What is going on with the transaction fee???? I have to make a transaction later today and I see this.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
$41.619 for an average transaction fee!? That is outrageous. At this point, wiring money at the bank is cheaper. This chart only goes to yesterday (12/20) so I checked other websites to see what the CURRENT fees are like.
According to: https://bitcoinfees.earn.com/
"The fastest and cheapest transaction fee is currently 940 satoshis/byte.
For the median transaction size of 226 bytes, this results in a fee of 212,440 satoshis. "OR $34
According to: https://btc.com/stats/unconfirmed-tx/
"Current best transaction fees 825 Satoshis/vbyte | 0.00825 BTC/KvB." OR 186,450 satoshis for 226 byte transaction. OR $29
So, it seems not as bad as yesterday. But I also have to account for the fact that the Bitcoin is down to $15,643 right now from around $17,000 yesterday. Also, median transaction size of 226 bytes is a very conservative estimate for transaction sizes.
This article is a little outdated but it says that in October 2015, average transaction size for a basic transaction was about 600byte.
Lets use the previous example of 825 Satoshis/byte to see how much it would cost to send a 600 byte transaction today in a timely manner. 825*600=495000 Satoshis=$77(@1BTC=$15655)!!!!!!
