Say it again? Bitcoin transaction fees expensive?

[Spider A4]

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.

Fees will be increased in small transaction, it was big transaction which is 5,00000$ instead of 5$ fees so i think it's quite cheap in as a big transaction.
I see in my small transaction fee is something large. I don't know fee amount is connected in transaction speed or not.

[o_e_l_e_o]

Remember the transactions back in 2013 when I transacted 0.1 BTC with only one thousand satoshi fees.

It is still very much possible to send that amount or more for 1 thousand satoshi or less in fees. In fact, there was a transaction just a few hours ago which moved over 3 BTC for only 224 satoshi in fees: https://btc.com/bfdee782862f5b0140c07c2125911b60d382d6b318b838c07afc3a1b5fbc1b95. Thanks to Segwit, it is now possible to make a 1-input-2-output transaction which takes up less than 200 bytes, so the fee could have been even cheaper than that.

Tactically you advise to always convert Bitcoin to altcoins whenever there's a small transaction to be carry out?

Use Lightning.

[bekkioPEK]

the fees are high if you move a few tens of dollars, in proportion to a transaction of 20/30 $ you pay 10/15% of the value in fee. the important thing is to avoid making micropayments with Bitcoin, to make micropayments the altcoins are better

[ralle14]

the fees are high if you move a few tens of dollars, in proportion to a transaction of 20/30 $ you pay 10/15% of the value in fee. the important thing is to avoid making micropayments with Bitcoin, to make micropayments the altcoins are better

If people still wants to make small transactions with Bitcoin on chain they can still do so but they have to lower their transaction fee. Using altcoins for smaller transactions does sound good but it's not always applicable because there are services and merchants that only prefers to accept Bitcoin.

Tactically you advise to always convert Bitcoin to altcoins whenever there's a small transaction to be carry out?

Use Lightning.

Or monitor the network until the fees starts to go down.

[o_e_l_e_o]

Or monitor the network until the fees starts to go down.

Or this. I made a $10 transaction earlier today and paid 1 sat/byte for it, which worked out at around 2 cents. Take a look at this site - https://jochen-hoenicke.de/queue/#1,2d - and you will see the mempool periodically emptying to pretty much zero every few days at the longest, but often much more frequently than that. If your transaction isn't time critical, there is currently no need to spend more than a couple of sat/byte or a few cents on fees, and just be patient.

[BitHodler]

the fees are high if you move a few tens of dollars, in proportion to a transaction of 20/30 $ you pay 10/15% of the value in fee. the important thing is to avoid making micropayments with Bitcoin, to make micropayments the altcoins are better

For micro payments I use LN. I don't see much point in using an altcoin that I can't spend anywhere just to save a few pennies. By using Bitcoin you pay for security and wide level acceptance at the same time.

Everyone in crypto will accept my Bitcoin payments. Way less will accept a top 10 altcoin, and orders of magnitude less people will accept payment in an altcoin with a sub $1 billion market cap.

When exchanges roll out support for LN things will become even worse for altcoins. I'm not saying they will become worthless, but certainly less in demand because they can't compete based on low fees anymore.

[timmydakolo2]

This has took place last year it's not even a thing to worry about because it always falls back to its normal fee price, now I believe most crypto traders will have other means to make transaction. That will slashed off the high rate.

[Altero]

This has took place last year it's not even a thing to worry about because it always falls back to its normal fee price, now I believe most crypto traders will have other means to make transaction. That will slashed off the high rate.

Fees will be depending on us, just like we do in sending BTC's from our electrum wallet, if we set into high will definitely we pay for that certain amount and possible it be more than $5. But for what OP shows to us, it looks unbelievable to have $5 fees just to move that huge amount. It for sure it takes hours to confirm that transaction but the most important is we save a lot.

[mickeybuddy27]

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.

Transaction fee is sometimes fixed value that any amount you process so better to transfer big amount for it to be worthwhile. It is just the volume that high but the value is cheap, transaction fee could increase when the price of bitcoin also increase.

[purple.thoughts]

I love the way bitcoin charges us low transaction fees. That is why I prefer using or transacting with bitcoin compared to other cryptocurrencies. Bitcoin also lots of variety wallets to create with.

[libert19]

Certainly it's cheap and there are cryptos which could do the same job for few cents or completely free.

[stadus]

This is right, transaction fee does not solely based on the transacted amount.

However, the amount is huge if you only transfer the small amount.
Bitcoin is only good for big transactions and bad for small transactions, that's why altcoins are invented to answer this call to help people who wants to transact small.

It cannot be use for ordinary day transaction having that huge amount of fee for small amount of money.

[stompix]

~

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.

It's exactly like that and it is running like this for months.
At 23-01 it begins to go down and only picks pace around 8-10, as it is also a lot influenced by the luck the miners have in finding blocks, as a 5-6 block streak in 20 minutes will influence a lot.

Also, we shouldn't forget that we ended the last retargeting with 11% in difficulty meaning around 11%  faster blocks generation and increase in capacity. This is not going to repeat itself more than a few times.

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.

Lols, what you wanted to say and what you ended up saying.
So, banks are worse than bitcoin when sending millions but ar better when sending small amount and paying with a card.

Wait, it means banks are better for the poor than the rich?  

[bitbunnny]

This is right, transaction fee does not solely based on the transacted amount.

However, the amount is huge if you only transfer the small amount.
Bitcoin is only good for big transactions and bad for small transactions, that's why altcoins are invented to answer this call to help people who wants to transact small.

It cannot be use for ordinary day transaction having that huge amount of fee for small amount of money.

This is true but we have to admit that Bitcoin transactions fees are getting lower and that they are quite reasonable and acceptable, even for small transaction. Especially if we compare current fees with those few years ago. And we have to have in mind that everyone in Bitcoin supply chain have to get its share in order for everything to function properly.

[klaaas]

For the speed people higher the fees and get included in earlier blocks, this can only be adjusted as we as a whole going to pay less fees for the transactions.

[Gaff]

For the speed people higher the fees and get included in earlier blocks, this can only be adjusted as we as a whole going to pay less fees for the transactions.

The price can always be worth it, but if we just used the generic fee rates then we should be patient enough and wait for our delayed transactions to arrive in our wallet. Having expensive transaction fee is a lot advantageous compared to normal fee, because blocks was too congested compared to higher miner fee. Most probably it was gaining higher fees during price increase of btc and let's expect it to soar during bull run.

[Successmaniac4]

Comparing Bitcoin transactions to that of banks, you will realize that Bitcoin transactions  charge much lower fees. The price of transaction fees also depends on the exchange where the transaction will take place. Binance charges much lower fees.

[bhabygrim]

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 agree it is cheap for those high value transaction ,
But for us who would only send about 100k sats or 0.001BTC it would be an expensive fee.
It is always better to look at others point of view too because not everyone is the same.
Just imagine about those people who wants to transfer their small funds let's say they have $20 then $5 fee would be too much.

[Naughty Princess]

I love the way bitcoin charges us low transaction fees. That is why I prefer using or transacting with bitcoin compared to other cryptocurrencies. Bitcoin also lots of variety wallets to create with.

Bitcoin transaction fee is low because the price of bitcoin is cheap but the volume is still the same. It is expensive when you have to transfer less amount or just the same as transaction fee, the fee is not worth to use and prefer to used fiat rather than that.

[oseikuf44]

I wonder why people spent just a fraction of dollar to pay for transanction fees on the blockchain and is delivered in just a blink of an eye ,yet they complain of high fees. What of western union ,money gram and other remittance services that charges exorbitant fees.