Bitcoin Forum

I don't understand , I live in india and here we can use UPI like google pay and phonepay to easily pay money within seconds and a touch and no extra cost or transaction fees is taken . But when i try to ay with bitcoin like 1000 ruppes i have to pay around 120 ruppes in fees to get the transaction done in 10minutes .  So for a order of 1000 i have to pay 1120 ruppes and also wait for 10minutes for the transaction to be done .

So why is bitcoin or any other cryptocurrency more reliable or disruptive if it cant even help me in paying a simple small amount . Can somebody lease elaborate what i am missing here . Thanks in advance

More or less:

Bitcoin is a network and we are different people/entities participating in. You, me, and everyone using it. Miners are needed to validate transactions and secure the network (so you too), and they can not spend resources for free (it costs them a lot of money).
So they help you and you help them with the fee attached to your transaction. This is their incentive. We can't operate a decentralized environment for free

Reliable for its security, disruptive because of the definition (a disruptive innovation is an innovation that creates a new market and value network and eventually disrupts an existing market and value network (https://en.wikipedia.org/wiki/Disruptive_innovation))

Just for your information to compare, in 2017 we were paying ~30$ for a single transaction. If you're worried with the BTC transactions fees, you may take a looko at XRP or Dogecoin for example, since both have cheaper fees

IRL, when you pay with your VISA card, there is a cost too. You don't see it because you're not the one paying it, but the merchant.

Actually you are new to the trading of crypto,so it's seems as a big fee. But from long the fee is like that in exchanges.The normal transaction was happen with of bank account ,so you no need to pay anything as a fee.While trading of bitcoin,the exchange is acting as a middle man to earn something as a fee.

It is that bitcoin isn't convenient at all times. If bitcoin could send better than fiat then it should be adopted right away when it was released. This is why we call it 'alternative'. You're not missing anything, it is just that you are too fan of bitcoin that you think you can just use it the way you use the fiat or digital currency. Besides, bitcoin these days is not seen as a currency but rather an investment due to its volatility so why bother yourself to spend it when it can double moment after you spend it?

Consider bitcoin as a asset for you. Like Gold.

Here is an experience I am sharing. Other day my wife went to the Jewellery shop to sell some of the Gold she has. The Goldsmith gave her a price which is over 15% less than the current market price plus whatever the weight it had they took off 20% from it which means the total weight lost 20%. If we do the math then all together she lost over 35% value of the gold she had.

With bitcoin you are not going to lose that much.

I will suggest to study about bitcoin. Comparing with those centralized payment processor is not the thing with bitcoin.

Study about-
Decentralization
Peer to peer
Nodes
Be your own bank
Limited supply of wealth
Anonymity
and not the least Blockchain evidence

Although Bitcoin transaction fee is high but it's better because it's doesn't work like the bank system where your money hang due some reasons and you have to wait for some work days after filling complain form

I understand your pain at least I had such Experiences too but then you can't compare the both system. No system has 100% Efficiency, but then I believe as you  grow in your use of Bitcoin you get to understand better.

Do you really need to get the transaction confirmed in 10minutes? Not even the banking system is that fast. In Brazil, a bank transaction take about 15-30minutes to get completed, and it is called "instant".

If you can wait about 3-5 hours you can make a bitcoin transaction with less than 0.10 usd. If you are not at hurry at all you can pay about 0.01usd. Almost free. Ofc that depends on networking congestion as well.

Most of the time I use 1 or 2 sat/Byte when I broadcast a Tx. I know people have their own priority but in my case it works well.

When you do online transaction in the country then it is almost instant (not sure about very large amount) but does anyone count when you are about to deposit or transfer money to someone else by going to the bank. You need to stay in the line before your turn comes up and in a busy day the line is very long and frustrating. If we are going to make an international payment/transaction then we are taking about several weekdays waiting period to get the money on the other side.

If your fiat transactions is much better than crypto then use it forest, bitcoin transaction can be an alternative when you do transaction in non p2p or when you have transactions with other people in other countries its much easier to use as well it have features that we will be able to invest or hold it that the amount will increase better than banks can offer.

