Say it again? Bitcoin transaction fees expensive? - page 4.

ralle14

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

If people still wants to make small transactions with Bitcoin on chain they can still do so but they have to lower their transaction fee. Using altcoins for smaller transactions does sound good but it's not always applicable because there are services and merchants that only prefers to accept Bitcoin.

Quote from: o_e_l_e_o on June 02, 2019, 02:50:46 PM

Quote from: XCANA on June 02, 2019, 10:37:32 AM

Tactically you advise to always convert Bitcoin to altcoins whenever there's a small transaction to be carry out?

Use Lightning.

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

bekkioPEK

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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

o_e_l_e_o

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Quote from: jak3 on June 02, 2019, 10:02:42 AM

Remember the transactions back in 2013 when I transacted 0.1 BTC with only one thousand satoshi fees.

It is still very much possible to send that amount or more for 1 thousand satoshi or less in fees. In fact, there was a transaction just a few hours ago which moved over 3 BTC for only 224 satoshi in fees: https://btc.com/bfdee782862f5b0140c07c2125911b60d382d6b318b838c07afc3a1b5fbc1b95. Thanks to Segwit, it is now possible to make a 1-input-2-output transaction which takes up less than 200 bytes, so the fee could have been even cheaper than that.

Quote from: XCANA on June 02, 2019, 10:37:32 AM

Tactically you advise to always convert Bitcoin to altcoins whenever there's a small transaction to be carry out?

Use Lightning.

Spider A4

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Quote from: dmty.0809 on June 01, 2019, 11:08:09 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.

Fees will be increased in small transaction, it was big transaction which is 5,00000$ instead of 5$ fees so i think it's quite cheap in as a big transaction.
I see in my small transaction fee is something large. I don't know fee amount is connected in transaction speed or not.

Indamuck

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Ya but it is the same fee no matter how much btc you are moving so this whole thing is irrelevant. No one wants to pay $5 on a $10 transaction, this is partially why these bitcoin forks are rising in value and outgaining bitcoin over the past few months. BCH already did 5x since December.

sngwinner

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Comparatively, we can say this is small but let's not forget that the transaction fee isnt much different when you are sending say $20. I know once btc goes high rhis year, we will see situations where you will have to pay huge sums as transaction fee.

Eraldo Coil

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I don't think that you're gonna have those problems with transaction fees if you have a high earnings in bitcoin or cryptocurrencies. There are times that I also paid that $8 dollar transaction fee but since I know that I'm getting much more of that in the bounties, then I'm not trying to think of how high is that transaction fee.

Mike Mayor

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That is because of the $5 in comparison to $500,000 million, this still doesn't make sense to me. The other day I wanted to spend a few $$ and the fee was like almost $3 that's insane. THis is why I say use btc for bigger transactions like $50+ and anything lower use Eth. Even eth has started to get expensive so I have been using doge it is so quick and cheap. Doge was half a cent to send a few $$ and it is cheap to withdraw from the exchanges usually.

What other currency can you guys suggest to me for smaller payments?

XCANA

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Quote from: imstillthebest on June 02, 2019, 10:18:44 AM

Quote from: XCANA on June 02, 2019, 10:13:32 AM

Quote from: dmty.0809 on June 01, 2019, 11:08:09 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.

The only justification to what you said is, having a bigger transaction with a smaller transaction fee but the point here is; let assume you have just $10 to transact, what can be the possible transaction fee for this type? possibly, one will see a bigger transaction fee instead of a smaller transaction fee.

The transaction fee will be large if bitcoin value is high so its not a good idea to use bitcoin for sending small amount of money but you can use other lighter altcoins or tokens so that you can only incure small transaction fee charges . High transaction fee of bitcoins is also the main reason on why majority of people only uses their bitcoin for investment purpoes .

Tactically you advise to always convert Bitcoin to altcoins whenever there's a small transaction to be carry out? How long are we going to do such, just to purchase some little items from online stores? Last time i bought an items with a vendor, the fee almost caught hanged but thankgod for a friend who assisted. Bitcoin shouldn't be use as investment purpose becasue it stand for payment method either big or small.

gentlemand

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Welt Am Draht

Quote from: imstillthebest on June 02, 2019, 10:18:44 AM

The transaction fee will be large if bitcoin value is high so its not a good idea to use bitcoin for sending small amount of money but you can use other lighter altcoins or tokens so that you can only incure small transaction fee charges . High transaction fee of bitcoins is also the main reason on why majority of people only uses their bitcoin for investment purpoes .

