Bitcoin Forum

I came across some interesting data today from Bitinfocharts that suggests transactions on average cost $1.083. Having a low transaction fee is arguably an important factor to the growing adoption of Bitcoin and it's great to see that the transaction fee has lowered especially after the somewhat high fees after the halvening. I personally still have friends and family that are unaware of the low transaction fees for Bitcoin and are still using platforms that charge much higher than Bitcoin's fee so it's always good to remind those unaware of Bitcoin's transaction fee.

This is actually very good news. I can remember times when I had to pay around $4- $10 per transaction. Such huge fees per transaction made one realy think twice if you want to execute the transaction via bitcoin or another coin with cheaper fees

I've been doing like 5 sats/b transactions which is a lot less than $1 for a while now, and they've been getting confirmed within an hour. If you're paying $1 transaction fees, you're honestly overpaying unless you really want the transaction to be almost instant(next block).

What was the minimum amount what made you think to exchange bitcoin to other coin to pay lower fee? Have you calculated, that you might lose more doing btc>alt>btc/fiat transaction than just spending 4+ dollars on transaction?

Too bad this reduction in transaction price doesnt really affect the price when you hold bitcoins on online wallet and make a transaction, because they charge % from the amount you send.

You are right. I used to be charged an average of $10 most especially from exchanges who are really in it for more money they can get from their users. I am also happy to note of this lowered Bitcoin fees, in case this is really true by the way. One of the common complaints with Bitcoin is the usually high transaction fees compared to traditional finance organizations. Let's hope this can be true for the rest of the year.

The first step would be to tell you, friends, and family, to stop using those platforms and search for alternatives.
A website or an exchange or whatever that charges you ridiculous amounts when they could simply batch transactions and use fewer outputs to minimize the costs far below what a user could achieve with a simple transaction should be avoided from the start.

Coinbase was such an example where their constant refusal of implementing batching on withdrawals was filling the mempool, once they did it the space used suddenly dropped.


And you think that will change? They will still overcharge you, you will simply tolerate because in you eyes the amount is lower.
Charging you extra, be it  1$ or 10$ for nothing is wrong in both cases.

$1 for a transaction fee is way too much, what service are you and your friends using? I use Electrum wallet & hardware wallets for daily use and I pay nowhere close to that in fees. That said, I am not in a hurry to get my transactions confirmed, so I have set the settings to lower the fees.  ;)

If you want super low fees, then I would suggest that you use the Lightning Network.. because it is very cheap and almost instant, compared to Bitcoin transactions that needs to wait for the block to be mined.  ;) 

Some people use other Alt coins to move coins around, because there are other coins with virtually no congestion in their Blockchain, so less transactions = cheaper transactions = faster confirmations.  ;D  (Problem with this method... converting back and forth between Alt coin and Bitcoin)

You're right, but 1$ is somewhat high! But if you do many transactions in one day, it is recommended to use Litecoin or Dogecoin!

To store your assets Bitcoin is of course unbeatable...

Do you think we need consensus on fees too? Most of the people use popular wallets like Electrum, Mycelium, etc. What if these wallets start showing same fees as recommended? For example, $0.5 equivalent bitcoin as normal fees, $0.8 equivalent as high priority fees and $0.2 equivalent as low priority. I think most of the people don't pay much attention on fees and select whatever wallet suggests. So most of the transactions will happen at same fees and can stop excessive increase in fees during congestion periods. User would still have choice to pay any fees but default fees will be shown same to everyone.

Mostly the exchanges charges very high fees and we must pay that in order to withdraw our funds, but what they really do is send the bitcoins to at-least 10 to 20 people in a single transaction and save the fees of those 10 to 20 people at once. This is completely unethical and they should stop doing this as it makes more income for those exchanges and feels like we have been scammed by them. Although I always check the average transaction fees before sending my bitcoins to any address as a quick search can save you a lot of money in the long run.

I wasn't talking about withdrawal fees charged by Exchanges or web wallets. In their case, fees are arbitrary which don't represent true network fees. Yes, they send batch payments and even if they process individual withdrawal, fees are still high (I guess avg fees charged by exchanges is around 0.0003-0.0005 BTC). They are surely cheating users by charging high amount in the name of fees but you can't do anything in that case because wallet is custodial.

However, I on the other hand was suggesting an easy way to control high network fees during congestion period for non-custodial wallets or Bitcoin network in general.

I don't think it will really be viable to expect competing wallets to agree upon static fees. Let's say for example all wallets are using 5satb/10satb/15satb fees. I wouldn't be surprised if one of them goes with 6/satb/11satb/16satb, just so the end up being the sort of "faster" wallet in the eyes of their users.

     I really feel bad for the person who crated this thread. You are obviously letting yourself to be taken advantage of. Judging by the way you feel about that much of transaction fee shows a lot already. I suggest you read more about other people's experiences in managing their Bitcoins. How they transfer use and send etc. There are a lot of helpful stuff out there. One advice I can say to you is to use altcoins when transferring. Only pay high fees if you are in an rush due to emergency. Although you should always prepare an emergency fund that is easy to access. At least that is how I do things.

