Cheap Bitcoin tx fees!

[thecodebear]

Anyone else love how cheap Bitcoin tx fees get during bear markets?

I just sent my first transaction in a while and it cost all of 38 cents (1921 sats).

Critics complain Bitcoin is all expensive to use, except when a bull market isn't actively going on fees are cheap. I remember last bear market fees got down to the 5-10 cent range. Not too far from there at this point.

I paid a 0.0063% fee on my transaction! Last time I sent a transaction when fees were higher about a year ago I paid a 0.001% fee (but that was me moving most of my bitcoin). Meanwhile whenever I go fill up on gas I'm getting charged about 2.9% extra for using a credit card....ahhh legacy systems!

[jackg]

I spent 2 cents on a transaction a few days ago (at 1 sat per byte) - I send transactions at night normally because I'm impatient.

I think segwit has done quite well to make transactions cheaper too (since its probably the first bull market we've had good integration of it). Bitcoin certainly hasn't gone anywhere close to the way eth did with transaction fees either (so I barely noticed the fees when they were high).

[bitcampaign]

usually when the bear market is more people hold bitcoin as a long term investment and rarely to be transacted, I think because there are not many transactions so transaction fees are cheaper than usual but not just bitcoin for example like ethereum also currently has transaction fees cheaper than before

[NeuroticFish]

Anyone else love how cheap Bitcoin tx fees get during bear markets?

This is not about bear markets, the tx fees are usually low when the price doesn't change much (no matter how high or low it is).
And I'd bet that a lot of people would prefer to pay much bigger tx fees as long as their coins also worth much more

I just sent my first transaction in a while and it cost all of 38 cents (1921 sats).

I think that you've overpaid some 10-20x. Did you use a web wallet or something?!

Critics complain Bitcoin is all expensive to use, except when a bull market isn't actively going on fees are cheap. I remember last bear market fees got down to the 5-10 cent range. Not too far from there at this point.

There are many altcoiners whose main narrative is that bitcoin is expensive to use, just to divert people's eyes from the fact their supported coins are copycat shitcois or useless forks.

I paid a 0.0063% fee on my transaction! Last time I sent a transaction when fees were higher about a year ago I paid a 0.001% fee (but that was me moving most of my bitcoin). Meanwhile whenever I go fill up on gas I'm getting charged about 2.9% extra for using a credit card....ahhh legacy systems!

The tx fee is completely unrelated to how many coins you send. It's related to the size (in bytes) of the tx, which comes from number of inputs, number of outputs, the type of address you use (SegWit is cheaper) and obviously how much you're in hurry / how much you want to overpay for speed.


Don't take me wrong, I'm happy you've discovered that bitcoin is not expensive to use. I simply want to point out that you still have a lot to learn

[The Cryptovator]

Transaction fees depend on which wallets or clients you have been using. If you are using a non-custodial wallet that is transaction fees, if you are using custodial or centralized exchange then it's withdrawal fees. You can save more transaction fees by using that wallet allow you set transaction fee manually like Electrum. But you should take care of minimum fees to make sure transactions won't fail.

[BIT-BENDER]

A cheaper transaction fee should not be the positive side of the crypto-currency bear market, really if we are being honest apart from the tangibly high Ethereum transactions fee, Crypto-currency have a relatively cheap transaction fee depending on how fast you want it.

A bull run with some larger transactions fee that the bear is much of a better option, in between I have been making transactions using electrum and for all this while I haven't had a transaction fee that was worrisome to me so I think maybe you can try using other options like electrum too and see how it works best for you.

[Oneandpure]

I think about cheap bitcoin transaction fees depending with your withdrawing kinds, if you use exchange market like Binance, Kucoin or Huobi will pay little bigger fees transaction. Usually I use trustwallet for receiving bitcoin payment transaction and taking about under $0.2 on every transaction fees. I think most cheapest fees when you use with segwit network for sending bitcoin, but never have choose if you sent bitcoin trough exchange market because all exchange have limited bigger amount for bitcoin sending fees except with FTX exchange market have lower fees for sending bitcoin. But you can adopt with lightening network sending bitcoin fund without have to pay fees but include with the same exchange between receiver and sender of bitcoin.

