Bitcoin Forum

Another proof that bitcoin transactions is still very cheap, the transaction below moves $500,000 million with less than $5 fees. This is a Binance external transaction. So for those proponents who says that bitcoin fees is expensive and slow, take a look, as everything is transparent on the blockchain network.

https://i.ibb.co/L0zHBwK/Screen-Shot-2019-06-01-at-6-29-10-PM.png (https://ibb.co/MgDQKTd)

https://twitter.com/whale_alert/status/1134411929072676864

https://i.ibb.co/JRVQkm2/Screen-Shot-2019-06-01-at-6-21-33-PM.png (https://ibb.co/pvcyXbZ)

This is really impressive data, transaction of such a large amount of money cost only $5 ::)

But you need to consider the fact that the vast majority of transactions within the bitcoin network is belongs to a group of micro transactions, which is usually a few dollars worth of bitcoin. Such transactions are actually very expensive, if only we take for example that someone sends $5 and it need to pay for that $5 fee.

In addition to using the Light Network which is still fairly demanding for the average user, only way to reduce fees for micro transactions is using of SegWit and to make transactions light as much as possible by controling inputs.

it's looks cheap in the sense because the transaction is worth 500btc but if the transaction is small the 5$ fee will be expensive. also most users only send small amount of btc/mbtc and so the 5$ fee is expensive for them since the transaction is small.

To be fair, Roger Ver and other big blockers are complaining about the "high transaction fees" in the form of coffee-value transactions though, for the typical person trying to go on his day; not multi-million dollar transactions. Still great to be able to transfer huge amounts of money with just a fee of a few dollars though.

All right, but in many places, there is a lot of bitcoin transaction fees. where you have to pay 5-8$ transaction fee . It is very tragic, but it is less of charge at some exchanges, and some exchange like the Bitmex Exchange where there is 0.002btc fee per transaction.it is really high fee! There is a lot of time that I have seen transaction for a long period of time If you pay less fee.

It seems like a legacy address. If it was segwit fees would be lower.

Also, i can't understand why exchanges like binance still not accepting segwit addresses, i mean why don't you want to pay lesser fees?

I agree that $5 is a small fee for that transaction. However$5 is usually a very high fee (141 sat/byte is extremely high).
But that's not a big problem, as those high fees do not last long... Having a little patience and you can make transactions for 6sat/byte or less in a few days

Let's see what will happen with the transaction fees when the bitcoin price hits 13,000 USD or more.
I believe that we won't face the last year's problem with the blockchain being stuck and the fees becoming ridiculously high.

I think we don't have to bother about the transaction fees because the transaction fees help the network and the miners too.
When the fees become $5, and the bitcoin price is at $9,000, then if it converts to bitcoin, $5 will be 0.00055555 btc.
That still too small depends on the amount of bitcoin you want to send, and I am sure that you will send more than $100.
So $5 will not be a problem for you and let say that $5 as for the charity to the network.

I agree why don't those people try to send money to another country using a remittance center like W.U?
How long would it takes before your receiver recieve the money and how much would be the fee?
Would you still say that Bitcoin fee is expensive and slow compare to other way of sending money?

I not say is expensive now for all transaction, but can be expensive for people who have low amounts on address and after to send to one address because if pay more than send amount then is expensive.

With this large quantity, $ 5 is a small amount. When I convert $ 50 for example here, the fees can be more clear.
Still I think it's low fee

Every fee depends upon how every transaction is done.
There are some transactions which require fees like transferring funds to a local wallet.
Also, the price of Bitcoin still affects it. As the price of bitcoin increases, we could notice that fees are also increasing.

I am currently suspending the bitcoin transfer process that I will do. the reason is because the transfer fee is very high reaching $ 5 if you use a normal process. I thinking to make a transaction using 25 sat, cost around 1-2 $ / transaction.
and I will make transactions at once and not repeat for the same address. in order to save transfer fee.

5$ may look small mate but for some people who are doing micro transaction they often reaches this fees with just lets say 20-100$ transaction.This happens some hour in the day where you pay more than you sending.
Yes bitcoin transaction fees are still cheap but not all of them someday youll see it yourself

It's not like one of us just making the switch. They might have to rebuild their entire back end. Gemini were planning it for a long, long time and included it in an overall upgrade.

