Say it again? Bitcoin transaction fees expensive? - page 3.

figmentofmyass

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Quote from: Baofeng on June 01, 2019, 05:30:24 AM

Another proof that bitcoin transactions is still very cheap, the transaction below moves $500,000 million with less than $5 fees.

that's great for all the billionaires in the room, but it's not gonna comfort most people in the world---who will only ever own fractions of a bitcoin. Wink

don't get me wrong, i'm glad such massive value can be sent for just a few bucks, but it won't stop people from complaining about high fees.

kotajikikox

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No not too expensive.because I used it for transaction and it is not that much expensive than the other payment transaction using wallet coins.

pooya87

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you can't really post a transaction paying 141 satoshi/byte and call that cheap fee just because the amount being transferred (in this case 66k+BTC) was huge. that fee per byte is the only field that matters in that transaction and it is a gigantic fee to pay for a bitcoin transaction and it should not be that way. you have to keep in mind that bitcoin at protocol level does NOT care about how much money you are transferring, it only cares about the size of the transaction in byte which is why this was a terrible example to post here in my opinion.

oseikuf44

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I wonder why people spent just a fraction of dollar to pay for transanction fees on the blockchain and is delivered in just a blink of an eye ,yet they complain of high fees. What of western union ,money gram and other remittance services that charges exorbitant fees.

Naughty Princess

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Quote from: purple.thoughts on June 02, 2019, 07:33:22 PM

I love the way bitcoin charges us low transaction fees. That is why I prefer using or transacting with bitcoin compared to other cryptocurrencies. Bitcoin also lots of variety wallets to create with.

Bitcoin transaction fee is low because the price of bitcoin is cheap but the volume is still the same. It is expensive when you have to transfer less amount or just the same as transaction fee, the fee is not worth to use and prefer to used fiat rather than that.

bhabygrim

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Quote from: acroman08 on June 01, 2019, 06:07:36 AM

it's looks cheap in the sense because the transaction is worth 500btc but if the transaction is small the 5$ fee will be expensive. also most users only send small amount of btc/mbtc and so the 5$ fee is expensive for them since the transaction is small.

I agree it is cheap for those high value transaction ,
But for us who would only send about 100k sats or 0.001BTC it would be an expensive fee.
It is always better to look at others point of view too because not everyone is the same.
Just imagine about those people who wants to transfer their small funds let's say they have $20 then $5 fee would be too much.

Successmaniac4

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Comparing Bitcoin transactions to that of banks, you will realize that Bitcoin transactions charge much lower fees. The price of transaction fees also depends on the exchange where the transaction will take place. Binance charges much lower fees.

Gaff

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Quote from: klaaas on June 03, 2019, 03:10:36 AM

Quote from: bitbunnny on June 03, 2019, 01:51:16 AM

For the speed people higher the fees and get included in earlier blocks, this can only be adjusted as we as a whole going to pay less fees for the transactions.

The price can always be worth it, but if we just used the generic fee rates then we should be patient enough and wait for our delayed transactions to arrive in our wallet. Having expensive transaction fee is a lot advantageous compared to normal fee, because blocks was too congested compared to higher miner fee. Most probably it was gaining higher fees during price increase of btc and let's expect it to soar during bull run.

klaaas

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Quote from: bitbunnny on June 03, 2019, 01:51:16 AM

For the speed people higher the fees and get included in earlier blocks, this can only be adjusted as we as a whole going to pay less fees for the transactions.

bitbunnny

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Quote from: stadus on June 02, 2019, 10:35:44 PM

This is right, transaction fee does not solely based on the transacted amount.

However, the amount is huge if you only transfer the small amount.
Bitcoin is only good for big transactions and bad for small transactions, that's why altcoins are invented to answer this call to help people who wants to transact small.

It cannot be use for ordinary day transaction having that huge amount of fee for small amount of money.

This is true but we have to admit that Bitcoin transactions fees are getting lower and that they are quite reasonable and acceptable, even for small transaction. Especially if we compare current fees with those few years ago. And we have to have in mind that everyone in Bitcoin supply chain have to get its share in order for everything to function properly.

stompix

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Quote from: hatshepsut93 on June 01, 2019, 09:12:06 PM

Quote from: gentlemand on June 01, 2019, 03:46:43 PM

~

https://jochen-hoenicke.de/queue/#0,1w

Fees go up and down all the time, maybe someone will crack this pattern? I think it coincides with trading activity in the West, as you can see the fees usually start to rise after 12:00 and drop around 00:00 - when people finally go to sleep.

