Topic: Bitcoin Transaction Fee (Read 148 times)
The bitcoin transaction fees are included with your bitcoin transaction in order to have your transaction processed by a miner and confirmed by the bitcoin network. The space available for transactions in a block of currently artificially limited.This means that to get your transaction processed quickly you will have to outbid to other users.
Bitcoin technology is the least tax-cutting transfer technology in the world.
BTC transaction cost is relative high due to demand with respect to its Popularity and worth as the leading crptocurrency, but i think exchangers need to smile too because they are into business, but then their should be a regulatory bench mark based on BTC fluctuation price/cost.
Well, technically, transaction fees are coming from exchanges, and those transaction fees are the ones that keep the exchange up. BTC is on demand, that's why its transaction fees are relatively expensive. Exchanges are also businesses too, so it would depend on them on how much would the cost when trading your BTC to other coins. Try reading the article below to get relevant information about transaction fees:
https://medium.com/@cryptoginger/crypto-transaction-fees-for-beginners-ee4b406dea8
https://medium.com/@cryptoginger/crypto-transaction-fees-for-beginners-ee4b406dea8
There has been a soft fork which 'basically' increased the block size 4x.
But the majority of people didn't make use of this soft fork yet.. SegWit.
If exchanges/online wallets and the majority of users would switch over to segwit, the fees would be clearly lower.
The network was congested 2 months ago, but currently 50 sat/B are enough to get your TX confirmed within the next block and 20 sat/B are enough for the next 3 blocks.
Additional segwit usage could decrease the fees even more to < 10-15 sat/B (since more transactions would fit into a block).
In addition to that the Lightning network is being explored and tested at the moment. Once it will get ready (and will get a big userbase) you won't have to pay fees for every transaction anymore.
But the majority of people didn't make use of this soft fork yet.. SegWit.
If exchanges/online wallets and the majority of users would switch over to segwit, the fees would be clearly lower.
The network was congested 2 months ago, but currently 50 sat/B are enough to get your TX confirmed within the next block and 20 sat/B are enough for the next 3 blocks.
Additional segwit usage could decrease the fees even more to < 10-15 sat/B (since more transactions would fit into a block).
In addition to that the Lightning network is being explored and tested at the moment. Once it will get ready (and will get a big userbase) you won't have to pay fees for every transaction anymore.
I think bitcoin's transaction fee would be cheaper, just like ethereum's transaction fee so people would be more than willing to trade using btc, and the flow of transactions would increase in time , instead of decreasing due to high fees. Coz people chose other currency to trade and that would mean leaving btc behind.
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