What we need is a site that gives you a straightforward reference for fees that becomes the go to place. Most of The ones out there are either too hard to understand or outrageously inaccurate

You hit the target. A person transferring a huge amount of bitcoin will find the fees to be negligible and will later on give a smile and a big praise for the bitcoin network because he saved a lot of money compared to transferring it the traditional way. However, the problem is visible if one will transfer a little amount of bitcoin -- and this has been the big challenge since time immemorial with bitcoin. We should find the way to address the concern of the small transactions too which comprises majority of all transactions. The right solution to this problem can help bitcoin truly function as the digital money we can use all the time.

The total amount transferred is not an issue. The transaction is relatively small with it having only 2 inputs and 2 outputs. For an average joe, the transaction size for their daily transaction is usually much larger. With every transaction, at least 2 outputs would be created; one for the intended recipient and one as change. As the change and the number of inputs accumulating, the transaction could eventually become big and impractical for most.

Bitcoin transactions are still expensive (Segwit or not), things could change with the lightning network.

For better or worse the idea of low fees and transactions for all on the main chain is heading for extinction. There may be quiet spells. They're going to get fewer and further between until the concept is laughable. We need to see whether lightning networks deliver anything notable.

expensive or cheap depending on the number of btc transactions done, I think $ 5 is not expensive it might be more efficient if the transaction fee of $ 3 is better

Surely, it's cheap for large transaction. But still a nightmare for small ones. You now can't pay your bill with Bitcoin as you might spend more money on the fees itself. Lightning network seems to solve some problems but it's mass adoption would bring another problem to the bitcoin network.
So, no, bitcoin transactions are not cheap.

payed a 5 dollar fee for a 50 dollar transfer that is super expensive, would not have dont the transfer if i saw the fee earlier. and you cant take a 500 million transfer and compare it . it is 5 dollar no mather the size.

I mean, why did you choose a $5 fee when you're just moving $50 in the first place though. Unless you use some centralized wallet, you can set the fees to something like 50-80 sats/b and it would be confirmed probably in hours.

What's the point then? I would understand if its just to move your coins to consolidate them or for something that isn't urgent at all. If I were to go to purchase something in a physical store, I probably won't stand around for hours just to wait for a confirmation. There's also a risk that the fees would surge to a point for which my transactions would take days to confirm.

Well, this was actually my assumption, because it's pretty pointless to use non-lightning BTC right now for merchant payments.

Read my first reply on this topic if you haven't:

Bitcoin transaction fee when network is congested is cheap when moving a high volume amount of bitcoin as compared to the traditional system. But paying $5 for a transaction of $30 is really not a good economic calculation, still faster than the fiat though, when priority fee is been used.

You will not expect a normal Joe to move millions of dollars worth of BTC, don't you?


Bitcoin has its advantage when moving money worldwide over fiat, but still cannot be used to make payments for daily use. And I think that should be the target.

it depends on our needs and how much value we have, if viewed from an economic standpoint, the cost is still not representative for secondary costs in general.

Having not used Bitcoin for a few years, I was shocked at the transaction fees to send a small amount from Binance to LBC, think I paid close to $4.50.

You should not forget that bitcoin transactions can be set by yourself and not the other way around. Are you not in a hurry? Set it to 1sat/B and relax. Wait a day or so, don't worry. If you used a wallet with rbf such as Electrum, you can later change your mind and add more tx fees to "accelerate it".

Real world wire transfers across borders can take days, and even within a country from a different bank. So you shouldn't be too picky.

The "pay now" scenario will be handled by off chain solutions such as Lightning Network, it only needs to get some more traction or another off chain solution (such as Litecoin) to be supported by smart wallets able to do the p2p exchange among them (as they are both segwit).

I've always thought these kind of comparisons are kind of disingenuous. Yes, they might appeal to people who don't understand that fees are based on transaction data size and not transaction value, but they are not an accurate representation of what fees are really. It can cost 10 cents to move a billion dollars, or it could cost 10 dollars to move 5 dollars, depending on how many UTXOs you are spending and the current mempool status.

We should be aiming to be more honest and educational when discussing fees, rather than just going for sensationalist headlines.

Perhaps you should provide more information than saying I paid X fees for a transfer.

Poor fee estimation on the client side in most cases leads to people overpaying with 50%. I have seen it happen myself that clients recommend me a fee that makes zero sense. Most people will probably go with what the client recommends but that's not a good thing, and leads to even higher fees if enough people do it simultaneously.

