Topic: Bitcoin transaction fee!!?? (Read 569 times)
Transaction fees can be different in each stock market .. Bitcoin is affected by falling ..
True. Segwit transactions don't go through block chain and the fees is very low compared to Non Segwit wallet transaction
Segwit transaction don't behave different than non-segwit transactions.
They are structured differently (witness/non-witness) and have a lower size (better: weight). Therefore the overall paid fee is lower while the fee rate (sat/B) stays the same.
well for the aspect why the transaction feel drop back down i think is because of the panic of the users that the price alone can make people to stop buying bitcoin..
I don't think the the transaction fee dropped so hard because of fewer people transacting on the blockchain.
For me there are at least 2 points why fees are lower than in late 2017:
- Some big exchanges (e.g. coinbase) started to batch transactions.
If coinbase sends 10 withdrawals in 1 TX instead of 1 per TX the overall transaction size is way smaller.
The spikes in the transaction count on the network (when coinbase stopped withdrawals) are speaking for itself. - SegWit adoption increased. With segwit being now available by default from btc core wallet + exchanges/service provider enabling segwit
more transactions fit into one block.
Both heavily led to transaction fees decreasing. How much it carries weight can't be told for sure, but the drop definetely is not just because people panicked.
True. Segwit transactions don't go through block chain and the fees is very low compared to Non Segwit wallet transaction, due to many people started using segwit the non segwit transactions became bit low so the transaction fees may be lowered. This is just a thought of mine but there may be many reason behind and there's no need to panic or feel enthusiast for now.
I just saw that the transaction fee for bitcoin is really dropped when compared with the earlier few months.
I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low? Does the demand increase the fee too or when bitcoins price is volatile and keeps increasing or decreasing real fast, does that affect the transaction fee? Does the amount being sent decide the fee?
If not then please state the factors affecting transaction fee!
I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low? Does the demand increase the fee too or when bitcoins price is volatile and keeps increasing or decreasing real fast, does that affect the transaction fee? Does the amount being sent decide the fee?
If not then please state the factors affecting transaction fee!
If you send a small amount of money or your bitcoin is newly minted, then your transfer is no longer free. Each transaction is assigned a priority, which passes through the old and new levels of the currency, the number of bytes traded, and the number of transactions. In particular, for each input, the client will first COINS multiplied by the number of these COINS in the block of time, then the deal will add up all the product divided by the size (in bytes), calculation formula: priority = sum (input_value_in__units * input_age)/size_in_bytes, calculation results if less than 0.576, then the deal will have to pay fees. If you do a lot of small input, and want to free to turn out, then you can add a large amount of large amount of COINS and currency age, it will raise the average priority, which can turn out COINS for free.
At the end of the transfer the client will detect the size (in bytes) of the transfer, the size depends on the amount of input and output size, general computation formula is as follows: 148 + 34 * * the amount of input output amount + 10, if the time transfer, the size of more than 10000 bytes but priority qualify for free, so can still enjoy free transfer, otherwise you need to pay fees.
well for the aspect why the transaction feel drop back down i think is because of the panic of the users that the price alone can make people to stop buying bitcoin..
I don't think the the transaction fee dropped so hard because of fewer people transacting on the blockchain.
For me there are at least 2 points why fees are lower than in late 2017:
- Some big exchanges (e.g. coinbase) started to batch transactions.
If coinbase sends 10 withdrawals in 1 TX instead of 1 per TX the overall transaction size is way smaller.
The spikes in the transaction count on the network (when coinbase stopped withdrawals) are speaking for itself. - SegWit adoption increased. With segwit being now available by default from btc core wallet + exchanges/service provider enabling segwit
more transactions fit into one block.
Both heavily led to transaction fees decreasing. How much it carries weight can't be told for sure, but the drop definetely is not just because people panicked.
well for the aspect why the transaction feel drop back down i think is because of the panic of the users that the price alone can make people to stop buying bitcoin, maybe it is because of that, the price might have drop to keep the user satisfy and comfortable
I just saw that the transaction fee for bitcoin is really dropped when compared with the earlier few months.
I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low? Does the demand increase the fee too or when bitcoins price is volatile and keeps increasing or decreasing real fast, does that affect the transaction fee? Does the amount being sent decide the fee?
If not then please state the factors affecting transaction fee!
This is the simplest reason why bitcoin transaction fee is low or high .Firstly, transaction fees goe the minners who are minning the blocks that includes your transactions.Remember, that the fee is based on the size (in bytes) of the transaction and the time of its inputs (that is ,the periods the coins spent were received) in the blocks. Moreover, transactions get big if they have to "pull in" a lot of outputs from previous transactions and that raises the fee. So if you got a lot of small payments and then try to make a large payment, the transaction will be expensive because it needs to gather all those small payments.I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low? Does the demand increase the fee too or when bitcoins price is volatile and keeps increasing or decreasing real fast, does that affect the transaction fee? Does the amount being sent decide the fee?
If not then please state the factors affecting transaction fee!
I am new to using Bitcoin, and the translation fee are really expensive. I am not sure how it's been calculated but what gets me is the time it takes for the transaction to complete. My first ever bitcoin transaction took about 90 minutes to complete. Hopefully the experience will be better once SegWit and the lighting network are implemented.
