Post
Topic
Board Beginners & Help
Re: Bitcoin network fees are not high is you who can't afford it.
by
Zaguru12
on 24/11/2023, 09:10:16 UTC
Yes the network congestion itself is just showing a glimpse of probably how the network will be when mining stops and when we have high adoption rate, but the problem remains that people are furious about this high even the longer term holders because this fee is not incurred because of bitcoin alone but because of the shitcoins on the network. It would have been understandable that we are paying this high fees if at all the congestion in the pool is mainly because of high demands of bitcoin but it is not. So I don’t think anyone is happy to pay that amount at this senerio.

How can someone spend $33 to transfer less than $1k and you think that's not high? In my local currency, you will spend around $0.1 to send that, where then is the advantage of Bitcoin in terms of cost of transaction?

The fees haven’t been that too high I will say, the high fees as regularly been hovering around 500sats/vbyte which would amount to around $26 which quite low compare to your estimation. Although I doubt that you can pay $0.1 to transfer an amount worth $1k but it might be your country, even though it is like that it would be internal transaction and not cross boarder transactions because I am sure it will be more than that. As you know bitcoin doesn’t censor between inter or intra transactions that is where the decentralization comes from. It is better to know that using bitcoin transactions now should be when it is at your advantage, if the fiat has better advantage at that certain period of payment then make use of it, that’s why bitcoin is like an alternative to traditional currency