Your Experience with Bitcoin Fees? - page 3.

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Quote from: khufuking on August 27, 2018, 02:15:09 AM

Well, all that is gonna change the moment the network gets loaded once a real bull run starts, so it is just a temporary thing.

I think the temporary thing is the time when network gets congested for the reason you said
network has been quite normal for months with low feerate now
last year, forks hype (mainly BCH and segwit issue) caused price spike, massive tx numbers and "hopper" miners
all that factors contributed to the increase in mempool size and tx feerate at that time
and some people believe BCH supporters was behind all those problems Lips sealed

MinerHQ

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Quote from: pickledmuffin on August 27, 2018, 02:17:53 AM

I remember back in Christmas last year when the market was going crazy, the only way to move bitcoin relativley quickly was to pay more in fees, something like $15 - 20 would cover it fairly quickly <10 min.

NO, that is not correct. XAPO was charging more than $100 per transaction and need to wait for few blocks mining for confirmation. It was all due to a sudden increase in bitcoin transactions but currently, the market is down and not many transactions are happening so fees have come down and transaction time reduced.

Quote from: Olayinka225 on August 27, 2018, 01:14:16 AM

Well...my experience with bitcoin transactions fee hasn't been good at all. You can imagine then when I wanted to send just 20$ then I was asked to pay $10 as the transaction fee and it will even take hours before it could get the needed confirmations. But recently, I just noticed that, even if you want to send $500million, you'll be asked to pay just less that $0.05, this is really incredible and I don't want the fee to go higher again rather keep decreasing.

You already paying just $0.05 for such a huge money transfer but still want to go down transaction fee?

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Where is my ring of blades...

people's experience with bitcoin fees and generally with bitcoin will always come down to the wallet that they are using. the experts don't care, they know how things work and will get the best experience but we are talking about end users here. and they rely on their wallets. for instance if someone uses blockchain.info they will have the worst experience when it comes to fees since their fee estimation is known to be broken and give bad suggestions, either too low or too big. but good wallets such as Electrum are known to be better at suggesting fees and simplifying things for people with less knowledge and experience with bitcoin so you will get a much better experience with them.

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Quote from: KonstantinosM on August 26, 2018, 08:50:56 PM

I just did a transaction where I paid 1 cent in fees and it confirmed on the next block. Not only that but the next block came within half a minute of me doing my transaction.

The whole thing was almost implausibly good.

Generally, I always worry about fees but they never amounted to much in my experience of bitcoin. I don't do anything special. I use the latest stable version of bitcoin core and let it calculate the fees for me, I just use default settings.

According to bitinfocharts the average is $1, but my transaction of 160 something bytes only took 0.01 cents.

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

I remember back in Christmas last year when the market was going crazy, the only way to move bitcoin relativley quickly was to pay more in fees, something like $15 - 20 would cover it fairly quickly <10 min.

khufuking

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Well, all that is gonna change the moment the network gets loaded once a real bull run starts, so it is just a temporary thing.

jseverson

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Quote from: KonstantinosM on August 26, 2018, 08:50:56 PM

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

You can use https://coinb.in/#fees instead for a more conservative estimate. The tool you're using shows the cheapest and fastest fee, so it will always be a little higher than what you could get away with. The coinbin one, on the other hand, suggests a fee just good enough for the next few blocks so it's perfect if you aren't in any hurry.

Quote from: KonstantinosM on August 26, 2018, 08:50:56 PM

The whole thing was almost implausibly good.

I know right? It works on every corner of the globe too. The problem is that fees could inflate when the network is subjected to too much load. Once that problem is solved, it can be a serious and disruptive competitor as a payment system. Let's see people call it a bubble then lol.

Olayinka225

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Well...my experience with bitcoin transactions fee hasn't been good at all. You can imagine then when I wanted to send just 20$ then I was asked to pay $10 as the transaction fee and it will even take hours before it could get the needed confirmations. But recently, I just noticed that, even if you want to send $500million, you'll be asked to pay just less that $0.05, this is really incredible and I don't want the fee to go higher again rather keep decreasing.

