Topic: Comparative table on fees among some coins. Pick up one for your need. (Read 371 times)

It's definitely a recurring pattern.

Have a look at https://jochen-hoenicke.de/queue/#0,6m, and zoom in on any 7 day period from the past 6 months (or longer). Outside of times when the mempool is backed up for several days, it generally empties or at least dips to the lowest around the hours of 0200 to 0600 UTC, which coincides with midday in your time.

I notice there are a few hours window where you can send BTC rather cheaply, it's about mid-day Indonesian (GMT+7) time, not sure whether it's coincidental or not, but I managed to do it multiple times with less than $1 fees mostly and got confirmation in the next block or block after that.

actually history has shown that those altcoins with bigger blocks would have higher fees just as easily without even having their blocks full. all it takes is a small rise in the number of unconfirmed transactions for the fee to start rising.
why?
because they are copies of bitcoin and they are copied by incompetent developers who have very little understanding of the code and bitcoin protocol. for example bcash that has 32 MB blocks creates a fee market with a small tx surge while miners continue mining only 1 MB blocks!

It's generally because of a high amount of transactions at a given time

Let the number of transactions per second rise and see how the fee will shot upwards. The logical reason is that the mentioned networks have very low transactions at a give time. Before the ICO hype in 2017, ETH also have very low fees but after the emergence of dapps and now DeFi, see how messed up the transaction fees are.

Day trading has nothing to do with coin market capitalization. Coinmarketcap is Price of the coin x Number of coins in circulatiuon.

So far, fees become a hot topic to talk in the crypto world, moreover the fees of ETH. It really jumps very high.
Well, this is yeah right, comparing the fees when going to transfer or withdraw the coin is more helpful in order to get the lower fees enough. However it can only be done if transferring from exchanges, so we can covert to the coin that has lower fees. The coins that I mostly use for converting from one exchange to others are likely TRX, XLM, and also XRP. However, before comparing, ensure about the comparison of the price from the previous exchange tot he addressing exchange so that we do not miss the chance to still make profits from it.
However, the question is how if we transfer form the wallet where we cannot convert it to the other coins?

That is also right. that is why we must be careful in choosing the right coin to convert that has a lower fee transaction. It also needs to compare the price of the coin from the initial exchange tot he addressing exchange so that we will not lose more.

That makes sense. Just yesterday I made transaction of withdrawing ETH from MEW to an exchange, the fee was very cray so that I canceled it several times. until I get the best fee as I can after waiting for several days, I paid for $1.08 fees of ETH for the middle-speed transaction.
On the other hand, the Bitcoin fee was very very cheap. At first, I tho0uoght that it is a fault and I cannot succeed the withdrawal but in fact, I only spent around 0.023384mBtc.

If you're only doing this to transfer and then end up back in the coin you didn't want to pay the fees on you really need to do your sums and add up the cost for the complete process. If it's between exchanges trading fees and price differences can easily eat any saving in the cost of the fee and are likely to end up costing you more.

This is the single biggest factor - Bitcoin and ETH used to have an average fee of just a few cents or less in the past, but now we are in a bull market and the demand for transactions is through the roof as people move coins between exchanges and also in and out of them. The same could happen with any of the altcoins that currently has low fees, except for the ones with truly large blocks, but coins with megablocks are so centralized that they can't really be considered cryptocurrencies - they are not peer-to-peer, they are client-server.

Yeah, I really comprehend the concept,
Thanks for understable explanation.

So because you've never had a problem with LTC it automatically means LTC isn't less secure? That's not how things work. Also, I was referring to the Litecoin project in general, not specifically the exchange converting the coins.

Taking these into considerations, btc and ETH fees are much higher these days, withdrawing charges seems to be more than the gain obtain from crypto trading, can I say the cause of that could be ETH new version, as it's spikes the charges these couple of months. The last transaction I did in bittrex was to exchange btc to LTC so I could be charged with less cents. So @mk4 are you trying to say that withdrawing via LTC is less secured, but have been doing this for a year now.

Because both BTC and ETH are actually platforms that people are using, not like the others where the usage is really really low.

Also, as for Bitcoin, I'd say market usage(along with price) has skyrocket since 2016-2017 that transactions have risen so much that the technology didn't keep up. Both Layer1 and Layer2 solutions are continuing to move forward though, so there's that. Hopefully both are ready for the next ATH.


Mostly because there are a lot of people getting tricked by the XRP shillers on Twitter and Reddit.

Apparently OP didn't mean they have anything better unless you move them from one account to other. When I need to transfer my funds between my accounts on different exchanges me often uses XLM as a mediator because Stellar net is known to be fast and  low fee.

when they flip a switch and hard fork, that is a good indication of centralization.
when there is a huge premine and a huge ICO there is another sign of centralization.
when they easily roll back a very large number of blocks, that is the last straw which also kills the immutability of that blockchiain.

GeorgeJohn, consider also the fact that ethereum smart contracts can be frozen by the token issuer.

Freezing of account or stopping their network has been done by some project whenever they're hacked. These projects were supposed to be decentralized since they consider themselves as DEFI.

BTC and ETH had higher transaction fee. Is there any reason behind this high transaction fee of both crypto? Well, I think it would be better also to be that way so that whales could minimize their day trading activities if it happen.

Dash, BSV and XRP are have.lowet transactions fee. However, as I observe in coinmarketcap.com xrp had only little increase in its market capitalization probably due to day trading? I will check these crypto for possible pump and dump scheme.

Other crypto in the table are also having low transaction fee. I guess the transaction fee differs on the service of the miners while miningnthe crypto. Besides others are too hesitant to make transactions fast by paying setting higher gas to speed up the transaction.

To quantify the "altcoins are less secure" statement, I like to show people this site: https://howmanyconfs.com/

Altcoin transactions generally take days, if not weeks, to reach the same level of "finality" that bitcoin transactions reach in a matter of minutes. Because it takes so much longer to reach the equivalent of 6 confirmations, altcoin transaction are easier to reverse, more susceptible to 51% attacks, and more likely to be involved in chain reorganizations. This is reflected in the fact that most centralized services will make you weight for far more confirmations for these coins compared to bitcoin before they credit your deposits.

Not to mention that half of the altcoins listed in the OP are centralized scams. I don't want to touch them, even for the minutes to hours it takes to make a transaction and trade them back to bitcoin.

Custodial exchanges charge higher fee that could be 10 times more than normal transaction fees. These higher amount are for exchange maintenance, but the trading fee could be low.

For noncustodial exchanges, the transaction fee is low while the exchange feels is high, you are right.

Waste of funds for fee or excanging.

Making my bitcoin transaction on my noncustodial wallet has been the best, the last transaction I made was sent with $0.1 dollar transaction fee.

This is true for almost all blockchain networks
ETH gas price has now dropped to the range of 100 gwei, it could drop further below 100 on Saturday and Sunday. The gas price mid week was crazy. It even hit 300 Gwei at some point.

I wanted to move some ERC20 tokens but the transaction price was about $20, Crazy!!  I gave up and instead made a bitcoin transaction this morning at 5 sats per byte. 1 sat per byte transactions were getting confirmed too. It shows how DeFi dapps have put the Ethereum network to a stretch.

Ethereum is definitely more centralized than Bitcoin that's for sure. Simply from the fact that Ethereum has far less full nodes than Bitcoin itself; and that Ethereum has a "figurehead"(Vitalik obviously) while Bitcoin doesn't.

I really want to know the one that is centralized ?.. Does it mean ETH is centralized and it has poor security.
Please explain better.

Aside from what has been mentioned above, there's a trend that Bitcoin fees are low on the weekend. 1-5 sats might be enough to make your transaction get confirmed on the next block. There're threads about this if you need more info.

A quick heads up to the newbies: a "cryptocurrency" having lower fees definitely doesn't automatically mean it's better. These other coins have lower fees because:

• they're more centralized
• they're less secure
• not much people use them(probably besides ETH)

You're still mostly better off using Bitcoin(BTC) in the end. You just don't need to pay for $1+ high fees(most of the time 10 sats/b which costs a few cents will suffice) unless you're in a rush to get the transaction confirmed.

"But what if I convert my BTC to altcoins for faster transfers?" This could work if your funds are on exchanges in the first place(which is definitely not recommended), though also take into consideration the exchange fees, because you might end up paying more on conversion fees than just straight-off paying a decent bitcoin transaction fee.

Blockchair.com has its compare page which presents a filter and comparative tables among some coins. In this thread, I present you an overview on fees (average, median in $ last 24 hours). You can visit the page, get an overview before doing further steps and choose the best coin at time to move your fund.

Similar when you trade, look at daily volume and price trend of each coin. Make sure after you move your fund with it, you can trade it back to Bitcoin and won't get loss when price falls down.

Use this method to move your small fund when fee is a matter. I don't advise you to move all your funds with altcoins because of Replay attacks.