Bitcoin Forum

Talking about everything 2022 ,BTC tx price, ERC20 and BEP20 tokens.
10-20$ for 1 transactiion fee, even if sending 1$ .

When it comes to erc-20 transaction costs, either suck it up or avoid sending and dealing with those those. I personally chose the latter. Regarding BTC, you might wanna start using https://mempool.space/ so you don't overpay transactions, which many do.

Transaction fee will be calculated by transaction size and fee rate if you do bitcoin transaction or gas price rate if you do token transaction.

Transaction size of Bitcoin transaction will be depended on type of addresses from your inputs, outputs, transaction types
Transaction size on ERC20 chain will be depended on complexity of smart contract. The more complex it is, the higher transaction size will be.

A common thing is fee rate or gas price rate will be depended on current network conditions, clear or congested. It means whether you are running with fee race with others or not.

In general, transaction fee is only painful matter for people with small capital and are moving transactions with small value. Fee will consume large part of total value of small transaction.

Exactly. Someone even created a thread (https://bitcointalk.org/index.php?topic=5379323.msg58866360#msg58866360) about low bitcoin transaction fee which is correct. The mempool was around 8 sat/vbyte when it created it. I was surprised the mempool was 1 sat/vbyte when this particular thread we are was created today. Some people are making use of exchanges, not knowing there is difference between using noncustododial wallet that only charge the fee taken by miners for including respective transaction into a block and exchanges that charge extra that is much more than the usual bitcoin transaction fee.

ERC20 transactions are still sucks but if you compare it to Bitcoin transaction I think Bitcoin already subsided and it continues to remain steady or it is decreasing, I think with the recent upgrade on the network. The thing is you do have a choice when it comes to what type of transaction you want to.

Unfortunately, this is our reality and the commissions will probably remain at this level in the future. As for BTC and ETH, if you make transfers within the network, then only on condition that you have a large amount, then it will not be a pity to pay a high commission, otherwise it is better to refrain from transfers and it is better to turn your attention to other alternative networks, for example Tron , BSC and Polygon. This is exactly what I do, as it saves money by using networks with lower commission prices.

BTC and ETH network always get more expensive especially if the price becomes more active and this has been the problem since then that even the ETH developer can’t solve. Fortunately, we have alternatives network to use and its good that some tokens work on different network, this allows us to transact at a cheaper price. Hopefully the fees on ERC20 can still be solve in the future, many tokens are still using this network.

If you're worried about tx cost, you can choose to send with next to zero fees with TRX, XLM, XRP, etc.
While, if you'd like to go the stablecoins way, choose USDT over TRC20 and send with max $1 fee which is still very low compared to the hefty fees one pays while sending money through Western Union.

About BTC tx costs, it is based upon the mempool whether it gets clogged or not. The more free it is, the least you pay. Same is with any other Blockchain, but ERC20 tokens need much bigger fees to get your tx get through against bep-20 ones which are comparatively cheaper than ERC20. However, with time, there are more and more Blockchains being used for scalability as well as cheaper transactions.

I don't know about altcoins and tokens but:
* For Bitcoin, if you use your own wallet, right now, the fee for a normal tx (one input, 2 outputs) is less than 10 cents.
* If the fee is identical in USD for multiple coins you may be trying to withdraw from an exchange. That's not transaction fee (although exchanges my lie to you telling that), it's a withdrawal fee. It covers the transaction fee too, but in most cases it's much more expensive than the transaction fee the network needs.

If you want clearer info: start with stating your wallet (so we may know better what the problem is), don't ask here about altcoins (ask about them in altcoins sections) and we may get somewhere.

Yeah, this goes for erc20 transactions and that's why if you're going to transfer you better look for alternative transfers. If it's cheaper and supported in bep20 or bsc, choose it.

You have also the choice to convert into other altcoins that have their own network but don't ask that much fee. In bitcoin's case, usually, I'm paying $0.1 - $0.9 (highest) and around 10 sats/b for my transactions.

That's cheap for me.

If you do tend to see the current bitcoin fees then its cheap. Mempool.space . We cant really deny that whenever theres a network clog or traffic then fees are getting high too but for erc20 its been a while on which it is really still expensive thats why im not really making out transactions based on my erc20 tokens.Its not really worth for the fee unless if you are transacting big
amounts then you wouldnt feel it after all.

For bep20 then its still cheap compared to erc20 which its still considerable if you do ask me thats why its better to be that wise on which one whether you do tend to proceed or
hold for a bit of time.