Another thing is that high fees are the result of multi input --> single output transactions. You think it's just a regular transaction, but under the hood multi input transactions take up more block space and thus require a higher than average fee.

My highest regular size transaction fee so far is still sub $1.

Fees seem to be veering wildly. My latest one was 3-4 days ago and that was made up of around 16 inputs. The overall fee was 68 cents and was confirmed next block. I think I got lucky with that one.

This is were it is imperative with larger transactions it is a dream compared to if you were wanting to send this amount using other means such as a money transfer service or even through a bank. They would ask you many many questions of this transaction of this amount and probably want to contact the local authorities in this case if it were done by basic means.

Average joes generally don't move half a billion dollars on a daily basis, just so you know  ::)

It's really manipulative to bring events like this to debunk the fact that BTC transactions are expensive, everyone with a little bit of understanding of Bitcoin knows fees are tied to transactions (bytes, to be precise), not the amounts, so there's generally some lowest threshold that you have to pay to get your tx confirmed quickly, and it often happens to be a few dollars of value. I personally have to optimize by transactions by monitoring the mempool manually, because paying a few dollars to move $20 is retarded, and it just kills any ability to make small purchases, so I probably won't be using BTC as a currency until LN will be  more widely adopted or the fees will go to a few satoshis per byte.

Undoubtedly bitcoin is still very cheap for those who make movements of such magnitude, but for those who can only afford to move a few satochis without a doubt the cost of transactions start to seem a little expensive, and if we take into account that in real life most of our transactions are to cover minimum payments (a coffee, a cigarette, groceries, etc.), then the price to pay for using the bitcoin starts to seem a bit expensive compared to other payment systems.

When it comes to transaction it is the size that matters not how much btc you sent or received, that is what make bitcoin really suitable for rich peeps but for low money brat that is a burden, most of the people that trying to gather btc by small amount to a single wallet usually have so many input in their transaction resulting bigger transaction size, I guess that is the problem.

I agree with what you say, transaction costs are quite cheap for that amount, but for people who can send small amounts if they are charged the same amount of $ 5, the tax costs will be quite expensive because the transactions they can do are not worth the costs that must be incurred

If Bitcoin transactions are faster now it is awesome. When it comes to transaction fees, they may be seem cheap on a 500k transaction but they seem expensive on a small amount of transaction.

I think people that complain it's because if you withdraw $50 you get like $5-10 cut from all exchanges and transactions, so you end up with $40.
In big transactions, now it's cheap, but in really low transactions (like $50 or less) it kinda sucks

the speed of your transaction will always depend on the tramsaction fee that you put up  but it also depend on network traffic  .


Yeah . Its wise to transact a large volum of coins if the fees are really high but if your only going to send smaller amounts then you could loose more in the fees but the fees will also depend on the current value of the cryptos  . Its known that the fees will be cheap if the value of cryptos are not pumping .

https://jochen-hoenicke.de/queue/#0,1w

Fees go up and down all the time, maybe someone will crack this pattern? I think it coincides with trading activity in the West, as you can see the fees usually start to rise after 12:00 and drop around 00:00 - when people finally go to sleep. If this pattern won't break, you can use it to save on fees by moving coins at night. Or just put a low fee, knowing that it will get confirmed later, instead of overpaying on fees to get confirmed in next blocks.

I am agree with you! I almost die with this high transaction fee that deducted to me. It almost 2 dollars something when I cash out my 100 to 200 dollars. And yes! It looks like small for the whales or those who withdraw more than 10 btc. But a small investors like me, it is really high.

Good to see for this Big transactions but for micro transactions $5 fee is pain in the ass or simply it isnt really appealing to look at.
This is why some average joes who do make small transactions would really shout out into this kind of fee amount but still good to look
at on where making millions of dollars amounts being transferred on a peanut fee.

The transfer rates are unquestionably superior compared to what rapacious bankers ask for the same amount. They are busy with making fortunes and ordinary people have no idea how to beat these price quotes. For small volume transactions, these mining fees are high and block congestion is still a problem on price-volatile market days.

For such a large amount, the $ 5 fee does not mean anything. It's still very cheap and affordable. Maybe if the price of bitcoin is expensive and reaches $ 100,000 it is likely that the fee will increase.

