The average cost of sending a Bitcoin transaction is now just a little over $1. - page 2.

tbterryboy

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Quote from: roberthays on June 08, 2020, 06:15:03 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.

You're right about that, I noticed it when I was sending money to someone using my Blockchain wallet on Saturday. The fees are now low compared to what we had before, around last two weeks and immediately after the Halving. I guess the network is free now, because the fees tends to increase when the network is congested and also after the Halving or when the price increases to a very high.

But I am really happy that things has got better to where it's meant to be. If we can be able to make a lot of people understand how this works, when it happens next time they wouldn't be discouraged. In the past also tx fees had spiked but over the time it got back to normal so I never do get panic on higher fees whenever it does happen.

Yamifoud

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It sounds good but it is still high if we compared it before halving. But anyway, we don't have any choice and even we have to pay more than $1 still, we gonna make it. It may be some miners are turning back to their operation and this helps to decrease the fees and the possibility that we make it low as they all coming back to their position.

And Coolcryptovator is right, we can simply adjust fees when we are using Electrum. Maybe you forget to set at a very low fee, but you also expect the delay with its confirmation.

The Cryptovator

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I am pretty sure OP is using any exchange or web wallet to store & spend bitcoin. That's why he/she is talking the fees $1.083 small amount. As others already said, it's really not a small amount when you will count it for bitcoin transaction fees where you may send bitcoin with more lower fees. You should just use a clients/wallet that you allow to set transaction fees manually where you can set 1sat/byte (depend on network). So it will be more less fees than $1.083. Perhaps you may use Electrum to adjust fees accordingly. Tech your family & friends that they are allowed to adjust their fees and help more adoption.

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Quote from: mk4 on June 08, 2020, 06:35:28 AM

I've been doing like 5 sats/b transactions which is a lot less than $1 for a while now, and they've been getting confirmed within an hour. If you're paying $1 transaction fees, you're honestly overpaying unless you really want the transaction to be almost instant(next block).

Yup. as I have already replied to a similar thread with my 4.4 sat/byte transaction that got it's first confirmation within 25 minutes and got 6 within 45 minutes. Even if it would have take a bit more, It would not have been much of a trouble as almost all of the platforms are aware of the fee status and gives enough time for deposit.

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Quote from: roberthays on June 08, 2020, 06:15:03 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.

The network is having very few pending transactions and the traffic is also not that much, at times when the traffic is very high we have to send the transaction with high fees which is double the current recommended fees. Now the bull market is coming against and the popularity of bitcoins will again rise once it pass the $11k Mark and then we can see the rise in transaction fees again. So this $1 transaction fees is just temporary according to be. But still it's good to see that cheap transactions are back now.

rexxarofmoknathal

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Quote from: roberthays on June 08, 2020, 06:15:03 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.

The lowering of transaction fees is definitely a much needed stimulant for the crypto industry the only concern I have and share with you is its usability. Not many people are aware that by browsing across different exchange platforms essentially you get better deals especially in terms of transaction costs. The fact that this has already made a mark means that this piece of news will increase and in return help with the wider adoption of BTC and cryptocurrency in general.

Vatimins

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I really feel bad for the person who crated this thread. You are obviously letting yourself to be taken advantage of. Judging by the way you feel about that much of transaction fee shows a lot already. I suggest you read more about other people's experiences in managing their Bitcoins. How they transfer use and send etc. There are a lot of helpful stuff out there. One advice I can say to you is to use altcoins when transferring. Only pay high fees if you are in an rush due to emergency. Although you should always prepare an emergency fund that is easy to access. At least that is how I do things.

mk4

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Quote from: webtricks on June 08, 2020, 07:52:26 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.

webtricks

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Quote from: Zackgeno96 on June 08, 2020, 08:06:00 AM

Quote from: webtricks on June 08, 2020, 07:52:26 AM

Quote from: mk4 on June 08, 2020, 06:35:28 AM

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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.

Mostly the exchanges charges very high fees and we must pay that in order to withdraw our funds, but what they really do is send the bitcoins to at-least 10 to 20 people in a single transaction and save the fees of those 10 to 20 people at once. This is completely unethical and they should stop doing this as it makes more income for those exchanges and feels like we have been scammed by them. Although I always check the average transaction fees before sending my bitcoins to any address as a quick search can save you a lot of money in the long run.

I wasn't talking about withdrawal fees charged by Exchanges or web wallets. In their case, fees are arbitrary which don't represent true network fees. Yes, they send batch payments and even if they process individual withdrawal, fees are still high (I guess avg fees charged by exchanges is around 0.0003-0.0005 BTC). They are surely cheating users by charging high amount in the name of fees but you can't do anything in that case because wallet is custodial.

However, I on the other hand was suggesting an easy way to control high network fees during congestion period for non-custodial wallets or Bitcoin network in general.

