Bitcoin transaction fees lower than alts

[SimpleMan]

Mining network back in the action so the huge clog of 200K transactions were abled to clear in the last few days not the network back to normal which may need 40-50sat/byte for a transaction when the network is highly spiked up but yes earlier today the 3-4 sat for the fastest transaction remains for very long time for the users to make cheaper transactions.

Each coin's transaction price is going to get more expensive in the fee when the more transactions are created at the same time.

Was that just fora short period of time? When I last checked the transaction fees they were still double digit. I thought about depositing BTC at an exchange but no was too expensive.

[teosanru]

Does people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

Yes this is absolutely shocking. I saw this just a couple of days ago and was surprised to see that Bitcoin fees has gone way down. I think it's due to some recent difficulty adjustment but looks like btc is handling the scaling issue pretty nicely and that also despite such a high price. If this would have been something during the bear run fees would have looked even lesser it's just 6-10 sats/byte for a good and swift transaction. Ether on the other hand has really shocked everyone. Fees is terrible these days due to network congestion and Uniswap fees is even higher.

[cowmaster]

Because of the dex bot, the erc20 fee is too high.

[erep]

Lately, I have rarely used btc withdrawal transactions because the discussion in this thread made me very surprised by the lower btc withdrawal fees than altcoins even though the price has reached a very high price. For withdrawals, I use bsc or trc2 USDT gas fees compared to other low and cheap coins.

[wack slacker]

Transaction costs operate in the form of auctions. The higher the need to send Bitcoin causes the network to become congested, costs will increase, and the miners will support those who provide higher costs.
Low transaction costs bode well for the Bitcoin community. The application of Bitcoin to daily payment transactions still has a chance to do so.

[tbct_mt2]

Does people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

Big networks, no matter whichever network, will have congested times and people have to be knowledgeable and wisely when they choose the means to transact their money.

Bitcoin with its biggest hashrates is the safest network to move, if you move big funds.
Ethereum is option for people who want to trade with ERC-20 tokens.
BSC is option for people who want to trade ERC-20 tokens or some projects that have built on both ERC-20 and TRC-20.

It is a historic story: When Bitcoin network congested in 2017, Ethereum enthusiasts shill it as Ethereum network will never be congested. Look, ETH network was seriously congested, for more than 4 weeks or longer. Binance Smart Chain was shilled by CZ in the same way but look, their network began to have problems.

[cabron]

Does people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

Big networks, no matter whichever network, will have congested times and people have to be knowledgeable and wisely when they choose the means to transact their money.

Bitcoin with its biggest hashrates is the safest network to move, if you move big funds.
Ethereum is option for people who want to trade with ERC-20 tokens.
BSC is option for people who want to trade ERC-20 tokens or some projects that have built on both ERC-20 and TRC-20.

It is a historic story: When Bitcoin network congested in 2017, Ethereum enthusiasts shill it as Ethereum network will never be congested. Look, ETH network was seriously congested, for more than 4 weeks or longer. Binance Smart Chain was shilled by CZ in the same way but look, their network began to have problems.

Actually, ETH also experienced congestion last 2017. The adoption wasn't expected to come this massive that ETH now is scrambling to develop ways to scale but it's yet not working after months. They did announce it will somehow improve after an update with Berlin but it's really not.

We might really be seeing a promising project like ADA which they claimed to be perfect when scaling since it's going to be a lot faster when more are joining the network.

[pooya87]

We might really be seeing a promising project like ADA which they claimed to be perfect when scaling since it's going to be a lot faster when more are joining the network.

I haven't checked ADA but I no longer have any faith. Shitcoins like ETH have also been claiming to be "perfect when scaling". They even went as far as starting a scam campaign called "flippening" where they claimed they will replace bitcoin since they are "better".
Experts have been warning people about these false advertisements for years and nobody listened. Now they learn it the hard way. I wonder how long before ETH network goes down again like 2017 and exchanges are forced to shut down its deposit and withdrawals again!

