Post
Topic
Board Beginners & Help
Merits 1 from 1 user
Re: [General] Bitcoin Wallets - Which, what, why?
by
Charles-Tim
on 29/08/2022, 09:34:26 UTC
⭐ Merited by JayJuanGee (1)
That possible. The reason is that your text might never enter the mempool. the network is busy and never get free. To put it simply, your transaction might never get processed at all because the average fees are always higher than your TX Fees. So, you'll never be able to send your things with $1 when the average fees are $5. that continues forever.
Where did you hear that from? I have been reading on the news since like 5 months ago, how bitcoin transaction fee is low, example is this one week old news:

Average Bitcoin transaction fee drops under $1 as network difficulty recovers

SFR10 has given you the appropriate reply, bitcoin transaction fee is very low, cost far less than $1 if using a noncustodial wallet with good fee estimation, check the mempool link he posted above to see how low bitcoin transaction is, or you can click on the link below.

https://mempool.space

In addition to that, it looks like you've been using a wallet that has limited capabilities in choosing the Tx fee.
What I am thinking is that he may be using a custodial wallet or a custodial exchange, be it any of the two, they charges for withdrawal fee which is transaction fee plus additional fee the custodial wallet charges from users, unlike noncustodial wallet that charges only for the transaction fee which are rewarded to miners.