Bitcoin transaction fees lower than alts

[stompix]

Do people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently?
~
That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

Hihi, you realize that this is a freak epoch by the number of blocks mined, and in less than 24 hours the capacity of the network will drop by around 30 extra blocks per day, right? Since the start of May, we have mined more than 300 of those extra blocks, 300MB of extra transactions.  The retarget will be close to the weekend so the mempool will not be able to spike again in such a short time but one week from now one these claims are going to be quite funny for a person first time reading them.

This so-called "reality" will just be temporary, the true reality is what we had in the previous three months.


Besides, if the fees would drop to being constantly 1sat/b it would mean only one thing, that nobody is using BTC anymore.
Bottom line, if you plan to spend or consolidate inputs at cheap fees time is running out.

[pawanjain]

Do people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

You must be damn lucky bro because the day before yesterday I did a $250 transaction with 7 inputs and one output and it costed me $15 in fees.
Although $15 is too much for fees recently the point is that I had to consumed 7 inputs as well.
If it had been one single input I guess I would have paid a lot less on fees too.
I wish bitcoin fees remain this low forever 

[NelfiNovita]

not all altcoins have expensive transaction fees than bitcoin because expensive transaction fees are influenced by the number of transactions that occur in cryptocurrencies so that they experience very many queues. some altcoins are also still cheap in transaction fees because transactions that occur in these altcoins do not experience many queues.
we take an example of an altcoin with very expensive transaction fees, namely Ethereum. Several years earlier Ethereum transaction fees were very cheap because the price of Ethereum at that time was very cheap compared to the current Ethereum price, and transactions on Ethereum were much less compared to the number of Ethereum transactions at this time.

[milewilda]

Do people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

You must be damn lucky bro because the day before yesterday I did a $250 transaction with 7 inputs and one output and it costed me $15 in fees.
Although $15 is too much for fees recently the point is that I had to consumed 7 inputs as well.
If it had been one single input I guess I would have paid a lot less on fees too.
I wish bitcoin fees remain this low forever 

We are all hoping for the same thing thats why when i do make out transactions i do always look for the current fees or network condition and neither would make transactions or not basing on the current fees
that im seeing.If i do see high then i do skip out and wait for some moment and when the exact time comes or on where the fees are low then thats the time i do make out tx but well we do know that not
all would really be having a free time or doesnt need those funds urgently this is is why it would be leaving us no choice but to pay up with the fees.
At the moment the fees is playing around $1- $14 and it do change from time to time.

[SimpleMan]

...the reality is that most altcoins such as ETH have a worse scaling problem than bitcoin. in fact it is at least 60 times worse and yet they lied about it and the creator Vitalik Buterin claimed once that ETH fees will never ever go above 1 cent!!!

I can't believe he even said that. That was definitely a marketing stunt.

....
When I last checked the transaction fees they were still double digit. I thought about depositing BTC at an exchange but no was too expensive.

This is the main reason why I made this post. There are many people who don't check first before making a conclusion that it's expensive. You can use tools such as https://mempool.space/ to monitor fees. The fastest fee right now is 34 sats/vbyte which is ~$4.

....
But you did not pay attention to Ripple (XRP)?

I would have included if it was more expensive. The title of the topic says "lower".

Well then thanks for sharing. ~$4 is a justifiable amount for a transaction compared to a couple of alts where fees are plainly unbearable. The disadvantage with Bitcoin still is the number of confirmations and the time it takes until a deposit is confirmed. That can be annoying, but if there is no time pressure it's worth using Bitcoin over others.

[cyriljundos]

i think bitcoin fees still have higher fee per transaction because of its value, the higher the value of bitcoin the higher the fee was. it is quite expensive to those average holders  but probably it will be lessen in the near time if all of people already using bitcoin as main currency.

[Sithara007]

i think bitcoin fees still have higher fee per transaction because of its value, the higher the value of bitcoin the higher the fee was. it is quite expensive to those average holders  but probably it will be lessen in the near time if all of people already using bitcoin as main currency.

The block size restriction is not going to change, so only a limited number of transactions can be accommodated in each block. The block size has remained the same since 2009, although the userbase has grown manifold ever since. There is no mechanism within Bitcoin to accommodate the increasing number of users. And for smaller and medium sized payments, a lot of people are currently using other cryptocurrencies such as Litecoin, USDT, Bitcoin Cash and Ethereum Classic.

[famososMuertos]

Hi,
Well actually we must be cautious with that title, because it is missing some things, like a simple "?" or  "..."   

Although in the OP everything makes a little more sense in its intention of the presented context.
This has been the case not today because of this fury alts, every time it can be sent to 1sat / B the fee of the bitcoin transaction is below of some Alts.

Although the usual, wait until the network is not congested or $ 5 - $ 10 fee works well for many users, it all depends on the amount I sent, and that relationship applies to any Alts.

bitcoin is not better than any other cryptocurrency only for its fee at 1sat / B but it is important to know it, and the same happens with the Alts with low fees.

G.B.

[Renampun]

...

You must be damn lucky bro because the day before yesterday I did a $250 transaction with 7 inputs and one output and it costed me $15 in fees.
Although $15 is too much for fees recently the point is that I had to consumed 7 inputs as well.
If it had been one single input I guess I would have paid a lot less on fees too.
I wish bitcoin fees remain this low forever 

btw, what wallet do you use, I used Bluewallet a few days ago and the minimum fee charged is only $ 4...

that is true, the OP is very lucky to be able to send his own BTC for such a low fee. I think what the OP goes through is very rare.

[pawanjain]

...

You must be damn lucky bro because the day before yesterday I did a $250 transaction with 7 inputs and one output and it costed me $15 in fees.
Although $15 is too much for fees recently the point is that I had to consumed 7 inputs as well.
If it had been one single input I guess I would have paid a lot less on fees too.
I wish bitcoin fees remain this low forever  

btw, what wallet do you use, I used Bluewallet a few days ago and the minimum fee charged is only $ 4...

that is true, the OP is very lucky to be able to send his own BTC for such a low fee. I think what the OP goes through is very rare.

I had been using Mycelium which is also known for more than appropriate fees. So all in all I think I did pay more than sufficient fees for the transaction.
Well, I can't change the past now so be it. I guess I'll just import the seeds to a different wallet now.
Enough of Mycelium already.

There is no point in using a wallet, if it doesn't allow you to set a fee as per your liking. Bitcoin is a completely decentralized asset and users can set the fee to any level they want. You can even set it to 0 Sat/Byte or 1 Sat/Byte. Now the wallets can't dictate how we set the fee. If they impose any minimum limit on the fee, then it goes against the spirit of Bitcoin. There are a lot of wallets available which allows you to set the fee by yourself. So there is no point in continuing to use Mycelium.

I know that !
And Mycelium does offer the functionality to choose fees 1 sat/byte.
I had just paid a fees of 52 sats/byte which was nominal at that time since people were paying around 90 sats/byte in fees on that day.

[bryant.coleman]

I had been using Mycelium which is also known for more than appropriate fees. So all in all I think I did pay more than sufficient fees for the transaction.
Well, I can't change the past now so be it. I guess I'll just import the seeds to a different wallet now.
Enough of Mycelium already.

There is no point in using a wallet, if it doesn't allow you to set a fee as per your liking. Bitcoin is a completely decentralized asset and users can set the fee to any level they want. You can even set it to 0 Sat/Byte or 1 Sat/Byte. Now the wallets can't dictate how we set the fee. If they impose any minimum limit on the fee, then it goes against the spirit of Bitcoin. There are a lot of wallets available which allows you to set the fee by yourself. So there is no point in continuing to use Mycelium.