Awesome! The average Bitcoin transaction fee is now $5.

[Crypto Piece]

Bitcoin is useable for transactions again.

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m

[buwaytress]

It's always been usable for me, ever since I started using it in 2016 In fact, it's still more than 95% of my digital money use (and that's only because almost 5% is Paypal ).

Again, always a bit misleading to use a dollar value for the average fee if you don't include the average transaction value, which currently (same source as you) is $60,409.

Now that we see the average fee isn't even 0.01% of the average amount sent, is there really a cheaper alternative at the moment outside of crypto?

[fredo123]

Bitcoin is useable for transactions again.

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m

Wow, good to hear the good news about btc transaction, hopefully it will continue to last

[edgycorner]

You are late to the party, it has been more than 3 weeks since the reduction in the fees.
5$ might be the average fees but now according to the current mem pool( https://dedi.jochen-hoenicke.de/queue/#2h ), even 30 Satoshi per bytes are enough to get a transaction confirmed within 3 blocks.

All thanks to segwit and batching of transactions

Now that we see the average fee isn't even 0.01% of the average amount sent, is there really a cheaper alternative at the moment outside of crypto?

Fees isn't the only factor, right now cryptos are too volatile.In just few hourse we can see a change of 10%(which is too much) in the value.
Many big companies(like steam) stopped accepting bitcoins because of its volatility!

[CryptomeumX]

Maybe that result was because of the price of Bitcoin right now. Hopefully in the recovery of Bitcoin will not change the transaction fees. If that happens maybe that it's a goog start for everyone specially incompetence to get at least of 1 Bitcoin.

[bitart]

Bitcoin is useable for transactions again.

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m

Just don't forget that the price of bitcoin has also decreased, not only the fees... I usually don't use USD or EUR in connection with the fee, and the common (and easily understandable) sat/B is also a bit misleading because you can't be sure what will be the size of your transaction in bytes. The sat/B is a good indicator about the current trend for the fees, but based on the specific transaction the fee calculated in USD or EUR can vary a lot.
Personally I would prefer higher fees with the $20k USD bitcoin price, because LN will come sooner or later and will solve the fee problem...

[okae]

...Many big companies(like steam) stopped accepting bitcoins because of its volatility!...

Will be steam company unhappy if bitcoin pump again to 20k?

That history about volatility just made me laugh ( i'm not talking about your comment ) i mean if companies really care about volatility why they dont convert bitcoins into $ in the act? that way they don't need to care about volatility they could convert his bitcoins into $ at the time and get his money...

[richardsNY]

That history about volatility just made me laugh ( i'm not talking about your comment ) i mean if companies really care about volatility why they dont convert bitcoins into $ in the act? that way they don't need to care about volatility they could convert his bitcoins into $ at the time and get his money...

The far majority of the merchants already have all their Bitcoin sales converted to fiat, which is taken care of by the payment processors that they use -- blaming the volatility is utter nonsense in that regard. It has other reasons, that I am sure of. It's either them not experiencing any significant usage that lead to this, which in combination with the higher fees is quite likely, or they just changed their direction and Bitcoin suddenly doesn't fit in their way of doing business anymore. Either way, it's nothing more than a lame excuse to get rid of Bitcoin. Once lightning network gets ready for actual use (not referring to 'beta' use like some services already experiment with), they at least won't be able to put the blame on transaction fees and slow confirmation times anymore.

[edgycorner]

i mean if companies really care about volatility why they dont convert bitcoins into $ in the act? that way they don't need to care about volatility they could convert his bitcoins into $ at the time and get his money...

Bitpay gives them instant $ for every onchain transaction.
Consider this:A user pays after a few minutes, and if within that time the price of bitcoins changes or the mem pool gets flooded with transactions(usually because of sudden spikes in prices).Then the bitcoins needed to completed that purchase might change!

We can hope for LN to improve the situation.Maybe steam can start accepting the bitcoins again after the LN

blaming the volatility is utter nonsense in that regard.

Pretty sure most of the other reasons are because of its "volatility".If you think deep enough.

[okae]

totally agree @richardsNY, and this fact irritate me more

But i'm not sure that when LN comes out they want to use it, seems like they are only searching for an excuse and playing the game about "let others do it first...", anyway, in the end we "all" know that they will end accepting it

[RNC]

So that's still only 5000% more than many other alt-coins charge per transaction and they even manage to
do it much faster.

But the good news is the DOW is had a bad time and apparently we were told that everyone would be rushing to
buy Bitcoins when that happened so where are they ?

Sorry people but I lost faith when miners starting ripping us off and it won't return unless they return the
money taken at gun point and insist on calling it a donations which it's not.

[ralle14]

The amount of daily transactions continues to decline too that's why the transaction fees are not that expensive. This is also because of the people moving out and selling their investments.

Now that we see the average fee isn't even 0.01% of the average amount sent, is there really a cheaper alternative at the moment outside of crypto?

Fees isn't the only factor, right now cryptos are too volatile.In just few hourse we can see a change of 10%(which is too much) in the value.
Many big companies(like steam) stopped accepting bitcoins because of its volatility!

Afaik Steam stopped accepting bitcoin payments because of the insane fees during that time and it's not because of the volatility.

Hopefully in the recovery of Bitcoin will not change the transaction fees. If that happens maybe that it's a goog start for everyone specially incompetence to get at least of 1 Bitcoin.

That's unlikely to happen because the fees are based on the size of your transaction, the price of bitcoin and depends if the network is busy or not.

[tokexchain]

Bitcoin price as well as fees can go up and down in a whisper but the latest fee reduction is a nice bonus to us all, in fact there as probably no other financial services out there where you are not only in control of your money but also you have the choice of fee size, and being very very low compared tot he financial institutions! Go BTC!!!

[BitMaxz]

You can get lesser than $5 if you use segwit wallet base on what i experience today i pay of almost 0.00015 btc which is $1 and the transaction was fast with 3 more output..
If you are using non segwit wallet expect that you will pay $5 or above and i think this is just because of the price drop and only few bitcoin users right now are still holding bitcoin and the average amount of transaction these days was drop a lot that's why the transaction fees drop a lot and also affected by the price decreased. So i think bitcoin right now is getting back to normal just like before and i still happy what is the price today even it was 60% drop...

[Palma_Laura]

I think BTC fees to hight to pay anything!
Price will be increase and fees also too hight

[Lyd]

Bitcoin transaction fees are getting lower which is a good thing for bitcoin and for us. It becomes more and more accessible

[angelakrasnova]

It's cool. Right now you have to buy bitcoin urgently. I'm already doing these. I think in five days I will sell.

[Doge dealer]

this is great news as the increased fees was proving to be some cause for concern , this argues well for the bitcoin ecosystem as the  increase in fees could have a  affected its delicate equilibrium.the increase in fees had resulted in some sites like steam not accepting bitcoins anymore as the transaction fees were proving to be too high .

[hardhouseinc]

It's good to hear some positive news. Many people talk bad about bitcoin. We just need more hopes here

[Ozero]

I do not think that the decline in the cost of transactions in bitcoin is due to bitcoin or members of his team. The decline in transactions, in my opinion, was due to the fact that, on the one hand, the bitcoin rate is relatively low, and on the other hand, the total number of transactions has fallen. The number of transactions has fallen because people are increasingly using bitcoin because of the decline in its popularity. And the popularity of bitcoin fell due to its shortcomings, including because of prohibitive fees.