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What am I lacking? Aren’t bitcoin trans charges almost $2?

I discussed this in one other thread, and other people had been bashing me saying I used to be mistaken, it’s approach approach cheaper. What am I lacking? Is that this chart mistaken? I attempted sending buddy some btc and it was comparable worth as beneath. What am I doing mistaken. Cheers

https://ycharts.com/indicators/bitcoin_average_transaction_fee

12 thoughts on “What am I lacking? Aren’t bitcoin trans charges almost $2?”

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  2. https://ycharts.com/indicators/bitcoin_average_transaction_fee

    That is a very misleading chart as it includes Batched transactions. where someone (often exchanges) pays a very high fee to send many outputs (many txs) with a single onchain transaction

    In Bitcoin the sender always pays the network fee. In this case the exchange payed the fee, **not you**, what you are looking at is the public blockchain to find out how much exchange payed, not you.

    Some exchanges charge a withdrawal fee, others do not. This is different than the miner tx fee. Some exchanges will overcharge clients as a backdoor tax(binance, bitstamp). Exchanges like cash app , swan and strike will **charge 0 withdraw fee and pay the miner fee for their clients**, and exchanges like coinbase will recoup the network fee they pay with a withdraw fee. Coinbase like many exchanges does transaction **batching**, where they pay a single larger fee for many **outputs** or withdrawals. This allows them to pay a high priority fee to get a quick confirmation to reduce support tickets and also reduce the withdraw per customer down to 0.3 to 2 usd per withdrawal that they than pass onto their clients.

    In order to send Bitcoin you need to typically pay 1 sat a byte **(this means a fee of 2-8 cents per transaction is fine for low priority confirmations)**

    You can see right now the mempool is mostly empty here

    https://mempool.space/

    and see with a fee scraper the typical priority per fee paid here

    https://twitter.com/CoreFeeHelper

    This means even if you wanted higher priority 2 sats a byte is fine and that will get you a quick confirmation at a cost of 4-16 cents per transaction

    Of course you can reduce these fees lower if you also batched multiple transactions (sentomany)

    or if you send bitcoin with a lightning wallet that has **instant confirmations for a fee of a fraction of a penny**

    Reply
  3. The transaction sender sets the fee. The charts are wrong because they don’t display the fee which most users can choose to pay, about 3 cents

    > What am I doing wrong

    You’re not sending from a real wallet. An exchange account is not a wallet

    Reply
  4. It’s the exchange’s bitcoin and they make some of their money by charging people fees to move it around. You agreed to it when you signed up.

    Of course there are on-chain fees but I don’t know of any exchange that doesn’t tack on their own “processing” fee.

    Reply
  5. Transaction fees are determined by a) how much data is being processed in a transaction, and b) how congested the network is at a given time

    You set the fees. Right now (1:21 am EST 12/7 fees are 1 sat/vB, or $0.02 to send any amount of bitcoin.

    The cost to move 1,000 BTC is approx. $0.02 USD

    This is one of the most important innovations of bitcoin.

    If you are using an exchange, you have no control over the fees and you will pay whatever they tell you to pay.

    Also keep in mind if you use an exchange:

    * you don’t actually own any bitcoin
    * you only have an IOU
    * the exchange is using your funds to gamble
    * you are (legally) an unsecured creditor

    Not your keys, not your bitcoin

    -S

    Reply

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