Say it again? Bitcoin transaction fees expensive?

[jakezyrus]

If Bitcoin transactions are faster now it is awesome

the speed of your transaction will always depend on the tramsaction fee that you put up  but it also depend on network traffic  .

When it comes to transaction fees, they may be seem cheap on a 500k transaction but they seem expensive on a small amount of transaction.

Yeah . Its wise to transact a large volum of coins if the fees are really high but if your only going to send smaller amounts then you could loose more in the fees but the fees will also depend on the current value of the cryptos  . Its known that the fees will be cheap if the value of cryptos are not pumping .

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[hatshepsut93]

Fees seem to be veering wildly. My latest one was 3-4 days ago and that was made up of around 16 inputs. The overall fee was 68 cents and was confirmed next block. I think I got lucky with that one.

https://jochen-hoenicke.de/queue/#0,1w

Fees go up and down all the time, maybe someone will crack this pattern? I think it coincides with trading activity in the West, as you can see the fees usually start to rise after 12:00 and drop around 00:00 - when people finally go to sleep. If this pattern won't break, you can use it to save on fees by moving coins at night. Or just put a low fee, knowing that it will get confirmed later, instead of overpaying on fees to get confirmed in next blocks.

[CASTIEL05]

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.

I am agree with you! I almost die with this high transaction fee that deducted to me. It almost 2 dollars something when I cash out my 100 to 200 dollars. And yes! It looks like small for the whales or those who withdraw more than 10 btc. But a small investors like me, it is really high.

[Mahanton]

Good to see for this Big transactions but for micro transactions $5 fee is pain in the ass or simply it isnt really appealing to look at.
This is why some average joes who do make small transactions would really shout out into this kind of fee amount but still good to look
at on where making millions of dollars amounts being transferred on a peanut fee.

[PuertoLibre]

The transfer rates are unquestionably superior compared to what rapacious bankers ask for the same amount. They are busy with making fortunes and ordinary people have no idea how to beat these price quotes. For small volume transactions, these mining fees are high and block congestion is still a problem on price-volatile market days.

[dmty.0809]

For such a large amount, the $ 5 fee does not mean anything. It's still very cheap and affordable. Maybe if the price of bitcoin is expensive and reaches $ 100,000 it is likely that the fee will increase.

[naska21]

W

[o_e_l_e_o]

I think people that complain it's because if you withdraw $50 you get like $5-10 cut from all exchanges and transactions, so you end up with $40.

That's got almost nothing to do with the transaction fee of the bitcoin network, and is entirely down to the withdrawal fee set by exchanges. Many exchanges set frankly ridiculous withdrawal fees, not just for bitcoin, but for altcoins as well. Binance and Kraken, for example, currently charge 0.0005 BTC per withdrawal, which is, as you say, around $5. Considering a 1-input-2-output transaction, even at recent peak fees of 200 sats/byte, they are still making a profit on withdrawals. The profit becomes even bigger when you consider they batch their withdrawals to save massively.

If you don't like paying that for withdrawals, then you need to either find a better exchange or trade peer-to-peer.

[pushups44]

This is a small fee for a $570 million transaction, though yes for a normal transaction $5 would be considered expensive. The implementation of Segwit and the growth of the Lightning Network are helping ease the on-chain congestion, but more than likely fees will still be high for small transactions on-chain in the future. That's the nature of blockchain technology as it scales. You have to pay for the security.

[hahahafr]

I think the bitcoin network have some adjusted fees for transactions no matter how small it is. I have also noticed that when i make transactions worth some few amount of money i am charged quite a high fee and this fee same fee is apparently small when i make transactions of worth a higher amount. There should be a way to fix this guys, what do you think?

[Rufsilf]

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.

I am agree with you! I almost die with this high transaction fee that deducted to me. It almost 2 dollars something when I cash out my 100 to 200 dollars. And yes! It looks like small for the whales or those who withdraw more than 10 btc. But a small investors like me, it is really high.

Yes, its true! Those who have large amount of BTC in their don’t really feel the $5 fee but for those who have less BTC will find it very expensive. But for me, I think this is more on the exchanging flatform used not really on the bitcoin network, it normally depends because some have higher fee compared to the other, I guess just find the one with less fee for small investors.

