Post
Topic
Board Bitcoin Discussion
Re: Bitcoin transaction fees are too high, obstacle for adoption and in general
by
SamReomo
on 04/06/2023, 08:15:43 UTC
Hi,

I just wanted to share my thoughts about the high Bitcoin transaction fees.

I see people paying USD 10 for an item, and then paying USD 30 in fee for the BTC transaction, and I realize that this is not sustainable. And its impossible for BTC to become a mainstream payment method if the price is increased with x3 when you buy something.


The Bitcoin network was congested very badly in those days only because of the Ordinals protocol like BRC-20, and that was the main reason for those very high fees. The situation was really bad that some transactions required far higher fees than the amount of transaction itself. But the condition is getting better right now and the fees are reducing on weekly basis, and I'm sure that soon they fees will be in their normal range. The current network fee is around 5.43 with expected transaction completion time of around 60 minutes on Binance exchange. The fee may vary depending on a wallets auto-set fee, but that won't be any higher than 6$, and that's not a very high fee. If a service allow BSC transactions then the fee is below 15 cents for such transactions.

I have personally used some altcoin transactions during the congested market and I don't think that anything is wrong with Altcoin transaction in such times. I used Litecoin for transactions in those days and its fee was very low for me. I prefer Litecoin over other altcoins in such situations because it's far better than ETH in my eyes for small transactions.