W

That's got almost nothing to do with the transaction fee of the bitcoin network, and is entirely down to the withdrawal fee set by exchanges. Many exchanges set frankly ridiculous withdrawal fees, not just for bitcoin, but for altcoins as well. Binance and Kraken, for example, currently charge 0.0005 BTC per withdrawal, which is, as you say, around $5. Considering a 1-input-2-output transaction, even at recent peak fees of 200 sats/byte, they are still making a profit on withdrawals. The profit becomes even bigger when you consider they batch their withdrawals to save massively.

If you don't like paying that for withdrawals, then you need to either find a better exchange or trade peer-to-peer.

This is a small fee for a $570 million transaction, though yes for a normal transaction $5 would be considered expensive. The implementation of Segwit and the growth of the Lightning Network are helping ease the on-chain congestion, but more than likely fees will still be high for small transactions on-chain in the future. That's the nature of blockchain technology as it scales. You have to pay for the security.

I think the bitcoin network have some adjusted fees for transactions no matter how small it is. I have also noticed that when i make transactions worth some few amount of money i am charged quite a high fee and this fee same fee is apparently small when i make transactions of worth a higher amount. There should be a way to fix this guys, what do you think?

Yes, its true! Those who have large amount of BTC in their don’t really feel the $5 fee but for those who have less BTC will find it very expensive. But for me, I think this is more on the exchanging flatform used not really on the bitcoin network, it normally depends because some have higher fee compared to the other, I guess just find the one with less fee for small investors.

Remember the transactions back in 2013 when I transacted 0.1 BTC with only one thousand satoshi fees. Of course, the current network blocks are much heavier and store a lot of data they also have to store their full network security which was improved in a sec with addresses but transaction fees are still an issue.

The only justification to what you said is, having a bigger transaction with a smaller transaction fee but the point here is; let assume you have just $10 to transact, what can be the possible transaction fee for this type? possibly, one will see a bigger transaction fee instead of a smaller transaction fee.

The transaction fee will be large if bitcoin value is high so its not a good idea to use bitcoin for sending small amount of money but you can use other lighter altcoins or tokens so that you can only incure small transaction fee charges  . High transaction fee of bitcoins is also the main reason on why majority of people only uses their bitcoin for investment purpoes  .

As has been stated repeatedly here the value of the transaction has no bearing on the fee whatsoever. 0.0001 BTC made up of ten inputs will cost more to send than 2.1 million BTC with fewer inputs. You're paying for the size of your data, not the value of it. 

Tactically you advise to always convert Bitcoin to altcoins whenever there's a small transaction to be carry out? How long are we going to do such, just to purchase some little items from online stores? Last time i bought an items with a vendor, the fee almost caught hanged but thankgod for a friend who assisted. Bitcoin shouldn't be use as investment purpose becasue it stand for payment method either big or small.   

That is because of the $5 in comparison to $500,000 million, this still doesn't make sense to me. The other day I wanted to spend a few $$ and the fee was like almost $3 that's insane. THis is why I say use btc for bigger transactions like $50+ and anything lower use Eth. Even eth has started to get expensive so I have been using doge it is so quick and cheap. Doge was half a cent to send a few $$ and it is cheap to withdraw from the exchanges usually.

What other currency can you guys suggest to me for smaller payments?

I don't think that you're gonna have those problems with transaction fees if you have a high earnings in bitcoin or cryptocurrencies. There are times that I also paid that $8 dollar transaction fee but since I know that I'm getting much more of that in the bounties, then I'm not trying to think of how high is that transaction fee.

Comparatively, we can say this is small but let's not forget that the transaction fee isnt much different when you are sending say $20. I know once btc goes high rhis year, we will see situations where you will have to pay huge sums as transaction fee.

Ya but it is the same fee no matter how much btc you are moving so this whole thing is irrelevant.  No one wants to pay $5 on a $10 transaction,  this is partially why these bitcoin forks are rising in value and outgaining bitcoin over the past few months.  BCH already did 5x since December.

Fees will be increased in small transaction, it was big transaction which is 5,00000$ instead of 5$ fees so i think it's quite cheap in as a big transaction.
I see in my small transaction fee is something large. I don't know fee amount is connected in transaction speed or not.

It is still very much possible to send that amount or more for 1 thousand satoshi or less in fees. In fact, there was a transaction just a few hours ago which moved over 3 BTC for only 224 satoshi in fees: https://btc.com/bfdee782862f5b0140c07c2125911b60d382d6b318b838c07afc3a1b5fbc1b95. Thanks to Segwit, it is now possible to make a 1-input-2-output transaction which takes up less than 200 bytes, so the fee could have been even cheaper than that.

