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The average transaction costs around $16 USD. I'm not sure what you mean by the network becoming underutilized but bitcoin's tiny transaction throughput is in h
by CyberDildonics 6y ago
The average transaction costs around $16 USD. I'm not sure what you mean by the network becoming underutilized but bitcoin's tiny transaction throughput is in high demand.
Also what do you mean by "exchanges having less and less bitcoin" and what are you basing that on? Most people unfortunately don't transfer what they have out of exchanges in the first place, even less so with transaction costs being enormous.
- nightski 6y agoWhat type of transaction? Are you taking $16 in fees? Or do you mean energy cost for mining that transaction into a block? Fees are definitely not that high. On Gemini for example I can buy $100 of bitcoin for $0.15 (as a one off example for a USD->BTC transaction).
- jsf01 6y agoThe average transaction fee refers to the cost in btc to make a transfer. That amount is then converted to usd to make it easier to comprehend. Such fees go up during periods of high strain on the network and as people choose to pay more to get their transactions through quickly. https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f...
- CyberDildonics 6y agoThey definitely are that high. What you are talking about is not a bitcoin transaction. This is exactly what I was talking about - people don't even realize they can or should take their balance off an exchange. What you are talking about is the exchange fee. https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m https://bitinfocharts.com/comparison/bitcoin-transactionfees...
- robjan 6y agoWhen you buy bitcoin from an exchange the transaction is taking place off chain. If you want the bitcoin transferred to a wallet that you own you will have to pay the high transaction fee.