Post
Topic
Board Bitcoin Discussion
Re: Fees high
by
rodskee
on 27/05/2020, 09:46:43 UTC
This is the scenario.

The rewards of the miners went down because of halving.
To compensate their expenses, the fees went up so they will stay profitable.

If you are living in a 3rd world country like me, the fees really are high especially when you are transferring only a small amount of money. On the other side, if you are transferring huge chunks of Bitcoin then the fee will not hurt you that much. There are some sites or wallets that let you adjust the fee but still there are some where you can't adjust the fee.

Another way to lessen your fees is to use altcoins which has a low transaction fees. Ethereum, Litecoin and Dogecoin are the most popular ones. You can convert it first to either of the 3 then after transferring exchange it again into Bitcoin then you're good to go.
I can feel your sentiment here mate but i think the problem happens not only for the 3rd world country converting
 but the whole world of crypto because even other country account here are asking about
this High transaction fee thats happening here .



I believe that the last time this scenario happens is way back Bermonths of 2017 when the transaction fees are
 very High and thats why congestion happens in many
 transaction because people chooses the lowest fee ,and You are right small withdrawals are the most affected
because the fee seems almost close with the amount we are
 going to withdraw?