There are other ways to avoid higher fees and avoid them completely. If the regular Bitcoin network has high transaction fees you always have the option to use SegWit as well as Bitcoin's LN if they accept LN as payment. If you don't want a complicated option I think local crypto wallets in your country aka custodial wallets have what they call an off-chain transaction where your Bitcoin transaction is instant and aside from that is free. Fees here isn't something that can destroy Bitcoin but merely is just an obstacle that the Bitcoin devs can improve on, they have introduced various scaling techniques in order to make Bitcoin more viable as a payment option for more people.

Others here have done a good job explaining things, and I echo most of that.  I would just add keep in mind this is going to take time, Rome wasn't built over night, as the saying goes.  There are still many other advantages that others have pointed out with the truth that it's also an investment , an asset, and hedge asset etc which gives in value and "allure", so to speak.

those centralized fiat wallets should not even charge you anything, instead they should be paying you some money as a share in the profit they are making. you just hand over your money to them and they have full control over it and can do with it whatever they want. that money doesn't just go in a box and stay there doing nothing, they are making profit using it and then charge you when you want to make a transaction which is a simple change of balance in their database most of the times without any cost!

in bitcoin, nobody has control over your money but you. it was already explained what the fees are for so i won't repeat it. but in a comparison if you give up control and go the centralized route (which is wrong BTW) like using coinbase you won't pay any fees when it is centralized to centralized transfer.

miners don't validate transactions, nodes do. miner is a worker that as said dedicates resources (hash-power, electricity) to work (aka mine bitcoin) to find a block.

Great question. From an Indian perspective, using bitcoin for actual transactions today is of no value in terms of transaction ease and cost if you compare with the numerous UPI applications. There simply aren't enough customers and merchants to provide an experience similar to normal transactions that LN can provide. LN isn't deployed widely because of the legal uncertainty. Especially after the Unocoin founders had their ATMs in Bangalore confiscated by the Police, the enthusiasm died a quick death. Your experience is bad because of a combination of of immature technology (LN) and low penetration due to govt orthodoxy in financial matters.

What bitcoin promises is a decentralized method to invest and insulate your savings from fiat inflation. The privacy of your transactions ensures that you are not advertising your spends to Google or others. You don't have to worry about the numerous legal hurdles in exchanging value when you provide online services. Though, this can lead to tax events for which i suggest you read posts by @teosanru in the Indian Local sub.

Apart from that, Bitcoin is exciting and novel in terms of the technology and its open source ethos. It is a completely new kind of money. There is no harm in getting involved.

The whole problem is that Bitcoin transactions are irreversible,while fiat money transactions can be reversed.
This creates a risk of scams,when dealing with crypto/fiat transactions.
The increased risk of scams leads to increased fees and other obstacles,like KYC(ID verification) and different kinds of limitations.Basically this is what stops mass Bitcoin adoption worldwide.
By the way,I wish I had Google pay in my country.

I don't see how irreversible transactions create KYC problems. Irreversible transactions can protect the merchant and buyers can use escow if they want to. Increase in fees happens because people are trying to make their transactions get confirmed on the next block, which leads to 'gas war' in the Bitcoin network. If you make transactions on Saturday-Sunday, there's a high chance you can just do it for 1 sat/vbyte. You need KYC when you use centralized services, if you don't want to do it then you're fine without doing anything. Scams or not these things will eventually take place even if you use fiat.

In my opinion, when you want to do something using Bitcoin, you should first find out how to transact in Bitcoin and lose or not if you want to use Bitcoin to transact, Transacting in Bitcoin does have to use fees so that your transaction runs smoothly, because your transaction is done with miners and then confirmed , in my opinion it is very reasonable when you transact require fees because all mining requires a very large capital.

Just wait and see, yeah Bitcoin's not perfect yet and the micro transactions especially kills it when compared to others even digital fiat. Once lightning becomes a norm for apps also you'll see how fast and easy (and cheap) it can become. It's still young, just be patient and wait for it. Meanwhile we can also learn lightning.

Same here, we have other services that is instant and cheap, but still there are people here who are still in bitcoin and we are so lucky that we have local exchanges supporting bitcoin->fiat->instant services. But you have to understand that bitcoin today is less being used for micro payments. But instead it developed into a asset, one of the best for this year. But I have transacted bitcoin with a 1 sat/byte fee, took me 2 days, but it doesn't bother me because I'm not in a hurry anyways. So if you are in a hurry and wanted quick transactions then perhaps you should look for other alternatives.