Zackgeno96

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Quote from: webtricks on June 08, 2020, 07:52:26 AM

Quote from: mk4 on June 08, 2020, 06:35:28 AM

I've been doing like 5 sats/b transactions which is a lot less than $1 for a while now, and they've been getting confirmed within an hour. If you're paying $1 transaction fees, you're honestly overpaying unless you really want the transaction to be almost instant(next block).

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.

Mostly the exchanges charges very high fees and we must pay that in order to withdraw our funds, but what they really do is send the bitcoins to at-least 10 to 20 people in a single transaction and save the fees of those 10 to 20 people at once. This is completely unethical and they should stop doing this as it makes more income for those exchanges and feels like we have been scammed by them. Although I always check the average transaction fees before sending my bitcoins to any address as a quick search can save you a lot of money in the long run.

webtricks

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Quote from: mk4 on June 08, 2020, 06:35:28 AM

I've been doing like 5 sats/b transactions which is a lot less than $1 for a while now, and they've been getting confirmed within an hour. If you're paying $1 transaction fees, you're honestly overpaying unless you really want the transaction to be almost instant(next block).

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.

SiNeReiNZzz

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Quote from: roberthays on June 08, 2020, 06:15:03 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.

You're right, but 1$ is somewhat high! But if you do many transactions in one day, it is recommended to use Litecoin or Dogecoin!

To store your assets Bitcoin is of course unbeatable...

Kakmakr

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$1 for a transaction fee is way too much, what service are you and your friends using? I use Electrum wallet & hardware wallets for daily use and I pay nowhere close to that in fees. That said, I am not in a hurry to get my transactions confirmed, so I have set the settings to lower the fees. Wink

If you want super low fees, then I would suggest that you use the Lightning Network.. because it is very cheap and almost instant, compared to Bitcoin transactions that needs to wait for the block to be mined. Wink

Some people use other Alt coins to move coins around, because there are other coins with virtually no congestion in their Blockchain, so less transactions = cheaper transactions = faster confirmations. Grin

(Problem with this method... converting back and forth between Alt coin and Bitcoin)

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Quote from: roberthays on June 08, 2020, 06:15:03 AM

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.

The first step would be to tell you, friends, and family, to stop using those platforms and search for alternatives.
A website or an exchange or whatever that charges you ridiculous amounts when they could simply batch transactions and use fewer outputs to minimize the costs far below what a user could achieve with a simple transaction should be avoided from the start.

Coinbase was such an example where their constant refusal of implementing batching on withdrawals was filling the mempool, once they did it the space used suddenly dropped.

Quote from: salamat700 on June 08, 2020, 07:04:33 AM

You are right. I used to be charged an average of $10 most especially from exchanges who are really in it for more money they can get from their users.

And you think that will change? They will still overcharge you, you will simply tolerate because in you eyes the amount is lower.
Charging you extra, be it 1$ or 10$ for nothing is wrong in both cases.

salamat700

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Quote from: Pumuckel21 on June 08, 2020, 06:33:23 AM

This is actually very good news. I can remember times when I had to pay around $4- $10 per transaction. Such huge fees per transaction made one realy think twice if you want to execute the transaction via bitcoin or another coin with cheaper fees

You are right. I used to be charged an average of $10 most especially from exchanges who are really in it for more money they can get from their users. I am also happy to note of this lowered Bitcoin fees, in case this is really true by the way. One of the common complaints with Bitcoin is the usually high transaction fees compared to traditional finance organizations. Let's hope this can be true for the rest of the year.

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Quote from: Pumuckel21 on June 08, 2020, 06:33:23 AM

This is actually very good news. I can remember times when I had to pay around $4- $10 per transaction. Such huge fees per transaction made one realy think twice if you want to execute the transaction via bitcoin or another coin with cheaper fees

What was the minimum amount what made you think to exchange bitcoin to other coin to pay lower fee? Have you calculated, that you might lose more doing btc>alt>btc/fiat transaction than just spending 4+ dollars on transaction?

Too bad this reduction in transaction price doesnt really affect the price when you hold bitcoins on online wallet and make a transaction, because they charge % from the amount you send.

mk4

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I've been doing like 5 sats/b transactions which is a lot less than $1 for a while now, and they've been getting confirmed within an hour. If you're paying $1 transaction fees, you're honestly overpaying unless you really want the transaction to be almost instant(next block).

Pumuckel21

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This is actually very good news. I can remember times when I had to pay around $4- $10 per transaction. Such huge fees per transaction made one realy think twice if you want to execute the transaction via bitcoin or another coin with cheaper fees

roberthays

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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.

Topic: The average cost of sending a Bitcoin transaction is now just a little over $1. - page 2. (Read 785 times)