To tell how Cheap Bitcoin Transaction is

[M47AK16]

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.

This is one of the main reasons why Bitcoin is used, because you could literally send money all around the world without paying a lot of money, and very fast as well. You do not need confirmation from a bank; you do not get followed by a government; you do not even have technical stuff you need to wait 1-7 business days or whatever. You just send, click the button, and it's gone. Sure, it may require 6 confirmations based on where you are sending, but that takes less than 30 days these days, and what you spend is very low; at times we have even seen it become like 2-3 dollars or less.

This is why Bitcoin is far better than any other payment sender: PayPal, Payoneer, anything. Because there is no chargeback or banned accounts either. I used to have a PayPal account, not even for a business, but for some small website testing I was doing, and I made only 25 bucks from it total, nothing more; that's it, and they even banned that and did not let me get it. This is just me, and a small amount; some people are not capable of accessing thousands of dollars that PayPal froze; their accounts are all gone. Bitcoin has none of that; you are free, and nobody can take your money from you.

[tbct_mt2]

This is why Bitcoin is far better than any other payment sender: PayPal, Payoneer, anything. Because there is no chargeback or banned accounts either. I used to have a PayPal account, not even for a business, but for some small website testing I was doing, and I made only 25 bucks from it total, nothing more; that's it, and they even banned that and did not let me get it. This is just me, and a small amount; some people are not capable of accessing thousands of dollars that PayPal froze; their accounts are all gone. Bitcoin has none of that; you are free, and nobody can take your money from you.

Bitcoin transactions are irreversible in most situations, and it's about confirmed transactions, not pending ones which can be double-spent by the senders. There are barely times with chain re-orgs that only happens quickly and does not affect your business deal.

What are Bitcoin chain reorganization?
What is the length of largest known reorganization in bitcoin?
Chain reorganization.

[Emitdama]

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?

I think it's time that we stop making these comparisons between Bitcoin and fiat currencies or centralized financial systems, because it is obvious that there are going to be differences, huge differences in some cases, and that is exactly the reason why Bitcoin was created in the first place. Satoshi didn't create Bitcoin for the world to have a speculative investment asset that they can utilize to make money, but he created for the world to have a decentralized p2p transaction method, which would make it easier for people to transact money to each other no matter where in the world they live without having to do any sort of verification or paying very high fees or waiting for days or weeks for a transaction to reach its destination.

Banks and other financial institutions that are centralized have no choice but to comply with the rules and regulations they are asked to follow by regulators, and the same thing applies to centralized exchanges and other centralized platforms. When it comes to Bitcoin and its network alone, it has always been extremely useful and it still is, but it's just that people don't easily understand or realize this, which is the reason why almost 95% or more people who are into Bitcoin barely know its advantages or use cases, and they are only using it to make money and that's it.

[Doan9269]

Right from the time, I have always known bitcoin transactions to be cheaper than many other cryptocurrencies' networks and even compared to other s traditional systems using Banks, we shouldn't mind the ordinals the tends to steal away our comfort of having cheaper transaction fee, all because they want to take over the majority of the block space to perform their own transactions, but as we we have it today, things have normalized and everyone is back to enjoy and affordable transaction fee that is below $1 under Bitcoin network.

[wapwapwendy]

Yes, this is one of Bitcoin’s biggest advantages. The ability to move large amounts across borders with relatively low fees is something traditional financial systems can struggle to match.

[Antotena]

Right from the time, I have always known bitcoin transactions to be cheaper than many other cryptocurrencies' networks and even compared to other s traditional systems using Banks, we shouldn't mind the ordinals the tends to steal away our comfort of having cheaper transaction fee, all because they want to take over the majority of the block space to perform their own transactions, but as we we have it today, things have normalized and everyone is back to enjoy and affordable transaction fee that is below $1 under Bitcoin network.

Ordinal transactions are thing of the past, they used to be valuable but today the price is no longer appealing to buy again. Many of them are abandoned, some people dump all there's and sold all of them. So they are not disturbing the network again. The transaction blocks is compromised of ordinary transactions and they are not in competition with one another, so you can create a big transaction bytes and pay less fee because the fees are small.

The nodes have resume accepting transactions of low fess, they accepts transactions with as low as 0.1 sats, so you can see that the mempool do display 0.4 sats for transaction. This is why transactions are way cheaper the way they were in the last few years. However, this does not change the fact that transaction fee can increase at anytime, when unexpected panic happened, the fee can still increase.

[MRY]

Right from the time, I have always known bitcoin transactions to be cheaper than many other cryptocurrencies' networks and even compared to other s traditional systems using Banks, we shouldn't mind the ordinals the tends to steal away our comfort of having cheaper transaction fee, all because they want to take over the majority of the block space to perform their own transactions, but as we we have it today, things have normalized and everyone is back to enjoy and affordable transaction fee that is below $1 under Bitcoin network.

Ordinal transactions are thing of the past, they used to be valuable but today the price is no longer appealing to buy again. Many of them are abandoned, some people dump all there's and sold all of them. So they are not disturbing the network again. The transaction blocks is compromised of ordinary transactions and they are not in competition with one another, so you can create a big transaction bytes and pay less fee because the fees are small.

The nodes have resume accepting transactions of low fess, they accepts transactions with as low as 0.1 sats, so you can see that the mempool do display 0.4 sats for transaction. This is why transactions are way cheaper the way they were in the last few years. However, this does not change the fact that transaction fee can increase at anytime, when unexpected panic happened, the fee can still increase.

It is true that the removal of ordinal data spikes has positive impact on reducing the daily transaction processing load on the network. The restoration of nodes to minimum transfer charges is handy to those users who want to avail cheap transfer rates. Although the existing block space capacity allowance does bring about price efficiency, this stability can change very easily once the market has been subjected to sudden increase in high volume transfer and the users have to fight to be given high priority on block processing.

[ingiltere]

I guess you're new to Bitcoin. Welcome. We've been using Bitcoin for international money transfers for years. The old banking systems are a thing of the past for us. Sending money abroad via SWIFT, waiting for days and paying outrageously high fees is the previous age method.
Life is faster now, business trades are faster and money moves faster too. Those who can't keep up with the demands of the times are doomed to disappear.

[lionheart78]

Right from the time, I have always known bitcoin transactions to be cheaper than many other cryptocurrencies' networks and even compared to other s traditional systems using Banks, we shouldn't mind the ordinals the tends to steal away our comfort of having cheaper transaction fee, all because they want to take over the majority of the block space to perform their own transactions, but as we we have it today, things have normalized and everyone is back to enjoy and affordable transaction fee that is below $1 under Bitcoin network.

As long as the network is not congested, Bitcoin is one of the cheapest transaction fees.  We have seen how insane the Bitcoin transaction fee spike is if the network is congested.  Imagine during the hype of these ordinals, the fee goes up somewhere between $16-$31.  It was really a pain in the ass sending transaction that time.  But now that the ordinal, BRC 20 and runes seems to have quiet down, we can enjoy cheaper Bitcoin transaction fee.

[Cleanshit]

Right from the time, I have always known bitcoin transactions to be cheaper than many other cryptocurrencies' networks and even compared to other s traditional systems using Banks, we shouldn't mind the ordinals the tends to steal away our comfort of having cheaper transaction fee, all because they want to take over the majority of the block space to perform their own transactions, but as we we have it today, things have normalized and everyone is back to enjoy and affordable transaction fee that is below $1 under Bitcoin network.

As long as the network is not congested, Bitcoin is one of the cheapest transaction fees.  We have seen how insane the Bitcoin transaction fee spike is if the network is congested.  Imagine during the hype of these ordinals, the fee goes up somewhere between $16-$31.  It was really a pain in the ass sending transaction that time.  But now that the ordinal, BRC 20 and runes seems to have quiet down, we can enjoy cheaper Bitcoin transaction fee.

When network do have a lot of block space? Bitcoin fee can be very low, fees aren’t fixed they can rise anytime if demand for block space do increases, this why I will say Bitcoin also offer cheap transaction then say it always cheap. How urgent users do need transaction confirmation will determine the fee they choose. And you can freely send your value globally without any bank stress of processing your transfer.

[Faisal2202]

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.

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

Paying in BTC is a lot easier. Although moving 500 BTC in one tx would be a big move for me, I might make smaller transactions, but with time, money can make you brave haha. So I can also make one transaction anyway. The fee would definitely be more than $0.12. It depends on the fiat type and where you want to send and which medium you are using.

If you want conversion as well, like from Dollar to Pound, etc., then there will be more deduction along with the fixed fee these platforms deduct, but the fee is not the problem.

Someone moving $30 million must have wanted full surety that their funds are safe and will reach the destination on time. Banks can usually take some time, like 5 to 10 business days, even to clear the AML checks, etc. But it is not the case with BTC. Although sometimes your tx can be delayed, it won't be for 5 to 10 days.

[AakZaki]

Sending 500BTC with a fee of about $0.12 it is a very cheap cost for the Bitcoin network But it will depend on the state of the bitcoin network, because if the network is in congested then the cost will also go up. although the cost up to $5 for 500BTC transactions it is still a low cost, if compared to the cost to change it to Fiat, it will be more expensive.

The cost of changing to fiat depends on the fees set by the local Exchange used. On the local exchange I use such as indodax for 500BTC or around Rp.559 Billion IDR it depends on the Trading fee to sell BTC to IDR, the crypto transaction tax imposed is 0.21% and withdrawals to the BANK account only Rp. 10,000 for the maximum withdrawal limit of Rp.5 Billion IDR. But don't keep everything on 1 account, or the tax officer will come to your house to collect taxes again.

[RGBTC]

I think it is more accurate to speak of how "flexible" network fees are rather than how "cheap" they are, since users can adjust them. Cheap fees sometimes have to be traded off against efficiency under certain network conditions, or spending multiple utxos incurs individual fees for each. Ironically, back when the brc-20 token hype was in full swing, there were no threads like this.

[OcTradism]

Sending 500BTC with a fee of about $0.12 it is a very cheap cost for the Bitcoin network But it will depend on the state of the bitcoin network, because if the network is in congested then the cost will also go up. although the cost up to $5 for 500BTC transactions it is still a low cost, if compared to the cost to change it to Fiat, it will be more expensive.

