To tell how Cheap Bitcoin Transaction is

[ralle14]

Recently, some of our local banks started removing transfer fees, but there's still a limit on how much money you can send, even if you're fully verified. The other banks here still charge $0.2 per transfer, so it's going to be a pain to replicate that kind of transaction.

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.

This was one of the reasons that pushed me away from using bitcoin when i'm about to withdraw through centralized exchanges, the rates they charge are unbelievable compared to other services.

[X-ray]

I feel it's more cheaper to send large amount of money using Bitcoin than the bank, maybe I'm overthinking things but somehow if you clearly think about it, Bitcoin transfer is better.
I said what I said because with banks it doesn't end with transactions fee, every month they charge you for some money too, the issue here is when sending small money using Bitcoin it's costly compare to a bank, $0.12 Vs $0.05 from what I have seen.
Either ways I will still choose Bitcoin as my bank over real world banks anytime of anyday, dreaming about a world where Bitcoin and crypto only exists is just too much of a dream, fiat got to exist, it's the power fuelling the centralised world.

The $0.12 vs $0.05 only true for domestic transfers though and you're also missing out the pseudonym feature, anyone who receives your money will know your name.

Make it international transfer and you'd get higher fee with currency exchange rate markup.

For domestic transfer, you can compare it to lightning which costs way cheaper than direct Bitcoin transfer.

The best part is as you said, you don't need to pay monthly fee and nobody will touch your money for any reason.

In short, Bitcoin is already viable for daily transactions.

[m2017]

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.

Yes, transaction bitcoin fees are quite low, even during peak network congestion, especially when compared to traditional systems. Still, one shouldn't idealize bitcoin.

Incidentally, the fee amount choose also affects the time it takes for a transaction to be confirmed. If you need a quick confirmation, won't be able to set the minimum fee. For instance, I recently had to wait over a day for a transaction to be confirmed. Since the timing wasn't critical for me, I could afford to wait.

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?

For crypto users, fees often arise in a different context. For instance, if you use services like mobile wallets (e.g., Trust) or exchanges (e.g., Binance), the transaction fees might come as a bit of a surprise.

In reality, you pay a "fee" when converting crypto into fiat currency, and if you use mixers to maintain your privacy, that cost increases even further. So, it is not entirely straightforward. In short, crypto "fees" are often "hidden" or distributed across other areas.

[crwth]

Well, we have to understand that it depends on the UTXO.

For example, if you have 1 input of 500 BTC compared to 1000 inputs, this would be more expensive. It is a lower fee due to that consolidation.

We will only know if it's a low fee once it's confirmed, so there should be some waiting time depending on the fee you provide.

[Oasisman]

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

We have to understand that transfering this kind of amount through Bitcoin doesn't only gives us cheaper fees, but also total convenience (depending on which country you made the transfer).
A cross border transfer of such massive amount typically cannot be processed through standard banking transactions, so there's gonna be tons of hassle before the money gets transferred successfully.
Also, the total cost of transfer does not only end on bank charges, sometimes they tax it, especially if it involves business.
Transaction speed may even take upto 5 business days, so I'd rather put the lowest fee (1sat/vB) on a Bitcoin transfer and wait 24-48 hrs of confirmation during a severe network congestion.

[SamReomo]

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.

The best thing about Bitcoin network is that it doesn't matter that whether you're sending 0.1 Bitcoin, 1 Bitcoin or 500 Bitcoin, you'll pay the same fee for all of those if they are sent from one input to one output.

If you're sending 1 Bitcoin from a single input to a single output address then you'll pay very low fee for it, but it's always preferred to increase the fee to high priority for high value transactions. It depends on data size if it's not huge then a user has to pay less fess but if it's high then the user has to pay high fees.

Someone sending 1 Bitcoin funded by 10 different input UTXO's and one output will pay higher fee than someone sending same 1 Bitcoin funded by single input and one output. Sometimes Bitcoin fees go high when network gets congested, but in normal network conditions, even the transactions of huge amount in Bitcoin can be sent by paying low fees.

[yudi09]

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.

Low transaction costs that can be controlled by the sender are a key advantage of the Bitcoin system—something not found in bank transactions.
Bitcoin transactions do not require the sender to answer questions about why they are sending a large amount of money, nor do they involve worrying about raising suspicion from the bank.
You should share the advantages of the Bitcoin transaction system—like the ones you mentioned—with the people around you.

[sunsilk]

In my country, it's also cheap, but it depends on what type of transaction that you are running. Local transfer between local banks are cheaper but if it's an international transfer you will have to pay a higher fee and also need approval.