From what I see in the Play Store PhonePe is a good application with multiple banking and investment functions. If the fees they apply to buy bitcoin seem expensive to you, you simply have to resort to other exchange platforms to do them as P2P.
Most advise not to buy crypto with credit cards but if it is your only option you will have to assume the expense.

Bitcoin is much more convenient to be used as a safe haven asset than a currency for daily usage. Decentralization comes with a cost, but remember that centralization does as well. We pay monthly fees for having bank accounts and commissions for most txs we make through banks, right?

But Bitcoin fees are changeable, unlike bank account fees which are fixed through the signed contract. You can download Electrum and choose the fees you want to pay - which could be as low as 1 vsat/byte. The time you choose to pay those fees matters a lot tho as well, but if the mempool is empty enough, you can spend BTC with very low fees and have it confirmed in time.

In the meantime, make sure you use a SegWit address specifically to support lower fees and faster confirmations for them. AFAIK, the percentage of SW users is way too low and this is one of the reasons fees don't decrease very often.

Fees cannot be reduced, this is bitcoin and it'll remain the same. Block size must remain the same megabyte. Although there are some things that don't make sense in the bitcoin network. Yesterday I made a transaction with 1 sat/byte (because I didn't care when it would be confirmed) and it got within 1-2 minutes. I have made many transactions with 10 sat/byte and they took 1-2 hours to get confirmed. Can someone answer that?

OP, you can also see topics that their posters are really pissed off from the confirmation duration. If I remember correctly, there was a guy who paid the median fee and waited 8 hours... Did the miners blacklist him? Lol.

Should we just use 1 sat/byte after all?...  ::)

I don't think that Bitcoin should necessarily be compared with assets. Some put Bitcoin on the list with fiat currencies, others put it on the list of assets, but some compare it with payment processors. I think there's some truth and some problems with each of these things because Bitcoin has different aspects and different use cases. I was in a situation when I paid 100 EUR in fees for an international banking transfer of a thousand EUR. I had to use a banking transfer, unfortunately, because I needed the money on the bank account for official purposes. But a simple Bitcoin transfer back then would have cost, like, 5 EUR, and the transaction would get confirmed faster than the international banking transfer. So there are situations when Bitcoin as money (not as an asset) could also be beneficial.

It's unfortunate that the people who always complain about the bitcoin transaction fees never look at the bigger picture. Someone just moves BTC worth 20 USD, pays a fee of 2 USD to get the transaction confirmed in 10 minutes and all of a sudden bitcoin fees are super high and transaction so slow at it was the case with OP. They never even pause to think for a minute that one can also move 5 Million USD worth of BTC and still pay the same fee of 2 USD to  get the transaction confirmed at approximately 10 minutes something which is impossible with the conventional payment processors.

You can't move $5 Million or even just $1000 using Paypal or Western Union and get charged only 2 USD in fees. This is totally impossible. OP you need to enlighten yourself  more about bitcoin and it's fees instead of complaining and you will see light

Here is an example
This is the fee you would pay if you made an attempt to move $1000 using paypal
https://talkimg.com/images/2023/05/14/blob0eb2c48f75a7b5ea.png

This is the fee someone paid involving a transaction of BTC (https://blockchair.com/bitcoin/transaction/79c2706cd6cb364c19ad7b95884a1c9bd292bdf550c8ce4f1f051660b951050a) worth roughly $1000 which has been confirmed a few minutes ago

https://talkimg.com/images/2023/05/14/blob356fab0bf0476905.png

Sincerely tell me how bitcoin fees are unfair and high?

You can use other alternatives besides bitcoin if you want to make small transactions with lower fees, I also never use bitcoin to withdraw money from exchanges usually the withdrawal fees from exchanges are very large so I choose other alternatives, you can use other ways if you want it doesn't have to be bitcoin, in my opinion bitcoin withdrawal fees are currently quite cheap in my opinion, it is also not recommended to use bitcoin for small transactions

I admit that Bitcoin’s transfer fee is quite high for daily transactions. As a result of this, I think we won’t see bitcoin very often in daily use, however, this doesn’t mean that cryptocurrencies can never take place in daily life. For example, it is possible to pay with xvg (verge) for a premium membership on pornhub, one of my favorite sites. :P :P

If that's the case then stick with the old one.
Don't force yourself to make transactions where you will pay more.
In this pandemic, every penny will count.

