your opinion about the current fees | Bitcointalksearch.org

GreatArkansas

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Quote from: Eternad on July 15, 2023, 11:45:16 AM

Quote from: elouz on July 14, 2023, 11:02:26 AM

Hello , we're all seeing the rising fees when it comes for crypto payment , as an example : "buysellvouchers" got it's fees from 0.4% to 0.5% when buying , and if we include the network fees too, it starts to add up , so i'm here to ask about your opinion on the best crypto to use to get less fees and be optimal , is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

BSC is the cheapest and fastest at the same time L1 Blockchain project which fit on your preference. It has cheap transaction fee and fast transaction confirmation compared to the leading L1 blockchain project. The only disadvantage of this block chain is its centralized but you won’t be thinking that much if you are just a regular user making a normal transaction.

But if you want the most cheapest and fastest crypto then go for the side chains like Matic. It's value is continuously growing while it's speed and fee cost is better than most of the block chain available.

I am more convinced to use layer-2 networks these days as most of the platforms are already integrated on most layer-2 networks especially most defi platforms and even exchanges.
About the OP concerned, every platform got different fees so for me, checking first before doing a transaction is better, in USDT, there are already a lot of networks that support USDT on different network, which on some network you can save a lot of fees versus using Ethereum network.

Mr.right85

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Quote from: elouz on July 14, 2023, 11:02:26 AM

Hello , we're all seeing the rising fees when it comes for crypto payment , as an example : "buysellvouchers" got it's fees from 0.4% to 0.5% when buying , and if we include the network fees too, it starts to add up , so i'm here to ask about your opinion on the best crypto to use to get less fees and be optimal , is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

I lik to think of the fee at the time to be fair, at least better than we hard some 2 months ago where a 100sat/byte couldn't process a fast transaction.

It's no secrete that the fees are less when you use altcoins to do your trading, often about a dollar flat rate but, still swapping to a target coin like bitcoin and having to send it from the exchange to your wallet is also going to come at a fee determined by the exchange but, you don't get to pay the transaction fee directly as that becomes a duty of the exchange.

Altcoins isn't always a bad move, having to make the swaps but, you ensure not to leave it in altcoins and you don't leave your coins on an exchange.

Eternad

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Quote from: elouz on July 14, 2023, 11:02:26 AM

Hello , we're all seeing the rising fees when it comes for crypto payment , as an example : "buysellvouchers" got it's fees from 0.4% to 0.5% when buying , and if we include the network fees too, it starts to add up , so i'm here to ask about your opinion on the best crypto to use to get less fees and be optimal , is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

BSC is the cheapest and fastest at the same time L1 Blockchain project which fit on your preference. It has cheap transaction fee and fast transaction confirmation compared to the leading L1 blockchain project. The only disadvantage of this block chain is its centralized but you won’t be thinking that much if you are just a regular user making a normal transaction.

But if you want the most cheapest and fastest crypto then go for the side chains like Matic. It's value is continuously growing while it's speed and fee cost is better than most of the block chain available.

Huppercase

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Quote from: elouz on July 14, 2023, 11:02:26 AM

Hello , we're all seeing the rising fees when it comes for crypto payment , as an example : "buysellvouchers" got it's fees from 0.4% to 0.5% when buying , and if we include the network fees too, it starts to add up , so i'm here to ask about your opinion on the best crypto to use to get less fees and be optimal , is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

I didn't quite understood what you mean by buysellvouchers until I did some google search and found it is centralized exchange that is based on USDT, gift cards, Bitcoin and other popular altcoins in the market but you should know that any centralized exchanges can increase their fees without other exchanges increasing their own and from their, it is very simple to choose the one you like and the ones you think have been milking your money because you choose to use them.

