Say it again? Bitcoin transaction fees expensive?

[Baofeng]

Another proof that bitcoin transactions is still very cheap, the transaction below moves $500,000 million with less than $5 fees. This is a Binance external transaction. So for those proponents who says that bitcoin fees is expensive and slow, take a look, as everything is transparent on the blockchain network.



https://twitter.com/whale_alert/status/1134411929072676864

[Lucius]

This is really impressive data, transaction of such a large amount of money cost only $5

But you need to consider the fact that the vast majority of transactions within the bitcoin network is belongs to a group of micro transactions, which is usually a few dollars worth of bitcoin. Such transactions are actually very expensive, if only we take for example that someone sends $5 and it need to pay for that $5 fee.

In addition to using the Light Network which is still fairly demanding for the average user, only way to reduce fees for micro transactions is using of SegWit and to make transactions light as much as possible by controling inputs.

[acroman08]

it's looks cheap in the sense because the transaction is worth 500btc but if the transaction is small the 5$ fee will be expensive. also most users only send small amount of btc/mbtc and so the 5$ fee is expensive for them since the transaction is small.

[mk4]

To be fair, Roger Ver and other big blockers are complaining about the "high transaction fees" in the form of coffee-value transactions though, for the typical person trying to go on his day; not multi-million dollar transactions. Still great to be able to transfer huge amounts of money with just a fee of a few dollars though.

[dvdrewritable]

All right, but in many places, there is a lot of bitcoin transaction fees. where you have to pay 5-8$ transaction fee . It is very tragic, but it is less of charge at some exchanges, and some exchange like the Bitmex Exchange where there is 0.002btc fee per transaction.it is really high fee! There is a lot of time that I have seen transaction for a long period of time If you pay less fee.

[||bit]

It seems like a legacy address. If it was segwit fees would be lower.

Also, i can't understand why exchanges like binance still not accepting segwit addresses, i mean why don't you want to pay lesser fees?

[bitmover]

I agree that $5 is a small fee for that transaction. However$5 is usually a very high fee (141 sat/byte is extremely high).
But that's not a big problem, as those high fees do not last long... Having a little patience and you can make transactions for 6sat/byte or less in a few days

[davis196]

Let's see what will happen with the transaction fees when the bitcoin price hits 13,000 USD or more.
I believe that we won't face the last year's problem with the blockchain being stuck and the fees becoming ridiculously high.

[traderethereum]

I think we don't have to bother about the transaction fees because the transaction fees help the network and the miners too.
When the fees become $5, and the bitcoin price is at $9,000, then if it converts to bitcoin, $5 will be 0.00055555 btc.
That still too small depends on the amount of bitcoin you want to send, and I am sure that you will send more than $100.
So $5 will not be a problem for you and let say that $5 as for the charity to the network.

[xvids]

Another proof that bitcoin transactions is still very cheap, the transaction below moves $500,000 million with less than $5 fees. This is a Binance external transaction. So for those proponents who says that bitcoin fees is expensive and slow, take a look, as everything is transparent on the blockchain network.

I agree why don't those people try to send money to another country using a remittance center like W.U?
How long would it takes before your receiver recieve the money and how much would be the fee?
Would you still say that Bitcoin fee is expensive and slow compare to other way of sending money?

[Adriano2010]

I not say is expensive now for all transaction, but can be expensive for people who have low amounts on address and after to send to one address because if pay more than send amount then is expensive.

[markstivn98]

With this large quantity, $ 5 is a small amount. When I convert $ 50 for example here, the fees can be more clear.
Still I think it's low fee

[Genemind]

Every fee depends upon how every transaction is done.
There are some transactions which require fees like transferring funds to a local wallet.
Also, the price of Bitcoin still affects it. As the price of bitcoin increases, we could notice that fees are also increasing.

[Apes]

I am currently suspending the bitcoin transfer process that I will do. the reason is because the transfer fee is very high reaching $ 5 if you use a normal process. I thinking to make a transaction using 25 sat, cost around 1-2 $ / transaction.
and I will make transactions at once and not repeat for the same address. in order to save transfer fee.

[Astvile]

5$ may look small mate but for some people who are doing micro transaction they often reaches this fees with just lets say 20-100$ transaction.This happens some hour in the day where you pay more than you sending.
Yes bitcoin transaction fees are still cheap but not all of them someday youll see it yourself

[gentlemand]

It seems like a legacy address. If it was segwit fees would be lower.

Also, i can't understand why exchanges like binance still not accepting segwit addresses, i mean why don't you want to pay lesser fees?

It's not like one of us just making the switch. They might have to rebuild their entire back end. Gemini were planning it for a long, long time and included it in an overall upgrade.

What we need is a site that gives you a straightforward reference for fees that becomes the go to place. Most of The ones out there are either too hard to understand or outrageously inaccurate

[CryptoBry]

This is really impressive data, transaction of such a large amount of money cost only $5 But you need to consider the fact that the vast majority of transactions within the bitcoin network is belongs to a group of micro transactions, which is usually a few dollars worth of bitcoin. Such transactions are actually very expensive, if only we take for example that someone sends $5 and it need to pay for that $5 fee. In addition to using the Light Network which is still fairly demanding for the average user, only way to reduce fees for micro transactions is using of SegWit and to make transactions light as much as possible by controlling inputs.

You hit the target. A person transferring a huge amount of bitcoin will find the fees to be negligible and will later on give a smile and a big praise for the bitcoin network because he saved a lot of money compared to transferring it the traditional way. However, the problem is visible if one will transfer a little amount of bitcoin -- and this has been the big challenge since time immemorial with bitcoin. We should find the way to address the concern of the small transactions too which comprises majority of all transactions. The right solution to this problem can help bitcoin truly function as the digital money we can use all the time.

[ranochigo]

The total amount transferred is not an issue. The transaction is relatively small with it having only 2 inputs and 2 outputs. For an average joe, the transaction size for their daily transaction is usually much larger. With every transaction, at least 2 outputs would be created; one for the intended recipient and one as change. As the change and the number of inputs accumulating, the transaction could eventually become big and impractical for most.

Bitcoin transactions are still expensive (Segwit or not), things could change with the lightning network.

[gentlemand]

We should find the way to address the concern of the small transactions too which comprises majority of all transactions. The right solution to this problem can help bitcoin truly function as the digital money we can use all the time.

For better or worse the idea of low fees and transactions for all on the main chain is heading for extinction. There may be quiet spells. They're going to get fewer and further between until the concept is laughable. We need to see whether lightning networks deliver anything notable.

[Om.monata]

it's looks cheap in the sense because the transaction is worth 500btc but if the transaction is small the 5$ fee will be expensive. also most users only send small amount of btc/mbtc and so the 5$ fee is expensive for them since the transaction is small.

expensive or cheap depending on the number of btc transactions done, I think $ 5 is not expensive it might be more efficient if the transaction fee of $ 3 is better