Comparisons. Money remittances also put fees whenever you send money. Like 3-5% of how much you will be sending.
The good thing about using bitcoin for that is the fees won't get any higher. You send thousands of dollars and the fees could still stay at 10-30 USD.
Bulk transactions are Bitcoin's upper hand.

Bitcoin is a network and we are different people/entities participating in. You, me, and everyone using it. Miners are needed to validate transactions and secure the network (so you too), and they can not spend resources for free (it costs them a lot of money).
So they help you and you help them with the fee attached to your transaction. This is their incentive. We can't operate a decentralized environment for free

Actually bro you are wrong. The first post (https://bitcointalk.org/index.php?topic=5278782.msg55280908#msg55280908) I have in this thread shows you that we have a good alternative where you can skip some network fees or any kind of fees at all. This is a good option especially when the prices of the transaction fees are way high, using alternatives when the network is congested is also actually helping the Bitcoin network to decongest by using off-chain transactions which therefore also helps the prices of network fees to decrease.

You do have a point there but note that your way of transaction is very limited compared to Bitcoin. Also, bitcoin transactions can help the identity of the sender to be hidden. Bitcoin is commonly used in the Dark/Deep web to make illegal transactions. I think if you use Google Pay or PhonePay in the Dark/Deep Web will just expose your identity and may lead you into prison. Bitcoin also is great for making huge transactions like thousands or millions of dollars. Google Pay or PhonePay will probably put a hold on your transaction. There are so many differences between them and both have pros and cons. It is up to you though on how you use your digital funds and where you are going to use them for.

Bitcoin (cryptocurrency) decentralized and is the inexpensive means of making global transaction despite it being cheap there are some certain (high traffic, mempool size etc) that influence the transaction fee and the transaction fee are paid to the miners that maintain the network and also make sure each transaction are confirmed.


I dont understand what you mean by no transaction fees is taken by UPI because there no way they will offer their seevice for free and the last time I check they will need some fund to manage their site, pay their staff etc.

---

Meanwhile, by the Phonepe/UPI terms and condition of charges it says

What you have said here is no lie, you’re right, in some situations Bitcoin might not be the right choice. But, there are also times that it is better to make use of bitcoin.

I can even count how many times I have used Bitcoin when it’s a transaction that I’m doing to someone in my country, that’s because I rarely make use of Bitcoin for local transactions. When it comes to international transactions, believe me when I say that all the international transactions I have made since 2015 that I got to know about Bitcoin has only been Bitcoin and no other method.

Bitcoin is best as investment but if you are going to transfer it you will charge a high transaction fee. But we still have a choice using different cryptocurrencies or fiat money as an alternative to avoid a very high transaction fees.

OP is talking about the fact that UPI directly sends the money from your bank to the receivers bank and that too without any network fees, isn't it cool but the problem with bitcoin is that it is not feasible to send small amounts like under 100k Satoshi as the fees is higher than this on most of the Exchanges, so this actually limits the usability of bitcoin and people have to convert their bitcoins into some other currency to send in order to save money on fees and transaction confirmation times.

First, we should understand that Bitcoin and other payment methods are different. You may not only consider BTC as payment but also as an asset. You may consider that sending BTC needs more times than those payment methods, it may be true. But how is about doing some transaction around the world and need to pay it globally? Sometimes, BTC is needed.
Additionally, people may not only focus on using BTC for payment but prefer to use it for trading and investing. You know, from these, we can earn more profits. It is different from the currency where we cannot make profits from it more easily.