As has been stated repeatedly here the value of the transaction has no bearing on the fee whatsoever. 0.0001 BTC made up of ten inputs will cost more to send than 2.1 million BTC with fewer inputs. You're paying for the size of your data, not the value of it.

imstillthebest

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Quote from: XCANA on June 02, 2019, 10:13:32 AM

Quote from: dmty.0809 on June 01, 2019, 11:08:09 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.

The only justification to what you said is, having a bigger transaction with a smaller transaction fee but the point here is; let assume you have just $10 to transact, what can be the possible transaction fee for this type? possibly, one will see a bigger transaction fee instead of a smaller transaction fee.

The transaction fee will be large if bitcoin value is high so its not a good idea to use bitcoin for sending small amount of money but you can use other lighter altcoins or tokens so that you can only incure small transaction fee charges . High transaction fee of bitcoins is also the main reason on why majority of people only uses their bitcoin for investment purpoes .

XCANA

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Quote from: dmty.0809 on June 01, 2019, 11:08:09 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.

The only justification to what you said is, having a bigger transaction with a smaller transaction fee but the point here is; let assume you have just $10 to transact, what can be the possible transaction fee for this type? possibly, one will see a bigger transaction fee instead of a smaller transaction fee.

jak3

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Remember the transactions back in 2013 when I transacted 0.1 BTC with only one thousand satoshi fees. Of course, the current network blocks are much heavier and store a lot of data they also have to store their full network security which was improved in a sec with addresses but transaction fees are still an issue.

Rufsilf

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Quote from: CASTIEL05 on June 01, 2019, 10:29:42 PM

Quote from: acroman08 on June 01, 2019, 07:07:36 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 am agree with you! I almost die with this high transaction fee that deducted to me. It almost 2 dollars something when I cash out my 100 to 200 dollars. And yes! It looks like small for the whales or those who withdraw more than 10 btc. But a small investors like me, it is really high.

Yes, its true! Those who have large amount of BTC in their don’t really feel the $5 fee but for those who have less BTC will find it very expensive. But for me, I think this is more on the exchanging flatform used not really on the bitcoin network, it normally depends because some have higher fee compared to the other, I guess just find the one with less fee for small investors.

hahahafr

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I think the bitcoin network have some adjusted fees for transactions no matter how small it is. I have also noticed that when i make transactions worth some few amount of money i am charged quite a high fee and this fee same fee is apparently small when i make transactions of worth a higher amount. There should be a way to fix this guys, what do you think?

pushups44

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This is a small fee for a $570 million transaction, though yes for a normal transaction $5 would be considered expensive. The implementation of Segwit and the growth of the Lightning Network are helping ease the on-chain congestion, but more than likely fees will still be high for small transactions on-chain in the future. That's the nature of blockchain technology as it scales. You have to pay for the security.

o_e_l_e_o

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Quote from: Hersix on June 01, 2019, 08:24:23 PM

I think people that complain it's because if you withdraw $50 you get like $5-10 cut from all exchanges and transactions, so you end up with $40.

That's got almost nothing to do with the transaction fee of the bitcoin network, and is entirely down to the withdrawal fee set by exchanges. Many exchanges set frankly ridiculous withdrawal fees, not just for bitcoin, but for altcoins as well. Binance and Kraken, for example, currently charge 0.0005 BTC per withdrawal, which is, as you say, around $5. Considering a 1-input-2-output transaction, even at recent peak fees of 200 sats/byte, they are still making a profit on withdrawals. The profit becomes even bigger when you consider they batch their withdrawals to save massively.

If you don't like paying that for withdrawals, then you need to either find a better exchange or trade peer-to-peer.

naska21

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Well, btc has got to keep training for the coming fee market which is unavoidable to achieve financial superiority of cryptocurrency. IMO, in this respect the absolute value of each transaction through basic layer will gradually increase following the growing fee. Sure we will see oscillation in that space of fee- trxvalue as it has happened before. Perhaps, cheap transactions will go via various overlay btc networks like ltn etc..

dmty.0809

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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.

PuertoLibre

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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.

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