4 ms·

I'm not a normal user of bitcoin or any crypto, but I have not seen large unpredictable fees in a while. My transaction fees are almost always 0.00001 BTC or le

I'm not a normal user of bitcoin or any crypto, but I have not seen large unpredictable fees in a while. My transaction fees are almost always 0.00001 BTC or less, with my typical transfer being anywhere from 0.0004 BTC to 0.002 BTC. Sure its a little different than most payment providers where the person initiating the payment pays the fees, but the fees are well under credit card rates.

moffkalast 5y ago
Assuming you want to actually get bitcoin first you'll need to buy it on an exchange which will charge your absurd fees to transfer it into your own wallet. And if you ever want to do the reverse you'll get charged those same absurd fees again. In the middle you have the space where you can do BTC to BTC transactions with somewhat smaller fees, sure.
- dns_snek 5y ago
  That depends on the exchange, some charge extremely high fees, others charge minimum fees. As an example, Coinbase charges reasonable withdrawal fees that correspond to the actual TX fee, around $0.05 when I last used it a few weeks ago. Others charge absurdly high fees, biggest examples of that being Binance and Bitstamp that charged ~$20 for a Bitcoin withdrawal around the same time Coinbase was charging $0.05. Point being, different exchanges charge different fees, and LocalBitcoins is always an option if you want to avoid exchanges altogether.
- jermaustin1 5y ago
  Like I said, I don't use crypt much, I mine it, then transfer around what I've mined, and use it to buy if the option exists.
eternityforest 5y ago
Google tells me that 0.0004BTC is over 16 dollars. Credit cards are 2 to 4 percent. Most people pay their only large payments(Rent and bills) with cheaper direct transfer schemes from zero to a few USD. For a 16 dollar fee to be better than 3%, you would have to spend 480USD in one transaction, on the kind of thing that you'd normally have a fee at all for. Something I have only done an extremely small handful of times in my entire life. A few of my more well off friends might have computer parts or jewelry worth that much. My laptop is the only single thing I own close to that price, and even then, it's not much over it. For a trip to the grocery store for a single person, bitcoin would probably be a 8% to 20% fee. Flat fees are a regressive sales tax.
- jermaustin1 5y ago
  You’ve misread. When sending $16, I am charged a fee of $0.40 or less.
  - eternityforest 5y ago
    Ah. Some people seem to be reporting much higher fees in the $10 to $25 range at times.

moffkalast 5y ago

Assuming you want to actually get bitcoin first you'll need to buy it on an exchange which will charge your absurd fees to transfer it into your own wallet. And if you ever want to do the reverse you'll get charged those same absurd fees again. In the middle you have the space where you can do BTC to BTC transactions with somewhat smaller fees, sure.

dns_snek 5y ago
That depends on the exchange, some charge extremely high fees, others charge minimum fees. As an example, Coinbase charges reasonable withdrawal fees that correspond to the actual TX fee, around $0.05 when I last used it a few weeks ago. Others charge absurdly high fees, biggest examples of that being Binance and Bitstamp that charged ~$20 for a Bitcoin withdrawal around the same time Coinbase was charging $0.05. Point being, different exchanges charge different fees, and LocalBitcoins is always an option if you want to avoid exchanges altogether.
jermaustin1 5y ago
Like I said, I don't use crypt much, I mine it, then transfer around what I've mined, and use it to buy if the option exists.

eternityforest 5y ago

Google tells me that 0.0004BTC is over 16 dollars. Credit cards are 2 to 4 percent. Most people pay their only large payments(Rent and bills) with cheaper direct transfer schemes from zero to a few USD. For a 16 dollar fee to be better than 3%, you would have to spend 480USD in one transaction, on the kind of thing that you'd normally have a fee at all for. Something I have only done an extremely small handful of times in my entire life. A few of my more well off friends might have computer parts or jewelry worth that much. My laptop is the only single thing I own close to that price, and even then, it's not much over it. For a trip to the grocery store for a single person, bitcoin would probably be a 8% to 20% fee. Flat fees are a regressive sales tax.

jermaustin1 5y ago
You’ve misread. When sending $16, I am charged a fee of $0.40 or less.
- eternityforest 5y ago
  Ah. Some people seem to be reporting much higher fees in the $10 to $25 range at times.