While the main point is about how affordable and cheap the transfers are. One problem that could be faced in doing transfers in a local and international bank is flagging the transaction and halting it.

I think that all of us are aware of that. While doing these transactions in bitcoin, there's no one that's going to halt it as long as the sender/receiver isn't from the exchange where potential flagging can also be done for certain addresses or from an address that's recently been used for illegal practice and it has been tracked already to follow where the bitcoin is sent.

Bitcoin transaction fee can vary based on the amount of output and input the transactions are going into.

Yes, but as of now that won't be a problem as we get a stable at most times of 1 sat/vB per transaction and occasionally 2-5 sat/vB.

[HajiBagi]

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.

Bitcoin transactions will always be the best, and they will never be the same as other bank transactions. Banks are doing their business, and we should all understand that. We also can't do without banks because they are very important to us. Bank transaction fees are too high, which is why we see bitcoin transactions as the best, but we should also remember that banks transactions are the ones we use the most in our countries to pay our bills and other things because not everyone accepts bitcoin payments in some country. There are some people who value fiat currencies more than bitcoin, bitcoin transactions is the best and easiest transaction because the government or anyone has no control over it, i am confident that bitcoin transactions will be the best transactions in the future.

[iBaba]

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.

Bitcoin transactions will always be the best, and they will never be the same as other bank transactions. Banks are doing their business, and we should all understand that. We also can't do without banks because they are very important to us. Bank transaction fees are too high, which is why we see bitcoin transactions as the best, but we should also remember that banks transactions are the ones we use the most in our countries to pay our bills and other things because not everyone accepts bitcoin payments in some country. There are some people who value fiat currencies more than bitcoin, bitcoin transactions is the best and easiest transaction because the government or anyone has no control over it, i am confident that bitcoin transactions will be the best transactions in the future.

I agree that bitcoin has those unique advantages especially when it comes to sending money across borders without any bank approval. I personally have used both bank transfer and bitcoin. They were situations where bitcoin is simply more convenient, particularly when the recipient is even in another country or when you want to avoid unnecessary delays

So I don’t think it is just a matter of bitcoin replacing banks completely, in most countries people still rely on on banks for salaries, pay bills and everyday transactions because the infrastructure is already available. As bitcoin adoption continues to grow, I believe more business will begin accepting it directly, but until that time both system will likely continue to serve different needs. The important thing here is that people now have more financial choices than they did before.

[Patikno]

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.

Not only those, banks also impose time limits on large transactions, services aren't always available 24/7. I have even experienced stalled transactions, which created a hassle as I had to report the issue to the bank. On top of that, my bank charges various fees, charges for ATM cards, monthly maintenance, even I see there are penalties for inactive, or dormant accounts.

In my view, the freedom offered by Bitcoin is incomparable to anything else, including fiat currency, or traditional banking transactions. Bitcoin involves no hidden charges, no miscellaneous fees, and no restrictions. The costs associated with Bitcoin transaction are clear, and easily verifiable. I think decentralized banking is far superior than centralized banking.

[Mahiyammahi]

Bitcoin fees are now as low as 0.1sat/v which is all-time lower. When people asks that transaction on bitcoin is expensive I just tell them what is the last time you have created a transaction yourself.

Well usually fiat currency transaction has no fees there. But our banks will always cut a 1% deduction for reaching a certain threshold of our balance. Commn I'm keeping my money and I've to pay money for it. This finanace system has lot's of flaw.

As for bitcoin I find this one is most cheap and secure crypto rn available. You may find other altcoin with cheaper fees but it will always not be the same .

[TokenTikas]

You may have noticed that in addition to the lowest fee per volume of all time, all blocks are completed and transactions are completed in the fastest time. Talking about fees, Bitcoin transactions have become very easy for customers because even if you send as much bitcoin as you want, the fee remains the same.

Bitcoin transactions are completely independent. Here, No matter how large a transaction we make or how large an amount we send, we do not have to give any kind of accountability there. We can transact as we wish, here we do not have to listen to anyone else. Bitcoin has given us freedom and has created a system for us to move forward easily by transacting without any problems or worries.

[Dave1]

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.

True, but there were times that the fees are so high that it's hard to transact and send using Bitcoin. It was due to the network spamming, but at least every Bitcoiner has experience it. Ugly but at least we remain resilient and such attacks won't last.

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

Not really sure what the cost, but it will take days for that transaction to move as usually banks doesn't have that kind of money in the beginning as they run on fractional reserves. So they will give you 3-5 business days as compare to Bitcoin that the transaction can push thru within ~10 minutes.

