To tell how Cheap Bitcoin Transaction is

[Bitcoin-Forever]

I came across a Bitcoin transaction fee of $0.12 as the cost for sending approximately 500 Bitcoins. This sounds amazing, strange, or interesting, but you don't have to doubt it because everything is possible with the Bitcoin network. You have the privilege of customizing your transaction fee to a suitable rate that you can afford.

People no longer have to suffer the cross border transaction exorbitant fee under a centralized financial authority with Fiat which government controls and regulate, today, we are all enjoying the relevance of Bitcoin ever since inception, because it makes cross border transaction more cheaper than ever at every affordability for us all, you don't have to go through the conventional process of making payments through a central authority before enjoying swift transaction.

What could have been the cost if such an amount were to be sent in Fiat?


https://x.com/i/status/2085347199437635833

[hosemary]

The transaction displayed in the image used the fee rate of 1.02 sat/vbyte.
In the past year, miners have been including transactions paying less than 1 sat/vbyte, and currently transactions with a fee rate of around 0.4 sat/vbyte are being confirmed. This means that you can now make the same transaction and get a fast confirmation even with 60% lower fees.

[Mrbluntzy]

What could have been the cost if such an amount were to be sent in Fiat?

There are some micro finance bank my people are using, if you are using their mobile app to do your transfer, the fee is kept at a flat rate of $0.00145 but if you go into their office to do the transfer using teller, the fee will be charged at a certain percentage depending on the amount you are withdrawing or depositing. In commercial banks, both their mobile app and going to the bank office to do the transaction, fee is charged in percentage. Bitcoin transaction in very low now and decentralized, no body has to know who you are sending the money to, unless you used a centralized platform and the person also used address from centralized platform to receive the coins.

[Bitcoin-Forever]

Imagine the tricks some commercial banks do apply to users in making transactions, whereby the make it known to you that the higher the amount you are sending, the higher your transaction fee rate, which is massively advanced corporate extortion, bitcoin has made everything simple, easier and affordable for everyone to perform a transaction without depending on a third party or centralized financial institutions before we could achieve our aim.

[bitbollo]

the real cost, if sent in Fiat would be determined by many factors...probably it is required also some paper too for AML...
to have a proper estimate first of all would be based on the location of users trading/have the deal.

Moving such amounts would require specific condition (it's likewise 35 million USD) - likewise ask a pre-approval from bank. and so.
you had to check what kind of FIAT would be used. Funds received in the same currency? Moreover you had to see how much fast they would expect to receive it (there is a weekend in the middle?)

[PostQuantumBTC]

The transaction displayed in the image used the fee rate of 1.02 sat/vbyte.
In the past year, miners have been including transactions paying less than 1 sat/vbyte, and currently transactions with a fee rate of around 0.4 sat/vbyte are being confirmed. This means that you can now make the same transaction and get a fast confirmation even with 60% lower fees.

This is very true but that amount of money is huge, the person that make the transaction may want the transaction to be confirmed fast and use the amount of fee that can make the transaction to confirm fast. But another thing that can happen is that the person that make the transaction may be using a wallet that do not have sub 1 satoshi per virtual byte.

[tbct_mt2]

I came across a Bitcoin transaction fee of $0.12 as the cost for sending approximately 500 Bitcoins. This sounds amazing, strange, or interesting, but you don't have to doubt it because everything is possible with the Bitcoin network. You have the privilege of customizing your transaction fee to a suitable rate that you can afford.

Bitcoin transaction fees are not actually cheap with many people but here is the thing.

Bitcoin transaction fee = Bitcoin transaction size * transaction fee rate.
Transaction size depends on your Bitcoin inputs for your sending transaction as well as outputs of it. The less input and output, the less transaction size is. There are other things like address types.

Transaction fee rate depends on you, if you use a non custodial wallet, you can observe Bitcoin mempools and choose a cheapest fee rate but can still be confirmed by Bitcoin miners. If you use centralized exchanges, they will proceed your withdrawal with a fee rate on a tip of mempool, that means they pay high fee rate and charge you expensive fee too.

https://learnmeabitcoin.com/technical/transaction/fee/
https://bitcoincalculator.tools/calculators/transaction-fees
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,fee

[FREEDOMCRZ]

0.12dollar is 0.84 chinese yuan, is cheap than banks in china to send the money to other country.
and ccp no allow nomal person to send he money to other country now,but bitcoin can
 

[Callido]

What could have been the cost if such an amount were to be sent in Fiat?

The thing about using fintech banks (mobile banks) is that you must complete the highest tier of KYC to be able to send an equivalent of 500 BTC when converted to local fiat, for this transaction, the fee will go beyond the flat rate, as a matter of fact, the banks might need further verification and compliance before such an amount will be withdrawn, unlike using a non custodial wallet for transaction.

Spending $1 as a fee for that many Bitcoins is very cheap, banks are not going to approve such transactions at a flat rate, for commercial banks, your presence will be needed for approval.

[DanWalker]

Bitcoin transaction fees will not depend on how much BTC you are sending.
Unlike bank, there will be no fixed charge as a percentage of your value. This is how we can see how outdated our traditional bank are
Your fee will be determined based on size of your transaction and the sat/vB fee rate you are willing to pay.
So sending 500 BTC and sending 0.005 BTC can be same fee, if the transaction structure and fee rate are same.

And how much would it cost in fiat? If we were to say it,
The cost of fiat transfer will depend on bank, country, correspondent banks, exchange rate, transfer method, amount and many more. In $30M cross border transfer, settlement time and counterparty risk will also be a consideration in addition to fees.

[Shadiq]

I enjoy the freedom of Bitcoin more than the transaction fees. Where banks have to stand in long lines and face accountability from bank officials to make large transactions, Bitcoin does not. I usually do not worry much about bank fees and Bitcoin fees, mainly because of the convenience, freedom, accountability-free and secure transactions that I prefer Bitcoin.

I often make very large transactions very quickly with a fee of only $0.9 -$0.21, in a bullish market the costs can increase a little, but most of the time I make transactions very quickly with very low costs. Usually I do not change sat/vbyte during the transaction, I just transact with what the wallet suggests to me. However, the fees are now very low which is a fraction of my local bank, the biggest thing is that I do not have to bear the travel costs, do not have to stand in long lines and do not have to face accountability.

[Nheer]

I came across a Bitcoin transaction fee of $0.12 as the cost for sending approximately 500 Bitcoins. This sounds amazing, strange, or interesting, but you don't have to doubt it because everything is possible with the Bitcoin network. You have the privilege of customizing your transaction fee to a suitable rate that you can afford.

People no longer have to suffer the cross border transaction exorbitant fee under a centralized financial authority with Fiat which government controls and regulate, today, we are all enjoying the relevance of Bitcoin ever since inception, because it makes cross border transaction more cheaper than ever at every affordability for us all, you don't have to go through the conventional process of making payments through a central authority before enjoying swift transaction.

What could have been the cost if such an amount were to be sent in Fiat?

No need to doubt this since Bitcoin is like that. Sometimes the fees are very cheap and affordable but sometimes it can be costly as well when there's congestion in the mempool. It's true everything is possible with Bitcoin it just depends on when exactly. What interest me most is how you are able to determine transaction fees yourself depending on how fast you want your transactions confirmed.

I have always said it that those who doesn't approve of Bitcoin or yet to know about it are not aware of what they are missing out. Bitcoin has really made everything very easy for us, transactions are done easily even across boarders without going through any stress or any centralized body approval. The level of freedom and transparency Bitcoin offers can't be overemphasized.