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A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Advice About Bitcoin Transaction Fees (In anticipation of high fees for the next bullrun)
Hi guys, this is my first post here! Thanks for having me, I interact a lot on Bitcoin and crypto groups on Facebook but I wanted to find new Bitcoin folks and discussions here! The other day I saw someone complaining about the wait time for a Bitcoin transaction so I wrote a few pieces of advice in regards to Bitcoin transaction fees. I hope this can be useful for some of you! Here it is: For those worried about Bitcoin's high transaction fees and transaction wait times right now, you should brace yourself for the upcoming TRUE Bitcoin Bullrun. Remember that in 2017, at the peak of the bubble, the average transaction fee was up to $ 50 per transaction and some people even paid $ 1000 for single transactions. This is sure to repeat itself at an unprecedented level as I believe this time around an even bigger wave of people will be buying Bitcoin. Not only investors like you and me, but also big companies who will buy in tens and hundreds of millions. Here are some tips to mitigate the impact of transaction fees on your use of Bitcoin.
1. Learn How to Use the Mempool.
The mempool is the space where valid Bitcoin transactions are stored while waiting to be included in a validated Bitcoin block. Obviously, miners will select transactions with higher transaction fees to fill up a valid block. I recommend this mempool explorer which visually represents how full the mempool is and will indicate to you how many satoshi /vbyte you need to apply on your transaction in order for it to be included in your desired timeframe. Fee estimators in wallets are not ideal and ultimately none of them has found the perfect recipe for proper fee estimation. Selecting the transaction fee manually by consulting the mempool remains the best option to select the fee. A few tips:
Evenings and weekends are generally less busy from a transactional standpoint, so this is a good time to save on fees.
If you're not in a rush, include a really low fee, it will be included at some point.
2. Use wallets that support Segwit and RBF (Replace by Fee)
Segwit is an improvement made to Bitcoin in 2017 that redefined the way transactions take space in a block. Just by using a Bitcoin wallet that supports it, you will save between 20-60% in fees depending on the complexity of the transaction. RBF is a function in wallets that allows you to modify the transaction fees associated with a transaction following its broadcast on the Bitcoin network. So, if your transaction does not go through quickly enough for your liking, you can increase the fee later. To find out which Bitcoin software wallet supports both features, you can consult this comparison table from Veriphi where they list several dozen wallets here. Fun fact: Veriphi also made a case study to find out how many fees could have been saved by Bitcoin users if they had used SEGWIT and the Batching technique in the cases where they apply.
Between 2012 and August 2020, more than 57,817 .69 BITCOINS would have been saved in transaction costs, or approximately 1 billion Canadian Dollars in transaction fees. For those who are interested in the results, check it out more in detail here.
3. Do not leave your coins on a platform (Bonus: Use a immediate delivery platform)
Custodial exchanges often block Bitcoin withdrawals during high transaction volume episodes because they do not want to pay their user's Bitcoin transaction fees. If they don't block it they will often make their user overpay for the transactions fees. This has happened in the PAST and even quite recently, so if you want to avoid a lot of the frustration and stress when the Bullrun comes, remove your coins from there before it is too late, preferably right now. Some non-custodial platform in Canada: veriphi.io Bullbitcoin.com I strongly anticipate the increase in transaction fees. Watch out for platforms that haven't implemented transaction optimization techniques yet, they will have the hardest time sending transactions. Check out this article about the advantages of an immediate delivery platform here.
High Bitcoin transaction fees are inevitable in Bitcoin and even desired because they will one day have to replace the block rewards. This is a demonstration that Bitcoin works and that the world is using it. By adopting the best practices and the right technologies, you will be able to mitigate your costs and accumulate more Bitcoin in the end. *Disclaimer: I work at Veriphi.io but didn't want to be too pushy, I hope you appreciate the tips and the provided resources. Cheers
Bitcoin Transaction Fees Spike 350% in a Month, as ETH Fees Decline.
