Well, transaction fees are really low recent days. Even if you want to make priority transaction, it will only cost you some cents. Just remember fees that we had last year - you had to spend $10-20 for transaction and wait from several hours to several days to get confirmations. Now Bitcoin transactions are cheap and fast.
I don't know how much it costs to withdraw money from Localbitcoins because I'm not using it, but according to this link https://localbitcoins.com/fees their fees are dynamical and based on current network status. So, I predict that you wont be charged big withdrawal fee.
While withdrawals from some other exchanges are still quite expensive, some of them charge 0.001 BTC fee. Probably they still didn't lowered fees because they don't want to be used as Bitcoin wallets.
Topic: What are transaction costs like these days? (Read 242 times)
There is no change in transaction fee. I am happy to see more exchanger being developed. If we have more exchangers, there will be competition and some have to reduce the transaction fees so as to maintain customers. The transaction fees charge by most exchangers is extremely high.
If the competition grows, it really will do us good. But the problem is that the coin that you will need may not be listed on the stock exchange with low transactions and you still have to pay the transaction requested by the exchange that supports your coin
The number of Bitcoin transactions is far below that time. There were a lot of transactions waiting at that time. The higher the demand, the higher the price. There are currently no pending transactions to be tried.
In my opinion now high transactions on Ethereum, the situation in bitcoin is better. I never thought about transactions. If I need to transfer a coin from a stock exchange to a purse or vice versa, I do so without hesitation
I purchased $1000 worth of BTC in November last year on Localbitcoins and I decided to leave the btc in my account on the exchange. I know this is extremely ill advised but I decided at the time that since transaction costs were so high and it's such a small amount of btc that transferring it out to a personal wallet and then back to the exchange when it was time to sell would eat up too much of the gains (losses).
Yes it was an ill advised not to trust exchanges for safekeeping on your bitcoin. But during that time fees are high and confirmation time is so slow. So its about time to transfer it to a wallet which you have total control of fees.Anyway, I believe transaction costs are lower these days if I'm not mistaken, I have an electrum wallet set up, how much would i expect to pay these days to transfer 0.064 btc from the exchange to my own wallet for safekeeping? Am I correct in thinking that costs have gone down? Is it worth transferring? Cheers in advance.
Transaction cost are lower this days because most trading platform now implement Segwit and they are batching their transactions so not to clog bitcoin network. You didn't tell us what exchange you put your .064BTC. If you want to know how much they gonna charge, read their FAQ or TOS. Somewhere along the line you will see how much they charge. Maybe you can check this out, List Of The Lowest Cryptocurrency Exchange Trading Fees [Updated].
There is no change in transaction fee. I am happy to see more exchanger being developed. If we have more exchangers, there will be competition and some have to reduce the transaction fees so as to maintain customers. The transaction fees charge by most exchangers is extremely high.
I purchased $1000 worth of BTC...on Localbitcoins
when you make a withdrawal from a website (in this case withdrawing from localbitcoins.com) the cost is not a bitcoin transaction cost the cost is that third party withdrawal cost. and they can ask for any amount they wish regardless of how much it costs them to send you the transaction. there currently are exchanges that will charge you 0.001BTC for a bitcoin withdrawal just because they can and then they pay 0.000002BTC transaction fee themselves to send you the coins. the difference is their profit.
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how much would i expect to pay these days to transfer 0.064 btc from the exchange to my own wallet for safekeeping?
it depends on the exchange you are using, you have to check out their fees. the fee as I mentioned above is not a network fee. some exchanges are even charging a % of your amount. I remember it was btc-x (coinsbank) that charged about 1%. for instance if you wanted to withdraw 10BTC you should have paid 0.1BTC in fee! 
Quite low, plus we have the option with lightning for 1 satoshi transaction fees
I'm pretty sure most if not all exchanges doesn't have lightning ready and implemented yet.I have an electrum wallet set up, how much would i expect to pay these days to transfer 0.064 btc from the exchange to my own wallet for safekeeping?
IIRC the fees last year was indeed high due to the congestion on the blckchain but it's still small compared to the amount you can loose if ever something happened to your bitcoin on your exchange. It was like around 2-5 $.
You are correct that the txn price is now smaller. If you need help in calculating the amount of fees you wilk spend please check out these following transaction fee calculator:
https://www.buybitcoinworldwide.com/fee-calculator/
https://bitcoinfees.earn.com
https://bitcoinfees.info
You can choose to spend as little as possible and wait for an hour or spend a bit more for a faster confirmation.
