Bitcoin transaction fees are at the lowest level rn

Discussion in 'Cryptocurrencies' started by johnarb, Sep 8, 2019.

  1. johnarb

    johnarb

    I just sent $250 at the highest priority setting on Electrum bitcoin wallet and I had to do a double-take on the fee it was charging me, 1.5 satoshi per byte (which translated to $.05). The recipient is over 7K miles away in a different country.

    just fyi for the people who complain about bitcoin transaction fees, lol
     
    Trader Curt likes this.
  2. Handle123

    Handle123

    Does this trade on different exchange than one in Thailand? As this one is closing end of September.

    https://theforexreview.com/2019/09/02/bitcoin-co-exchange-unexpectedly-shuts-down/
     
  3. johnarb

    johnarb

    To answer you question, yes. Bitcoin trades on many exchanges worldwide, including Coinbase (biggest one in the US, but could be surpassed by NYSE/ICE Bakkt exchange when it opens on Sept 23, or Ameritrade or ETrade when they open who knows when) Robinhood trades it for select customers but I don't believe you can withdraw the bitcoins to your local wallet. I heard bitcoin bought from Twitter/Square may be able to withdraw to a local wallet.

    I've never heard of that Thailand exchange, the biggest non-US exchange is Binance. Huobi and Bitmax are pretty big non-US exchanges also.

    Bitcoin is the peer-to-peer cryptocurrency, you don't need an exchange if sending to another person or a business that is not an exchange.

    There are hundreds of exchanges worldwide for bitcoin that are listed on Coinmarketcap so there could be more exchanges not listed, but it's risky to trade on an exchange, make sure you withdraw funds as soon as the trade is final.

    https://coinmarketcap.com/currencies/bitcoin/#markets
     
    Last edited: Sep 8, 2019
  4. Pekelo

    Pekelo

    Congrats! How long did it take, 10 years? Is it out of beta yet?

    "Bitcoin Core version 0.18.1 "

    I guess not.
     
    johnarb likes this.
  5. johnarb

    johnarb

    Bitcoin is an experiment.

    When will it be no longer considered an experiment? Who knows, but perhaps when it's available as an investment asset in IRA's and 401K's/Pension Plans or when NYSE/ICE Bakkt has sold to enough Institutional Investors and those power-players endorse bitcoin as a legitimate asset, or maybe never.
     
  6. Thanks for sharing your experience! I'm pretty new to the crypto world, so it is useful for me. As for the fees, I usually check https://cryptolinks.com/cryptocurrency-exchange-fees. This source helps to easily discern and see developments in different blockchain fees. Maybe it will be also helpful for someone.