[franky1]

many that say bitcoin is cheap. forget that $0.38 is a days wage for over a billion people..
..you know, the unbanked..

back in 2015 people were screaming when prices were moving above $0.10 which was threatening to become a barrier of entry for third world countries(the unbanked)

the promises of cheap fee's of below 2017 levels have not come to fruition. and no lets not make this another topic to advertise some altnet/subnet/altcoin/sidechain that offers cheaper fee's so that the 'unbanked' can offramp to and stop using the bitcoin network, so that elitism can remain and use bitcoin

as for those saying segwit fixed the fee's/ yep. fixed as in rigged, setup, gamed the system, it made legacy more of a premium by first removing a fee formulae, and then multiplied legacy to make it expensive. and then pretends segwit solved it by making segwit less than legacy

if i sold candy traditional candy at $0.05 and promised cheap candy, but then raised traditional candy to $0.50-$5.00($60 in times of celebration).. and then invented some new promised "cheaper" candy for less than traditional candy.. is not making candy cheaper

tx fee's did not get above unbanked barrier of entry amounts all by themselves. bitcoin is not AI code that wrote itself, and formulae were not removed and glitchy miscounting code was not added all by itself

follow the flatline of cheap fee's 2009-mid 2017. then see all the spikes. and you can see which code actually caused high fee's.

[hosseinimr93]

I paid a 0.0063% fee on my transaction! Last time I sent a transaction when fees were higher about a year ago I paid a 0.001% fee (but that was me moving most of my bitcoin).

Transaction fee doesn't depend on the amount of bitcoin you send. So, it doesn't make sense to measure it based on a percentage of the amount you send.
Transaction fee depends on the the size of the transaction and the fee rate.
Transaction size depends on number of inputs and outputs and their types.
The fee rate is determined by the sender and can be set it at any amount higher than minimum relay fee which is usually 1 sat.

If you paid high fee, there are following scenarios:
1. You set the fee rate by yourself and set it to an amount more than required.
2. The fee rate was set by your wallet automatically and your wallet didn't estimate the required fee rate well.
3. You made the transaction when the network was busy and your wallet set the fee rate to a big amount.
4. Your transaction included big number of inputs or/and outputs.

[hugeblack]

I do not remember when I paid a lot of fees to treat what it is completely different from the reasons that I mentioned, as it depends on several factors, not among them the amount of money that I have sent.
Generally, with the continuous development, you will notice that the ability to expand bitcoin is better off than the year 2017

[Nrcewker]

usually when the bear market is more people hold bitcoin as a long term investment and rarely to be transacted, I think because there are not many transactions so transaction fees are cheaper than usual but not just bitcoin for example like ethereum also currently has transaction fees cheaper than before

Yes during the bear market, many people like to hold the coins for long term, or upto that amount until and unless the coins reach a good price to be sold. This leads to few transactions made for both BTC and ETH and as less transactions so the blockchain becomes more free or less crowded to complete the transactions. Hence the transaction fees for the blockchain also becomes less.
In case of BTC earlier the tx fees were also not high, I mean it was taking a bit longer but yes the fees were pretty normal, so whether it’s bear market or not, if you don’t want your coins in urgent, then the fees will seem fine to you everytime.

[Kakmakr]

I think the transaction fees thing has been blown out of proportion to benefit Bitcoin's competition. We saw it when the whole Bitcoin (BTC) and Bitcoin Cash war was in full swing, back in the days. Even the Ethereum developers and supporters jumped onto the "tx fee" bandwagon, when the Bitcoin fee issue was at it's highest.

Now, with the introduction of SegWit and the Lightning Network ..it has become a non-issue... and people do not even talk about it anymore.  ....people realize how cheap it is, when they compare it to their Banking cost. 

[joniboini]

This is one of the issues that will always come back whenever the network is busy and there's a huge bull run in the corner. It's similar to 'how many times bitcoin is declared dead' topic, people will always bring this up every now and then.

OP, I guess you should focus on sats instead of dollar value, that way you can see whether the fee changes a lot and is expensive or not.

[pakhitheboss]

I think the transaction fees thing has been blown out of proportion to benefit Bitcoin's competition. We saw it when the whole Bitcoin (BTC) and Bitcoin Cash war was in full swing, back in the days. Even the Ethereum developers and supporters jumped onto the "tx fee" bandwagon, when the Bitcoin fee issue was at it's highest.

Now, with the introduction of SegWit and the Lightning Network ..it has become a non-issue... and people do not even talk about it anymore.  ....people realize how cheap it is, when they compare it to their Banking cost. 

