Each transaction includes a fee to be paid to the miner.
The goal is to get miners to feed the ledger when all bitcoins have already been created. The payment for this work will be the fees that are part of the block that he mines. This rate does not have a fixed value. You can offer 1 penny, 10 cents, a million or as much as you want for transaction fee.
Topic: Transaction fees on BlockChain are so high (Read 412 times)
Transactions fee on the blockchain depends on the traffic on the network. If the network is more congested, your transactions may need higher fees to send your coins through. In time with congested network, use regular payment because if you priority, it will cost more.
You can exchange your cryptavolut for a cheaper price and send it much more profitable. For example, you can buy DOGE and send with a commission of only 1 DOGE that's less than one cent.
Centralization vs. Decentralization: Making a parallel, the Dollar is a centralized currency. The center would be the central bank, the federal reserve, the government, etc. This center has the power to control the issue (inflation) of the currency and to supervise/control who can transact with whom.
Bitcoin is a currency that does not have this type of center. Each participant is both user and a supervisor of the network.
Bitcoin is a currency that does not have this type of center. Each participant is both user and a supervisor of the network.
depending on what block change you use, if you are in a hurry to send BTC to someone and concern about the fee then try other that can satisfy you need or can meet your demands, if you say this block chain is very high on charging your transaction then look for another that is why we have different kind of block chains..
a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?
Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
There is nothing to be weird if transaction fee still below $5. i have read from some peoples that they even pay a $14 fee.
Where does your bitcoin is ? if it on the exchange, i suggest you to sell your bitcoin to another coin first, then transfer it into your wallet.
there are several reasons why the transaction price in the blockchain is very high among them is busy or solid Bitcoin network at this time. Typically, costs will increase as long as the fluctuations of the value of Bitcoin and the world's major events are sudden, and
Your Bitcoin wallet has a micro deposit history (such as referral bonus). If your wallet has a large number of small deposits, your transaction size will become larger because it consists of many inputs. The larger the transaction size, the higher the cost of Blockchain.
Yes i Agree with this one and it depends on market value also and how you want to claim your bitcoin so fast. And there a times that transaction fees are very low and so fast much better you take monitor on it time to time. Your Bitcoin wallet has a micro deposit history (such as referral bonus). If your wallet has a large number of small deposits, your transaction size will become larger because it consists of many inputs. The larger the transaction size, the higher the cost of Blockchain.
there are several reasons why the transaction price in the blockchain is very high among them is busy or solid Bitcoin network at this time. Typically, costs will increase as long as the fluctuations of the value of Bitcoin and the world's major events are sudden, and
Your Bitcoin wallet has a micro deposit history (such as referral bonus). If your wallet has a large number of small deposits, your transaction size will become larger because it consists of many inputs. The larger the transaction size, the higher the cost of Blockchain.
Your Bitcoin wallet has a micro deposit history (such as referral bonus). If your wallet has a large number of small deposits, your transaction size will become larger because it consists of many inputs. The larger the transaction size, the higher the cost of Blockchain.
If you consider the amount of commission for the transfer of BTC in dollars, it turns out that it depends on the cost of the bitcoin itself, and it becomes obvious that when the BTC is expensive then the commission is high. At the same time, the cost of commissions depends on the workload in the BTC network, it is enough to recall the last autumn and what were the huge commissions.
Not true. The price currently is very high (compared to 2015, 2016, etc.) but the fees are considered low by many, OP included; while in Dec 2018 when the price was only 2x higher than today the fees were aproximately 1000x higher. So the fees are high whenever volatility is high and bitcoin changes hands quickly (and blockchain cannot accomodate all transactions), not when the price is relatively high.
a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?
Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
Bitcoin transaction fee is high indeed, but not all blockchains fee high as bitcoin fee.
If you using altcoins, you will know that the fee is low, it can be lower than $1.
I am using ethereum, if network stable, the fee only $0.1
a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?
Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
The transaction fees are raging due to several factors. One is the size of the block in Bitcoin's blockchain, which is limiting the number of transactions that can go through at any given time. Bitcoin's network is powered by miners, people and companies who use a tremendous amount of computing power to create new bitcoins. And when there's too many transactions to process—which currently happens very often miners will prioritize transactions that pay a higher fee. Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
Currently miners have the time of their life. Bitcoin price is rising steadily every month. Fees are growing monthly as well. In short term really nice for them. If you look at the transaction cost chart you will see a correlation between bitcoin bull runs and transaction costs.
Radoslav Albrecht of German established an online bank, Bitbond. It provides clients to transfer loans to any part of world utilizing Bitcoin. Bitbond utilizes digital currency like Bitcoin to circumvent the international transfer system. It lends finance all over the world and the service is fast at an affordable price.
Read more:- https://coinpedia.org/news/bitbond-provide-loans-bitcoin-cryptocurrency/
Read more:- https://coinpedia.org/news/bitbond-provide-loans-bitcoin-cryptocurrency/
If you consider the amount of commission for the transfer of BTC in dollars, it turns out that it depends on the cost of the bitcoin itself, and it becomes obvious that when the BTC is expensive then the commission is high. At the same time, the cost of commissions depends on the workload in the BTC network, it is enough to recall the last autumn and what were the huge commissions.
a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?
Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
I too agree with this and I personally experienced that thing that while transacting through any exchanges the transactions fee are very high and now this thing is troubling users in their bitcoining and there is very old saying in English that if your time is wrong then everything happens wrong to you and same thing is happening with bitcoin as valuation is deflating and now the transaction fee has been increased and these all issues are now demotivating people to invest into bitcoin and I think this could be because there is no perfect set of rules and regulations over bitcoin and this could be only possible when bitcoin will be centralised all over the world. Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
yes you are true the more expensive bitcoin price then it is definitely the cost of shipping is also more expensive because it is definitely what makes the high price bitcoin is the density of bitcoin transactions and hard to get the bitcoin so make the transaction dense and expensive.
Just before answering this question checked the latest transaction fees for bitcoin payments and it seems to be normal. I think this much fees is minimum required by the miners to fulfill their demands also after all it is due to miners only that we can make successful transaction everyday. Also transaction fees generally shoot up when there is too much congestion but this problem is also faced at rare time only.
As I said above - it is normal only now, because number of bitcoin transactions is very low (because the price movement has stopped). The moment it starts again, the fees will be very high again. Just mark my words.
Just before answering this question checked the latest transaction fees for bitcoin payments and it seems to be normal. I think this much fees is minimum required by the miners to fulfill their demands also after all it is due to miners only that we can make successful transaction everyday. Also transaction fees generally shoot up when there is too much congestion but this problem is also faced at rare time only.
a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?
Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
Check these picture to understand what i'm talking :
https://imgur.com/a/6sjgg3q
A week ago I was amazed at how low the commission was at the transfer of 0.07 bitokoyn. Only 192 satok! The transfer took a very short time. It's very, very cool. Has everything changed and the commissions are again high?
The fees usually change with the congestion on the network. If there are too many people using BTC today you will see the price of the fees go higher as people compete for tx priority
We have heard them saying that the transaction fee for Bitcoin is on a high side. I personally face big challenges any time i want to sell or buy Bitcoin because of it high rate of charges. How i wish that they can look into it and try as much as possible to subsidies it at lower rate. Though there are other Altcoins that have high rate of fee for there client too.
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