There could also be another reason why you maybe using this particular exchange but if it is because of p2p and local banking, Binance is cheaper and have less trading fees and also offer a 25% discount on when you hold their BNB, and I think the P2P is not limited to Binance alone, Kucoin has the same features and they are quite moderate to used with their fees as a regular trader, no deposit fee is require or any other charges but you should know that transaction fees are cover by you since you are the sender moving it from a wallet to an exchange.

Findingnemo

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Quote from: elouz on July 14, 2023, 11:02:26 AM

Hello , we're all seeing the rising fees when it comes for crypto payment , as an example : "buysellvouchers" got it's fees from 0.4% to 0.5% when buying , and if we include the network fees too, it starts to add up , so i'm here to ask about your opinion on the best crypto to use to get less fees and be optimal , is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

This fee rise are enforced by the platform so it has nothing to do with the blockchain network so if you want lesser fee then change the platform you choose to trade as well as try changing the payment modes, usually bank transfers are cheaper with crypto<=>fiat so always prefer that if possible.

Also, prefer the platforms with Lightning Network deposits which enable you to transfer funds with the negligible fee to know where the lightning network is accepted please refer to this site lightningnetworkstores.com.

P.S. Don't bother trying any tokens on the Ethereum network since the network fee itself is highly insane compared to other blockchain.

FinneysTrueVision

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USDT is available on over a dozen blockchains. The cheapest of these and most widely accepted is probably the Tron version. From the options listed on buysellvouchers.com TRC-20 Tether is the cheapest option. My understanding is that the gift cards sold on this site are not coming from authorized resellers which means there is a possibility of getting scammed. You could end up with a gift card that was bought with a stolen credit card and then your account might get suspended by the merchant when you try to use it. There are better options for buying gift cards like Bitrefill and Coincards which accept Lightning Network payments so you can pay with BTC with very minimal fees.

SquirrelJulietGarden

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Quote from: elouz on July 14, 2023, 11:02:26 AM

Hello , we're all seeing the rising fees when it comes for crypto payment , as an example : "buysellvouchers" got it's fees from 0.4% to 0.5% when buying , and if we include the network fees too, it starts to add up , so i'm here to ask about your opinion on the best crypto to use to get less fees and be optimal , is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

Cryptocurrency exchanges or peer to peer marketplaces, merchants have nothing to do and solve your problems with on-chain transaction fees for your deposits to their platforms. You have to pay such on-chain transaction fees and after that, when you trade, you will have to pay trading fee on their platforms.

You can choose times when the USA., European countries are in sleep times to have cheaper transaction fees.

You can pick altcoins to have cheaper transaction fee than Bitcoin but don't pick Ethereum which always has very expensive on-chain transaction fee.

If you decide to use altcoins, you have to accept risk that those altcoin networks are more easily attacked because they have lower network hashrates and their networks are more centralized.

Use https://bitinfocharts.com/ to get comparisons of transaction fees among top altcoins.

dansus021

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Quote from: Zaguru12 on July 14, 2023, 11:54:56 AM

If we talk about the fastest in transaction then the likes of XRP, litecoin, Solana and Ethereum are ahead of bitcoin. But in value and safety I wound definitely go for bitcoin. Bitcoin is the Most trusted coin on the Blockchain. The other Altcoins do not have the liquidity and also the stability of bitcoin. The only coin stable compare to bitcoin is the usdt and even it has its disadvantages. Usdt isn’t fully backed by a the dollar and just like the Usdc it can also be depegged which would result in its dumping.

Agreed I mean Bitcoin is always go to choice maybe the OP can start using native segwit to send so will get a better fee as far as I know that native segwit can save transaction by 42% on fees. which very ideal an cheap.

Tho there is ton other chain out there that also give a cent for transaction fee you might can use USDT in tron or ETh right know since both of them using proof of stake mechanism so offer cheap transaction fee

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Quote from: Zaguru12 on July 14, 2023, 11:54:56 AM

-snip-
Yes the bitcoin transaction fee is sometimes high due to mempool congestion, but with the introduction of the lightning network this issue can be reduced. So for large transactions I would advice the use of bitcoin because it is secure and also has value

But what happens now, the lightning network is not so developed because the developers of the lightning network are still very limited.
Even though the lightning network is a solution for fast, cheaper, and more efficient transactions.