Gas fees on ERC20 are still quite high and I think much better Bitcoin you can choose to pay even 1 sat not like ERC20 if you will transfer your asset or token into exchange it requires a higher amount of balance.  For example, even the gas tracker says $6 but if you don't exceed that amount you can't able to move your coin, it should be more than the balance as required.  In Bitcoin, you can use a lightning network to reduce the fee.

We have a tool to use if we have a plan to spend our crypto.

• https://etherscan.io/gastracker --> for Ethereum

• https://mempool.emzy.de/    --> for Bitcoin
• https://bscgas.info/  --> for BEP20

So, check these first before doing such actions.

Throughout most of last year you could get away with doing a Bitcoin transaction at around 10sats per Byte or even lower. Many times the mempool is completely empty. Ethereum on the other hand is never cheap.

Right now the fees are 50Gwei which is considered low but the transactions aren’t really cheap. Especially ERC 20. Best scenario is to wait until weekend and they will be cheaper but not by much.

You gotta be careful with low gas fees because if you submit with a fee too low it might be a pain to rebroadcast the transaction, I had this issue in the past. Might get stuck and you will need to wait. For ETH never use the lowest fee because it might get stuck and you will get issues getting it unstuck. It’s not easy like Bitcoin.

True, I don’t know why a lot of people usually choose to make use of custodial wallets or centralized exchanges, knowing very well that these exchanges and wallets would always have to collect extra fees apart from the ones that miners are charging for transactions.

People will be the ones to choose this type of wallets and exchanges and they will also be the ones to complain that they are paying too much of fees for the transactions they are making. If they all choose to be making use of a decentralized platform, they will be paying less than whatever amount it is that they are being charged on the other platforms. I never used to experience much of this problem because I make use of a non custodial wallet, and I’ve been using it for a long time except a few times that I’ve tried custodial wallets and centralized exchanges.

I surely don't know why some people still complain about Bitcoin fees being so "high" yet the fee rate has been so low for most of the year. I don't even remember the last time I paid more than 1 sat/vbyte and all transactions have been confirmed in the next block or two.

I think most people still don't understand how the Bitcoin fee rate works and the best kinds of wallets to use when spending Bitcoin.

I completely agree. Some people are stupid, so they either use custodial wallets or exchanges that rob them on transaction fees, or they are stupid, so they do not know how to set a custom fee when transacting crypto. Talking about high transaction fees when it comes to Bitcoin is absurd.

There's no way that you could edit your fees on a custodial wallet specially on exchange platforms on which those fees are fixed whenever you do make out withdrawals and those RBF and editable
fees could only be seen on non custodial ones which its is the best thing when you do make use of it but people are way too lazy on dealing with these wallets
and they do prefer on using those platforms without minding about the hassle and spending up on expenses specially on fees.

You are very highly likely over paying fees when transacting with BTC. The fee hasn't gone higher than $3 at the last few months. Most of my transactions had fee lower than $1.5 and almost all of them got confirmed within the next block. There are many websites that will help you with fees. When the bitcoin mempool size is small, the fees will always be very low. For ERC20 tokens, there is nothing you can do but pay the fees or your transaction won't go through. I thought BEP20 tokens had cheap fees.

Well sending bitcoins is cheap however it’s not always the case. Many wallets usually pick a very high fee so it can confirm on the next block. They don’t want users complaining why it’s taking hours for a transaction to confirm. So to avoid that they just use the max fee amount.

Another issue is that many exchanges still charge a lot to do withdraws. Even though withdraws are cheap now compared to say 2017 many exchanges are still charging to do a Bitcoin withdraw. I think these days there should be usually 1 free BTC withdraw a day since the fees are so low.

Unfortunately these days people who talk about bitcoin fees seem to have never even used bitcoin. They are either repeating some FUD they read somewhere or are confused about the token they were using in some shitplatform (like WBTC) and had to pay an outrageously high fee on that platform and though they were using "bitcoin" whereas they are using a scam token.

As for altcoins with higher fees, that is the nature of projects that are broken with incompetent developers who could only copy bitcoin's source code and modify it a little without thinking ahead. So they ended up with fees like $80 with only a tiny increase in number of transactions!!!

Some don't understand that whatever wrapped bitcoin on whatever chain is not bitcoin.
Some don't understand the difference between the withdrawal fee from an exchange and the tx fee on the network.
And yes, some may read the outdated FUD the bcashers used to be spreading.