Actually, the fees are different depending on the time we are using and the blocks we are passing. Here, you can set the fees to determine how long your transactions will be processed until done.

what we need is not bitcoin but blockchains system
indeed at this time transaction speed and transaction fees are a problem, but this problem will be resolved gradually, maybe not by bitcoin but by other project blockchains that can minimize transaction costs and also speed up transaction speed on its blockchains

you missed the decentralized thing.
google pay, wechat pay, internet banking, mobile banking, etc is a centralized wallet/payment system.
you store numbers in your wallet, not money.
when you try to transfer money, you just transfer the numbers. your money still in the 3rd party company.

but, with bitcoin or other cryptocurrencies,
you store the actual money in digital form.

also,
there's bitcoin lightning network that can offer you faster and cheaper bitcoin transactions.

or you can try crypto penny like doge, tron, etc.
you can send billions USD with the fee only $0,02. how cool is that?

The transaction fee varies too often and it depends on the network clog, currently more traffic which means increased in the transaction fee but few months back we had transaction fee  only in few cents.

But you are using bank for transactions so it looks better for smaller transaction but you are going to face difficulties while spending in millions or in billions to someone.Its your money but still banks ask the reasons for the transaction, source of payment, blah blah....

You are probably paying around 1.7$ fees for each transaction. Mate, Believe me  UPI is giving you the most luxurious transaction fees. UPI is saving how many rupees you don't know about it. We usually pay (6-7)$ per transaction fees through exchanges or crypto wallets. I think i need to choose UPI payment system. Just give me the link. Cheers.

There are still lots of coins besides bitcoins. I'm usually sending with dogecoin, stellar, which has a lower fee and faster. However, It depends on the sender country and the receiver country.

Your point is very much valid, and this is one of the reasons why many of the merchants have removed Bitcoin as a payment method. Under current circumstances, it doesn't make any economic sense to use Bitcoin for medium-sized payments. I would rather treat it as an investment asset, rather than as a currency. You can use it for payments, in special circumstances (such as making cross-border transactions, or to make anonymous payments).

Bitcoin is not advisable to use for micro transactions, fees are too high I have experience one time when I was sending $5 worth of bitcoin the fees are almost doubled the amount I'm about to send.Better to use other altcoin for microtransactions of ewallets available in your place. XRP can be a good secondary choice if you are looking for alternative way sending crypto with less fees.

Someone could explain to me a little more about this increase in the bitcoin fee I know why the increase happened but I am not very sure about that

It happens time to time. You can check the Mempool size here:
 
https://www.blockchain.com/charts/mempool-size

Mempool size is the total size of the transactions which are to be confirmed. If the size is high, then the transaction fees also will be relatively high. Last time I checked, the size was around 32 million Bytes. Assuming that the average Block size is 1.2 MB, it is going to take around 30 blocks to confirm all these pending transactions, in case no new transactions are added.

You will not find a UPI payment option for transferring bitcoin. Some exchanges will now allow you to buy BTC using INR and pay through UPI. Yet, when you want to make a pure BTC transaction out of these centralized wallets like Zebpay, WazirX etc, the fees will depend on their own whims. If you store crypto on your own desktop wallet like Electrum then you can choose to go as low as you want depending on how quickly you want the transaction confirmation. I suggest paying a one time fees to transfer from these wallets to your own desktop wallet. If you use the exchange wallet for every transaction (for IEOs, staking, changelly, purse.io, forum transfers etc), the fees will be exorbitant.

Jermoe Tash also highlighted a great example (https://bitcointalk.org/index.php?topic=5278782.msg55287344#msg55287344) as to where the BTC transactions really shine. If you use centralized wallets and exchanges, they will of course charge the standard fees for even smaller amounts.

yes it happens all the time but i think he want to know the reason behind the increase in the fee not the mempool .

i know mempool can be useful to check the fees or the details related to it but there could be another reason on why the fees can shoot up sometimes .

 like for example when the price increase or when there is a bull run but we might want to know also if what are the cause for the bull run . thankfully that btc fees are now normalise and i havent seen any major complains .

You have to pay a fee to make money. There's nothing free in this world you have to pay something for it.
But still, I think bitcoin charge less fee compare to the other payment methods like PayPal, or Payoneer and banks.
Anyways I don't see any increment in bitcoin fees its fine in my area. I just pay a few dollars on my big translations.

