suffer from delays many times when there is congestion on the network, this is an annoying problem and needs to be solved, it is not enough to say that the transfer fees through the Bitcoin network are cheaper than the fees over the networks Other fees must be reduced to an acceptable level.

pixie85

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Most altcoins are still very cheap so people don't care they have to pay 1 or 2 coins for their transaction because it's still less in fiat money than they'd have to pay for bitcoin.
They don't see the big picture that if those altcoins were to go 100x in price like bitcoin did they'd be paying a more for transaction than they're paying for a bitcoin tx.

Newcomers who are just about to buy some bitcoins complain about fees but people who held bitcoin for a while can take it. If you were an ETH holder for 2 years you wouldn't care about fees and focus on how much money you made.

examplens

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I am also surprised today when realising "fast" Bitcoin transaction using low fee.
But when you talking about cheap transaction, check TRX. It's usually 1-2TRX, which is equal to $0.14-$0.28. Of course, I don't count on expensive exchanges here.
Also, check Litecoin. The withdrawal fee on Binance is 0.001ltc, which is $0.37 at the moment.
But definitely, more and more attention is being paid to the amount of the fee, so "low-cost" coins have a chance.

NeuroticFish

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Quote from: Yogee on May 11, 2021, 11:41:55 AM

It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price

Wow, indeed. Somehow I failed to quantify the current value of DOGE, in my head 1-2 DOGE tx fee was "cheap". Thanks for the eye opening.
And yes, the conclusion is that if coin becomes valuable and of high daily use, the transaction fees will grow, no matter how the coin is called.
The miners do like to get paid...

milewilda

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Quote from: Yogee on May 11, 2021, 11:41:55 AM

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 is actually true and these kind of things are the result into those people who doesnt really make out some research and believe on what they had believed basing off on experience on point.
Yes, the fees on Btc could really have dropped down to less than a bucks which is way lower than on most top altcoins in the market even though the fee is indeed dynamic basing
off with the network congestion and this is where fees do really moves on.It does have its con's though but talking into the positive side where it bloats for sometime
but eventually goes back to normal unlike on other alts like ETH, having gas problems is way too long for it to subside.

skarais

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Bitcoin transaction fee keep changing all the time and yes now the transaction fee are much lower than the previous weeks. A network that is too congested will increase transaction fee so that many low-fee transaction will be stuck. If you pay attention to the current mempool.space, the recommended transaction fee have increased so the low transaction fee will never be permanent.

Oshosondy

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Quote from: MichaelB16 on May 11, 2021, 02:05:48 PM

How much do you have to pay currently for a Bitcoin transaction of 0.1 BTC ?

It depends on the mempool and the weight of the transaction, it is not about the amount you are sending. The fee that is needed for 0.0001 btc will also be the same amount needed for 100 btc, the amount you are sending does not matter.

To check the fee rate you can use mempool.space
To check the transaction weight, you can use https://jlopp.github.io/bitcoin-transaction-size-calculator/

You will need to know the transaction input which will add up to the transaction weight.

MichaelB16

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How much do you have to pay currently for a Bitcoin transaction of 0.1 BTC ?

Kabul

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Wonderful. That is why people should hold more bitcoin rather than other cryptocurrencies. Bitcoin is the safest ond sith the guarantee to triple your money. I also think that people are blinded by the hype of NFT projects. Money are being put to build numerous projects/coins/tokens.

With the current low fee, I guess many investors must be collecting more bitcoin

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