But imho screaming "FUD" won't help much. Imho the way to do it is to help them understand, help them learn...
Otherwise tomorrow they'll be screaming that bitcoin is a scam because they've withdrew bitcoin on binance chain and it's not visible in electrum.

Ethereum - $5 average. Wallet to Wallet. What's hurting is the ERC20 transactions which is difficult to swallow. $20-$25 fees for every transaction.
And, if you are just sending a $5 worth then better forget about it. I have a lot of tokens stuck in different wallet and I cannot even send them back to my main account anymore.
In Bitcoin, I don't have a problem. It's cheaper now than months ago when the price was surging. You just need to wait for the correction if you are aiming for the right price and as long as it's from wallet to wallet and not from an exchange to a wallet. Because those fees from exchange are way different using base amount. 

I'm afraid the number of people claiming to use, invest, hold, Bitcoin etc. is too damn high. Most people who think they're using Bitcoin are either only speculating on an exchange, and have never so much as owned sole control of private keys, never mind signing a Bitcoin transaction, never mind understanding how fees work in any of the different networks they're using.

So they'll never enjoy the truly low fees Bitcoin has been enjoying for most of the years past. Peak network or not, they're paying some arbitrary fee and complaining about the value of Bitcoin being too high.

And no, I'm not being elitist, I'm a simple user. But I actually used to be really optimist about users until you start transacting Bitcoin with a lot of people and they give you exchange and app wallets.

This is why I've pretty much stopped using Ethereum until the 2.0 update is rolled out. BEP isn't nearly as bad. There are times I'll do a BNB transaction on PancakeSwap and it'll be $0.80 or $0.90 which is nothing compared to Ether. Even now in 2022, I don't think tx fees on BEP tokens will get too crazy, especially not if Ethereum completes the 2.0 update.

Many investors prefer any coin that has low fee than the one that has high fee like ethereum. Ethereum fee is still making some investors to quit and join bitcoin investment because the fee is low compared to ethereum.
Every investors need a coin that will bring more income into their investment than the one that will cause them so much gas fee at the end of the investment. In this year 2022, I guess ethereum fee is preparing to reduce more than bitcoin to gain more population in the exchange market.

Yeah that was the most talk topic in the cryptocurrency forum's and maybe on social media particularly Twitter because Eth transaction fees were too high in the previous months that paved the way for BSC Network to rise as an alternative Blockchain same as Polygon which is cheaper fees even now that the Ether price was declining but still the transaction fees on Ethereum Network particularly ERC20 transfer is high about $18-$22 dollars per transactions.

It looks like you guys are as outdated as the OP. When was the last time you actually sent BTC or at least checked the transaction fee over the Bitcoin network? I've been sending weekly/monthly using non-custodial wallet and it only costs me under a dollar every time.

The transaction fees of each network are different. Sometimes, I only need a few cents and under $1 to send around $50 in BTC. Or less than $1 to send using the BSC network. But if that is about ERC20, it is higher than other network fees. the fees will range at least more than $4. And we must also have the least amount in our ERC20 wallets of gwei in order to send the transaction to be available.
Aside that, we must also have certain amount of tokens or coins to send, commonly will be minimum at certain alunt.

we have different options now today. even usdt, you can send it via TRC20, BEP20 or other networks. just check the fees because every exchange has their own fees. or btc, now you can choose other networks aside from the native network. i was in awe when one of the gambling platforms here enabled the withdrawal of btc via bsc network because the fees are really really cheap. but if you go to eth network, of course they are still expensive up until today.
so now i guess, we are having more options because of these rising new networks. we are not confined with erc20 anymore.

Transaction fees when sending BTC via the native chain is still more expensive but it isn't that far from BSC as of late. You should be in more awe if they allowed withdrawal of Ethereum or supported erc-20 tokens via BSC since there's a huge difference. That would help you save at least $10 per withdrawal and that's something.

Have you used segwit before? The transaction fees of bitcoin right now is less than $1. It seems like you have not yet done any research before about the latest transaction fees, right?  You must check it again and the transaction fees for bitcoin is really cheap these days.



That's a non sense fees is only happening with ethereum blockchain and as far as i know the rest of blockchains have cheap fees that's why ethereum blockchain is not relevant anymore. Sometimes 1 transactions cost more than $100.People are waiting for the solution but it's not even coming.