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Author Topic: Your Experience with Bitcoin Fees?  (Read 533 times)
KonstantinosM (OP)
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August 27, 2018, 01:50:56 AM
 #1

I just did a transaction where I paid 1 cent in fees and it confirmed on the next block. Not only that but the next block came within half a minute of me doing my transaction.

The whole thing was almost implausibly good.

Generally, I always worry about fees but they never amounted to much in my experience of bitcoin. I don't do anything special. I use the latest stable version of bitcoin core and let it calculate the fees for me, I just use default settings.

According to bitinfocharts the average is $1, but my transaction of 160 something bytes only took 0.01 cents.

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

Syscoin has the best of Bitcoin and Ethereum in one place, it's merge mined with Bitcoin so it is plugged into Bitcoin's ecosystem and takes full advantage of it's POW while rewarding Bitcoin miners with Syscoin
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August 27, 2018, 02:19:52 AM
 #2

In my last 4 transactions, I am paying the average fees of .5 (half) Satoshi per byte and transaction getting confirmed in next block. I find a transaction in which user paid .25 (quarter) Satoshi per byte.
So fees are really low,so good opportunity to consolidate the small inputs. (LoyceV already pointed this earlier).

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August 27, 2018, 02:27:21 AM
 #3

According to bitinfocharts the average is $1,
transaction fees should never be reported in $, satoshi, BTC,... because they are meaningless. a bitcoin transaction fee is only meaningful if it is reported in (amount in satoshi or bitcoin per byte or kilobyte).

Quote
According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

that is why you should never use that website. it always over estimates because it wants to always be correct under any circumstances.

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August 27, 2018, 02:33:46 AM
 #4

it's very cheap, even I think it's the cheapest fee of all time that I know for the purpose of transferring funds
very different if you send money through an exchanger, usually the exchanger charges a fee of 0.0005 BTC per transaction, or about 3 $

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August 27, 2018, 02:43:40 AM
 #5

the fee of bitcoin transaction is lower than before and faster than before
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August 27, 2018, 02:45:20 AM
 #6

Using fees below the recommended amount is fine the estimated confirmation time is nearly the same. With a Segwit address I always pay 0.5 satoshi per byte but with a Legacy address the lowest I can go for is 1 satoshi.

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.
that is why you should never use that website. it always over estimates because it wants to always be correct under any circumstances.
Yeah the site can mislead you in to paying more fees even though it's not necessary.

it's very cheap, even I think it's the cheapest fee of all time that I know for the purpose of transferring funds
very different if you send money through an exchanger, usually the exchanger charges a fee of 0.0005 BTC per transaction, or about 3 $
Exchanges have different Bitcoin fees on kucoin they charge 0.0005 btc and cryptopia its fixed to 0.001 btc. One local exchange that i've been using for almost a year lets you choose how much you want to pay for fees from low to high the lowest was 500 satoshi and the highest was 1000 satoshi.

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August 27, 2018, 02:51:54 AM
Merited by hugeblack (1)
 #7

With a Segwit address I always pay 0.5 satoshi per byte but with a Legacy address the lowest I can go for is 1 satoshi.

that is because you are using blockchain.info to check how much fee you paid and that site has not implemented anything of SegWit yet. what happens is that satoshi/byte is also deprecated because of introduction of "weight". so you should report your fees in satsohi per virtual bytes.
what you paid was probably 1 s/vb but since blockchain.info doesn't know what SegWit is they show you the s/b value which is lower because size in byte is bigger for a SegWit transaction.

check out https://btc.com/ explorer for real values.

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DiamondsAndCoins
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August 27, 2018, 03:41:03 AM
 #8

My transactions on blockchain.info are usually 4-6 cents for regular and .08-.15 for priority.  The prices are very cheap right now compared to when we were in the bull.  I remember fees in the dollar range. 

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August 27, 2018, 06:14:16 AM
 #9

Well...my experience with bitcoin transactions fee hasn't been good at all. You can imagine then when I wanted to send just 20$ then I was asked to pay $10 as the transaction fee and it will even take hours before it could get the needed confirmations. But recently, I just noticed that, even if you want to send $500million, you'll be asked to pay just less that $0.05, this is really incredible and I don't want the fee to go higher again rather keep decreasing.
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August 27, 2018, 06:23:54 AM
 #10

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

You can use https://coinb.in/#fees instead for a more conservative estimate. The tool you're using shows the cheapest and fastest fee, so it will always be a little higher than what you could get away with. The coinbin one, on the other hand, suggests a fee just good enough for the next few blocks so it's perfect if you aren't in any hurry.

The whole thing was almost implausibly good.

I know right? It works on every corner of the globe too. The problem is that fees could inflate when the network is subjected to too much load. Once that problem is solved, it can be a serious and disruptive competitor as a payment system. Let's see people call it a bubble then lol.

khufuking
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August 27, 2018, 07:15:09 AM
 #11

Well, all that is gonna change the moment the network gets loaded once a real bull run starts, so it is just a temporary thing.
pickledmuffin
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August 27, 2018, 07:17:53 AM
 #12

I just did a transaction where I paid 1 cent in fees and it confirmed on the next block. Not only that but the next block came within half a minute of me doing my transaction.