Actually if you convert the amounts op stated into USD then it’s still real costly for the Indian rupees. Well bitcoin to INR conversion is big amount as we all know INR to USD is big difference here. 12% in the fees alone is big difference and would be good if dropped next to zero. Yes we understand that there are different types of fees and charges that needs to be paid for blockchain working. However being public ledger it does use free power from all the resources to work and store its blocks. This has to be repaid I guess, at least in terms of fees.  :D

Right now there is no logic in keeping the fees very high. The fee reward doesn't constitute for more than 20% of the income for the miners. It is causing a lot of damage to the adoption and acceptability, and at the same time the miners are not gaining much out of it. And as you pointed out, those who transact small amounts are worst hit. Imagine paying $5 as fees for a transaction that is worth just $25.

We have nothing to do about the transaction fee of bitcoin.  While bitcoins value keep on increasing, the transaction fee is also increasing but despite of that it was still a good investment. If you want to avoid paying a high bitcoin transaction fee then don't use it. Find another way that you can afford to pay transaction fees which heaper than bitcoin.

It's not necessarily true that transaction fee increases when bitcoin price increases. Do not calculate it in terms of fiat ($). You can still send the same amount of btc at 1 sat/byte (or /vbyte) even if the network is congested but it just takes longer time before it gets confirmed (assuming it's not dropped from the mempool).

Another way to save on fees is to send on weekends. It's quite known to keen observers that the network is not that congested around those times. Based on my experience (literally just hours ago), I'm able to send at 1 sat/vbyte and it was confirmed in 10 minutes.

There are also days that fees are low on weekdays but it doesn't happen so often. Check mempool.space (https://mempool.space/) to monitor the network and check their suggested fees too.

I don't think any system is perfect, and neither is Bitcoin. I admit transactions with Bitcoin have high transaction fees. Please don't focus
on the transaction fees only, but what are the benefits that Bitcoin provides. When compared to using a bank with a longer process if you
have to send money abroad, it could take several days to arrive. While Bitcoin is only a few minutes away. Then use a bank that must
perform KYC procedures, while our Bitcoin can be anonymous transactions. If you are not too rushed, you can lower your Bitcoin transaction
fees, but the process can take several hours to complete. Still object to transactions with Bitcoin, you can use altcoins such as XRP, LTC or
DOGE to get cheaper transaction fees and faster processing.

The transaction fee in the last month has increased massively. This is all because of the large number of transactions getting congested on the network. Higher the demand is a cause and the transaction fee is spread with the miners who is responsible for the network to function without congestion. In recent days rise the fee has increased more the five times of the old fee.

Right now the better choice is to trade it for low transaction fee based assets and then once again change it back to bitcoin at the right moment of market fluctuation so to equalise the value.

Changelly Pro is a nice exchange with quite low fees. Been using it for a week or so. No problems and only positive emotions.

High fees will disappear over time, rest assured. They will find another way to make money.

Bitcoin is censorship resistant. Centralized payment systems like Google Pay can close your account anytime they feel like it and Google gets to keep your money. The tradeoffs in convenience and fees are necessary to enable a monetary system independent of government or corporate control.

The problem is that all you were told about bitcoin was the pros with no cons. Just like every other thing, bitcoin has its disadvantages. Let's use the fees as an example. Bitcoin transaction fees can vary at different times. Just like the etheruem network got really crazy. Also, the confirmation time "10 minutes" as you say can actually vary too. It could be based on the fee you paid (higher fee = lesser time) and some other factors. The truth is, I value bitcoin as I am even a bitcoin ambassador. However, I know and also expect everyone to know that nothing is 100% perfect (including bitcoin). Just try to see what good you can do out of the pros of bitcoin.

It's not only because of higher demand.

There were many cases of transaction spam like in 2018 when fees went through the roof because BCH was trying to advertise as "the new king" and successfully spammed the network with small transactions.

There were also a few instances where companies tried to advertise via blockchain transactions sending dust to random wallets so that their owners would investigate, look into the transactions and discover that they contain messages, or a sender address is a unique vanity address containing the name of a company or a catchphrase.

OP's mistake is trying to send small transactions like 1000 rupees, which is about 13 dollars when a network fee for the transaction is 3-4 USD but think how cheap it is for someone who moves 100 thousand USD or a million.