The lowering of transaction fees is definitely a much needed stimulant for the crypto industry the only concern I have and share with you is its usability. Not many people are aware that by browsing across different exchange platforms essentially you get better deals especially in terms of transaction costs. The fact that this has already made a mark means that this piece of news will increase and in return help with the wider adoption of BTC and cryptocurrency in general.

The network is having very few pending transactions and the traffic is also not that much, at times when the traffic is very high we have to send the transaction with high fees which is double the current recommended fees. Now the bull market is coming against and the popularity of bitcoins will again rise once it pass the $11k Mark and then we can see the rise in transaction fees again. So this $1 transaction fees is just temporary according to be. But still it's good to see that cheap transactions are back now.

Yup. as I have already replied to a similar thread with my 4.4 sat/byte transaction that got it's first confirmation within 25 minutes and got 6 within 45 minutes. Even if it would have take a bit more, It would not have been much of a trouble as almost all of the platforms are aware of the fee status and gives enough time for deposit.

I am pretty sure OP is using any exchange or web wallet to store & spend bitcoin. That's why he/she is talking the fees $1.083 small amount. As others already said, it's really not a small amount when you will count it for bitcoin transaction fees where you may send bitcoin with more lower fees. You should just use a clients/wallet that you allow to set transaction fees manually where you can set 1sat/byte (depend on network). So it will be more less fees than $1.083. Perhaps you may use Electrum to adjust fees accordingly. Tech your family & friends that they are allowed to adjust their fees and help more adoption.

It sounds good but it is still high if we compared it before halving. But anyway, we don't have any choice and even we have to pay more than $1 still, we gonna make it. It may be some miners are turning back to their operation and this helps to decrease the fees and the possibility that we make it low as they all coming back to their position.

And Coolcryptovator is right, we can simply adjust fees when we are using Electrum. Maybe you forget to set at a very low fee, but you also expect the delay with its confirmation.

You're right about that, I noticed it when I was sending money to someone using my Blockchain wallet on Saturday. The fees are now low compared to what we had before, around last two weeks and immediately after the Halving. I guess the network is free now, because the fees tends to increase when the network is congested and also after the Halving or when the price increases to a very high.

But I am really happy that things has got better to where it's meant to be. If we can be able to make a lot of people understand how this works, when it happens next time they wouldn't be discouraged. In the past also tx fees had spiked but over the time it got back to normal so I never do get panic on higher fees whenever it does happen.

Low transaction fees aren't the most important factor,when it comes to Bitcoin adoption,but it's nice to know that the fees are lower than before.Anyway,this might be temporary.
The fiat platforms that are charging much higher transaction fees(like PayPal) usually have reversible transactions,which means that they have a big amount of refunds,so the transaction fees get refunded as well.This lower their overall revenue,so they are just solving the problem by increasing their fees.
Bitcoin doesn't have such problems. ;D

Strange thing, but I've made a transaction from Paypal USD account to my banking EUR account and it cost 0 fee (but the exchange rate can make someone cry, its 0.87, when quick search in google offers 0.89). However, it is not instant and it is said it will take 2-3 business days.

are you sure about that? because since i use paypal for more than 7 years they always charge a $ 5 fee to transfer money from my paypal account to my bank account and if i want to transfer money to another paypal account that is from my country i will pay more that  $4 fee.

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In the last 15 days I have been paying more than $2.30 of fee so that my transaction does not take long to be confirmed, I know I can pay less than that amount, but when you want the money immediately it is worth the sacrifice

It probably completely depends on what country you're in and/or the bank you're using. I've been having zero-fee withdrawals(conversion fees aside) since the past few years too. If I remember correctly PayPal gives free withdrawals for withdrawals containing a certain minimum amount; you might want to check that out.

Probably mk4 is right. I've send money to European bank this morning and I clearly remember that I had zero fee.
Or it might be something connected with account verification. I remember reading lots of time people complaining about "how hard it is to verify paypal account, and they switched to other payment system like webmoney, yandex, perfect money and etc.". Maybe I have zero fee because my account is, I suppose, 10 years old and I dont remember doing any kind of verification.

Umm, right! That's why I hate democracy sometimes. :D

Well it seems like more people now are using Ethereum to transfer funds, and maybe this is the reason why the why the commission fees on bitcoin is becoming low. You'll notice how the trading volume of bitcoin leaned from $1 million down to $300,000, Now I cannot think straight if I'm going to take a shot with alternative coins coz that's what the market is saying to my face. It's been a week that I've not seen any huge price change with the bitcoin, it stays in a shorter price range now resisting the attacks, perhaps this is just a another trap. What do you guys think about it?

It might seem, but it's not the case
https://bitinfocharts.com/comparison/bitcoin-transactions.html#3m

Trading has nothing to do with this and anyhow, where did you get those numbers?