Use Lightning.

the fees are high if you move a few tens of dollars, in proportion to a transaction of 20/30 $ you pay 10/15% of the value in fee. the important thing is to avoid making micropayments with Bitcoin, to make micropayments the altcoins are better

If people still wants to make small transactions with Bitcoin on chain they can still do so but they have to lower their transaction fee. Using altcoins for smaller transactions does sound good but it's not always applicable because there are services and merchants that only prefers to accept Bitcoin.

Or monitor the network until the fees starts to go down.

Or this. I made a $10 transaction earlier today and paid 1 sat/byte for it, which worked out at around 2 cents. Take a look at this site - https://jochen-hoenicke.de/queue/#1,2d - and you will see the mempool periodically emptying to pretty much zero every few days at the longest, but often much more frequently than that. If your transaction isn't time critical, there is currently no need to spend more than a couple of sat/byte or a few cents on fees, and just be patient.

For micro payments I use LN. I don't see much point in using an altcoin that I can't spend anywhere just to save a few pennies. By using Bitcoin you pay for security and wide level acceptance at the same time.

Everyone in crypto will accept my Bitcoin payments. Way less will accept a top 10 altcoin, and orders of magnitude less people will accept payment in an altcoin with a sub $1 billion market cap.

When exchanges roll out support for LN things will become even worse for altcoins. I'm not saying they will become worthless, but certainly less in demand because they can't compete based on low fees anymore.

This has took place last year it's not even a thing to worry about because it always falls back to its normal fee price, now I believe most crypto traders will have other means to make transaction. That will slashed off the high rate.

Fees will be depending on us, just like we do in sending BTC's from our electrum wallet, if we set into high will definitely we pay for that certain amount and possible it be more than $5. But for what OP shows to us, it looks unbelievable to have $5 fees just to move that huge amount. It for sure it takes hours to confirm that transaction but the most important is we save a lot.

Transaction fee is sometimes fixed value that any amount you process so better to transfer big amount for it to be worthwhile. It is just the volume that high but the value is cheap, transaction fee could increase when the price of bitcoin also increase.

I love the way bitcoin charges us low transaction fees. That is why I prefer using or transacting with bitcoin compared to other cryptocurrencies. Bitcoin also lots of variety wallets to create with.

Certainly it's cheap and there are cryptos which could do the same job for few cents or completely free.

This is right, transaction fee does not solely based on the transacted amount.

However, the amount is huge if you only transfer the small amount.
Bitcoin is only good for big transactions and bad for small transactions, that's why altcoins are invented to answer this call to help people who wants to transact small.

It cannot be use for ordinary day transaction having that huge amount of fee for small amount of money.

It's exactly like that and it is running like this for months.
At 23-01 it begins to go down and only picks pace around 8-10, as it is also a lot influenced by the luck the miners have in finding blocks, as a 5-6 block streak in 20 minutes will influence a lot.

Also, we shouldn't forget that we ended the last retargeting with 11% in difficulty meaning around 11%  faster blocks generation and increase in capacity. This is not going to repeat itself more than a few times.


Lols, what you wanted to say and what you ended up saying.
So, banks are worse than bitcoin when sending millions but ar better when sending small amount and paying with a card.

Wait, it means banks are better for the poor than the rich?  ;D ;D ;D

This is true but we have to admit that Bitcoin transactions fees are getting lower and that they are quite reasonable and acceptable, even for small transaction. Especially if we compare current fees with those few years ago. And we have to have in mind that everyone in Bitcoin supply chain have to get its share in order for everything to function properly.

For the speed people higher the fees and get included in earlier blocks, this can only be adjusted as we as a whole going to pay less fees for the transactions.

The price can always be worth it, but if we just used the generic fee rates then we should be patient enough and wait for our delayed transactions to arrive in our wallet. Having expensive transaction fee is a lot advantageous compared to normal fee, because blocks was too congested compared to higher miner fee. Most probably it was gaining higher fees during price increase of btc and let's expect it to soar during bull run.

Comparing Bitcoin transactions to that of banks, you will realize that Bitcoin transactions  charge much lower fees. The price of transaction fees also depends on the exchange where the transaction will take place. Binance charges much lower fees.

I agree it is cheap for those high value transaction ,
But for us who would only send about 100k sats or 0.001BTC it would be an expensive fee.
It is always better to look at others point of view too because not everyone is the same.
Just imagine about those people who wants to transfer their small funds let's say they have $20 then $5 fee would be too much.

