Bitcoin transaction fees lower than alts

bryant.coleman

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Quote from: pawanjain on May 13, 2021, 11:34:48 AM

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.

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Quote from: Renampun on May 13, 2021, 02:18:08 AM

Quote from: pawanjain on May 12, 2021, 11:53:25 AM

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

...

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.

Quote from: bryant.coleman on May 13, 2021, 11:39:16 AM

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.

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Quote from: pawanjain on May 12, 2021, 11:53:25 AM

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

...

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.

famososMuertos

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Hi,
Well actually we must be cautious with that title, because it is missing some things, like a simple "?" or "..."

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.

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Quote from: cyriljundos on May 12, 2021, 10:00:03 PM

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.

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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.

SimpleMan

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Quote from: Yogee on May 12, 2021, 10:44:20 AM

Quote from: SimpleMan on May 11, 2021, 03:48:47 PM

....
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.

Quote from: kotajikikox on May 12, 2021, 12:18:40 AM

....
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.

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Quote from: pawanjain on May 12, 2021, 11:53:25 AM

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

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.

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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.

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

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

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

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.

Yogee

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Quote from: nightxglow on May 12, 2021, 10:52:32 AM

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.

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Quote from: kotajikikox on May 12, 2021, 12:18:40 AM

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.

nightxglow

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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?

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Quote from: SimpleMan on May 11, 2021, 03:48:47 PM

....
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.

Quote from: kotajikikox on May 12, 2021, 12:18:40 AM

....
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".

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Quote from: erep on May 11, 2021, 05:18:48 PM

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.

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Quote from: SimpleMan on May 11, 2021, 03:48:47 PM

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.

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.

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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.

Quote from: ?? on ??

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.

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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 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.

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Quote from: pooya87 on May 11, 2021, 10:38:39 PM

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!

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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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.

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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.

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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!

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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.

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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.

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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.

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

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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.

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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.

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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

DarkDays

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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.

It is true but I wonder until how long will the BTC fee be as competitive as they are now compared to alts? It is the truth so far, and in this case BTC fees by comparison to ETH are peanuts, but then every other transaction is good relative to ETH. The point is that some networks become better while others didn't anticipate the congestion leading to a disaster - ETH and BSC are both examples of how bad they are at dealing with congestion.

This matter really is stopping people from getting involved as they'd need to spend hundreds in fees and then the price needs to double or so to just recoup those before making any profit. This whole things just needs a major update and FAST.

hatshepsut93

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In other days, Bitcoin transactions are more expensive, so it's not a permanent achievement. However, Bitcoin doesn't have tokens and smart contracts, so you can be sure that Bitcoin's fees are a function of bitcoin transfer demand, instead of some random smart contract suddenly appearing and clogging all network, because speculators want to speculate. This is why it's a bad idea to try to have a currency that is in the same time a "world computer".

kryptqnick

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It's an interesting point, and I didn't know that because I haven't used any altcoins for years. At the same time, it doesn't mean that the scalability issue isn't serious. If you want to go shopping one day and pay for your groceries with Bitcoin, you cannot have to spend $1 for a $30 bill one day and then $10 for a $30 bill the next day. The fees drop occasionally, but the fact that they're largely quite significant for small transactions still means that Bitcoin isn't suitable for as everyday money in its current form.

Vishnu.Reang

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The latest Bitcoin block that was mined (#683132) included only transactions with a fee of 51 Sat/Byte and above. It is very volatile. Earlier today, it was possible even for transactions with a fee of 3-4 Sat/Byte to get instant confirmation as the blocks were largely empty. But after a few hours, they started increasing. Yesterday I paid a fee of 11 Sat/Byte for one of my transactions. But my wallet contained a large number of small inputs, so in the end I had to pay around $5 despite the lower fee in terms of Sat/Byte.

pinggoki

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Actually, it is really true. A day ago I've tried to withdraw or get some money from a gambling website in which I've seen that the transaction fee in ethereum are way higher than bitcoin transaction fees and I am starting to wonder why it is very high then eventually I've tried to check the marketcap and saw that the ethereum is about $4,000 and because of that I understand why the transaction fee over alts is kind of high.

BrewMaster

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the point is that the scaling solution exists and in bitcoin we know about it and we have both acknowledged the existence of the problem and have sought solutions that we see today (SegWit soft fork, second layer lightning network, Taproot soft fork,....) but the difference is that altcoins have not only never acknowledged their scaling problem but they have also misled people into believing it doesn't exist.

the reality is that most altcoins such as ETH have a worse scaling problem than bitcoin. in fact it is at least 60 times worse and yet they lied about it and the creator Vitalik Buterin claimed once that ETH fees will never ever go above 1 cent!!!

Poker Player

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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?

Yes but the point is how long that will last because it's already back up. Let's wait for a sharp rise in price, or a fall, and we'll see. The strange thing has been that today and yesterday we have had some hours with fees as cheap as on Sunday. Let's hope that in the next few days it keeps like that and we can consilidate small transactions. I've got one still pending.

slapper

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Yeah, people are too busy to realize that facts. All they do is complain. Ethereum fees are always higher than bitcoin for many months and right now, with the increase of doge, bitcoin is becoming cheaper than ever. Congestion is likely to appear in any network due to the high demand of Defi, IDO, IEO and stacking

dothebeats

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A friend actually complained about ETH gas earlier, fetching over 200+ gwei. It's a bummer but understandable since most of the focus are on the altcoins right now and bitcoin is kinda benched and laying low after all the insane market movements it has had in the past few months. Like any other market events, I'm pretty sure the transaction fees will lower down as the hype around these altcoins subsides. Doge still is relatively cheap to use for transfers IMO compared to bitcoin.

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

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.

It's because bitcoin is experiencing more "screen time" on the market than these altcoins, hence why the fees are, for the most part, expensive.

jrrsparkles

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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.

Yogee

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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.

Topic: Bitcoin transaction fees lower than alts (Read 455 times)