Bitcoin transaction fees went high back in December of 2017 and last year in April of 2021. But still, the value in USD was far lesser than Ethereum transaction fees. The max I have paid as a fee is 12 satoshi and the least was 1 satoshi a few days back. I am not sure what was the USD value as my primary focus always is how many Satoshi I pay per transaction.

[hosseinimr93]

The max I have paid as a fee is 12 satoshi and the least was 1 satoshi a few days back. I am not sure what was the USD value as my primary focus always is how many Satoshi I pay per transaction.

The 12 satoshi you are referring to isn't the fee you paid for your transaction. That's the fee rate set for your transaction.
Even if you use the lowest possible fee rate and the transaction is segwit and includes only 1 input and 1 input, you have to pay around 110 satoshi for your transaction.

[khaled0111]

Anyone else love how cheap Bitcoin tx fees get during bear markets?

I just sent my first transaction in a while and it cost all of 38 cents (1921 sats).

This is not how to determine if fees are cheap or not. We can't know if this is the cheapest fee you could have paid just by knowing the total fee in dollar or sats. We need to know the size of the transaction or the fee rate (sat/vByte).
In your example, 38 cents or 1921 sats can be seen as high fee if we are talking, for example, about a segwit transaction with 1 input and 1 or 2 outputs.
But, you are right. Right now, 1 sat/vByte is more than enough for your transaction to get included in the very next block. This is the perfect time for inputs consolidation.

[NotATether]

I paid a 0.0063% fee on my transaction! Last time I sent a transaction when fees were higher about a year ago I paid a 0.001% fee (but that was me moving most of my bitcoin). Meanwhile whenever I go fill up on gas I'm getting charged about 2.9% extra for using a credit card....ahhh legacy systems!

The card fee is a commision to the company that made it, while bitcoin has no such commission, because there is no central entity governing it.

Some cryptos have inflated fees just to pay off various foundations, devs, and founders. These are not directly felt by the user, but they hit the miners hard in particular, affecting network security as a result as miners drop out of it. The fee the users experience in these cases is actually a form of inflation from the price going down as a result of that.

[milewilda]

Anyone else love how cheap Bitcoin tx fees get during bear markets?

I just sent my first transaction in a while and it cost all of 38 cents (1921 sats).

Critics complain Bitcoin is all expensive to use, except when a bull market isn't actively going on fees are cheap. I remember last bear market fees got down to the 5-10 cent range. Not too far from there at this point.

I paid a 0.0063% fee on my transaction! Last time I sent a transaction when fees were higher about a year ago I paid a 0.001% fee (but that was me moving most of my bitcoin). Meanwhile whenever I go fill up on gas I'm getting charged about 2.9% extra for using a credit card....ahhh legacy systems!

Thats only on the time where the network condition or situation/traffic isnt really that high where fees do only plays on cent price but on the time where there's significant rise or trend change then this is where network traffic do rises and in result? Fees would really be high and this is the main problem of bitcoin which those critics been throwing anytime we do experience huge fees or particularly
talking about scalability which is the primary thing or issue where those no coiners would really be pertaining or focusing that much on those cons but on market condition
similar on this present times will really be definitely be just fine.

[BlackHatCoiner]

Most of my transactions cost less than 10 cents at the time I broadcast them, and a minority of my transactions gets broadcasted during full mempools, which costs me about 20-30 cents each? Then, I have a transaction or two in which I'm in real rush, and I have to have them confirmed within the next block. So, say a dollar for those? Over all, I must have spent about $10 in on-chain fees since March 2020, that I earned my first satoshis. And that's before I even mention my Lightning transactions, which I do more frequently.

Ten dollars for moving money in the speed of light, across nations, with no charge back risks for 2 years and a half. And, merchants pay, what percent of their income to credit card vendors? Isn't it amazing?

[dothebeats]

The current fees are really doing us a huge favor. Last week, I paid only 13 cents for a transaction that I created in late afternoon, where the network condition is usually high and a lot of people are doing some transactions to move their funds about. I got a confirmation on the next two blocks and got 3 confirmations in less than an hour. Even Electrum's suggested fees aren't high, which the app is notoriously known for. I'd say there are a lot of good things happening on the fees side of things for bitcoin, and if you can move millions of dollars with just under a dollar, I don't see why banks would still cross one's mind when making such transactions.