Bitcoin Transaction Fee

[Jalinayr]

We don't want this much transaction fees right now, but I recommend if you are a trader use Cex exchangers rather than Uniswap or other Dex you can save money from fees doing that.

[Vishnu.Reang]

The mining difficulty was adjusted a few days back and the transaction fee levels have once again gone back to the lower range. I checked block #680789, that was mined half an hour ago. Transactions with a fee of as low as 13 Sat/Byte got confirmed (which is equal to paying <$1 per transaction). Now I urge everyone to make use of this opportunity, to combine smaller outputs to a larger one. This will reduce the transaction fee in future, when the fee levels are high.

[buwaytress]

And the transaction finally got confirmed at 9.15 UTC, 25 April, block 60536. So in total just under 5 days for a 9-input spend, miners fee only 21 sats/byte. Ho hum, I was really waiting to see if it'd take a week but if this is the worst that can happen for a super-low urgency tx, then I'm really not worried at all.

Recommended 28 sats/byte now too. Feel a bit let down my experiment ended so soon, to be honest!

Thanks for the clarity as i was wondering how long it will take for normal transaction charges to get through which i was doing before the hash rate drop and since there was no clarity regarding that i never made any transactions because i am particularly keen about not sending more money as transaction charges and yet do not want to get stuck without knowing when it will get confirmed and i want to send the coins to gambling sites and if it does not confirm in a specific time period some of the sites will term them as double spent or cancelled transaction and it is a headache to sort that out.

There's never any real hard measure for it, everything is an estimation at the current network situation and some prediction thrown in. You don't always get a block every 10 minutes, you don't always get the same number of txs in a block, so fee estimations can very easily be over/under estimations in just a small period of time. Find an estimator you're comfortable with, over estimate fees if it's urgent. And use RBF in case you need to hasten txs (I know only of one service that doesn't like RBF (BitPay) and I'm ready to bet no casino would ever mark RBF as "bad").

[iphone5s]

I can't longer remember the day I used bitcoin to send funds. It doesn't make sense now. There are many other cheap coins, the transaction of which will cost a fraction of a cent. I think the problem of introducing bitcoin as a payment instrument will be in the cost of the transaction.

The thing that makes people start getting confused about all this, it looks like we are investing in transaction fees instead of the coins. This will make new people who want to learn more will think twice about buying the coins they are going to invest. But I will be thinking a little how long it will end or every year will continue to surprise people.

I don't think it was confusing but this how these people are very concerned about the fees. If the fees are so high, this could impact their profit and instead of saving the cost, they'll be paying more.

It was just a few days that the fees are lowered down but if we take a look at it now, it will surprise you back as the fees started to move high again. The situation is going crazy and it feels that the miners are trying to take advantage of the hypes.

The decrease in transaction fees only lasted for a short time and it is true that you say that there has been an increase again which makes many people hesitate to make transactions. Do you think this will last long? will it get worse as transaction costs continue to grow? All of this starts to make no sense and only think of an advantage.

[NelfiNovita]

In general, investors make bitcoin transactions by increasing their fees so that they are processed quickly because they don't like to wait long, on the other hand this has an impact on long queues for beginners who make bitcoin transactions at low fees. In my opinion, it is not easy to reduce bitcoin transaction fees because everyone is competing to pay dearly so that the transaction process is completed quickly.

[Jordi129]

Transaction fee is only 0.00008 and that is really far away from 0.001, I am just waiting if the transaction fee could still go down so that I can withdraw my bitcoin. I think the concept of lightening network will help solve the issues of fees in the near future, pending when he hat is deployed, we will keep at what comes and rely on devs to help remedy it with upgrades.

[skarais]

I am just waiting if the transaction fee could still go down so that I can withdraw my bitcoin.

Wait until the weekend, because usually transaction fee will down there.

So far I am quite happy with the many good answers and suggestion for bitcoin users to consider who feel the transaction fee are too high. Because this thread has up to 6 page, so to avoid repetitive post and discussion, I had to lock the thread. Thank you