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Cost! And speed! I did a transfer wise last week and it cost me $15 in fees. What is this, ethereum?(a joke cos ethereum is too expensive to be useful for the r

Cost! And speed! I did a transfer wise last week and it cost me $15 in fees. What is this, ethereum?(a joke cos ethereum is too expensive to be useful for the retail user). I could have sent BTC and it would have been quicker and cheaper.

beervirus 5y ago
$15 is right in line with current btc transaction fees. Maybe a tiny bit higher, but not much.
- randomhodler84 5y ago
  No it isn’t. You are making this up. A BTC tx costs $0.07 1 sat/vbyte (mempool.space) right now.
  - beervirus 5y ago
    I’m looking at this: https://bitcoinfees.co/ https://bitcoinfees.co/
    - randomhodler84 5y ago
      Wow. That site is very wrong. Their historical data is wrong too. It’s all the same value!! It’s about 100x off reality. It’s been known since 2020 that it is fiction. Bitcoinfees.net appears to be correct (1-2 sats/vB). https://jochen-hoenicke.de/queue/ https://jochen-hoenicke.de/queue/ Also shows vast majority in last 24 hours paid <10sats/vB. I notice that earn is also reporting way way too high numbers. The fact is you can send 1sat/vbyte right now and it will confirm. 7 cents. Anyone actually using BTC will agree with me here. Look at the mempool. If it’s empty, BTC is super cheap. It is empty right now and frequently is on weekends.
      - NicoJuicy 5y ago
        Not everyone uses lightning. I suppose that's what you're insinuating?
        randomhodler84 5y ago
        No, we are talking onchain. Lightning would be practically nothing. Fractions of a cent.
        NicoJuicy 5y ago
        https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees... 1,7$ at the moment, which isn't much. I used to remember it much higher. But for me, a wire transfer is free though ( Belgium - European transfers, also suppliers swallow transaction fees)
NicoJuicy 5y ago
I don't think you are including all variables. BTC fees does not include the conversion from currency1 -> btc acc 1-> btc acc 2-> currency 2. Where conversion from 1 currency to another would be more expensive than the BTC fees itselve. From which currency to which currency did you transfer?
- randomhodler84 5y ago
  This isn’t true at all. Right now, the actual network costs would be $0.07*2 on chain, and 0.15% for the actual sale at the receiving end on an exchange, and the “true” BTC/foreign currency rate. This beats the bad rates being offered on the forex leg of the wise transfer. I would rather remit funds by BTC any day, but not everyone at the other end has the competency to handle this yet. One day. Also, it took days to clear. Most of that time was waiting on the local side for cash to clear. BTC settles every 10 minutes, with a 60 min window for 6 confirmations for security. The markets are 24/7. For countries where withdrawals from exchanges hit the bank account quickly, it can be in the order of days faster…
  - NicoJuicy 5y ago
    Where do you get 0,15% from and only on the receiving end?

beervirus 5y ago

$15 is right in line with current btc transaction fees. Maybe a tiny bit higher, but not much.

randomhodler84 5y ago
No it isn’t. You are making this up. A BTC tx costs $0.07 1 sat/vbyte (mempool.space) right now.
- beervirus 5y ago
  I’m looking at this: https://bitcoinfees.co/ https://bitcoinfees.co/
  - randomhodler84 5y ago
    Wow. That site is very wrong. Their historical data is wrong too. It’s all the same value!! It’s about 100x off reality. It’s been known since 2020 that it is fiction. Bitcoinfees.net appears to be correct (1-2 sats/vB). https://jochen-hoenicke.de/queue/ https://jochen-hoenicke.de/queue/ Also shows vast majority in last 24 hours paid <10sats/vB. I notice that earn is also reporting way way too high numbers. The fact is you can send 1sat/vbyte right now and it will confirm. 7 cents. Anyone actually using BTC will agree with me here. Look at the mempool. If it’s empty, BTC is super cheap. It is empty right now and frequently is on weekends.
    - NicoJuicy 5y ago
      Not everyone uses lightning. I suppose that's what you're insinuating?
      - randomhodler84 5y ago
        No, we are talking onchain. Lightning would be practically nothing. Fractions of a cent.
        NicoJuicy 5y ago
        https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees... 1,7$ at the moment, which isn't much. I used to remember it much higher. But for me, a wire transfer is free though ( Belgium - European transfers, also suppliers swallow transaction fees)

NicoJuicy 5y ago

I don't think you are including all variables. BTC fees does not include the conversion from currency1 -> btc acc 1-> btc acc 2-> currency 2. Where conversion from 1 currency to another would be more expensive than the BTC fees itselve. From which currency to which currency did you transfer?

randomhodler84 5y ago
This isn’t true at all. Right now, the actual network costs would be $0.07*2 on chain, and 0.15% for the actual sale at the receiving end on an exchange, and the “true” BTC/foreign currency rate. This beats the bad rates being offered on the forex leg of the wise transfer. I would rather remit funds by BTC any day, but not everyone at the other end has the competency to handle this yet. One day. Also, it took days to clear. Most of that time was waiting on the local side for cash to clear. BTC settles every 10 minutes, with a 60 min window for 6 confirmations for security. The markets are 24/7. For countries where withdrawals from exchanges hit the bank account quickly, it can be in the order of days faster…
- NicoJuicy 5y ago
  Where do you get 0,15% from and only on the receiving end?