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Topic: The fees are crazy, 420 satoshis/byte, WHY? - page 7. (Read 5449 times)

legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations.  Anyone know why the fees are going higher and higher?



Supply and demand.  There is a natural market for fees based on what people are willing to pay and how much space there is in the blocks.
Demand has been rising but the block space is still 1mb.

Fees will keep increasing until they are so high that most people will not pay more.  At that point, Bitcoin will stop growing.

SAD.
newbie
Activity: 51
Merit: 0
According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations.  Anyone know why the fees are going higher and higher?

http://savepic.net/9301554.jpg

This happens when there are a lot of unconfirmed bitcoin transactions. As of right now, there are over 200,000 unconfirmed transactions. You can check for yourself here: https://blockchain.info/unconfirmed-transactions

The more transactions there are, the higher recommended fees are going to be.

That's why.
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations.  Anyone know why the fees are going higher and higher?



Wow 420 time for the weed references.
But to answer your question too many transactions occurring and not enough space to process the transactions at 1mb.
https://en.bitcoin.it/wiki/Block_size_limit_controversy
full member
Activity: 134
Merit: 100
According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations.  Anyone know why the fees are going higher and higher?

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