Bitcoin transaction fees lower than alts

[Yogee]

Do 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.

[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.

[dothebeats]

A friend actually complained about ETH gas earlier, fetching over 200+ gwei. It's a bummer but understandable since most of the focus are on the altcoins right now and bitcoin is kinda benched and laying low after all the insane market movements it has had in the past few months. Like any other market events, I'm pretty sure the transaction fees will lower down as the hype around these altcoins subsides. Doge still is relatively cheap to use for transfers IMO compared to bitcoin.

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.

It's because bitcoin is experiencing more "screen time" on the market than these altcoins, hence why the fees are, for the most part, expensive.

[slapper]

Yeah, people are too busy to realize that facts. All they do is complain. Ethereum fees are always higher than bitcoin for many months and right now, with the increase of doge, bitcoin is becoming cheaper than ever. Congestion is likely to appear in any network due to the high demand of Defi, IDO, IEO and stacking

[Poker Player]

Does people actually know that transaction fees over the Bitcoin network has been cheaper than their favorite alts recently?

Yes but the point is how long that will last because it's already back up. Let's wait for a sharp rise in price, or a fall, and we'll see. The strange thing has been that today and yesterday we have had some hours with fees as cheap as on Sunday. Let's hope that in the next few days it keeps like that and we can consilidate small transactions. I've got one still pending.

[BrewMaster]

the point is that the scaling solution exists and in bitcoin we know about it and we have both acknowledged the existence of the problem and have sought solutions that we see today (SegWit soft fork, second layer lightning network, Taproot soft fork,....) but the difference is that altcoins have not only never acknowledged their scaling problem but they have also misled people into believing it doesn't exist.

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!!!

[pinggoki]

Actually, it is really true. A day ago I've tried to withdraw or get some money from a gambling website in which I've seen that the transaction fee in ethereum are way higher than bitcoin transaction fees and I am starting to wonder why it is very high then eventually I've tried to check the marketcap and saw that the ethereum is about $4,000 and because of that I understand why the transaction fee over alts is kind of high.

[Vishnu.Reang]

The latest Bitcoin block that was mined (#683132) included only transactions with a fee of 51 Sat/Byte and above. It is very volatile. Earlier today, it was possible even for transactions with a fee of 3-4 Sat/Byte to get instant confirmation as the blocks were largely empty. But after a few hours, they started increasing. Yesterday I paid a fee of 11 Sat/Byte for one of my transactions. But my wallet contained a large number of small inputs, so in the end I had to pay around $5 despite the lower fee in terms of Sat/Byte.

[kryptqnick]

It's an interesting point, and I didn't know that because I haven't used any altcoins for years. At the same time, it doesn't mean that the scalability issue isn't serious. If you want to go shopping one day and pay for your groceries with Bitcoin, you cannot have to spend $1 for a $30 bill one day and then $10 for a $30 bill the next day. The fees drop occasionally, but the fact that they're largely quite significant for small transactions still means that Bitcoin isn't suitable for as everyday money in its current form.

[hatshepsut93]

In other days, Bitcoin transactions are more expensive, so it's not a permanent achievement. However, Bitcoin doesn't have tokens and smart contracts, so you can be sure that Bitcoin's fees are a function of bitcoin transfer demand, instead of some random smart contract suddenly appearing and clogging all network, because speculators want to speculate. This is why it's a bad idea to try to have a currency that is in the same time a "world computer".

[DarkDays]

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.

It is true but I wonder until how long will the BTC fee be as competitive as they are now compared to alts? It is the truth so far, and in this case BTC fees by comparison to ETH are peanuts, but then every other transaction is good relative to ETH. The point is that some networks become better while others didn't anticipate the congestion leading to a disaster - ETH and BSC are both examples of how bad they are at dealing with congestion.

This matter really is stopping people from getting involved as they'd need to spend hundreds in fees and then the price needs to double or so to just recoup those before making any profit. This whole things just needs a major update and FAST.

[Kabul]

Wonderful. That is why people should hold more bitcoin rather than other cryptocurrencies. Bitcoin is the safest ond sith the guarantee to triple your money. I also think that people are blinded by the hype of NFT projects. Money are being put to build numerous projects/coins/tokens.

With the current low fee, I guess many investors must be collecting more bitcoin

[MichaelB16]

How much do you have to pay currently for a Bitcoin transaction of 0.1 BTC ?

[Oshosondy]

How much do you have to pay currently for a Bitcoin transaction of 0.1 BTC ?

It depends on the mempool and the weight of the transaction, it is not about the amount you are sending. The fee that is needed for 0.0001 btc will also be the same amount needed for 100 btc, the amount you are sending does not matter.

To check the fee rate you can use mempool.space
To check the transaction weight, you can use https://jlopp.github.io/bitcoin-transaction-size-calculator/

You will need to know the transaction input which will add up to the transaction weight.

[skarais]

Bitcoin transaction fee keep changing all the time and yes now the transaction fee are much lower than the previous weeks. A network that is too congested will increase transaction fee so that many low-fee transaction will be stuck. If you pay attention to the current mempool.space, the recommended transaction fee have increased so the low transaction fee will never be permanent.

[milewilda]

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 is actually true and these kind of things are the result into those people who doesnt really make out some research and believe on what they had believed basing off on experience on point.
Yes, the fees on Btc could really have dropped down to less than a bucks which is way lower than on most top altcoins in the market even though the fee is indeed dynamic basing
off with the network congestion and this is where fees do really moves on.It does have its con's though but talking into the positive side where it bloats for sometime
but eventually goes back to normal unlike on other alts like ETH, having gas problems is way too long for it to subside.

[NeuroticFish]

It takes 1-2 Doge to send a transaction which is more or less $0.50 to $1 based on current price

Wow, indeed. Somehow I failed to quantify the current value of DOGE, in my head 1-2 DOGE tx fee was "cheap". Thanks for the eye opening.
And yes, the conclusion is that if coin becomes valuable and of high daily use, the transaction fees will grow, no matter how the coin is called.
The miners do like to get paid...

[examplens]

I am also surprised today when realising "fast" Bitcoin transaction using low fee.
But when you talking about cheap transaction, check TRX. It's usually 1-2TRX, which is equal to $0.14-$0.28. Of course, I don't count on expensive exchanges here.
Also, check Litecoin. The withdrawal fee on Binance is 0.001ltc, which is $0.37 at the moment.
But definitely, more and more attention is being paid to the amount of the fee, so "low-cost" coins have a chance.

[pixie85]

Most altcoins are still very cheap so people don't care they have to pay 1 or 2 coins for their transaction because it's still less in fiat money than they'd have to pay for bitcoin.
They don't see the big picture that if those altcoins were to go 100x in price like bitcoin did they'd be paying a more for transaction than they're paying for a bitcoin tx.

Newcomers who are just about to buy some bitcoins complain about fees but people who held bitcoin for a while can take it. If you were an ETH holder for 2 years you wouldn't care about fees and focus on how much money you made.

[yhiaali3]

Of course, the transfer via Altcoin costs more than the transfer via the Bitcoin network, with the exception of the TRON network and the Binance network, currently the fees are still low at this time due to the fact that there is no significant use of these two networks and there is no congestion.
But despite that, it can be said that the transfer fees over the Bitcoin network are still high and suffer from delays many times when there is congestion on the network, this is an annoying problem and needs to be solved, it is not enough to say that the transfer fees through the Bitcoin network are cheaper than the fees over the networks Other fees must be reduced to an acceptable level.