What wallet are you using? Transaction fees are VERY low right now:https://btc.com/stats/unconfirmed-tx
https://jochen-hoenicke.de/queue/#0,24h
Also, for the record SegWit has already been "implemented"... it is activated and you can send/receive SegWit transactions now. You just need to make sure you have a SegWit wallet with SegWit addresses.
Yah. Every wallet bad worked on reducing the pay. I use two to three wallets. Though every wallet charges different transaction fees, the size of fees has come down. The max fee is not more than two to three dollars. Segwit address do charge very minimum. Bitcoin value as well have down. Electrum wallet has an option to navigate and see blocks limit to adjust transaction values.
I think the demand and supply of Bitcoin affects its transaction fee!
I don't think demand/supply affects transaction fees.
What you are describing (with supply and demand) is an economic model of price determination in a market.
The transaction fee itself is dependend on how fast people want to get their TX confirmed and how much they are willing to pay.
With the 'spam' which was going on people were ready to pay more to get their TX confirmed within a few hours.
The unconfirmed tx's waiting in the mempool indirectly affect the transaction fee, i'd say.
With batching (from big exchanges, ..) and increasing SegWit adoption i hope BTC won't suffer from such high fees (1000+ sat/B for 1 block conf) again.
I am new to using Bitcoin, and the translation fee are really expensive. I am not sure how it's been calculated but what gets me is the time it takes for the transaction to complete. My first ever bitcoin transaction took about 90 minutes to complete. Hopefully the experience will be better once SegWit and the lighting network are implemented.
What wallet are you using? Transaction fees are VERY low right now:https://btc.com/stats/unconfirmed-tx
https://jochen-hoenicke.de/queue/#0,24h
Also, for the record SegWit has already been "implemented"... it is activated and you can send/receive SegWit transactions now. You just need to make sure you have a SegWit wallet with SegWit addresses.
I just saw that the transaction fee for bitcoin is really dropped when compared with the earlier few months.
I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low? Does the demand increase the fee too or when bitcoins price is volatile and keeps increasing or decreasing real fast, does that affect the transaction fee? Does the amount being sent decide the fee?
If not then please state the factors affecting transaction fee!
The fees depend on the number of transactions being processed at the same time, if the network is crowded and a lot of transactions are invalid like what happened in the ealier few months, with over 150k unconfirmed transactions people started to pay offers to get their transactions confirmed and the one who pays more will be prefered and have the confirmation in less time, that's what mainly caused the increasement of the fees.I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low? Does the demand increase the fee too or when bitcoins price is volatile and keeps increasing or decreasing real fast, does that affect the transaction fee? Does the amount being sent decide the fee?
If not then please state the factors affecting transaction fee!
I am new to using Bitcoin, and the translation fee are really expensive. I am not sure how it's been calculated but what gets me is the time it takes for the transaction to complete. My first ever bitcoin transaction took about 90 minutes to complete. Hopefully the experience will be better once SegWit and the lighting network are implemented.
Its a great News that bitcoin has reduced the fees to half it will surely increase its demand and increase trading too and soon it will reach to moon .
I agree with you, Usually bitcoin's fees depend on how much unconfirmed transactions in the mempool. So if there is more unconfirmed bitcoin transaction, then the fees will be higher and vice versa. The recent drop of bitcoin price from 19k to less than 10k$ affect the number of unconfirmed transactions and then the price of bitcoin transaction fees, From now, I think bitcoin will increase in a few weeks later, in addition fees will increase a bit and it will be around 1-2$. 
Bitcoins fees depends on the number of transactions sitting in mempool which is the number of transactions being made, the higher fee transactions get processed first while low fees gets processed later. Fees is directly related to the number of transactions being made.
Past weeks most of the wallet are consuming 10 cents and lesser value for the each transaction that is because of mempool is seems almost empty out of transaction. If you add 5sat per byte also you will find the bitcoin transaction without any trouble.
Fess is not related to the number of the transaction you made. It is depend upon the number blocks is been used for the transaction. So the amount you used for the transaction has been made.
Simply because the market fluctuates too large!
Its a great News that bitcoin has reduced the fees to half it will surely increase its demand and increase trading too and soon it will reach to moon .
Bitcoins fees depends on the number of transactions sitting in mempool which is the number of transactions being made, the higher fee transactions get processed first while low fees gets processed later. Fees is directly related to the number of transactions being made.
I think the demand and supply of Bitcoin affects its transaction fee!
I think it depends on BTC price. Last November-January BTC price was low so fees was high for all transations.
If you are talking about USD, yes. I believe satoshis/byte is a better option.Remember that we are paying in BTC (a currency).
On the other hand how big amount you are sending one account to another account is one of the main factor of fees.
It's not. The amount doesn't matter. What matters is the size of the transaction (i.e more inputs/outputs). The bigger the transaction (size), the bigger is the amount of satoshis that we "need" to pay in fees (remember the sat/byte measure I talked above?)Btw, my last transaction costed 0.000003BTC (1.382 sat/byte) in fees and it got confirmed in 2 blocks. That's $0,03
I think it depends on BTC price. Last November-January BTC price was low so fees was high for all transations. On the other hand how big amount you are sending one account to another account is one of the main factor of fees.
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