Bitcoin transaction fees are on the rise again. Fees shot up more than 350% during the last thirty days to Oct. 22. The most significant increase occurred in the last week, as the price of bitcoin soared on growing institutional interest. According to data by Bitinfocharts, it cost an average of $5.75 to send a transaction over the Bitcoin blockchain on Saturday, up from around $1.8 five days earlier. Fees peaked at $6.36 on Oct. 22, as the bitcoin (BTC) price scaled past $13,000, a 2020 high. Just over thirty days ago on Sept. 20, it cost only $1.39, on the average, to get a transaction processed via the Bitcoin network. Over this period, transaction fees spiked 358%. A key reason for this is that investors were willing to pay a premium to Bitcoin miners to get their transactions processed ahead of others. When prices surge, and the herd starts rushing in, in FOMO-mood, the Bitcoin blockchain often gets congested. And as miners compete to process the transactions, the cost of doing so – for investors – rockets. By Sunday, however, bitcoin fees had dropped marginally to $3.98. It is interesting to note that as crypto markets rallied, the cost of sending a transaction over the Bitcoin Cash blockchain rose somewhat while it fell significantly on the Ethereum network. By far, the BCH network fees remain one of the cheapest of any blockchain in cryptosphere, even with the latest price increase. According to stats stemming from the web portal bitcoinfees.cash on Sunday, Oct. 25, the next block fee on the BCH network is $0.0014 and the current median fee is $0.0013 per bitcoin cash transaction. It is currently 2,429.70x more expensive to transact on Bitcoin (BTC) in contrast to bitcoin cash (BCH), according to Coin Dance statistics on Sunday evening. Average Ethereum transaction fees slumped more than 75% to $0.92 on Sunday from $3.49 on Sept. 20. This may be due to a loss of momentum in the decentralized finance (defi) economy in recent weeks. The bubbling sector has been the biggest driver of ETH gas fees since around July, when it really started to take off. #bitcoin #cryptocurrency #blockchain #crypto #bitcoinfees #bitcoinmining
Bitcoin Avg. Transaction Fee historical chart Average transaction fee, USD 0.00031 BTC ($3.99 USD) 0.0000007 BTC/byte. Share: btc eth ltc bch bsv xmr xrp etc zec dash doge btg vtc rdd blk ftc nmc nvc. Scale: linear log. Latest Prices: BTC/USD: 13024.47 (bitasset) BTC/USD: 12993.37 (hitbtc) BTC/USD: 12974.68 (gdax) BTC/USD: 13002.43 (coinbasepro) Zoom: 3 months 6 months 1 year 2 years ... Average transaction fee: $0.17 (1 input, 2 outputs, SegWit, 1 hour conf. time.) Bitcoin Fee Estimator / Calculator. BitcoinFees is a simple and very accurate Bitcoin fee estimator. The tool is displaying a chart of current mempool transactions ordered by fee value. Nevertheless, the Bitcoin transaction fee is an incentive for miners to create new blocks. Without the transaction fee, only the block fee would be charged on a transaction. How is a Bitcoin transaction fee incurred? The demand for Bitcoin also determines the fees. Because Bitcoin transactions accumulate in 1-megabyte blocks, there is space for 2,500 transactions. Every ten minutes, a new ... The Bitcoin Cash (BCH) transaction fee as a percentage of transaction value is variable for each individual transaction. This chart offers a network-wide average based on total fees and total transaction volume over a 24 hour period. Bitcoin Cash (BCH) transaction fees are based on the size of the transaction in bytes and not the value of the transaction in Bitcoin Cash (BCH), hence larger ... Bitcoin Transfer Fee Climbs to 2020 High. Data from crypto on-chain analytics platform Bitinfocharts.com shows that the average Bitcoin transaction fee has risen to a new 2020 high. Indeed, the transfer cost peaked at $2.944 at the end of March but has since retreated to $1.831 — a level not seen since mid-August 2019.
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