You are correct that the txn price is now smaller. If you need help in calculating the amount of fees you wilk spend please check out these following transaction fee calculator:
https://www.buybitcoinworldwide.com/fee-calculator/
https://bitcoinfees.earn.com
https://bitcoinfees.info
You can choose to spend as little as possible and wait for an hour or spend a bit more for a faster confirmation.
Yes, it's worth to keep your bitcoin on a safer wallet which you have full control.
Don't worry about the fees, its lesser than 50 cents today, I've seen one paid as low as $0.01 for wallet to wallet transfer. Like mjglqw said, that depends on the required and suggested fee by that exchange.
Yeah I agree ,they are not expensive , like you mentioned cents. You shouldn't worry to much Don't worry about the fees, its lesser than 50 cents today, I've seen one paid as low as $0.01 for wallet to wallet transfer. Like mjglqw said, that depends on the required and suggested fee by that exchange.
Quite low, plus we have the option with lightning for 1 satoshi transaction fees
I sent my son some Bitcoin tonight. He is 11 and I was sending him 10 bucks. The fee for Regular on blockchain.info was .03 cents! Transaction also went through quickly thank god. 11 year olds want faster transaction speed than adults. Bitcoin is cheaper than Ethreum right now.
Dude it's like 20cents or so. It depends how quickly you need a confirmation, but you could get away with less if you can wait a few hours.
Made a $200 purchase last week. Fee was 10 cents, this was the default fee from BRD wallet. 1st confirmation was in about 15 minutes
Dude it's like 20cents or so. It depends how quickly you need a confirmation, but you could get away with less if you can wait a few hours.
Even priority transactions cost some cents these days, no need to wait for hours.
Yes, it's worth to keep your bitcoin on a safer wallet which you have full control.
Don't worry about the fees, its lesser than 50 cents today, I've seen one paid as low as $0.01 for wallet to wallet transfer. Like mjglqw said, that depends on the required and suggested fee by that exchange.
Don't worry about the fees, its lesser than 50 cents today, I've seen one paid as low as $0.01 for wallet to wallet transfer. Like mjglqw said, that depends on the required and suggested fee by that exchange.
I purchased $1000 worth of BTC in November last year on Localbitcoins and I decided to leave the btc in my account on the exchange. I know this is extremely ill advised but I decided at the time that since transaction costs were so high and it's such a small amount of btc that transferring it out to a personal wallet and then back to the exchange when it was time to sell would eat up too much of the gains (losses).
Anyway, I believe transaction costs are lower these days if I'm not mistaken, I have an electrum wallet set up, how much would i expect to pay these days to transfer 0.064 btc from the exchange to my own wallet for safekeeping? Am I correct in thinking that costs have gone down? Is it worth transferring? Cheers in advance.
Anyway, I believe transaction costs are lower these days if I'm not mistaken, I have an electrum wallet set up, how much would i expect to pay these days to transfer 0.064 btc from the exchange to my own wallet for safekeeping? Am I correct in thinking that costs have gone down? Is it worth transferring? Cheers in advance.
Definitely, it is worth to keep your coins at your control than keeping your coins under someone else control. As others already said the transaction amount is quite small compared to the last year November fees and if you don't have a plans to sell immediately then better store those coins in your personal wallet.
Since the withdrawal fees from exchanges are pretty much constant, it completely depends on the exchange. Most of the exchanges charge a quite high withdrawal fee though, so even though that fees right now are significantly lower, expect to probably pay a few dollars for the withdrawal fee. As of now, Binance demands 0.0005 BTC for their withdrawals.
Dude it's like 20cents or so. It depends how quickly you need a confirmation, but you could get away with less if you can wait a few hours.
I purchased $1000 worth of BTC in November last year on Localbitcoins and I decided to leave the btc in my account on the exchange. I know this is extremely ill advised but I decided at the time that since transaction costs were so high and it's such a small amount of btc that transferring it out to a personal wallet and then back to the exchange when it was time to sell would eat up too much of the gains (losses).
Anyway, I believe transaction costs are lower these days if I'm not mistaken, I have an electrum wallet set up, how much would i expect to pay these days to transfer 0.064 btc from the exchange to my own wallet for safekeeping? Am I correct in thinking that costs have gone down? Is it worth transferring? Cheers in advance.
Anyway, I believe transaction costs are lower these days if I'm not mistaken, I have an electrum wallet set up, how much would i expect to pay these days to transfer 0.064 btc from the exchange to my own wallet for safekeeping? Am I correct in thinking that costs have gone down? Is it worth transferring? Cheers in advance.
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