I'm not living on India and don't know how much is the 1120 ruppes if it's low or too high. But if you are complaining about transaction fees you should know and you are not forced to pay any exact amount and if you are not in rush or something you can set a lower transaction fees however by lowering the transaction fees you will need to wait much longer to receive the transaction. An other way if for you is to lowering the inputs to pay less transaction fee. Generally, whenever bitcoin price moves hugely on the market usually transaction fees will increase because the network will be more busy during that time. Since miners will auto-take the translations with higher transaction fees, if you put a lower fee you will need to wait for a longer time.

Seems you haven't heard anything about lighting network, so I suggest you to check it because it's a solution that you need right now. Lighting network offers you instant transactions with almost zero fees. You receive bitcoins, just have slightly different wallet address but that's okay, you can send bitcoins from lighting network address to normal address.

So, from lighting network to lighting network (wallet address), you get instant transaction with almost zero fees.
From lighting network address to normal bitcoin address, you are able to send but you'll have to just pay fees normally and transaction time will be long, just like from bitcoin core to bitcoin core.

High fees is the most scariest thing I ever seen. If I will repay my loans through bitcoin, I always think of how will I pay without without consuming a lot. Actually, you won't realize that the fee is too high if you paid only 1-2 dollars. But when you see that it goes 10 dollars above. You'll definitely be scared. In fact, it is problem to me because the interests plus fees in my transactions are really high. That is why I don't want anymore to loan using btc because it will kill my funds.

People love the market pumping of bitcoin value, but they always require the transaction fee to remain same. At times due to large congestion of transactions getting on the network there'll be confirmation of transaction for the one with higher transaction fee. Similar situation has taken place several times in the past, and the gradual decrease takes place. We need to be prepared and accept.

not really advisable because if you have funds as collateral, where most lending are asking you to have, it is better to work on your funds rather than ask from them. because in the long run, lenders are just getting rich and you, as a customer, is still in deep debt. maybe, you have other options to get your needed money, but from what im seeing in lending platforms, really not pro-user.


if you want to avoid high tx fees, you can always check the mempool activity and just make a tx when it's not too congested. but of course, sometimes we dont have the luxury to wait.

Bitcoin is part of the DeFi system and the fees that are attached to our transaction are not free, it is just our help for them for helping us to complete our transaction. If you want to have a lesser fee then you may use other smaller value of cryptocurrency or you may also use your local wallet, for sure each of the countries has its local wallet were some of the transactions that you will have free transaction fees.

because in bitcoin uses a per to per system transaction and recorded by the blockchain so it involves three parties between mining and the website. so the transaction will be faster and easier to send, it will use a wage according to the value of bicoin which will be transferred mutually, still at a cost according to the results

Two weeks ago, I attempted the same. But it didn't worked. The Mempool was small when I made the transaction (with a very small fee). But no blocks were mined for the next 40-50 minutes and after that the size went up by quite a bit. I had to wait for 3 days, to get confirmation. This happens once in while and I was unlucky to be at the wrong place at the wrong time. But it leaves you really frustrated. 

Can you transfer this money to the United States as well?
Is Indian currency acceptable in the US or other countries?
So bitcoin is a common thing between countries and individuals.
And it is easily converted into dollars, dirhams, etc. in online exchanges.
And the best way to transfer large amounts of bitcoin is to avoid a lot of taxes.
This is the king feature of digital currencies. 8)

There's so many platform out there and will be more, digital wallet nowadays become more popular specially on gen X like me  :D when you transfer from your digital wallet to merchant mostly merchant pay the fees and your data remain on bank its different on crypto side your data remain save till  a whole network die and also guy that i qoute is true

I also use other payment methods, and I also use BTC. The fees I pay in BTC doesn’t bother me much. It’s just like the last transaction I did using Bitcoin as of this week, around $200 and the fees was very small, I think I paid $0.22 or so. The transaction came from abroad and I then had to move it to an exchange and that’s the only fee I paid to sell it and then withdraw the money to my bank, I got $199.

Bitcoin is good in some ways, it all depends what you’re doing with it. When I am shopping online I make use of virtual cards. Everything has ways they are useful, just use them the right way, you can’t be using Bitcoin for everything.