I am happy now that bitcoin transactions are much cheaper, but if you do a lot of transactions, it $ 1 still large costs. Therefore I still use
the old method, by converting bitcoin into altcoins. Which is still much cheaper, I recommend using XRP, LTC, DOGE, TRX and XVG. Altcoins
that I mentioned have very low transaction fees.
Topic: The average cost of sending a Bitcoin transaction is now just a little over $1. (Read 784 times)
June 10, 2020, 07:50:46 AM
June 10, 2020, 05:59:50 AM
I agree with you!
Litecoin or Dogecoin are my options here.
Of course, user-friendliness and acceptance by companies etc. is important for me.
Apart from that, the coin must also have a certain reputation!
Just calculate by the example of 1000 transactions how much you save compared to BTC!
June 10, 2020, 05:33:11 AM
Yes correct, and it's a good news since I remember I payed more than 5 usd for a transaction before. Still, I guess we will see even lower transaction fee soon.
This char bellow will show you the bitcoin's transaction fee in daily time-frame
as you can see here, just a few days ago and on 22th May you had to pay more than 6.42 usd per each transaction and it was the highest transaction fee we saw recently.
Here you can see another historical chart with more details, showing also ETH and some other alt coins:
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
This char bellow will show you the bitcoin's transaction fee in daily time-frame
as you can see here, just a few days ago and on 22th May you had to pay more than 6.42 usd per each transaction and it was the highest transaction fee we saw recently.
Here you can see another historical chart with more details, showing also ETH and some other alt coins:
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
June 10, 2020, 05:16:45 AM
I was searching for the Bitcoin fees graph in terms of satoshi/byte and then I found this graph from https://privacypros.io/tools/bitcoin-fee-estimator/.
It still looks the same as the Bitcoin fees in dollars graph but I don't know if this graph is not correct or I misinterpreted it. Please confirm
Because if it's true that it's always getting smaller in terms of satoshi/byte, then Bitcoin still has hope for not only being a store of value.
It still looks the same as the Bitcoin fees in dollars graph but I don't know if this graph is not correct or I misinterpreted it. Please confirm
Because if it's true that it's always getting smaller in terms of satoshi/byte, then Bitcoin still has hope for not only being a store of value.
Actually, I think I meant satoshi/transaction not sat/byte since the discussion was about fee/transaction! And because, as I pointed out, dollar value corresponds directly with the price of Bitcoin, then it of course makes sense that satoshi and dollar comparisons correlate, so you're probably right in the interpretation.
I'll leave your capable research to find the exact numbers but with Segwit especially in the past 2/3 years, the satoshi per transaction in fees has really gone down as txs get leaner in size. At the same 1 sat/byte fee in 2016 using legacy wallets, I'd be paying roughly 225 satoshi per transaction at min (1 input 2 outputs).
Today, on the same 1I/2O spend, I get away with roughly 140 satoshi on the same 1 sat/byte fee. That's about 30% less. No doubt more upgrades in future will improve this even more, if and when the need arises.
June 10, 2020, 04:32:25 AM
in fact the costs incurred for a transaction is a natural thing and if the price is not too much different, not a problem that must be questioned. what is needed from a fee charged for a transaction is the speed of the transaction, if the costs are slightly different but the results are long enough to wait for what is also done. what is needed now is the speed of transaction that will occur so that it can do other work.
June 10, 2020, 03:05:35 AM
(...)
Bitcoin fees in terms of satoshi/byte has been getting smaller and smaller, never bigger. It's getting more dollar expensive because Bitcoin be mooning, yo.
I was searching for the Bitcoin fees graph in terms of satoshi/byte and then I found this graph from https://privacypros.io/tools/bitcoin-fee-estimator/.Bitcoin fees in terms of satoshi/byte has been getting smaller and smaller, never bigger. It's getting more dollar expensive because Bitcoin be mooning, yo.
It still looks the same as the Bitcoin fees in dollars graph but I don't know if this graph is not correct or I misinterpreted it. Please confirm
Because if it's true that it's always getting smaller in terms of satoshi/byte, then Bitcoin still has hope for not only being a store of value.
June 09, 2020, 07:53:40 PM
I personally still have friends and family that are unaware of the low transaction fees for Bitcoin and are still using platforms that charge much higher than Bitcoin's fee so it's always good to remind those unaware of Bitcoin's transaction fee.
If your family and friends regularly used those platforms, they can't avoid paying high transaction fees over average since that's the system of any exchanges since then.
If they only want to hold bitcoin for long, then try shifting into another wallet wherein they can set their own fees or just used the recommended ones.