Keep the shitcoin discussions for the alt section, how about it?  ;D


Yeah, it's far cheaper in the EU and US, in a lot of cases free
https://www.paypal.com/webapps/mpp/ua/useragreement-full#tableOfFees1

Last time I made a transaction is $10 converted or near that.
But it was weeks ago.
It's a good thing to lower the fees but there are also something greater when they are high.
Bitcoin owners cannot withdraw which means value goes up with demand.  ;D
I know it is not meant for that but traders could make good profits from it.

It's actually a good payment method if we consider it in this way. Otherwise international funds transfer takes time and huge charges.
Bitcoin on the other hand, reduces the transfer time and charges. I have been using bitcoin from a long time and at peak times I have been $7 - $10 for each transaction. Seeing these transactions charging less than $1 just makes me more proud of bitcoin.
But the issue is whenever more people get involved with bitcoin, the transaction charges increases again.

I wish we'd all stop talking about dollar amounts. Because if Bitcoin suddenly crashed to $100 tomorrow, that $1 becomes just over 1 cent, and then we'd all realise what meaningless nonsense it is to talk about dollar fees.

I don't care about altcoins costing fractions of a cent to pay. Bitcoin fees in terms of satoshi/byte has been getting smaller and smaller, never bigger. It's getting more dollar expensive because Bitcoin be mooning, yo.

If we will just base on Bitcoin's transaction fees, yes 1$ is relatively low already compare to its fees within the past months especially after the halving where it surge up.

However if we will compare its fees compare to other altcoins right now, that 1$ fee of Bitcoin is high already compare to others like ETH, DOGE, or LTC and even BCH. I'm not that fan of transferring Bitcoins from one wallet to another and one to another. I only do a few transactions for a month (around 2-3 maybe) so this doesn't affect me that much although those who are doing some transactions using Bitcoin are happy that the fees are low right now. Either way, if I will choose between BTC and other coins as a mode of payment I will still choose the other coins (just being practical :D).

Pay $1 for a transaction fee isn't high at all, a couple of years ago fees went crazy and people was paying more than $10 to have a confirmation in the next block.

I say $1 is not big because if you spend $1,000,000, the fees will be the same, only $1.

If your family and friends regularly used those platforms, they can't avoid paying high transaction fees over average since that's the system of any exchanges since then.

If they only want to hold bitcoin for long, then try shifting into another wallet wherein they can set their own fees or just used the recommended ones.

Electrum is user-friendly. Try suggesting it to them. Always check that you are downloading from the official site.

I was searching for the Bitcoin fees graph in terms of satoshi/byte and then I found this graph from https://privacypros.io/tools/bitcoin-fee-estimator/.

https://i.imgur.com/KIZx4yi.png

It still looks the same as the Bitcoin fees in dollars graph but I don't know if this graph is not correct or I misinterpreted it. Please confirm  ;D

Because if it's true that it's always getting smaller in terms of satoshi/byte, then Bitcoin still has hope for not only being a store of value.

in fact the costs incurred for a transaction is a natural thing and if the price is not too much different, not a problem that must be questioned. what is needed from a fee charged for a transaction is the speed of the transaction, if the costs are slightly different but the results are long enough to wait for what is also done. what is needed now is the speed of transaction that will occur so that it can do other work.

Actually, I think I meant satoshi/transaction not sat/byte since the discussion was about fee/transaction! And because, as I pointed out, dollar value corresponds directly with the price of Bitcoin, then it of course makes sense that satoshi and dollar comparisons correlate, so you're probably right in the interpretation.

I'll leave your capable research to find the exact numbers but with Segwit especially in the past 2/3 years, the satoshi per transaction in fees has really gone down as txs get leaner in size. At the same 1 sat/byte fee in 2016 using legacy wallets, I'd be paying roughly 225 satoshi per transaction at min (1 input 2 outputs).

Today, on the same 1I/2O spend, I get away with roughly 140 satoshi on the same 1 sat/byte fee. That's about 30% less. No doubt more upgrades in future will improve this even more, if and when the need arises.

Yes correct, and it's a good news since I remember I payed more than 5 usd for a transaction before. Still, I guess we will see even lower transaction fee soon.
This char bellow will show you the bitcoin's transaction fee in daily time-frame
https://i.imgur.com/lj5ipcL.png
as you can see here, just a few days ago and on 22th May you had to pay more than 6.42 usd per each transaction and it was the highest transaction fee we saw recently.
Here you can see another historical chart with more details, showing also ETH and some other alt coins:
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

I agree with you!

Litecoin or Dogecoin are my options here.
Of course, user-friendliness and acceptance by companies etc. is important for me.

Apart from that, the coin must also have a certain reputation!

Just calculate by the example of 1000 transactions how much you save compared to BTC!  :o ;)

I am happy now that bitcoin transactions are much cheaper, but if you do a lot of transactions, it $ 1 still large costs. Therefore I still use
the old method, by converting bitcoin into altcoins. Which is still much cheaper, I recommend using XRP, LTC, DOGE, TRX and XVG. Altcoins
that I mentioned have very low transaction fees.