Just want to add that some exchanges fee are still higher, I saw yobit withdrawal fee to be 0.0012BTC, I am not certain if it has been changed. Also another exchange called HitBTC, the withdrawal fee was 0.0015BTC before, but was changed to 0.0009BTC. There are some exchanges like that with higher withdrawal fee.
About binance and some exchanges that charge 0.0005BTC as withdrawal fee, they make it mandatory because they want the processing time to be fast, but there are many times the mempool is not congested, and still demanding for such fee to get the transaction processed in time. From the transaction above, the mempool is congested, but there are times the mempool will not be congested and people making transaction at the time. Although, I do not really know how this works out but just the way I think it will be.
It is a table from a third party website. I did not check it manually. - https://withdrawalfees.com/coins/bitcoin
- It gives you the list of 57 (?) exchanges with ascending orders for Withdrawal fees
- Exchanges that give free or cheap withdrawal fees are mostly small ones, except Bittrex.
- I'm not sure how regularly they update data
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And yet they still charge 0.0005 BTC for a withdrawal. So even when fees are this high, they are still making around 0.00045 BTC per customer per withdrawal. That's $20! What a complete rip off.
It is hidden rip off somewhat. I brought it to the community there: Old story. Exchanges get profits from users' withdrawal fees.. I agree with what LoyceV said. Exchanges can get fair fees from their operations, maintenance but their fee schedules need to clear. There are many sides for their operations but it is unfair and dishonest for their customers if they waive fee in one side and charge double on the another (other) side(s). It is likely secret steal, hidden rip off. It would be much more fair to largely reduce the withdrawal fees, and charge a deposit fee. I know only one exchange that does that. But since that discourages people from depositing, while the current situation discourages withdrawals. From a business perspective, this makes much more sense. They also pay too much for their consolidating transaction, they could easily have saved a thousands dollar on this. They must really earn a lot if they don't care about this. I know another exchange that charged deposit fee: Remitano. They updated their policies on deposit fees in August of 2020 as they see dangers from other P2P marketplaces that are trying to attract Remitano users. After many years, they eventually waived deposit fees. |
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Bitcoin dominance has still been unknown for its next movements: upward or downward. With some indicators (I don't show here), the bitcoin dominance might have something as follows: - Falls deeper a little bit as the image shows
- If it happens, it will be the trigger for the next very big bull run for bitcoin dominance
- That scenario won't must happen as bitcoin dominance currently is closely to where it might bounce strongly
- As said, with bull market and the hype on altcoins, bitcoin and altcoin dominance indicators are seriously and will be more serioulsy biased by altcoins (especially new ones)
- What does it mean? If price of bitcoin has a more serious correction, it will be your very last chance to hop on and participate in the next phase of its run
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I'm aware that the Lightning Network's mainstream adoption is still low these days.
It has some good growth recent months. But as on-chain fees increase towards new heights, people will look for other options. They'd either choose an altcoin, or the Lightning Network in order to avoid high fees and slow transaction confirmation times. If adoption for the Lightning Network goes all the way to the moon, do you think there's a possibility it could replace on-chain transactions? What are thoughts?  I don't think it will happen but it is true that Lightning Network adoption will be increased. It might be increased more and faster if its developments can be boosted up more. Despite of all future scenarios for Lightning Network, it is not true to say it will replace on-chain transactions - It is only be alternative
- Altcoins can not replace bitcoin even many people use altcoins for their transactions
- Lightning network can not replace Bitcoin on-chain transactions, now and in future
- No one choose LN or altcoin for transactions if they are moving big funds and serious about safety