Electrum is user-friendly. Try suggesting it to them. Always check that you are downloading from the official site.
June 09, 2020, 07:47:35 PM
Pay $1 for a transaction fee isn't high at all, a couple of years ago fees went crazy and people was paying more than $10 to have a confirmation in the next block.
I say $1 is not big because if you spend $1,000,000, the fees will be the same, only $1.
I say $1 is not big because if you spend $1,000,000, the fees will be the same, only $1.
June 09, 2020, 07:41:56 PM
~
If we will just base on Bitcoin's transaction fees, yes 1$ is relatively low already compare to its fees within the past months especially after the halving where it surge up.However if we will compare its fees compare to other altcoins right now, that 1$ fee of Bitcoin is high already compare to others like ETH, DOGE, or LTC and even BCH. I'm not that fan of transferring Bitcoins from one wallet to another and one to another. I only do a few transactions for a month (around 2-3 maybe) so this doesn't affect me that much although those who are doing some transactions using Bitcoin are happy that the fees are low right now. Either way, if I will choose between BTC and other coins as a mode of payment I will still choose the other coins (just being practical
). June 09, 2020, 01:49:38 PM
I wish we'd all stop talking about dollar amounts. Because if Bitcoin suddenly crashed to $100 tomorrow, that $1 becomes just over 1 cent, and then we'd all realise what meaningless nonsense it is to talk about dollar fees.
I don't care about altcoins costing fractions of a cent to pay. Bitcoin fees in terms of satoshi/byte has been getting smaller and smaller, never bigger. It's getting more dollar expensive because Bitcoin be mooning, yo.
I don't care about altcoins costing fractions of a cent to pay. Bitcoin fees in terms of satoshi/byte has been getting smaller and smaller, never bigger. It's getting more dollar expensive because Bitcoin be mooning, yo.
June 09, 2020, 11:54:49 AM
It's actually a good payment method if we consider it in this way. Otherwise international funds transfer takes time and huge charges.
Bitcoin on the other hand, reduces the transfer time and charges. I have been using bitcoin from a long time and at peak times I have been $7 - $10 for each transaction. Seeing these transactions charging less than $1 just makes me more proud of bitcoin.
But the issue is whenever more people get involved with bitcoin, the transaction charges increases again.
Bitcoin on the other hand, reduces the transfer time and charges. I have been using bitcoin from a long time and at peak times I have been $7 - $10 for each transaction. Seeing these transactions charging less than $1 just makes me more proud of bitcoin.
But the issue is whenever more people get involved with bitcoin, the transaction charges increases again.
June 09, 2020, 11:30:30 AM
Last time I made a transaction is $10 converted or near that.
But it was weeks ago.
It's a good thing to lower the fees but there are also something greater when they are high.
Bitcoin owners cannot withdraw which means value goes up with demand.
I know it is not meant for that but traders could make good profits from it.
But it was weeks ago.
It's a good thing to lower the fees but there are also something greater when they are high.
Bitcoin owners cannot withdraw which means value goes up with demand.
I know it is not meant for that but traders could make good profits from it.
June 09, 2020, 11:13:27 AM
Well it seems like more people now are using Ethereum to transfer funds, and maybe this is the reason why the why the commission fees on bitcoin is becoming low.
It might seem, but it's not the case
https://bitinfocharts.com/comparison/bitcoin-transactions.html#3m
You'll notice how the trading volume of bitcoin leaned from $1 million down to $300,000,
Trading has nothing to do with this and anyhow, where did you get those numbers? Now I cannot think straight if I'm going to take a shot with alternative coins coz that's what the market is saying to my face.
Keep the shitcoin discussions for the alt section, how about it? are you sure about that? because since i use paypal for more than 7 years they always charge a $ 5 fee to transfer money from my paypal account to my bank account and if i want to transfer money to another paypal account that is from my country i will pay more that $4 fee.
Yeah, it's far cheaper in the EU and US, in a lot of cases free
https://www.paypal.com/webapps/mpp/ua/useragreement-full#tableOfFees1
June 09, 2020, 10:18:18 AM
Well it seems like more people now are using Ethereum to transfer funds, and maybe this is the reason why the why the commission fees on bitcoin is becoming low. You'll notice how the trading volume of bitcoin leaned from $1 million down to $300,000, Now I cannot think straight if I'm going to take a shot with alternative coins coz that's what the market is saying to my face. It's been a week that I've not seen any huge price change with the bitcoin, it stays in a shorter price range now resisting the attacks, perhaps this is just a another trap. What do you guys think about it?
