Topic: Say it again? Bitcoin transaction fees expensive? (Read 1248 times)
No. I think the price of bitcoin recently has decreased and this is a really great idea. Many people are liking bitcoin for this and I'm hopeful a lot of people will join cryptocurrency soon.
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https://asdfgtyhujik.medium.com/u-s-sets-daily-record-with-over-250-000-cases-3bc73c69bdd8
https://asdfgtyhujik.medium.com/u-s-sets-daily-record-with-over-250-000-cases-3bc73c69bdd8
It looks cheap but actually, it is not! Where 50000 BTC is a very big amount, so 5 USD fee seems very low here! But when you transfer 500 USD and the transaction cost remains 5 USD! That time you will feel Bitcoin transactions fees should be reduced than now! And, another lacking is the transaction speed is not good enough! though it is improving gradually!
Another proof that bitcoin transactions is still very cheap, the transaction below moves $500,000 million with less than $5 fees. This is a Binance external transaction. So for those proponents who says that bitcoin fees is expensive and slow, take a look, as everything is transparent on the blockchain network.
https://twitter.com/whale_alert/status/1134411929072676864
It says just as a small amount of fee is charged in small amounts. I think the fees should be reduced. But yes if we go to compare with the bank or anything else. It can be seen that the costs are being cut as much as it costs. https://twitter.com/whale_alert/status/1134411929072676864
Currently fee for Bitcoin transaction is quite low I think. This is better than in 2017 caused by Uncomfirmed Transactions, which could reach more than 0.001 BTC. At this time fee for priority only take 0.0002 BTC.
And how many of the Bitcoin users can afford to move $500,000 in one go? Let's talk about ordinary Bitcoin users, who have less than BTC0.10 in their wallet. I have been an active user here for 3 years. I still don't have 1 BTC in my wallet. Most of the times, they move less than BTC0.01, and for doing so they need to pay somewhere between 5% and 10% of that amount as the transaction fee.
Of course there are policies that are not the same between one exchange with another, but in principle the fees are charged when withdrawing money is cheaper than banking services.This is one of the attractions of using bitcoin which is cheaper, while the transaction is faster and safer. Maybe someday the fees can be uniform throughout the world, unlike today which is different.
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36 K is normal, I'd say. Back in 2017, at one point we had close to 250,000 unconfirmed transactions and some of the users were paying as much as $50 or $60 to get immediate confirmations. Considering the fact that approx. 5,000 transactions can be included in a single block, this backlog should get cleared within a day or two at the most.
I remember that spam attack, was a true hell, people using crazy big fees and transactions taking a lot of time to confirm, that could happen any time from now, but at the same time this is an issue who is supposed to be fixed with LN, in the close future bitcoin will evolve to LN and the blocks will have less than 1000 transactions.
Well, bulk transfers are definitely taking some load off the network. But I don't agree with you when you claim that people are afraid to try low-fee transactions. Last week, there were a couple of incidents when I paid around 8 Sat/Byte for my transactions and in the end they got confirmed after 12 hours. Fortunately, those were not urgent.
actually there is a lot of cases of "panic fee setting" or as the other user called it a "fee FOMO"! for instance those who are making a payment to buy something through a payment processor that has a limited time for the invoice. or mostly the traders who want to move their bitcoin to exchanges to sell. these people are making transactions on a daily basis and they wouldn't want to lose an opportunity just because they paid a lower fee.
on top of all that there are lots of bad fee suggestions from some of the wallets or even online tools like bitcoinfees.earn.com that are deliberately suggesting higher fees.
Well, bulk transfers are definitely taking some load off the network. But I don't agree with you when you claim that people are afraid to try low-fee transactions. Last week, there were a couple of incidents when I paid around 8 Sat/Byte for my transactions and in the end they got confirmed after 12 hours. Fortunately, those were not urgent.
Well, if they were "incidents", which "fortunately they were not urgent" then you didn't deliberately set a low fee, so it's not a valid example.
A better (but still not perfect!) example is that I simply didn't send out a transaction for more than half of a day because the fees were high. When I've seen the fees went down, I've sent it right away with some 5 sat/vbtye.
Incredible, this is why bitcoin has started to be liked by many people, because bitcoin is easy to use and Fee payments are very cheap
Despite the recent updates (such as the implementation of lightning network), the 1MB restriction on block size is causing issues for Bitcoin users for the last 4-5 years. And my guess is that sometime soon we'll witness another repeat of what we had in December 2017. There will be hundreds of thousands of pending transactions, and the tx fee may rise to unaffordable levels. This might happen during the next bull run.
Today we have indeed high fees, but they drop significantly (even down to 1-2 sat/vbyte) now and then (almost on the daily basis), which in 2017 didn't happen. I still think that what happened in December 2017 was also caused by a spam attack, SegWit and the incipient LN just don't count *that* much.
