We are in good fees now and every one can enjoy their transaction in and out, but exchange have it's power to get mined first before those sent from blockchain wallet .
The large number of transaction then cause lot of backlog in mempool then which lend to so much to mined while miners use that to increase the fees and now we are less Transaction and less fee.
Topic: Bitcoin transaction cost is too high - page 3. (Read 3174 times)
The transaction fees always depends on the particular exchange or wallet that you are using. Even if the transactions fees are high, the best thing to do is to exchange your bitcoin into a coin with a relatively lesser fees on the exchange which usually includes dogecoin and litecoin.
If you are used to exchanging small amounts regularly, it might help to make larger amounts.
Monitor the average blockchain fee in the network. If your transfer is not time-sensitive, you can wait until the average fee amount drops. You can check this from major bitcoin exchanges, block explorers or websites such as BitcoinFees.
Monitor the average blockchain fee in the network. If your transfer is not time-sensitive, you can wait until the average fee amount drops. You can check this from major bitcoin exchanges, block explorers or websites such as BitcoinFees.
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
will it change after adjustment since the transaction cost is being affected by the crazy price rise
Well I can see that the current market situation of bitcoin will not come down anymore and it will rise. As per what i have read in one of the topic here, they have experienced less transaction fee, and with this it might be confusing because of this news. But then we can see that the more transactions may be made the lower theprice it will be. So soon it will probably go down too.
The Bitcoin network was busy or loaded at that moment. Usually, the fee increases during sudden bitcoin rate fluctuations and major world events. In that time, there are too many people that are trading Bitcoin. It just followed the demand and supply rules.
If Bitcoin's transaction fees are lower, even if prices and transaction volume increase, Bitcoin can be considered a daily payment method. If Bitcoin can handle issues like transaction fees and transaction speed, paying for a coffee or a Bitcoin pizza can be a viable option.
What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
We all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin who could keep eye over all the bitcoin activities and thus leading unauthorised and illegal activities and those who are having the power are doing it in their own way and I think this is the only reason for such a high transaction fee due to improper regulation but there are few countries who has legalised bitcoin in their nation and their governments are taking control over all the bitcoin activities and even the transaction fee is also normal in those nations. will it change after adjustment since the transaction cost is being affected by the crazy price rise
Blockchain fees depend on several factors including network congestion, transaction confirmation times (affected by liquidity providers), and transaction size (as measured in kilobytes; affected when converting bitcoin from multiple inputs such as faucet earnings or other micro-transactions).
Yes, this is completely true. This is perhaps the main reason why bitcoin is unlikely ever to become a full-fledged mass crypto currency. Unfortunately, this is so ... so we wait that sooner or later the place of bitcoin will come with a more profitable currency.
Yes, absolutely, lol I don't know why wallets nowadays was taking advantage on people for having them on their wallet. As the price of BTC is increase or decrease they used to bill to much. Is this too much that you guys taking advantage on people that worked for that money and you are their only sitting and putting high value interest when a transaction was happening. Too bad, no hate.
Transaction cost is a changing thing. True, it's really expensive and many people are struggling from this. It's just something we should get used to.
Yeah most crypto enthusiasts are complaining about the price of bitcoin currently and i think this situation has results from the slow rate of transaction that is occuring these days on the bitcoin network.
Bitcoin transaction fee getting higher when bitcoin price getting more higher. I think its normal because we paying fee with bitcoin and if convert it to us dollar, its looks expensive.
Yes, Butcoin transaction is too expensive. I experienced this one last month. I able to transact my Bitcoin but sad to say thr cost when I do my deposit is too high. What's happening to the cryto world now?
Bitcoin transaction cost is very high, I remember one time I tried to sell some bitcoin, at the end the transaction cost was so high that I wished I hadn't sold it.
For sure bitcoin transaction cost decreased significantly compared to what it was a couple of months back. At the moment ~ 8000 transaction in the pool, I remember the time were over 100K and sometimes close to 200K. Bitcoin is going for sure in a good direction.
As per my analysis block size and time limits create a bottleneck for the amount of bitcoin transactions that can be made at a given time. Nowadays, with increasing popularity and demand for bitcoins, there are transactions being created at a much faster speed than the network can process.Thousands of transactions waiting for an opportunity to enter into a block to be considered official or confirmed.
Miners are then free to choose which transactions they will include on the block. So they choose the transactions that pay higher fees. i.e. if you want your transaction to be processed quickly, you need to pay a fee that puts you in the top positions of that ranking. Transactions are competing against each other to see who can get there first.
And that’s why the fees are so high.
Miners are then free to choose which transactions they will include on the block. So they choose the transactions that pay higher fees. i.e. if you want your transaction to be processed quickly, you need to pay a fee that puts you in the top positions of that ranking. Transactions are competing against each other to see who can get there first.
And that’s why the fees are so high.
If you think the bitcoin fee is too expensive, I suggest you convert your bitcoin to ethereum/doge/litecoin,
and the total fee which you paid by converting your bitcoin is more smaller than the current bitcoin's standard fee.
Bitcoin is decentralised nature. Many people use it because if its transactions facility. But resent some times ago its transactions fee increase and here they are some reason behind it. Day by day its user number increase exponential but the blocksize of it remain same as in old time. Because of its small block size and heavy transaction demand the transaction speed decrease and the transaction rate also increases. In other cryptocurrency like Ethereum, Litecoin the transaction cost is low because they have no such large user like bitcoin who use their transaction facility and according to their user their block size is perfect. If bitcoin miners increased their block size then its transactions fee will be decrease and the total fee which you paid by converting your bitcoin is more smaller than the current bitcoin's standard fee.
it happens lately it will decrease when they have new servers or miner to do the transaction.
The bitcoin transaction cost is very high due to cost of bitcoin, higher the price, higher the transaction cost this is only due to adjustment cost.
Jump to: