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Ask HN: Is the Bitcoin network somewhat usable at the moment?
I want to do some first experiments with Bitcoin.
When I download a wallet from the Android store and ask a friend to send me $100 in Bitcoin to my address, will it work? Or will the fees make this infeasible?
- gus_massa 6y agoFrom the first result in Google, the fee is approximately $15. https://ycharts.com/indicators/bitcoin_average_transaction_fee#:~:text=Bitcoin%20Average%20Transaction%20Fee%20is,K%25%20from%20one%20year%20ago https://ycharts.com/indicators/bitcoin_average_transaction_f....
- Proven 6y agoYay it's feasible, $85 bucks in txfee room!
- eecks 6y agoDoes the transaction fee change depending on how much is transferred? For example, if I transfer 0.0001 BTC or 1 BTC?
- companyhen 6y agoGenerally no https://cointelegraph.com/news/someone-transferred-a-billion-dollars-in-bitcoin-for-less-than-5 https://cointelegraph.com/news/someone-transferred-a-billion...
- alwillis 6y agoThe fee depends on how soon you want or need your transaction to be included in a block. Right now, it costs about 85 sats/vbyte for a transaction to be included in the next block. A typical transaction is about 250 bytes, so the cost is about $7.50. If you can wait a couple of hours, you can pay less.
- alwillis 6y agoIf you're going to transact with a particular person a lot, if you're both on LN, transactions take seconds and the cost is negligible: https://www.lopp.net/lightning-information.html https://www.lopp.net/lightning-information.html
- knopkop_ 6y agoBitcoin has a testnet.
- GoldenMonkey 6y agoUse litecoin. It is cheaper and faster.