Bitcoin transaction fee is low because the price of bitcoin is cheap but the volume is still the same. It is expensive when you have to transfer less amount or just the same as transaction fee, the fee is not worth to use and prefer to used fiat rather than that.

I wonder why people spent just a fraction of dollar to pay for transanction fees on the blockchain and is delivered in just a blink of an eye ,yet they complain of high fees. What of western union ,money gram and other remittance services that charges exorbitant fees.

you can't really post a transaction paying 141 satoshi/byte and call that cheap fee just because the amount being transferred (in this case 66k+BTC) was huge. that fee per byte is the only field that matters in that transaction and it is a gigantic fee to pay for a bitcoin transaction and it should not be that way. you have to keep in mind that bitcoin at protocol level does NOT care about how much money you are transferring, it only cares about the size of the transaction in byte which is why this was a terrible example to post here in my opinion.

No not too expensive.because I used it for transaction and it is not that much expensive than the other payment transaction using wallet coins.

that's great for all the billionaires in the room, but it's not gonna comfort most people in the world---who will only ever own fractions of a bitcoin. ;)

don't get me wrong, i'm glad such massive value can be sent for just a few bucks, but it won't stop people from complaining about high fees.

This is great with a 500 bitcoin you only pay a mere $5 to transfer it, this just proves that cryptocurrency is more convenient to use. We don't need to go out and we just need a computer or smartphone and we can anything with our crypto holdings whether to buy other crypto or withdraw.

That is a really good proof of how bitcoin can dominate when it comes in paying fees. That is huge money there and only a small amount of money paid in fees. I just hope that if the value of bitcoin rise up the price of the fees will be lessened.
Some of the traders said that transaction fees are expensive because in my opinion they see the transaction fee back in the year of 2017 that BTC value reaches $20k and the fees are so high during that time.

Because less than 0.00001% use wu or moneygram daily.
And if you use bitcoin daily and you want your transactions to be included in the next block you will pay in less than a week more than what WU will charge you.

If you like bitcoin as a remittance option, fine, but that doesn't make it cheaper than card transactions unless you try and use LN. Sooner or later on chain payments will no longer be feasible for anything transferring less than tens of thousands.


I'm starting to get really annoyed by those, rather than praise to BTC they look more like cringing desperation to show BTC has some good points. We f know that, we know it's faster and cheaper than international banking or other money transfers, but seriously, give it a rest.

What is far more annoying is that it was a cold wallet transfer, if we really compare it to banks those are not only instant but also carry zero fee.

yeah it is cool to see bitcoin is not only capable of doing these huge value transactions but also it IS handling lots of them every day but when it comes to talking about bitcoin and fees as long as you are reporting everything in dollar terms you are not talking about bitcoin you are talking about fiat and you have already missed the point of bitcoin.

It looks cheap because the value is $500k but if the value is less than $50, a $5 transaction fee is too high! I am using a local wallet and yesterday the fee was 0.0006 btc that is for the low fee and the highest fee for faster transaction was 0.0017 btc not fair!

With bitcoin, we can make transactions with very large amounts, indeed fee transactions sometimes become a question because if the block is difficult then the transaction fee is quite large. but if we look at the positive side, we have got many benefits, both time, security and speed. so for me that bitcoin is a reliable medium of financial transactions and will make the era of the future much better.

If you will generalize that statement I won't agree with that.
Try making a small transaction with a fee of 25 cents or less and you'll see it will not confirm easily.

My question, is how are you going to transact 1 usd worth of bitcoin when the fee is not reasonable..

I guess we need some big solution here which is the lightning network or off chain transaction.

What wallet are you using? Does it use Segwit? Either way, it sounds like it's really overpaying. I suggest using a wallet like Electrum, manually setting fees, and estimating based on current mempool stats (https://jochen-hoenicke.de/queue/#0,1w).

In general, fees are rising and it's not going to get much better anytime soon. I really think people should stop focusing on getting confirmed in the next block. If you're willing to wait up to a few days, you can still pay hardly anything in fees. If you can wait hours or half a day, you'll pay a small fraction of the fees you mentioned.

Yesterday the mempool was full, at one point there were 10 000 transactions with over 140sat/b
I sent a 25sat tx yesterday around 9 am (CE time) and it only got confirmed 6 hours ago.

