The cost of bitcoin transfers

[aminhadi2020]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

[1714167261]

1714167261

[1714167261]

1714167261

[1714167261]

1714167261

[OmegaStarScream]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

The fees are currently not that high: https://mempool.space/

You didn't mention which wallet you're using but assuming it's a non-custodial one and not an exchange, then its likely one of the two:

- Since the fees are based on the transaction size, you probably received too many small payments.
- The wallet you're using is overestimating the fees.

[darkv0rt3x]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

What you mean? Transfer Bitcoin to another wallet, transfer Bitcoin to another person or convert Bitcoin (eventually) into fiat?
I think that if you pay like 1€ or so, to transact 100€ is not high. You'll pay more if you try it with fiat! But please elaborate and use some real numbers so that I can also understand exactly what your point is.
I think that last few weeks, the mempool as been quite small and empty, which makes fees a bit lower.

Edited,

Adding to that, is what @OmegaStarScream. Wallets themselves and/or other 3rd party services also add fees of their own. Not only the network fees!

[NeuroticFish]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

Let me guess: you are talking about an exchange you "transfer" from?
If so, you are misled and misleading. The custodian exchange ask for a hefty withdrawal fee they sometime wrongfully label as transaction fee, but it's mostly their profit.

If you use a proper local wallet with correct settings you'll pay a few satoshi/vByte as fee, less than 50 cents for a normal transaction.

However, if you have a proper local wallet and the fee is high then you may have to look how many inputs you have. The high number of inputs make transactions very large (in vBytes) hence expensive (as an analogy,
moving pennies need you rent a lorry, moving a couple of big notes instead is cheap)

[Yaunfitda]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

Depends on what wallet you are using, you should have told us. Electrum for example, will give you the options to adjust as how much fees you want to used. Maybe the wallet you are using as from some exchange that you don't have control of the private keys and the fees obviously.

Lol, you should have been here during 2017's run wherein it will take days if not weeks to be able to transfer bitcoin because of the high fees. That is one of the worst, but today you can even transfer in less than a dollar.

[pakhitheboss]

As per the mempool transaction fee are well below 10 satoshi. I do not think that can be considered as high fee. If you use Electrum or Mycelium wallet you will be paying fees depending on how fast you want your transaction to confirm. There are other wallets that charge you a flat rate regardless of the current fees applicable. If you are using those wallets then the fees will be pretty high.

[mocacinno]

I agree with the above posters (the fact that the OP is most likely confused between the actual transaction fee, and the mislabeled profit "fee" payed to a custodial service, or that he uses a wallet that grossly miscalculates the fee).

This being said, i do wanted to point out two things, just in case the OP is using a proper wallet and still thinks the fee is to high:

• fees are payed to the miner to give them incentive to add your transaction to a block. This is why fees fluctuate heavily over time. If the fee is to high right now, you can always consider waiting a while before moving funds/buying something with BTC. You can also opt-in RBF, so you can pay a lower fee, and bump it when you see your tx isn't getting confirmed
• It might also be a good idear to read up on the lightning network. Fees for a transaction are very, very low...

[BlackHatCoiner]

The cost of bitcoin transfers has increased. Do you think this is trivial?

The cost of having a regular Bitcoin transaction confirmed within few hours hasn't come above $1 months now. On the other hand, my bank still takes €2 out of a €100 I choose to transfer for no certain reason. And that's one of the reasons why Bitcoin was created; because trust can sometimes be really costly. Whether you move a dollar or millions of dollars, it'll probably come cheaper with Bitcoin.

Fees are calculated based on the transaction size, not the amounts moved. For micro-payments check the Lightning Network.

Now if you use a centralized exchange such as Binance that charges thousands of sats for every transaction you make, then I'll stop you right there. You've already begun this wrongly. Install a non-custodial wallet, have your own keys, be at none's dependence and choose the fees yourself.

