Bitcoin Forum

I noticed that transaction fee for below $50 Bitcoin is higher that its core amount? what is the reason ?

The current transaction fee for the bitcoin transaction is 1sat/byte .

Do you think it is an high amount, >:(

Or you may not send the bitcoin in the recent days because the fee was almost becoming very cheaper since the memepool was empty so try to send bitcoin now if you still has high fee then change you wallet first.

I think so, transaction fees were high but they have dropped. Try to send again.

How much did you paid for? Base on https://bitcoinfees.earn.com/ the fee is only 30 sat/byte unlike before that it was higher than multiplying it four times.

There's a website that shows even lower fee but I forgot about it.

You possibly paid for the high priority fee and that's why you found it expensive.

There's no spam to the network so basically the fees are calm now and its very cheap to send bitcoin and its quicker than before.

I tried it. It cost 20$ for sending 30$.

The problem is that bitcoin is not designed to send small amounts. The price for the transaction of 0.001 btc. When you send 0.1 btc it is not much. When you send 1 btc it is not noticeable to you. Bitcoin is the currency of the elite. It can't be used as Fiat right now. I recommend that you withdraw a large amount to the stock exchange and exchange btc to Fiat. In this case, transaction costs will be lower.

Can I know what wallet you are using to store bitcoin,if you use exchange as an wallet there is no wonders with the high fee because many exchange never decreased their fee even the memepool is empty so try to use an wallet like electrum then you will be only charger around a dollar for the transaction.

Where the heck did you notice that? I don't find them being high for more than a few weeks now. Since the day when Bitcoin dropped below $14k level, the fees has reduced significantly. I wonder what wallet you are using which asks for more than the core amount as fees. You should probably change your wallet if it is because of it.

In order to minimize my costs, I now use only one method. I collect a large amount and send my coins from my wallet to the stock exchange. There I trade for Fiat and the income from the trade is transferred to my visa card. Then make purchases at any place without cost for the confirmation of the transaction.

Bitcoin network is busy or dense at the moment. Typically, costs will increase as long as the fluctuations of the value of Bitcoin and the world's major events are sudden;
Your Bitcoin wallet has a micro deposit history (such as referral bonus). If your wallet has a large number of small deposits, your transaction size will become larger because it consists of many inputs. The larger the transaction size, the higher the cost of Blockchain. A more detailed explanation about transaction size, inputs and outputs can be found in Bitcoin Wiki article.