[maxreish]

But if Im gonna choose which coin will I use to lessen the transaction fees, I will choose either xrp or trx. Not bitcoin, eth or doge. Quite expensive , though bitcoin is much lower than ethereum and doge but still the transaction is still slow and it take some hours to be confirmed.

Not only that, if your local exchange has some altcoins like better to choose those as you wanted to save up some fees.

[Wawa2013]

But if Im gonna choose which coin will I use to lessen the transaction fees, I will choose either xrp or trx. Not bitcoin, eth or doge. Quite expensive , though bitcoin is much lower than ethereum and doge but still the transaction is still slow and it take some hours to be confirmed.

Not only that, if your local exchange has some altcoins like better to choose those as you wanted to save up some fees.

When compared to Ethereum and Dogecoin, Bitcoin may have cheaper transaction fees. However, there are still many altcoins that have lower
transaction fees. Like XLM, XRP and TRX have very cheap transaction fees when compared to Bitcoin. So when we move the funds we have
on exchanges, we can check first for coins that have cheaper transaction fees. Because not all altcoins have transaction fees that are more
expensive than Bitcoin.

[kotajikikox]

Does people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

Well you only mentioned Doge and Ethereum  But you did not pay attention to Ripple (XRP)? Yeah Bitcoin transaction is really dropping now as i have already sent from exchange with really super low fee.

But Ripple on the other Hand has its lowest for me.


Though this is a Great news for all of us , because if there will someone to benefits from this , then it is Us.

[Sithara007]

We might really be seeing a promising project like ADA which they claimed to be perfect when scaling since it's going to be a lot faster when more are joining the network.

I haven't checked ADA but I no longer have any faith. Shitcoins like ETH have also been claiming to be "perfect when scaling". They even went as far as starting a scam campaign called "flippening" where they claimed they will replace bitcoin since they are "better".
Experts have been warning people about these false advertisements for years and nobody listened. Now they learn it the hard way. I wonder how long before ETH network goes down again like 2017 and exchanges are forced to shut down its deposit and withdrawals again!

Everyone know what happened to Ethereum in 2018. It lost more than 95% of its value when the bubble burst. And this is what happens when a project without enough merit is overhyped. The same will happen once more, but I am not sure about the dates. It can occur in the next few months, or it can occur next year. Eventually the bubble is going to burst. ADA looks like a better coin for me. But the developers are very incompetent. When I made my first investment in this coin, I had a hard time in storing my coins. Because there was no option other than to install the full wallet (Daedalus).

[davis196]

Does people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently? Okay every Ethereum user is probably aware of this but how about those Doge fanatics? It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price. Even the BSC network has been congested lately and standard gas price went up to 9 Gwei from the previous 5 but I read that some people had to add more spending over $1 for their transactions not to be rejected.

Earlier today, I was able to send BTC at 3 sats/vbyte but I know the fee went even lower than that. That's less than $0.50. It's already back up to $4 but my point is that some people are probably still stuck to the notion that BTC transfers are always expensive. They don't realize they are spending more on their altcoins.

This looks like a cycle to me.Bitcoin blockchain gets stuck,so many people move to altcoins,this makes altcoin blockchains stuck and increases altcoin transaction fees,while the Bitcoin transaction fees go down.
The cycle will repeat again and BTC transaction fees will go thru the roof,when the Bitcoin price goes above 60K USD and a new FOMO phase starts.
If you want low fees,you should move to a centralized payment network,even though the fees there will increase as well. There's no solution,I guess.

[TastyChillySauce00]

I think it's because most of bitcoin holders aren't really moving their coin that much not to mention most of people nowadays prefer coin like tron, etc to make payment online so the transaction fee kinda low, ETH in the other hand having many dapps hosted on top of its blockchain and the ERC20 tokens too, it does make sense for ETH to have significantly higher fee if you compare it.

Transaction fees on Ethereum blockchain is crazy now. Sometimes, it needs more than value of a altcoin. Yes, you're right that we don't focus properly that we are spending more on altcoin. At this time we should use Bsc and Tron for saving some extra money.