It's exactly like that and it is running like this for months.
At 23-01 it begins to go down and only picks pace around 8-10, as it is also a lot influenced by the luck the miners have in finding blocks, as a 5-6 block streak in 20 minutes will influence a lot.

Also, we shouldn't forget that we ended the last retargeting with 11% in difficulty meaning around 11% faster blocks generation and increase in capacity. This is not going to repeat itself more than a few times.

Quote from: PuertoLibre on June 01, 2019, 10:01:35 PM

The transfer rates are unquestionably superior compared to what rapacious bankers ask for the same amount. They are busy with making fortunes and ordinary people have no idea how to beat these price quotes. For small volume transactions, these mining fees are high and block congestion is still a problem on price-volatile market days.

Lols, what you wanted to say and what you ended up saying.
So, banks are worse than bitcoin when sending millions but ar better when sending small amount and paying with a card.

Wait, it means banks are better for the poor than the rich? Grin

stadus

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This is right, transaction fee does not solely based on the transacted amount.

However, the amount is huge if you only transfer the small amount.
Bitcoin is only good for big transactions and bad for small transactions, that's why altcoins are invented to answer this call to help people who wants to transact small.

It cannot be use for ordinary day transaction having that huge amount of fee for small amount of money.

libert19

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Certainly it's cheap and there are cryptos which could do the same job for few cents or completely free.

purple.thoughts

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I love the way bitcoin charges us low transaction fees. That is why I prefer using or transacting with bitcoin compared to other cryptocurrencies. Bitcoin also lots of variety wallets to create with.

mickeybuddy27

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Quote from: dmty.0809 on June 01, 2019, 10:08:09 PM

For such a large amount, the $ 5 fee does not mean anything. It's still very cheap and affordable. Maybe if the price of bitcoin is expensive and reaches $ 100,000 it is likely that the fee will increase.

Transaction fee is sometimes fixed value that any amount you process so better to transfer big amount for it to be worthwhile. It is just the volume that high but the value is cheap, transaction fee could increase when the price of bitcoin also increase.

Cheesus

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It looks cheap but actually, it is not! Where 50000 BTC is a very big amount, so 5 USD fees seem very low here! But when you transfer 500 USD and the transaction cost remains 5 USD! That time you will feel Bitcoin transactions fees need to lower than now! And, the transaction speed not enough good, but it is improving gradually!

Altero

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Quote from: timmydakolo2 on June 02, 2019, 04:52:54 PM

This has took place last year it's not even a thing to worry about because it always falls back to its normal fee price, now I believe most crypto traders will have other means to make transaction. That will slashed off the high rate.

Fees will be depending on us, just like we do in sending BTC's from our electrum wallet, if we set into high will definitely we pay for that certain amount and possible it be more than $5. But for what OP shows to us, it looks unbelievable to have $5 fees just to move that huge amount. It for sure it takes hours to confirm that transaction but the most important is we save a lot.

timmydakolo2

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This has took place last year it's not even a thing to worry about because it always falls back to its normal fee price, now I believe most crypto traders will have other means to make transaction. That will slashed off the high rate.

BitHodler

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Quote from: bekkioPEK on June 02, 2019, 01:52:30 PM

the fees are high if you move a few tens of dollars, in proportion to a transaction of 20/30 $ you pay 10/15% of the value in fee. the important thing is to avoid making micropayments with Bitcoin, to make micropayments the altcoins are better

For micro payments I use LN. I don't see much point in using an altcoin that I can't spend anywhere just to save a few pennies. By using Bitcoin you pay for security and wide level acceptance at the same time.

Everyone in crypto will accept my Bitcoin payments. Way less will accept a top 10 altcoin, and orders of magnitude less people will accept payment in an altcoin with a sub $1 billion market cap.

When exchanges roll out support for LN things will become even worse for altcoins. I'm not saying they will become worthless, but certainly less in demand because they can't compete based on low fees anymore.

o_e_l_e_o

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Quote from: ralle14 on June 02, 2019, 02:17:46 PM

Or monitor the network until the fees starts to go down.

Or this. I made a $10 transaction earlier today and paid 1 sat/byte for it, which worked out at around 2 cents. Take a look at this site - https://jochen-hoenicke.de/queue/#1,2d - and you will see the mempool periodically emptying to pretty much zero every few days at the longest, but often much more frequently than that. If your transaction isn't time critical, there is currently no need to spend more than a couple of sat/byte or a few cents on fees, and just be patient.

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