June 09, 2020, 09:22:01 AM
Do you think we need consensus on fees too? Most of the people use popular wallets like Electrum, Mycelium, etc. What if these wallets start showing same fees as recommended? For example, $0.5 equivalent bitcoin as normal fees, $0.8 equivalent as high priority fees and $0.2 equivalent as low priority. I think most of the people don't pay much attention on fees and select whatever wallet suggests. So most of the transactions will happen at same fees and can stop excessive increase in fees during congestion periods. User would still have choice to pay any fees but default fees will be shown same to everyone.
I don't think it will really be viable to expect competing wallets to agree upon static fees. Let's say for example all wallets are using 5satb/10satb/15satb fees. I wouldn't be surprised if one of them goes with 6/satb/11satb/16satb, just so the end up being the sort of "faster" wallet in the eyes of their users.
Umm, right! That's why I hate democracy sometimes.
June 09, 2020, 07:45:13 AM
are you sure about that? because since i use paypal for more than 7 years they always charge a $ 5 fee to transfer money from my paypal account to my bank account and if i want to transfer money to another paypal account that is from my country i will pay more that $4 fee.
It probably completely depends on what country you're in and/or the bank you're using. I've been having zero-fee withdrawals(conversion fees aside) since the past few years too. If I remember correctly PayPal gives free withdrawals for withdrawals containing a certain minimum amount; you might want to check that out.
Probably mk4 is right. I've send money to European bank this morning and I clearly remember that I had zero fee.
Or it might be something connected with account verification. I remember reading lots of time people complaining about "how hard it is to verify paypal account, and they switched to other payment system like webmoney, yandex, perfect money and etc.". Maybe I have zero fee because my account is, I suppose, 10 years old and I dont remember doing any kind of verification.
June 09, 2020, 05:32:10 AM
are you sure about that? because since i use paypal for more than 7 years they always charge a $ 5 fee to transfer money from my paypal account to my bank account and if i want to transfer money to another paypal account that is from my country i will pay more that $4 fee.
It probably completely depends on what country you're in and/or the bank you're using. I've been having zero-fee withdrawals(conversion fees aside) since the past few years too. If I remember correctly PayPal gives free withdrawals for withdrawals containing a certain minimum amount; you might want to check that out.
June 09, 2020, 03:18:07 AM
The fiat platforms that are charging much higher transaction fees(like PayPal) usually have reversible transactions,which means that they have a big amount of refunds,so the transaction fees get refunded as well.This lower their overall revenue,so they are just solving the problem by increasing their fees.
Bitcoin doesn't have such problems.
Bitcoin doesn't have such problems.
Strange thing, but I've made a transaction from Paypal USD account to my banking EUR account and it cost 0 fee (but the exchange rate can make someone cry, its 0.87, when quick search in google offers 0.89). However, it is not instant and it is said it will take 2-3 business days.
are you sure about that? because since i use paypal for more than 7 years they always charge a $ 5 fee to transfer money from my paypal account to my bank account and if i want to transfer money to another paypal account that is from my country i will pay more that $4 fee.
In the last 15 days I have been paying more than $2.30 of fee so that my transaction does not take long to be confirmed, I know I can pay less than that amount, but when you want the money immediately it is worth the sacrifice
June 09, 2020, 03:00:36 AM
The fiat platforms that are charging much higher transaction fees(like PayPal) usually have reversible transactions,which means that they have a big amount of refunds,so the transaction fees get refunded as well.This lower their overall revenue,so they are just solving the problem by increasing their fees.
Bitcoin doesn't have such problems.
Bitcoin doesn't have such problems.
Strange thing, but I've made a transaction from Paypal USD account to my banking EUR account and it cost 0 fee (but the exchange rate can make someone cry, its 0.87, when quick search in google offers 0.89). However, it is not instant and it is said it will take 2-3 business days.
June 09, 2020, 12:59:47 AM
I came across some interesting data today from Bitinfocharts that suggests transactions on average cost $1.083. Having a low transaction fee is arguably an important factor to the growing adoption of Bitcoin and it's great to see that the transaction fee has lowered especially after the somewhat high fees after the halvening. I personally still have friends and family that are unaware of the low transaction fees for Bitcoin and are still using platforms that charge much higher than Bitcoin's fee so it's always good to remind those unaware of Bitcoin's transaction fee.
Low transaction fees aren't the most important factor,when it comes to Bitcoin adoption,but it's nice to know that the fees are lower than before.Anyway,this might be temporary.
The fiat platforms that are charging much higher transaction fees(like PayPal) usually have reversible transactions,which means that they have a big amount of refunds,so the transaction fees get refunded as well.This lower their overall revenue,so they are just solving the problem by increasing their fees.
Bitcoin doesn't have such problems.
Jump to: