Current crypto transaction fees?

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, May 26, 2021.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    There has been a huge amount of trading on the cryptocurrency markets, which means that transaction fees on both the bitcoin and ethereum networks has skyrocketed. Traders who want to make a trade bid higher fees when they want to move crypto because the cost is minuscule compared to what they might earn from a successful trade. This drives up the price of a transaction for everyone else, which is not ideal.

    I'm wondering which cryptocurrencies you guys are using these days to make deposits or withdrawals from your favorite gambling sites?
  2. 4TheWin

    4TheWin Member

    I needed to make an ERC 20 Ethereum transaction (non gambling related) in April and it cost me a couple of hundred dollars. If it wasn't an urgent transaction, there is no way I would have paid that much.
  3. Harymol

    Harymol Guest

    Yes, that's correct. The high demand for cryptocurrency transactions during periods of intense trading can lead to an increase in transaction fees. When there are more transactions being made than the network can handle, users may have to bid higher fees to have their transactions processed quickly. This creates a competitive market for block space, leading to higher fees.

    This is a common issue with cryptocurrency networks and is known as "transaction fee congestion." It's important for users to consider the cost of transaction fees when making a trade, as high fees can eat into their profits. Some cryptocurrency exchanges now offer dynamic fee calculators to help users determine the optimal fee for their transaction based on current network conditions.
    Last edited by a moderator: Feb 8, 2023
  4. Humble Servant

    Humble Servant Active Member Staff Member

    Bitcoin transaction fees have increased in the first few months of 2023 because people are using the bitcoin blockchain to post ordinal NFT's. These JPEGS are taking up a lot of block space which is driving up fees. For most of 2022, you could make 1 sat per byte transactions but now most transactions cost 20 sats per byte.
  5. Gooch

    Gooch Member

    The transaction fees on Bitcoin and Ethereum can vary widely depending on several factors, such as network congestion, transaction size, and the priority of the transaction. However, here are the average transaction fees as of March 2023.
    1. Bitcoin transaction fees: The average transaction fee for Bitcoin is currently around $2-$3 per transaction. However, during periods of high network congestion, the fees can increase significantly, sometimes reaching over $100 per transaction.

    2. Ethereum transaction fees: The average transaction fee for Ethereum is currently around $1-$2 per transaction. However, if the network is busy then expect to $50 - $100 dollars.
    It's important to note that transaction fees are not fixed and can vary widely depending on the factors mentioned above. Additionally, it's possible to pay higher fees to prioritize a transaction and ensure it is processed quickly, which is something you might want to do if you are in a hurry to place a bet at a sportsbook. It's recommended to research the current network conditions and adjust your transaction fees accordingly to ensure timely processing while minimizing costs. For example, the networks tend to be quieter at weekends so if you are not in a rush, you should process your transactions then.

Share This Page