Looking at the Bitcoin mempool congestion a few months ago due to the buildup of transactions caused by Ordinal NFT.
Fees are very expensive and the confirmation time is very long, I need 10x the usual fee with a confirmation time of more than 24 hours.

Quote from: Unbunplease on July 14, 2023, 03:39:47 PM

-snip-
There are also hidden fees when using bridges between blockchains.

Bridges between blockchains are more expensive and the average usage cost is also the same for each bridge platform.
It also depends on the amount of gas fee at that time.
As happened in the ETH network, sometimes the gas fee rises, and the sending fee will be more expensive.

dothebeats

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It's XRP for me, hands-down. I haven't had any problems in transferring coins from one platform to another using this coin, and the fees are also minimal when it's the coin you're using. If you're keeping it in your wallet however, there's no other way around it but to use bitcoin as is and just shoulder the fees. But from one exchange to another, just use XRP and you'll be fine. There are other coins out there that doesn't charge much, though you will have to check its network activities and that might take some work, but you'll save a couple of dollars.

boyptc

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The fees differ on what has been set by the exchange. Always look for the makers and takers fee so that you can see on how much you've been charged for the trades that you do.

But does this still matter when you trade? Because usually the fees aren't that much and you only have to be worried of it if it's slashing a huge chunk to the entire amount that you've made.

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Quote from: elouz on July 14, 2023, 11:02:26 AM

is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

It ultimately depends on the token you're trying to trade with. If you're trading stablecoins, you should definitely send it using the underlying network payment token.

Quote from: teosanru on July 14, 2023, 03:19:04 PM

I think best in this case would be USDT but on tron network it'll be dirt cheap for you as the fees is lowest.

It currently cost around 10-20 TRX to send USDT as a TRC20 token. This was a recent update voted by the Tron community. Since that hike in the tx fees, I haven't compared the recent gas fee with the gas fee of other blockchains.

Quote from: Unbunplease on July 14, 2023, 03:39:47 PM

The issue of commissions is one of the main issues affecting the decision on whether to keep money in cryptocurrency. Recently, commissions have been as high as $50 or more per transaction (when the hype starts). There are also hidden fees when using bridges between blockchains.

It depends on the chain. Also, note that most bridges take a % of your transaction value as a fee.

Unbunplease

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The issue of commissions is one of the main issues affecting the decision on whether to keep money in cryptocurrency. Recently, commissions have been as high as $50 or more per transaction (when the hype starts). There are also hidden fees when using bridges between blockchains.

teosanru

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Quote from: elouz on July 14, 2023, 11:02:26 AM

Hello , we're all seeing the rising fees when it comes for crypto payment , as an example : "buysellvouchers" got it's fees from 0.4% to 0.5% when buying , and if we include the network fees too, it starts to add up , so i'm here to ask about your opinion on the best crypto to use to get less fees and be optimal , is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

I think best in this case would be USDT but on tron network it'll be dirt cheap for you as the fees is lowest. Even LTC isn't that expensive if you compare it with something like BTC. So i think BTC is worst when it comes to fees these days even after Segwit I somehow feel we have already reached to that point where it is as good as what Original BTC was sometime ago.

Cryptomultiplier

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The current fees no matter how much it has risen to, shouldn't deter you from trading, especially if you are invested in BTC and understand how bullish and bearish market seasons affect your profit more than charges would.
BTC is assuredly better if you don't want to be too bothered about moving your coins, as is the case of many alt traders during times when the news about dumping is rampant.

