Bitcoin Forum

Hey guys,

Bumped into an interesting article!

https://blockmanity.com/bitcoin-transaction-fees-cheaper-banks-now-10000-1-cent/

Great news for the Crypto world.. Now we just need to figure out long transaction time waiting. Any thoughts?

this is indeed great news , this will only serve to further propel the popularity of bitcoins and also force these institutions to change their stance as failure to do so could result in these institutions become archaic and eventual relics .

I think a lot of the fall of the price of bitcoin was due to investors realizing bitcoin had stopped making progress in the physical world as a way to transfer wealth. Bitcoin can two main problems IMO, trading fees are volatile, expensive or slow (sometimes all three). And bitcoin needs a ton of real-world adoption to reach its potential. #1 is a problem that could be solved easily of the bitcoin mining community could agree on a way forward. #2 is very reliant on #1.

Hopefully, it's only the beginning for this spring. Crypto world just gotta bring some brannu digital convinience right now cos markets are "sleeping". Lets make it get up.

Yes! Even the waiting time got decreased by a significant level. Just two days back I sent out few hundred dollars with a fee of less than one dollar and an waiting time of approximately 10 minutes. So it is indeed a good development. I think the adoption of segwit helped reaching the current situation. And with lightening network, it would further decrease to a significant level.

We are just in the beginning of this era, Long live for all crypto. Mass adoption is happening and we dont have power to stop that. Bitcoin lower fees is much better than banks now.

Amen brother!

We also should not forget that the daily transaction count has lowered compared to the end of last year, when you had to fight for days to get your transaction into the accelerators to get a confirmation in a few days...
This low cost period is very good for arranging funds between different addresses and gather all the dust into one address for peanuts price, but as soon as anohter long period will start, the situation will change again. The question is, will the Lightning network ready by then, or we will face high fees again...
There were a lot of people who burned themselves with bitcoin buying near $20,000 but there are far more people who has still no clue about bitcoin, those will be the ones who can start a new raise in price sometime in the future.

Yeah its miles better and when Lighting is out, will change the game again!

Although you are right, this decline is temporary and the problem remains.
Even with the use of wallets do not support segwit technology fee is cheaper than banks.
mempool is empty, BCH price is cheaper than to support bitcoin network spam.
I think that with the new news about the lightning network all things will be excellent

The fact that the blockchain technology continues to be available for ease of transactions especially to establishments like banks, we can be certain that fees will be reduced. Since bitcoin offers lower fees, bank depositors might think otherwise if they are going to continue investing with banks. With bitcoin I think its a win win solution. Faster transactions, lower fees and most of all, higher yield.

When the mempool isn't clogged, Bitcoin is still faster than bank transfers. If the merchant of your choice accepts Bitcoin using the likes of BitPay, payments are handled just as fast as credit cards payments.

Sure, during 2017 there were times when Bitcoin was close to unusuable as a currency. But before that, and right now, transaction times were and are not an issue. Your mileage may vary, but given proper transaction fees, at least I personally never had any issues with transaction times outside of aforementioned timeframes. Long term I hope the likes of Lightning Network and SegWit will ensure that it stays that way.

I think BTC fee often >10$  ;D

Bitcoin is winning and has won all the categories of today businesses. It has disrupted banks in their disadvantages as Bitcoin cuts low charges per transaction and this process performs within seconds. Transaction through Bitcoin is very easy way, you do not have to go outside banks in order to send amount. You need simply to use your system.

It was cheaper from banks even before the current events( bitcoin decrease in price caused less people to use bitcoin), banks usually charge 3-4 $ for a transfer within the same country, and if you want to transfer money abroad it can cost 20-30 $ and even more.
Also don't forget that when you hold a bank account you usually need to pay fees on a monthly basis, while someone who operates with bitcoin only won't even need to hold a bank account.

And Now, as I think of it,many people will now be interestedon crypto especially on BITCOIN with this very low transaction fee. More or Less, the transactions as of now will be more expecting this coming months and verifying every transactions on the blockchain would be even more faster that it is now. BUT, I hope, it's not on just one country that will gonna implement such fees in near the future.

The fees are so cheap now because the volume of bitcoin transactions being carried out now are on the low side. Bitcoin value is down and a lot of people are just holding their coins and waiting for the price to recover and start climbing back up again. once the volume of bitcoin transactions start climbing, then prices will start going up again.

Bitcoin fees go up and down from what we have seen, and this is something a lot of people want real bad. Segwit adoption is making things for the better but don't get too excited. You never what is going to happen and when it is going to happen. But sadly, as the fee was ridiculously high a few months ago, a lot of people switched to altcoins for faster and cheaper transactions and bitcoin's transactions definitely used to take a lot of time. Now things are changing, just hope for it to continue going the way it is.

Thats a good news if its really going to happen ..because lost of us ..are sending money to someone or any reason why you send your money...but as for my experienced in sending bitcoin to my sister its actually cheaper already than the bank..when you send money bank to bank the transanction fee you will going to pay us depends on how much money you will going to send .but my experience in bitcoin the higher your bitcoin you'll going to send the lower the transaction fee ....and its really very very goo for my first time experience..

I can relate to that. Especially sending money across the world. Western Union have some serious fun with some of their offers.

Have a look at this, done literally today:

Sending £1000 to Brazil from Europe. They take £19.90 here just for their 'services'.

https://i.imgur.com/zK1IQ8I.jpg

Now lets look at 'their' exchange rate offered. They are taking an incredible £75 just about here as well.

https://i.imgur.com/sXkI8t6.jpg

So I lose just about £95 ($133) here. How much would doing the same be in Bitcoin?  ;D

Sure that Bitcoin is competitive to do money transfers and it always has been, even while the fees were unacceptibly high. Because those high fees, when compared to Western Union and the likes of it, were still lower (!)

What is still unclear, is if Bitcoin can be an alternative to card transactions. When you buy a cap of coffee with your card, the transaction fee is a few cents only, and it is the same with Bitcoin now. For Bitcoin to be successful in a long run, it must guarantee that low fees not temporarily, but permanently, I think. Sure, I know that the LN is coming, but I am not crazy about its services. We'll see.

This is the major selling point of bitcoin that its does have a lower transaction fee than banks do and this is only one reason why people invest in it and i also hope this could make a future in it when all transaction could be much lesser and the amount of the time transaction to be executed will also lessen.