Most of the dapps that are created on top of ETH blockchain executes rather many smart contract code thus the gas quantity required is astronomically high but it's indeed already high even just sending money definitely not a solution for ordinary people.

[jrrsparkles]

Mining network back in the action so the huge clog of 200K transactions were abled to clear in the last few days not the network back to normal which may need 40-50sat/byte for a transaction when the network is highly spiked up but yes earlier today the 3-4 sat for the fastest transaction remains for very long time for the users to make cheaper transactions.

Each coin's transaction price is going to get more expensive in the fee when the more transactions are created at the same time.

Was that just fora short period of time? When I last checked the transaction fees they were still double digit. I thought about depositing BTC at an exchange but no was too expensive.

It was in 4sat/byte for few hours but now the fee was higher still its not going to take too long since the Mempool has only about 10 to 15K unconfirmed transactions which will be cleared in few hours unless the users keep pushing the prices higher and higher.

[leea-1334]

Lately, I have rarely used btc withdrawal transactions because the discussion in this thread made me very surprised by the lower btc withdrawal fees than altcoins even though the price has reached a very high price. For withdrawals, I use bsc or trc2 USDT gas fees compared to other low and cheap coins.

Do not always listen to the forums and reddit and Twitter. I keep seeing people talk about $50 or $20 transaction fees but most of them hardly understand even how btc fees work and especially how you can estimate and use a fee properly if you use a wallet like Electrum.

I still have at highest every paid $10 and this was years ago. You can easily do 10 satoshi/byte even today and that is not even 60 cents.

[Yogee]

...the reality is that most altcoins such as ETH have a worse scaling problem than bitcoin. in fact it is at least 60 times worse and yet they lied about it and the creator Vitalik Buterin claimed once that ETH fees will never ever go above 1 cent!!!

I can't believe he even said that. That was definitely a marketing stunt.

....
When I last checked the transaction fees they were still double digit. I thought about depositing BTC at an exchange but no was too expensive.

This is the main reason why I made this post. There are many people who don't check first before making a conclusion that it's expensive. You can use tools such as https://mempool.space/ to monitor fees. The fastest fee right now is 34 sats/vbyte which is ~$4.

....
But you did not pay attention to Ripple (XRP)?

I would have included if it was more expensive. The title of the topic says "lower".

[nightxglow]

Actually i'm still confused with the rate of transaction fee in bitcoin, like how is that always different? some experienced low transaction fee, but then there are also people with ridiculously high transaction fee that don't even make sense. I think that's why people are skeptical with bitcoin transaction fee already, since most people who share their story here always complain about high transaction fee. I can't really say much about altcoin transaction fee though, since i never use one, or even own DOGE. but well, maybe they're like that to hype their coin, nothing's wrong with that, as long as they don't mind with the fee and happy with their decision, why not?

[Pmalek]

Well you only mentioned Doge and Ethereum  But you did not pay attention to Ripple (XRP)?

Since you mentioned XRP, you need to be aware of a few things. You are not using Ripple, you are using its centralized coin - XRP. It's a premined coin with the Ripple foundation owning the biggest bags. I think the SEC forced Ripple to sell their holdings recently, but that doesn't change much when it comes to the whole XRP idea.

Although it's cheap to transact with, you are forgetting that each address requires a 20 XRP creation fee. That's almost $30 that you won't get back. And you pay that fee for every new address you create. 

[Yogee]

Actually i'm still confused with the rate of transaction fee in bitcoin, like how is that always different? some experienced low transaction fee, but then there are also people with ridiculously high transaction fee that don't even make sense.

You have to go back and watch videos or read guides how the Bitcoin network works basically. The fee is not fixed since it's a decentralized network. Nobody can dictate how much fee you want to attach to your transaction. Likewise, you cannot control what other people do.

1 block was limited 1MB of transactions originally but the size limit was changed when segwit was introduced. It also takes ten minutes on average to mine one. That means it cannot accommodate all transactions at the same time. People who wants their transactions to be included in the next block pays more fees while the others who are willing to wait until the nertwork is less congested pay less.