With design of Bitcoin blockchain, Bitcoin transaction fees are not dependent on transaction values so a $10 transaction and a $1M transaction can have a same transaction fee if both transactions have same transaction size and broadcasted with a same fee rate. This design of Bitcoin gives big advantage for people who move their funds that are big enough or very big like 500 BTC in your example or $1M transaction in my example. However, it's disadvantage for people who only have small funds and only move their bitcoin with a transaction that has too small value.

They can try to reduce this disadvantage by consolidating their Bitcoin small inputs when mempools are clean and transaction fees are cheap.
Someone just sent $1B in bitcoin paid only $3 in fees.

The other times, there will be people made big mistakes with their transactions and fees.
A Bitcoin user overpaid $3M in fees for a single transaction.

[Brizi5000]

Right from the time, I have always known bitcoin transactions to be cheaper than many other cryptocurrencies' networks and even compared to other s traditional systems using Banks, we shouldn't mind the ordinals the tends to steal away our comfort of having cheaper transaction fee, all because they want to take over the majority of the block space to perform their own transactions, but as we we have it today, things have normalized and everyone is back to enjoy and affordable transaction fee that is below $1 under Bitcoin network.

It annoys me most times when banks cut some reasonable amount of money I want to send to another recipient all in the name of transaction fees, sometimes the amount of money you might want to send to a recipient will be smaller and banks will charge almost a quarter of that little amount you’re trying to send but thank goodness for bitcoin today as it lowers the cost of small payments without taking out almost half of the amount to be sent, high fees no longer eat up small payments. I’m even more particularly excited for the fact that at any time or any day one can comfortably make transactions and send money anywhere around the world conveniently.

[EarnOnVictor]

As long as the network is not congested, Bitcoin is one of the cheapest transaction fees.  We have seen how insane the Bitcoin transaction fee spike is if the network is congested.  Imagine during the hype of these ordinals, the fee goes up somewhere between $16-$31.  It was really a pain in the ass sending transaction that time.  

It could be crazier than that, and it's so annoying and frustrating at those times. The last crazy fees I witnessed should be in 2024; my money was stuck for weeks, and some people started using it to scam people, while other are using it to make money by legitimately help pushing it forward with some manual fees if you used the wallet that did not support RBF. I hope such a time doesn't come back. I think I witness around $125 per transaction in the mempool.

[Dunamisx]

As long as the network is not congested, Bitcoin is one of the cheapest transaction fees.  We have seen how insane the Bitcoin transaction fee spike is if the network is congested.  Imagine during the hype of these ordinals, the fee goes up somewhere between $16-$31.  It was really a pain in the ass sending transaction that time.  

It could be crazier than that, and it's so annoying and frustrating at those times. The last crazy fees I witnessed should be in 2024; my money was stuck for weeks, and some people started using it to scam people, while other are using it to make money by legitimately help pushing it forward with some manual fees if you used the wallet that did not support RBF. I hope such a time doesn't come back. I think I witness around $125 per transaction in the mempool.

No one ever wish such devastating moment to repeat itself with bitcoin network, I could remember vividly that some people even diverted to making bitcoin transaction all because of the high transaction fee cost by the ordinals, making it difficult to trust the network to render us a cheaper fee due to the experience we had as at then, and that is why no one will ever wish such to repeat itself again, every opportunity to perform bitcoin transaction is made possible for every users as well as being able to customize to an affordable rate you wanted.

[PrivacyG]

Sending 500BTC with a fee of about $0.12 it is a very cheap cost for the Bitcoin network But it will depend on the state of the bitcoin network, because if the network is in congested then the cost will also go up. although the cost up to $5 for 500BTC transactions it is still a low cost, if compared to the cost to change it to Fiat, it will be more expensive.

Things might change in the rather near future however.  I can not imagine Banks are going to let Bitcoin compete this way with out trying to do something about it.  So.  I personally expect that Banks will pretty much remove Fees completely and resort to other products for profits instead.  The Fees are already low and the more they will digitalize the Fiat system, the less point there will be in paying a Fee for spending or receiving.

But even if they do this.  In theory at least it will still not be comparable at all to having a Decentralized system like Bitcoin.  Even if you pay a Fee.  I am already used to paying more for things only because I need Privacy.  'Non-smart' TVs are a lot more expensive than the smart ones.  Smart phones are becoming so low priced they are very tempting compared to any other dumb phone particularly when you consider all the features you get.  Paying even a few Dollars for my private transaction to complete is like nothing when this is your life style.

[Silverstonez]

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

In all honesty, I can't really tell how much a bank would change for sending 500 Bitcoin, but I believe a bank in my country would charge a decent amount of money for such a transaction for local, how much more international.

I did a quick calculation of what 500 Bitcoin would worth in my country's currency, and it came around 42.77 billion Nigeria naira if I'm not mistaken, which is a huge amount of money.

Before now, I have been telling people that Bitcoin transactions are very cheap compared to the banking system. Just take a look at cost of transferring 500 Bitcoin incredibly  cheap and affordable.