[aminhadi2020]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

The fees are currently not that high: https://mempool.space/

You didn't mention which wallet you're using but assuming it's a non-custodial one and not an exchange, then its likely one of the two:

- Since the fees are based on the transaction size, you probably received too many small payments.
- The wallet you're using is overestimating the fees.

about this:
"Since the fees are based on the transaction size, you probably received too many small payments."
you mean i will pay more fee (when i want to send out from wallet) if i receive 10 transaction (100$ each transaction) and i will pay low fee if i receive one 1000$ at time?

[mocacinno]

about this:
"Since the fees are based on the transaction size, you probably received too many small payments."
you mean i will pay more fee (when i want to send out from wallet) if i receive 10 transaction (100$ each transaction) and i will pay low fee if i receive one 1000$ at time?

correct. It's all about the size of the transaction, and not about the value... you can go even more extreme: if you have 100 inputs with a $1 value, it'll be more expensive to spend them than if you'd have one single input with a $10.000.000 value.

[BlackHatCoiner]

[...]

As said, that's what happens.

When someone creates a transaction and funds one of your addresses, they create a UTXO, which stands for Unspent Transaction Output. The more the inputs you have (which are essentially your UTXOs), the more expensive it'll be to spend them all.

Also note that if you use Segwit, it'll come cheaper.

[so98nn]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

The fees are currently not that high: https://mempool.space/

You didn't mention which wallet you're using but assuming it's a non-custodial one and not an exchange, then its likely one of the two:

- Since the fees are based on the transaction size, you probably received too many small payments.
- The wallet you're using is overestimating the fees.

Exactly. The wallet can give exact idea about the fees. Just checked mycelium wallet does not have significant fees at all. Whether you choose low speed, economy or fastest transfer speed the fees are all same at the moment. You should always have wallet for which you hold your own keys otherwise you get such problems, high fees, fear of loosing the coins etc.

You can go for bitcoin core wallet. You will find official download links in header news. Or else you can download mycelium android app for easy install and usage if you don’t want to go into much of set up.

[Jawhead999]

I don't know how your wallet do have many inputs, it's either due dust attack or faucet. If it's a dusk attack, you can create a transactions without the dusk's inputs. If it's a faucet, you have no way since you need to send it all. Do your old wallet can manually set the fees? you should create a transactions with the lowest fee (1 sat/byte).

[Leviathan.007]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

You are probably doing something wrong about your transaction, as I can see the transaction fees of the bitcoin network right now, the fees are not high at all, at least that's no higher than 100 USD for each transaction as you said, even on the moment when you sent the post on the forum that's was not high, I guess you need to check your wallet settings and make sure if you are paying the proper transaction fee, on some wallets, there is an option to choose the transaction fee automatically and according to the situation of the network which can be useful for you.

[ChiBitCTy]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

There’s absolutely no way that there are any wallets that have transfer fees higher than $100 on $100 dollars worth of bitcoin. What type of wallet do you have it in? That’s going to of course make a big difference. If you have it on an exchange, don’t store coins on there. If it’s on a hot wallet or hardware wallet you can probably adjust the fees.

[jrrsparkles]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

Cost of bitcoin transaction is 1sat/byte which is literally few cents if it has 1 input and 1 output but it seems you have received that 100 dollars from multiple transactions so lets assume it as 20 means your transaction contains 20 inputs and 1 output so you are probably paying 20 times more than the actual fee when it in terms of fiat value but the trams actions in the bitcoin network is cheaper for years now.

[virasog]

The cost of bitcoin transfers has increased. Do you think this is trivial? Is it worth transferring money with bitcoin? Why transfer money with Bitcoin if the transfer cost is high?
like i have 100$ in one of my old wallet but i cant transfer it because of transfer fee is more than my asset !

How can you say that the cost of bitcoin transfer has increased ?

You can read the latest article on coin telegraph which explains in detail that Bitcoin transaction fees hit decade lows, here's why