Bananington

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Quote from: elouz on July 14, 2023, 11:02:26 AM

Hello , we're all seeing the rising fees when it comes for crypto payment , as an example : "buysellvouchers" got it's fees from 0.4% to 0.5% when buying , and if we include the network fees too, it starts to add up , so i'm here to ask about your opinion on the best crypto to use to get less fees and be optimal , is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

The fees are fairly normal this days, not as high as they were some weeks ago when the fees were ridiculous and discouraged many people from transacting with bitcoins. I made a transaction this morning, and as usual I always check the mempool before making such transactions. The fees for low, medium and high priority were as low as 6sat/vB. If you are looking to make cheap transactions, do them at a time when you know that the mempool will not be crowded, like late in the night or the early hours of the morning.

Zaguru12

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Quote from: Agbe on July 14, 2023, 12:19:49 PM

I also support the use of bitcoin in his transactions because it is much more better than the other cryptocurrencies but the transaction fee of bitcoin is still high. Base on what you said I tried to see if the fee has come down but for my surprised the fee is very high.

Yes the bitcoin price is quite high if you check mempool.space

.

I would advise that if you are not in a hurry you should try to make transactions like this in the night or probably during weekends.

Quote from: Agbe on July 14, 2023, 12:19:49 PM

Or is it that the units of bitcoin is high?

The size of your transaction actually affects the fees if that’s what you mean. When you have multiple inputs the transaction fee is usually higher because basically each input is charged, since the bitcoin block size is between 1mb to 4mb ( increament was as a result of the SegWit soft fork). The best thing is to consolidate your inputs into one and then send it to the blockchain

Quote from: usekevin on July 14, 2023, 01:23:24 PM

The fee raise is common one at the time of bull market.The value of same coin value may changed at the time of the pump.Pump in bitcoin is the one of the reason for changes in the price of most of the coin.The price of XRP was raised over 60% as compared to yesterday value.Many of the XRP holders may had huge profit from the XRP now.If they had holding of 750 XRP,the current profit will be 150$.The profit of 150 dollars for the 750 dollars will be the very high margin profit.

OP isn’t talking about the increase in price of bitcoin or other cryptocurrencies but rather the transaction fees and which one is more efficient in terms of speed and value

usekevin

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The fee raise is common one at the time of bull market.The value of same coin value may changed at the time of the pump.Pump in bitcoin is the one of the reason for changes in the price of most of the coin.The price of XRP was raised over 60% as compared to yesterday value.Many of the XRP holders may had huge profit from the XRP now.If they had holding of 750 XRP,the current profit will be 150$.The profit of 150 dollars for the 750 dollars will be the very high margin profit.

Agbe

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Quote from: Zaguru12 on July 14, 2023, 11:54:56 AM

Yes the bitcoin transaction fee is sometimes high due to mempool congestion, but with the introduction of the lightning network this issue can be reduced. So for large transactions I would advice the use of bitcoin because it is secure and also has value

I also support the use of bitcoin in his transactions because it is much more better than the other cryptocurrencies but the transaction fee of bitcoin is still high. Base on what you said I tried to see if the fee has come down but for my surprised the fee is very high.

Or is it that the units of bitcoin is high?

Zaguru12

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Quote from: elouz on July 14, 2023, 11:02:26 AM

is it bitcoin ? LTC, or simply usdt ? especially when trading big amounts ( i'm pointing the treatment speed and value ), thanks for your replies.

If we talk about the fastest in transaction then the likes of XRP, litecoin, Solana and Ethereum are ahead of bitcoin. But in value and safety I wound definitely go for bitcoin. Bitcoin is the Most trusted coin on the Blockchain. The other Altcoins do not have the liquidity and also the stability of bitcoin. The only coin stable compare to bitcoin is the usdt and even it has its disadvantages. Usdt isn’t fully backed by a the dollar and just like the Usdc it can also be depegged which would result in its dumping.

Yes the bitcoin transaction fee is sometimes high due to mempool congestion, but with the introduction of the lightning network this issue can be reduced. So for large transactions I would advice the use of bitcoin because it is secure and also has value

Topic: your opinion about the current fees (Read 171 times)