If he would have tried to send it at the peak, and had 3 or more outputs then the next 6 blocks fee was indeed ~ 5$ and a next block one even worse.
If you have dust in your wallet and more than 5-7 , kiss a small fast transaction goodbye.

Also, we're behind 61 blocks (https://diff.cryptothis.com/) from the normal, that's a 10% drop in capacity.


50 cents, ~20 hours and I was lucky, a 25cets tx wouldn't have been confirmed since Monday morning.

$5 might be small in your perspective but in some countries, this is already a high fee transfer.

If you try other methods to send your money, like Western Union, Bank Wire, Postal order etc. you will see that they have even higher fees.
So, in my opinuon even $5 is not to much and for higher amounts Bitcoin have no real competition.

And how many of the Bitcoin users can afford to move $500,000 in one go? Let's talk about ordinary Bitcoin users, who have less than BTC0.10 in their wallet. I have been an active user here for 3 years. I still don't have 1 BTC in my wallet. Most of the times, they move less than BTC0.01, and for doing so they need to pay somewhere between 5% and 10% of that amount as the transaction fee.

No, you can have transaction of $50 with far less fee than $5, it depends on your choosen fee. If you pay 1 satoshi per byte, I guess fee will not be beyond $0.05, in addition, if you have a lot of inputs, higher fee will be required. In that case, you can merge all the inputs into one when the fee is lower.

I also think that bitcoin transaction fees are not too expensive because we should look at the value and potential of bitcoin, it is always too high, so transaction fees always need to be at a reasonable level, and from a lot of comments from people, the current fee is too reasonable. If someone still feels and complains that the fee is still too expensive and inappropriate, they can switch to using some of the top coin with cheaper price, this will require some additional processes but it will limit transaction fees, in line with the wishes of many people

At 1 Sat/Byte, your transaction may take ages to get confirmed. I would recommend a minimum of 10 Sat/Byte, to get a confirmation within 4 to 6 hours. And that is going to cost you in the range of $0.20 to $0.30, which I would say is reasonable. In case you want an immediate confirmation, then I recommend paying 200 to 250 Sat/Byte, which will cost you around $5. 

it all depends on the perspective you see it. maybe you think $ 5 is very cheap. but there are some people who realize that $ 5 is very expensive. this is because some factors such as the money withdrawn as in the picture shows the withdrawal of 500 BTC for it $ 5 is not a big deal. but if you draw around $ 15 on BTC for $ 5 as a transfer fee i think is expensive

If you join to https://www.blockchain.com/es/btc/unconfirmed-transactions and see how much fees are paying the last transactions, you will find values between 0.0003 and 0.001, so, fees are getting high again, now we have a total of 36k unconfirmed transactions, so, maybe the network is under attack and that's why we have to pay these high fees. i'm not sure.

Earlier similar kind of large volume of transactions got stuck to the network when the market turned bullish in an unexpected time period. By that time more than 90000 transactions got stuck. What we see at this moment is quite low and more transaction acceleration service renders will get into the market.

We all understand but here in particular we are saying Bitcoin transaction fee is high compare to other cryptocurrency coins around the industry. As at today there are upto 34k unconfirmed transactions and the fees are getting higher on daily basis now. Maybe the bear market contributed to these fee issue, sometime i convert Bitcoin to Ethereum before movement.

36 K is normal, I'd say. Back in 2017, at one point we had close to 250,000 unconfirmed transactions and some of the users were paying as much as $50 or $60 to get immediate confirmations. Considering the fact that approx. 5,000 transactions can be included in a single block, this backlog should get cleared within a day or two at the most.

That is one good thing about Bitcoin because every transaction made has their specific encryption. Transparency is still one of the reason a lot of people use it because they can keep track of the transactions made. Some might say transaction fees are expensive but that depends sometimes on the location because it might be expensive due to the fact that not all money has equal value. It depends on the economic status of that country and if your'e located on a Third World country, expect transaction fees to be expensive.

Bitcoin is more of an asset rather than currency according to me. I do agree that the transaction fees are high but if we compare it to the other methods available, we might still find it comparatively cheaper.

The transaction fee seems cheap in this  case because of the amount of money involved. What about when the amount of money is less than say $20 and they are still charging almost same transaction fee.

It is cheap compared to the amount of bitcoin transferred. But, what if you want to buy, lets say something very cheap like a $10 gift card or you go to a coffee shop and want to pay using bitcoin. $3 fee for a $4 latte sounds a bit too much. Pay less fee and wait for like an hour for a coffee? No thanks.