What did help was that some services implemented bulk transfers. Here I don't have numbers though.
I think that we also have now some sort of fee FOMO: people are simply afraid to try a reasonable/lower fee for transactions that can wait.
Well, bulk transfers are definitely taking some load off the network. But I don't agree with you when you claim that people are afraid to try low-fee transactions. Last week, there were a couple of incidents when I paid around 8 Sat/Byte for my transactions and in the end they got confirmed after 12 hours. Fortunately, those were not urgent.
Before talking about whether the fees are expensive or not, we should always specify what amount is going to be transferred. It's a pity that among the businessmen that are not into crypto trading few people realize that if you want to transfer over $1,000 to another country, Bitcoin is your best bet. The fact that Bitcoin transaction fee does not depend on the amount you transfer is hard to comprehend for the vast majority of people. If they knew that, we would have much wider adoption that is now.
Incredible, this is why bitcoin has started to be liked by many people, because bitcoin is easy to use and Fee payments are very cheap
Despite the recent updates (such as the implementation of lightning network), the 1MB restriction on block size is causing issues for Bitcoin users for the last 4-5 years. And my guess is that sometime soon we'll witness another repeat of what we had in December 2017. There will be hundreds of thousands of pending transactions, and the tx fee may rise to unaffordable levels. This might happen during the next bull run.
Today we have indeed high fees, but they drop significantly (even down to 1-2 sat/vbyte) now and then (almost on the daily basis), which in 2017 didn't happen. I still think that what happened in December 2017 was also caused by a spam attack, SegWit and the incipient LN just don't count *that* much.
What did help was that some services implemented bulk transfers. Here I don't have numbers though.
I think that we also have now some sort of fee FOMO: people are simply afraid to try a reasonable/lower fee for transactions that can wait.
Incredible, this is why bitcoin has started to be liked by many people, because bitcoin is easy to use and Fee payments are very cheap
Despite the recent updates (such as the implementation of lightning network), the 1MB restriction on block size is causing issues for Bitcoin users for the last 4-5 years. And my guess is that sometime soon we'll witness another repeat of what we had in December 2017. There will be hundreds of thousands of pending transactions, and the tx fee may rise to unaffordable levels. This might happen during the next bull run.
Incredible, this is why bitcoin has started to be liked by many people, because bitcoin is easy to use and Fee payments are very cheap
Well charging such a fee for that amount of bitcoin transaction its damn cheap but what about the average crypto enthusiasts who is just making a $100 bitcoin transaction and it's paying the same amount.
It depends on the priority of the transaction. If you don't need the funds immediately, then choose a lower fee and it will get confirmed after a couple of hours. I do that too some times.I also tend to wait for the right moments to consolidate inputs so that I pay up to 90% less in fees. It's just a matter of logical thinking combined with timing. It will save you a good $5-$10 in fees per month.
To some people that might not seem like much, but not saving on fees when you can is like wasting your money. Bitcoin's limited block space requires you to be creative and think smart.
Well charging such a fee for that amount of bitcoin transaction its damn cheap but what about the average crypto enthusiasts who is just making a $100 bitcoin transaction and it's paying the same amount. I think just like in centralized systems tx fees are calculated based on the amount of funds being sent.
Another proof that bitcoin transactions is still very cheap, the transaction below moves $500,000 million with less than $5 fees. This is a Binance external transaction. So for those proponents who says that bitcoin fees is expensive and slow, take a look, as everything is transparent on the blockchain network.
It is cheap compared to the amount of bitcoin transferred. But, what if you want to buy, lets say something very cheap like a $10 gift card or you go to a coffee shop and want to pay using bitcoin. $3 fee for a $4 latte sounds a bit too much. Pay less fee and wait for like an hour for a coffee? No thanks.
The transaction fee seems cheap in this case because of the amount of money involved. What about when the amount of money is less than say $20 and they are still charging almost same transaction fee.
Bitcoin is more of an asset rather than currency according to me. I do agree that the transaction fees are high but if we compare it to the other methods available, we might still find it comparatively cheaper.
Another proof that bitcoin transactions is still very cheap, the transaction below moves $500,000 million with less than $5 fees. This is a Binance external transaction. So for those proponents who says that bitcoin fees is expensive and slow, take a look, as everything is transparent on the blockchain network.
https://twitter.com/whale_alert/status/1134411929072676864
https://twitter.com/whale_alert/status/1134411929072676864
That is one good thing about Bitcoin because every transaction made has their specific encryption. Transparency is still one of the reason a lot of people use it because they can keep track of the transactions made. Some might say transaction fees are expensive but that depends sometimes on the location because it might be expensive due to the fact that not all money has equal value. It depends on the economic status of that country and if your'e located on a Third World country, expect transaction fees to be expensive.
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