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The table presents saving from fees if you consolidate a few inputs into only one consolidated input and make your transaction out later with it. It is for an example and I don't think needs to go with more details. - All inputs and outputs are P2PKH
- The table is built by manually calculation with support from https://coinb.in/#fees
| | | | | | | | | | | | | | | | | | | | | | | | | No of Outputs | | | Size (bytes) | | | % save in fee | | | | | | 1 | | | 192 | | | 0 | | | | | | 2 | | | 226 | | | 41.1 | | | | | | 3 | | | 260 | | | 54.9 | | | | | | 4 | | | 294 | | | 61.7 | | | | | | 5 | | | 328 | | | 65.8 | | | | | | 6 | | | 362 | | | 68.6 | | | | | | 7 | | | 396 | | | 70.5 | | | | | | 8 | | | 430 | | | 72.0 | | | | | | 9 | | | 464 | | | 73.1 | | | | | | 10 | | | 498 | | | 74.1 | | | | | | 15 | | | 668 | | | 76.8 | | | | | | 20 | | | 838 | | | 78.2 | | |
Another example for this is batch payment (for customer withdrawals) from exchange. Binance consolidate inputs certainly and they save a lot of transaction fees in this payment to customers. It is a transaction for 1 input, 101 outputs. With outputs, assume 100 are for customers, 1 for Binance changed address. They spent 0.00510973 BTC as transaction fee for 100 customers (outputs) even with fee rate at 149 satoshis/vbyte. https://blockchair.com/bitcoin/transaction/0c3fda497679b708cae782007eb81389e579b8f15264db74339e5fe66e15cbbf |
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The bitcoin blocks are mined by miners and transactions are components of blocks that are confirmed by miners as well. How slow of fast blocks are mined in turn depends on total hashrates on the network AND current difficulty. Difficulty on the network is planned to adjust (higher or lower) each 2016 blocks or almost 14 days. During each 14 days, if you increase total hashrates, with same difficulty, blocks will be mined faster a little. If you decrease total hashrates by shutdown many mining rigs, farms, blocks will be mined lower a little. A website to check next difficulty adjustment and estimated waiting days: https://diff.cryptothis.com/More details on difficulty adjustment: https://en.bitcoin.it/wiki/Difficulty |
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the reason people are not using bitcoin core is the over 300 gigabyte of data needed to download the full blockchain while people prefer not to run the pruned version but the full client.
It is not only about big storage space requirement for a full node and the cons of prune node, but also about the decreased capacity of your computer when you start it and let your full node runs. The full node operations do slow down the general performance of your computer. I tried it in the past and above is my experience. So except only when you are using a superb strong computer, you will get inconvenience if you are working on the same computer that stores and runs the full node. I will focus more on simple payment verification (SPV) wallets because they are the ones used by people commonly today.
SPV ~ Simplified payment verification. Simplified, not simple. They are lightweight client wallet. Some nodes maintain only a subset of the blockchain and verify transactions using a method called simplified payment verification, or SPV. These nodes are known as SPV nodes or lightweight nodes.
[1] https://en.wikipedia.org/wiki/Bitcoin[2] Mastering bitcoin - Chapter 5, The Bitcoin network |
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tk808 applied as a merit source for the altcoin boards a few years ago. I don't see an official announcement that he was appointed, but judging by the total amount of merits he has sent (over 2000 sent while earning only 600), I would say he is a merit source. He is not in the list of Most generous merit senders, all time and from his merit history page, he sent away very little smerit in recent months. I am not sure what happened with his sourced merit amount or he simply has been lack of ability to distribute his sourced merits. |
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thanks yeah I just realise Bybit has got the fiat gateway to deposit USDT. So basically unless for long term storage I don't need the Trezor One in this scenario right?
thanks for the advice on the limit orders, yeah I am aware
Shortly, you only can buy crypto with fiat on Bybit at this page: https://www.bybit.com/en-US/buy-cryptoYou deposit your fiat to third party company that you can choose from that page, and receive your wanted cryptocurrency. For now, Bybit provides you three cryptocurrencies: BTC, ETH, and USDT. Like this |
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[General] Bitcoin Wallets - Which, what, why?You should - Choose a non custodial wallet to use.
- Verify wallet before really use it to store your bitcoin
- People mention about Wasabi wallet, Ledger but no one has yet mentioned about Electrum wallet. If you don't care much about your privacy, you can choose this non-custodial wallet
- Electrum
- Never search wallet on Google Play, you will highly get faked apps
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Your transaction was broadcasted with good fee rate and it will be confirmed today or tomorrow. Bitcoin was fallen a lot yesterday and there will be less panic on the market next few days and cheaper fees will be available. Your transactions at at top of the mempool and won't be stucked for a long time. If you want to check mempool, go with https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),8hOne bitcoin block will take 1 MB (virtual byte) from the tip of mempool (in the third chart). Your fee rate (77 sat/vbyte) is about 8 to 9 blocks from the tip of mempool as of writing. |
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Experience in crypto currency has taught me never to be in an hurry to buy a crypto currency token or to join a crypto currency trade pair; The same applies when you are to sell a coin or close a trade pair; never be in a hurry. Sometimes before investing huge; you can buy as low as 5-20$ and use that to monitor the coin prices for the project you want to invest or trade on; Experience also helps, so continue to trade, learn lessons and become better
Rule #1: Don't chase the market Rule #2: If you don't see reasons why price is moving or will move up more, don't join the market. FOMO Trades are for the times when price breaks resistances after a few times of testing, failures, and retesting. When resistance is broken up, price will rise significantly. Chase the market is different as people don't know what they are doing and why price is moving up. They will fall into panic sells consequently and they don't have too much higher levels to take profits. And also, before you sell a coin or close a trade; choose the same method; sell in batches; as it moons; the first batch would be your capital and little profit; the second batch would be more profits; never close your trades at once; and also remember, never enter a trade at once.
With profit taking method, you are right. Selling all your coins or tokens at one price can cause missing chances if the market only moves to a little bit lower than your set price. In addition, if you sell all at one price, and your amount is big enough in that trading pair, you can unintentionally create sell wall. Sell walls result in fear on the buyers and they might hesitate a lot to buy your orders. It can be different if the sell walls are set up by whales (real whales) to wait for liquidations. |
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..so, Is stay to impossible to become a full member now?
It is possible. Just watch at me..i was a member over several years ago and stayed till right now.
Your destiny is decided by your attitude and your works (posts in the forum). You can stuck at your rank or rank up to Full member rank or higher ranks, all depends on you. I saw a members with 300 merits - funny...how to get a full member?
Please read two topics, available answers are there. Quality is over quantity and quality does not equal to length of your posts. Some posters try to expand their posts as lengthy as possible. They did not realize that readers don't want to waste time to read. Additionally, such posters don't care to use commas, conjunction words and can not succinctly describe their ideas. I'm hoping that this system will increase post quality by:
- Forcing people to post high-quality stuff in order to rank up. If you just post garbage, you will never get even 1 merit point, and you will therefore never be able to put links in your signature, etc.
If you make ten thousand posts in a week, your activity will be capped and you will still be a Newbie. If you make ten thousand useless posts over any period of time, you will gain zero merit and you will still be a Newbie. You can rank up only by making good posts consistently. It's quality over quantity.
When trying to write quality posts, a lot of people act as though they're writing a book report for school: putting facts that we already know into their own words. Nobody wants to read that, and you will not get merit for it. Moreover, the length of your post and the quality of your English are only minor factors. In trying to write a quality post worthy of merit, you should offer new ideas, personal experiences, or perspectives that other forum users will actually find new and interesting.
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Is the market has turned bearish, or it is just the regular price correction.