[d5000]

I would recommend to avoid telling friends "how cheap Bitcoin transactions are". Even if it's tempting at the current fee rates. (An exception is indeed for international transactions.)

I think the fees will rise again, and thus I would recommend every newbie to prepare, to not depend on low fees and to prevent disappointment. It's a good idea to learn what Lightning is, and if your friend is technically interested, even Ark or sidechains may be an option,

This is the average block weight. Since January it's growing:


Source: https://www.bitinfocharts.com/comparison/size-btc.html#3y

The average block weight is what determines the fees. You can see that it was exceptionally high both in 2017/18, and then in 2023/24.

[hd49728]

I would recommend to avoid telling friends "how cheap Bitcoin transactions are". Even if it's tempting at the current fee rates. (An exception is indeed for international transactions.)

I think the fees will rise again, and thus I would recommend every newbie to prepare, to not depend on low fees and to prevent disappointment. It's a good idea to learn what Lightning is, and if your friend is technically interested, even Ark or sidechains may be an option,

This is the average block weight. Since January it's growing:


Source: https://www.bitinfocharts.com/comparison/size-btc.html#3y

The average block weight is what determines the fees. You can see that it was exceptionally high both in 2017/18, and then in 2023/24.

Cheap transaction fees on Bitcoin blockchain don't last forever because it is like a cycle with ups and downs. In bull market, there are more demands and hypes from projects especially new ones, so demands on on chain transactions are bigger, then it affects Bitcoin mempools and transaction fees. In bear market, transaction fees are usually cheaper than in bull market.

Meanwhile, people always can take advantage of times with cheap transaction fees to consolidate their small inputs.
Bitcoin Transaction Fees - Everything in one.
[Aug 2026]Mempool empty, Consolidate your small inputs @0.54 sat/vbyte.
Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum).
Minimize your transaction fee with Electrum wallet.

[ultrloa]

I would recommend to avoid telling friends "how cheap Bitcoin transactions are". Even if it's tempting at the current fee rates. (An exception is indeed for international transactions.)

I think the fees will rise again, and thus I would recommend every newbie to prepare, to not depend on low fees and to prevent disappointment. It's a good idea to learn what Lightning is, and if your friend is technically interested, even Ark or sidechains may be an option,

This is the average block weight. Since January it's growing:


Source: https://www.bitinfocharts.com/comparison/size-btc.html#3y

The average block weight is what determines the fees. You can see that it was exceptionally high both in 2017/18, and then in 2023/24.

Yeah not good to hype them with wrong information, since that's how disappointment starts to occur with them.

Also usual for Bitcoin to look cheap during on its calm period, but if it happens that network experience congestions again most provably we will see the fee goes up again. That chart shows the demand or usage of Bitcoin keeps raising each year. So with that situations happening we maybe can expect that there's fees will go up again in future.

So best approach to teach newbies or your friend about the reality happening and point out those great alternatives like lightning network and other off chain solutions if they want to use Bitcoin for transactions they made on daily basis. That one could provably sets their realistic expectations and to avoid possible frustrations.

[buwaytress]

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

Sure. But it costs 0 fees to send any amount of fiat bank to bank in my home country, and it's instant, and it's protected from theft. I'm a Bitcoin proponent but comparing things like this is then like asking, how much would it cost to send an X amount of fiat in Bitcoin? How much longer would it take? How many people would I be able to send it to? Even if it does cost a bit of money to send fiat, it's usually predictable, and I've found in practice, people prefer knowing. It's not entirely predictable with Bitcoin so this idea of "it's cheap to send" is really "it can be cheaper to send" and isn't always going to be the most attractive thing for people who move money a lot.

As others then also point out, the friction of liquidating that Bitcoin or merely exchanging it, it's all gone with spreads and fees -- so the really good way you can really enjoy the benefits of Bitcoin is P2P. Have you tried?

[dansus021]

using crypto for settlement and big transcation like this is the best way how tio utilise bitcoin and other form of crypto 500 BTC is roughly 30 to 32 million if you send it using traditional legacy fiat banking, the actual cost and headache would be astronomical.

Most people only look at the advertised $30–$50 wire transfer fee on a bank's pricing page, but that is just the tip of the iceberg for high-value cross-border fiat transfers, moving $30 million incurs a hidden fee of $30,000 to $150,000+ in FX spread alone. Beyond the monetary cost, a $30M international wire takes 3 to 5 business days, requires compliance clearance, source-of-funds verification, AML holds, and central bank reporting.

Bitcoin slice all of it