The whole thing was almost implausibly good.

Generally, I always worry about fees but they never amounted to much in my experience of bitcoin. I don't do anything special. I use the latest stable version of bitcoin core and let it calculate the fees for me, I just use default settings.

According to bitinfocharts the average is $1, but my transaction of 160 something bytes only took 0.01 cents.

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

I remember back in Christmas last year when the market was going crazy, the only way to move bitcoin relativley quickly was to pay more in fees, something like $15 - 20 would cover it fairly quickly <10 min.
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August 27, 2018, 08:00:55 AM
 #13

people's experience with bitcoin fees and generally with bitcoin will always come down to the wallet that they are using. the experts don't care, they know how things work and will get the best experience but we are talking about end users here. and they rely on their wallets. for instance if someone uses blockchain.info they will have the worst experience when it comes to fees since their fee estimation is known to be broken and give bad suggestions, either too low or too big. but good wallets such as Electrum are known to be better at suggesting fees and simplifying things for people with less knowledge and experience with bitcoin so you will get a much better experience with them.

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August 27, 2018, 08:13:20 AM
 #14


I remember back in Christmas last year when the market was going crazy, the only way to move bitcoin relativley quickly was to pay more in fees, something like $15 - 20 would cover it fairly quickly <10 min.

NO, that is not correct. XAPO was charging more than $100 per transaction and need to wait for few blocks mining for confirmation. It was all due to a sudden increase in bitcoin transactions but currently, the market is down and not many transactions are happening so fees have come down and transaction time reduced.

Well...my experience with bitcoin transactions fee hasn't been good at all. You can imagine then when I wanted to send just 20$ then I was asked to pay $10 as the transaction fee and it will even take hours before it could get the needed confirmations. But recently, I just noticed that, even if you want to send $500million, you'll be asked to pay just less that $0.05, this is really incredible and I don't want the fee to go higher again rather keep decreasing.

You already paying just $0.05 for such a huge money transfer but still want to go down transaction fee?
Thirdspace
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August 27, 2018, 12:55:54 PM
 #15

Well, all that is gonna change the moment the network gets loaded once a real bull run starts, so it is just a temporary thing.
I think the temporary thing is the time when network gets congested for the reason you said
network has been quite normal for months with low feerate now
last year, forks hype (mainly BCH and segwit issue) caused price spike, massive tx numbers and "hopper" miners
all that factors contributed to the increase in mempool size and tx feerate at that time
and some people believe BCH supporters was behind all those problems Lips sealed

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August 27, 2018, 01:40:40 PM
 #16

Actual bitcoin transfer rates are too high, transaction time is slow. I find it obsolete and there are too many better altcoins like XLM, XRP

It's the best joke of the week. If you think it's currently too high and obsolete as you say, then go back to use Paypal. You will then understand what is a high fee to receive and to send money using it. If it was back in December perhaps you were saying it costs a fortune so...

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August 27, 2018, 02:50:57 PM
 #17

Actual bitcoin transfer rates are too high, transaction time is slow. I find it obsolete and there are too many better altcoins like XLM, XRP

you can make a new coin that has 1 mili second blocks and has no fees then say your coin is better than bitcoin but it won't make it so! it will still be a shitcoin that nobody uses so you can make any claim you want Cheesy

as for centralized coins like XRP you should compare them with their counterparts such as PayPal, in comparison XRP is extremely risky, very slow and has huge fees.

There is a FOMO brewing...
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August 27, 2018, 03:35:51 PM
 #18

Hi guys. Join millions of people around the world who makes 50% monthly or 25% in 2 weeks profit by donating BTC to one another. ...

Do I look high too you?
A profit from donating money to each other? That is the weakest attempt to scam I have seen a while.

Back to the topic. I use BTC all the time. My last purchase was last night and I paid about $0.06 to spend about $150.00 The people who talk about how bitcoin costs so much are people who do not use bitcoin.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
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August 27, 2018, 03:39:42 PM
 #19

recently, i've been paying 1 sat/byte for non-urgent transactions and something like 2-5 sat/byte where i need next block confirmation. fees are pretty cheap right now.

According to https://bitcoinfees.earn.com/ I should have paid 4 satoshis per byte, amounting to 0.04 cents.

i see that no one has mentioned this tool for estimating fees: https://jochen-hoenicke.de/queue/#0,24h

it's the most accurate tool i've found for comparing mempool transactions by fee rate. it blows earn.com out of the water. and visually, it's really easy to use.

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August 27, 2018, 04:09:58 PM
 #20

I only see fees when transferring bitcoins from exchanges to a different location. However if I want to purchase Bitcoins there are exchanges such as Coinbase Pro that will enable me buy them without any fees.That being said not everyone can take advantage of this opportunity. I get hit with BTC fees especially when using any of the main cryptocurrency exchanges.
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