It is a period of correction. The market is bullish and the on-going correction is a healthy one. It is not a correction to flip the market into bearish. Many space for other highs and if you did not exit earlier and can not enjoy these dips, you can hold and wait for other higher prices. Ethereum need to be seriously pulled back. BTC.D and OTHERS.D movements support the altcoin season. The former has not bottomed and the latter has not topped up yet. As said, enjoy the alt parties and if you are careful, exit your positions before the fourth week of February. Let's try to protect your capital and any profit you have earned with altcoins.  |
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You can not learn all things in one course and in short period. You need time to digest courses, documents, and must be patience to keep up your learning regularly. Many courses for you Many books for you (I would like to read books because it can help me to highlight important points and re-read later). It is more easily than watching courses with videos. |
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Some days ago i made a BTC transaction with a low fee (30sat/bytes)
You should not worry to much about that transaction - Transaction fees are cheaper in the weekend and Sundays give you cheapest days generally
- We are entering the next 12 hours of cheapest fees on the network, from 23 UTC to 11 UTC (see the screenshot)
- Mempool is decreasing as expected with weekend effects (see the third chart)
- Bitcoin won't change much till the last week of this month that can help fees to be cheaper
Your transaction will be confirmed in the next 12 hours, I guess so. Mempool might be cleared to fee rates from 12 to 14 sats/vbyte. |
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You can wait until the mempools are congested, we are in weekend now, mempool are mostly less congested on Sundays
You can also wait until Sunday or whenever the mempool is very less congested for the feerate the be automatically low in accordance to mempools, you can at the time decide to consolidate. Which means, the time for confirmation will be faster because you consolidate the input when the mempools are less congested.
Weekend or working hour effects. You can have same waiting time for your transactions but with lower fee rates. It means you can have some good savings for fee reduction. - Good days in descending orders: Monday, Saturday, Sunday. Weekend effects prolong to Monday.
- Best hours each day: 23 UTC to 11 UTC.
- Note that the saving (in %) here are for medians. In reality, you can have bigger % saving if you choose good fee rates
Check details at that post and also pay attention on the time BitMEX broadcast their transactions every day around 13 UTC. |
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I am using this site for a while but never seen overkilling fee suggested by the site.The only issue with that site is 6 hour confirmation value was sometimes more than the fastest fee required and it was from a bug I guess but apart from this everything is okay.
I discussed about Fastest transaction that would be for one waiting block or about 10 minutes, not 6 hours.
Over killing fee- I admit that I could be wrong in my previous post, as I did not define what is overkilling fee.
- Your post makes me to rethink that over killing fee would be some fold higher than the exact fee to use for the same purpose (waiting time)
- As my post and Pmalek's post (below) show, the suggested fee by that site is 34.3% (94 compares to 70) or 24% (124 compares to 100) than the best fee to use
- I think it is not accurate enough as a fee estimator
They suggest 124 sat/vbyte for fastest transaction (next one block ?) but if you check it with another site (that I use and believe it is very accurate), the fee would be 100 sat/vbyte.
Checking the state of the mempool yourself is always better than trusting third-party fee calculators.
Exactly! I also use the Electrum wallet for mobile to check transaction fee with Mempool option (not ETA, not Static). I installed it, created an empty wallet and use it to check fee only. You can double check quickly like that.  |
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if you are looking for a website which gives real time btc transaction fee then you can try this : https://txfee.org/#A quick check with BTC transaction fee, the site gives the overkilling fee. They suggest 124 sat/vbyte for fastest transaction (next one block ?) but if you check it with another site (that I use and believe it is very accurate), the fee would be 100 sat/vbyte. https://jochen-hoenicke.de/queue/#1,8hCheck it at the third chart, and hover the computer mouse at the end of the chart to check latest update for size of mempool in different fee rates. The withdrawalfees.com website is really handy. It shows the minimum, optimum and median withdrawal fees for top cryptocurrencies which is very useful when we are sending cryptocurrencies from one exchange/wallet to another. I have bookmarked this site to quickly get to know the optimum withdrawal fees for any cryptocurrency. I wish there would have been an API for the same so that we could code a program which would send us the optimum withdrawal fee and the coin for which the optimum fees is lowest than the others.
I made this topic for people who need such many details or just one of them, but I would not go to be paranoid about fees like that. It is a waste of time to check many coins only to find out the one that gives you lowest withdrawal or transaction fees. When you are familiar with crypto, you will have some friendly coins in your list for withdrawal or transactions. Each time you do it, it is a quick check with a few coins only. Four to five coins are enough to change around at different periods. If I move my big funds (in my capital), I will choose bitcoin. It is the safest chain to move big funds with super high hashrates and cost of attacks are expensive. |
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