Well charging such a fee for that amount of bitcoin transaction its damn cheap but what about the average crypto enthusiasts who is just making a $100 bitcoin transaction and it's paying the same amount. I think just like in centralized systems tx fees are calculated based on the amount of funds being sent.

It depends on the priority of the transaction. If you don't need the funds immediately, then choose a lower fee and it will get confirmed after a couple of hours. I do that too some times.

I also tend to wait for the right moments to consolidate inputs so that I pay up to 90% less in fees. It's just a matter of logical thinking combined with timing. It will save you a good $5-$10 in fees per month.

To some people that might not seem like much, but not saving on fees when you can is like wasting your money. Bitcoin's limited block space requires you to be creative and think smart.

Incredible, this is why bitcoin has started to be liked by many people, because bitcoin is easy to use and Fee payments are very cheap

Despite the recent updates (such as the implementation of lightning network), the 1MB restriction on block size is causing issues for Bitcoin users for the last 4-5 years. And my guess is that sometime soon we'll witness another repeat of what we had in December 2017. There will be hundreds of thousands of pending transactions, and the tx fee may rise to unaffordable levels. This might happen during the next bull run.

Today we have indeed high fees, but they drop significantly (even down to 1-2 sat/vbyte) now and then (almost on the daily basis), which in 2017 didn't happen. I still think that what happened in December 2017 was also caused by a spam attack, SegWit and the incipient LN just don't count *that* much.
What did help was that some services implemented bulk transfers. Here I don't have numbers though.

I think that we also have now some sort of fee FOMO: people are simply afraid to try a reasonable/lower fee for transactions that can wait.

Before talking about whether the fees are expensive or not, we should always specify what amount is going to be transferred. It's a pity that among the businessmen that are not into crypto trading few people realize that if you want to transfer over $1,000 to another country, Bitcoin is your best bet. The fact that Bitcoin transaction fee does not depend on the amount you transfer is hard to comprehend for the vast majority of people. If they knew that, we would have much wider adoption that is now.

Well, bulk transfers are definitely taking some load off the network. But I don't agree with you when you claim that people are afraid to try low-fee transactions. Last week, there were a couple of incidents when I paid around 8 Sat/Byte for my transactions and in the end they got confirmed after 12 hours. Fortunately, those were not urgent.

Well, if they were "incidents", which "fortunately they were not urgent" then you didn't deliberately set a low fee, so it's not a valid example.
A better (but still not perfect!) example is that I simply didn't send out a transaction for more than half of a day because the fees were high. When I've seen the fees went down, I've sent it right away with some 5 sat/vbtye.

actually there is a lot of cases of "panic fee setting" or as the other user called it a "fee FOMO"! for instance those who are making a payment to buy something through a payment processor that has a limited time for the invoice. or mostly the traders who want to move their bitcoin to exchanges to sell. these people are making transactions on a daily basis and they wouldn't want to lose an opportunity just because they paid a lower fee.

on top of all that there are lots of bad fee suggestions from some of the wallets or even online tools like bitcoinfees.earn.com that are deliberately suggesting higher fees.

I remember that spam attack, was a true hell, people using crazy big fees and transactions taking a lot of time to confirm, that could happen any time from now, but at the same time this is an issue who is supposed to be fixed with LN, in the close future bitcoin will evolve to LN and the blocks will have less than 1000 transactions.

Of course there are policies that are not the same between one exchange with another, but in principle the fees are charged when withdrawing money is cheaper than banking services.
This is one of the attractions of using bitcoin which is cheaper, while the transaction is faster and safer. Maybe someday the fees can be uniform throughout the world, unlike today which is different.

Currently fee for Bitcoin transaction is quite low I think. This is better than in 2017 caused by Uncomfirmed Transactions, which could reach more than 0.001 BTC. At this time fee for priority only take 0.0002 BTC.

It says just as a small amount of fee is charged in small amounts. I think the fees should be reduced. But yes if we go to compare with the bank or anything else. It can be seen that the costs are being cut as much as it costs.

It looks cheap but actually, it is not! Where 50000 BTC is a very big amount, so 5 USD fee seems very low here! But when you transfer 500 USD and the transaction cost remains 5 USD! That time you will feel Bitcoin transactions fees should be reduced than now! And, another lacking is the transaction speed is not good enough! though it is improving gradually!