DiamondsAndCoins

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My transactions on blockchain.info are usually 4-6 cents for regular and .08-.15 for priority. The prices are very cheap right now compared to when we were in the bull. I remember fees in the dollar range.

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Quote from: ralle14 on August 26, 2018, 09:45:20 PM

With a Segwit address I always pay 0.5 satoshi per byte but with a Legacy address the lowest I can go for is 1 satoshi.

that is because you are using blockchain.info to check how much fee you paid and that site has not implemented anything of SegWit yet. what happens is that satoshi/byte is also deprecated because of introduction of "weight". so you should report your fees in satsohi per virtual bytes.
what you paid was probably 1 s/vb but since blockchain.info doesn't know what SegWit is they show you the s/b value which is lower because size in byte is bigger for a SegWit transaction.

check out https://btc.com/ explorer for real values.

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Using fees below the recommended amount is fine the estimated confirmation time is nearly the same. With a Segwit address I always pay 0.5 satoshi per byte but with a Legacy address the lowest I can go for is 1 satoshi.

Quote from: pooya87 on August 26, 2018, 09:27:21 PM

Quote from: KonstantinosM on August 26, 2018, 08:50:56 PM

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

that is why you should never use that website. it always over estimates because it wants to always be correct under any circumstances.

Yeah the site can mislead you in to paying more fees even though it's not necessary.

Quote from: bayu7adi on August 26, 2018, 09:33:46 PM

it's very cheap, even I think it's the cheapest fee of all time that I know for the purpose of transferring funds
very different if you send money through an exchanger, usually the exchanger charges a fee of 0.0005 BTC per transaction, or about 3 $

Exchanges have different Bitcoin fees on kucoin they charge 0.0005 btc and cryptopia its fixed to 0.001 btc. One local exchange that i've been using for almost a year lets you choose how much you want to pay for fees from low to high the lowest was 500 satoshi and the highest was 1000 satoshi.

prj112031

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the fee of bitcoin transaction is lower than before and faster than before

bayu7adi

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dont be greedy

it's very cheap, even I think it's the cheapest fee of all time that I know for the purpose of transferring funds
very different if you send money through an exchanger, usually the exchanger charges a fee of 0.0005 BTC per transaction, or about 3 $

pooya87

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Quote from: KonstantinosM on August 26, 2018, 08:50:56 PM

According to bitinfocharts the average is $1,

transaction fees should never be reported in $, satoshi, BTC,... because they are meaningless. a bitcoin transaction fee is only meaningful if it is reported in (amount in satoshi or bitcoin per byte or kilobyte).

Quote

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

that is why you should never use that website. it always over estimates because it wants to always be correct under any circumstances.

r1s2g3

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I am alive but in hibernation.

In my last 4 transactions, I am paying the average fees of .5 (half) Satoshi per byte and transaction getting confirmed in next block. I find a transaction in which user paid .25 (quarter) Satoshi per byte.
So fees are really low,so good opportunity to consolidate the small inputs. (LoyceV already pointed this earlier).

kingcolex

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Well that has a couple of factors and the biggest being the current number of transactions if blocks are full or close to full then the fees will need to be higher to get into an upcoming block.

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I just did a transaction where I paid 1 cent in fees and it confirmed on the next block. Not only that but the next block came within half a minute of me doing my transaction.

The whole thing was almost implausibly good.

Generally, I always worry about fees but they never amounted to much in my experience of bitcoin. I don't do anything special. I use the latest stable version of bitcoin core and let it calculate the fees for me, I just use default settings.

According to bitinfocharts the average is $1, but my transaction of 160 something bytes only took 0.01 cents.

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

Topic: Your Experience with Bitcoin Fees? - page 3. (Read 615 times)