[jak3]

Remember the transactions back in 2013 when I transacted 0.1 BTC with only one thousand satoshi fees. Of course, the current network blocks are much heavier and store a lot of data they also have to store their full network security which was improved in a sec with addresses but transaction fees are still an issue.

[XCANA]

For such a large amount, the $ 5 fee does not mean anything. It's still very cheap and affordable. Maybe if the price of bitcoin is expensive and reaches $ 100,000 it is likely that the fee will increase.

The only justification to what you said is, having a bigger transaction with a smaller transaction fee but the point here is; let assume you have just $10 to transact, what can be the possible transaction fee for this type? possibly, one will see a bigger transaction fee instead of a smaller transaction fee.

[imstillthebest]

For such a large amount, the $ 5 fee does not mean anything. It's still very cheap and affordable. Maybe if the price of bitcoin is expensive and reaches $ 100,000 it is likely that the fee will increase.

The only justification to what you said is, having a bigger transaction with a smaller transaction fee but the point here is; let assume you have just $10 to transact, what can be the possible transaction fee for this type? possibly, one will see a bigger transaction fee instead of a smaller transaction fee.

The transaction fee will be large if bitcoin value is high so its not a good idea to use bitcoin for sending small amount of money but you can use other lighter altcoins or tokens so that you can only incure small transaction fee charges  . High transaction fee of bitcoins is also the main reason on why majority of people only uses their bitcoin for investment purpoes  .

[gentlemand]

The transaction fee will be large if bitcoin value is high so its not a good idea to use bitcoin for sending small amount of money but you can use other lighter altcoins or tokens so that you can only incure small transaction fee charges  . High transaction fee of bitcoins is also the main reason on why majority of people only uses their bitcoin for investment purpoes  .

As has been stated repeatedly here the value of the transaction has no bearing on the fee whatsoever. 0.0001 BTC made up of ten inputs will cost more to send than 2.1 million BTC with fewer inputs. You're paying for the size of your data, not the value of it. 

[XCANA]

For such a large amount, the $ 5 fee does not mean anything. It's still very cheap and affordable. Maybe if the price of bitcoin is expensive and reaches $ 100,000 it is likely that the fee will increase.

The only justification to what you said is, having a bigger transaction with a smaller transaction fee but the point here is; let assume you have just $10 to transact, what can be the possible transaction fee for this type? possibly, one will see a bigger transaction fee instead of a smaller transaction fee.

The transaction fee will be large if bitcoin value is high so its not a good idea to use bitcoin for sending small amount of money but you can use other lighter altcoins or tokens so that you can only incure small transaction fee charges  . High transaction fee of bitcoins is also the main reason on why majority of people only uses their bitcoin for investment purpoes  .

Tactically you advise to always convert Bitcoin to altcoins whenever there's a small transaction to be carry out? How long are we going to do such, just to purchase some little items from online stores? Last time i bought an items with a vendor, the fee almost caught hanged but thankgod for a friend who assisted. Bitcoin shouldn't be use as investment purpose becasue it stand for payment method either big or small.   

[Mike Mayor]

That is because of the $5 in comparison to $500,000 million, this still doesn't make sense to me. The other day I wanted to spend a few $$ and the fee was like almost $3 that's insane. THis is why I say use btc for bigger transactions like $50+ and anything lower use Eth. Even eth has started to get expensive so I have been using doge it is so quick and cheap. Doge was half a cent to send a few $$ and it is cheap to withdraw from the exchanges usually.

What other currency can you guys suggest to me for smaller payments?

[Eraldo Coil]

I don't think that you're gonna have those problems with transaction fees if you have a high earnings in bitcoin or cryptocurrencies. There are times that I also paid that $8 dollar transaction fee but since I know that I'm getting much more of that in the bounties, then I'm not trying to think of how high is that transaction fee.

[sngwinner]

Comparatively, we can say this is small but let's not forget that the transaction fee isnt much different when you are sending say $20. I know once btc goes high rhis year, we will see situations where you will have to pay huge sums as transaction fee.

[Indamuck]

Ya but it is the same fee no matter how much btc you are moving so this whole thing is irrelevant.  No one wants to pay $5 on a $10 transaction,  this is partially why these bitcoin forks are rising in value and outgaining bitcoin over the past few months.  BCH already did 5x since December.