5 ms·

> The average transaction fee during slow periods is about $5 and it jumps to $20 whenever there is load on the network. When people say this, do they mean $5/

> The average transaction fee during slow periods is about $5 and it jumps to $20 whenever there is load on the network. When people say this, do they mean $5/$20 per bitcoin or per any transaction whatever size?

lalaland1125 5y ago
That is the average fee across all transactions. Transaction fees are per kb of data so more complex transactions pay more. The amount transfered is irrelevant.
- newswasboring 5y ago
  I'm sorry if I appear a bit dense, but this is the part of bitcoin I least understand. On an individual level, when transferring person to person, are the transactions ever more complex than just remove funds from here and add it to another wallet?
  - CheezeIt 5y ago
    You might have multiple inputs or outputs for an ordinary payment. There are several other types, see https://developer.bitcoin.org/devguide/transactions.html#standard-transactions https://developer.bitcoin.org/devguide/transactions.html#sta...
liamwire 5y ago
Per any transaction, regardless of size.
- dmoy 5y ago
  What the shit? It costs $5 to spend any amount of Bitcoin? Is that for real? (I genuinely don't know, that just sounds so high)
  - kevinak 5y ago
    No it's not real, the cost to do a simple transfer up until yesterday has been in the ballpark of 0.1-0.15. This very moment it's around $1. You can see the current estimated cost here: https://mempool.space https://mempool.space In addition to that, there's always the Lightning Network as well wherein you can transact for fractions of pennies.
    - foepys 5y ago
      The lightning network only allows you to transact if you fund a channel first, which requires an on-chain Bitcoin transaction to create and eventually one to close, thus incurring transaction costs twice. You should fund a LN channel for more than one transaction because you cannot change the channel funds after creation, so you better make sure enough is in it. This makes it unsuitable for things that require more than a tiny fraction of your monthly income, e.g. rent. LN channels also need to be constantly monitored to not get scammed, which the LN whitepaper suggests you to pay third parties for. The LN whitepaper completely obmits the routing problem, too. It more or less says "we don't want to think about that now". A network whitepaper that doesn't think about routing, imagine that.
      - jgun83 5y ago
        What? You can download a lightning wallet right now and I can send you sats without you having to fund anything or even provide any personal information. Yes, that makes it a closed system, but it was never realistic to have every single person on earth access bitcoin via on-chain transactions.
  - joeberon 5y ago
    If you want to get it on the other side in a reasonable timeframe, yes
  - ericd 5y ago
    My understanding is that it requires the burning of a ludicrous amount of electricity to get a transaction written on the main chain.
phreack 5y ago
The second one.
playcache 5y ago
Its currently $2 on the segwit to confirm 6 blocks (irrespective of the amount)
deleted 5y ago
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lalaland1125 5y ago

That is the average fee across all transactions. Transaction fees are per kb of data so more complex transactions pay more. The amount transfered is irrelevant.

newswasboring 5y ago
I'm sorry if I appear a bit dense, but this is the part of bitcoin I least understand. On an individual level, when transferring person to person, are the transactions ever more complex than just remove funds from here and add it to another wallet?
- CheezeIt 5y ago
  You might have multiple inputs or outputs for an ordinary payment. There are several other types, see https://developer.bitcoin.org/devguide/transactions.html#standard-transactions https://developer.bitcoin.org/devguide/transactions.html#sta...

liamwire 5y ago

Per any transaction, regardless of size.

dmoy 5y ago
What the shit? It costs $5 to spend any amount of Bitcoin? Is that for real? (I genuinely don't know, that just sounds so high)
- kevinak 5y ago
  No it's not real, the cost to do a simple transfer up until yesterday has been in the ballpark of 0.1-0.15. This very moment it's around $1. You can see the current estimated cost here: https://mempool.space https://mempool.space In addition to that, there's always the Lightning Network as well wherein you can transact for fractions of pennies.
  - foepys 5y ago
    The lightning network only allows you to transact if you fund a channel first, which requires an on-chain Bitcoin transaction to create and eventually one to close, thus incurring transaction costs twice. You should fund a LN channel for more than one transaction because you cannot change the channel funds after creation, so you better make sure enough is in it. This makes it unsuitable for things that require more than a tiny fraction of your monthly income, e.g. rent. LN channels also need to be constantly monitored to not get scammed, which the LN whitepaper suggests you to pay third parties for. The LN whitepaper completely obmits the routing problem, too. It more or less says "we don't want to think about that now". A network whitepaper that doesn't think about routing, imagine that.
    - jgun83 5y ago
      What? You can download a lightning wallet right now and I can send you sats without you having to fund anything or even provide any personal information. Yes, that makes it a closed system, but it was never realistic to have every single person on earth access bitcoin via on-chain transactions.
- joeberon 5y ago
  If you want to get it on the other side in a reasonable timeframe, yes
- ericd 5y ago
  My understanding is that it requires the burning of a ludicrous amount of electricity to get a transaction written on the main chain.

phreack 5y ago

The second one.

playcache 5y ago

Its currently $2 on the segwit to confirm 6 blocks (irrespective of the amount)

deleted 5y ago

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