Topic: Why are bitcoin transaction prices so expensive? (Read 541 times)
It's gotten rotten. The fee is based on the price of Bitcoin, not the amount you send. That's fine for large amounts. But it means nobody's going to buy a cup of coffee with Bitcoin. It's like a flat amount income tax. Everybody pays the same amount. Not going to work for the little guy.
You must be kidding. After segwit transaction fees are in cents. Just few days ago I did a transaction, fee was 26 cents only 
The cost of Bitcoin transaction is directly proportional to the price of Bitcoin. If the price of Bitcoin is increasing, the value of the transaction cost also increases. It has pros on cons. The pros is that it is a good thing because if the price is increasing, it only means that the demand of Bitcoin also increases. Therefore, we can conclude that it is becoming more and more popular over the world. The cons is that of course, the transaction price becomes expensive.
because bitcoin attracts many people as well as bitcoin has a very high exchange rate so reasonable when bitcoin transactions are expensive
but it's not as expensive if you send that through a conventional bank
and speed of transactions, also faster sending money using bitcoin
as well as safe and easy, and does not require any complicated requirements
and speed of transactions, also faster sending money using bitcoin
as well as safe and easy, and does not require any complicated requirements
Why are bitcoin transaction prices so expensive?
Bitcoin has been growing rapidly since its inception until now, many investors are investors who have put their trust in the development of bitcoin, because cryptocurrency has become a common thing if it becomes a solution of future transactions, although not all countries accept with space and what it is, but ever think why bitcoin transactions take a lot of coin, even just transfer some satosi it's transfer fee has been beat the cost sent itself, why so, let us discuss together
What wallet that you using now? Do you uses online wallet? You can set the transaction fee in your desired amount. Bitcoin transactions fees is very cheap, you can compare it translations fee and any remittance service fee then you will realize that bitcoin transactions fee is not expensive. Bitcoin has been growing rapidly since its inception until now, many investors are investors who have put their trust in the development of bitcoin, because cryptocurrency has become a common thing if it becomes a solution of future transactions, although not all countries accept with space and what it is, but ever think why bitcoin transactions take a lot of coin, even just transfer some satosi it's transfer fee has been beat the cost sent itself, why so, let us discuss together
Bitcoin trading is the most expensive on the market for cryptocurrency because the market is growing and coin in the market is also growing. Particularly the highest increase in bitcoin as it is trusted by many investors, is coin is considered strong and has potential. I think the bitcoin price will rise even higher.
Fees are high due to inefficient use of the available block space. Fees are priced in BTC, using sat/byte not USD. The larger the transaction (in bytes) the higher the fee.This also means when the price of bitcoin rose 20x, fees rise at the same rate.
in other words, Miners don't set the fees, the sender does and they're used in addition to the block reward to incentivize miners. There is a limitation to the number of transactions per second based on the block size, so when the network gets overly congested (e.g higher adoption rates) you inevitably end up having to pay higher fees if you want your transaction to be included. The reason being that there are so many transactions waiting to be approved and miners will always prioritize those that have the highest fees.
in other words, Miners don't set the fees, the sender does and they're used in addition to the block reward to incentivize miners. There is a limitation to the number of transactions per second based on the block size, so when the network gets overly congested (e.g higher adoption rates) you inevitably end up having to pay higher fees if you want your transaction to be included. The reason being that there are so many transactions waiting to be approved and miners will always prioritize those that have the highest fees.
Bitcoin prices have increased since the beginning. Many investors are investing in future for the development of the country. Thus, the number of investors increasing daily. In other words, it is because of the huge demand in the Bitcoin market. It is being handed over to almost the world. Bitcoin is affecting the country, due to these it is so expensive.
I strongly agree on your opinion that, bitcoin prices have increased since the beginning and many investors are investing in future for the development of the country. And adding also my opinion that, i think that transaction price is too much high, in previous time it was too much reasonable and we were even using bitcoin for recharging our mobile, but now it has become difficult for me to use bitcoin for recharging my mobile because of the increasing transaction fee. In addition, when the price goes down this past few weeks, Bitcoin transactions fees become cheaper. On the otherhand, Bitcoin transaction fees aren’t country specific nor dependent on any website, are you talking about the fees of some exchange in your country?
Based on the derivative concept of bitcoin network -- block chain technology, it has become a tendency of global market development and sharing economy and sharing finance in the future. It is not simply a question of technology and cognition, but a virtual economy, driven by blockchain, that could usher in a truly "Shared" era.
That's why bitcoin prices are so high.
That's why bitcoin prices are so high.
back then when 2009, bitcoin transaction fee was very cheap.
But why now it become very expensive? because bitcoin price is far higher than that time.
bitcoin value is $8k now, no wonder that the fee is high too.
But why now it become very expensive? because bitcoin price is far higher than that time.
bitcoin value is $8k now, no wonder that the fee is high too.
I think transaction price is not too high. And there is also Lightning Network technology. It enables instant transactions between participating nodes and has been touted as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments of digital cryptocurrency through a network of bidirectional payment channels without delegating custody of funds and minimizing trust of third parties.
How can you say that transaction price is not so high? to me i think that transaction price is too much high, in previous time it was too much reasonable and we were even using bitcoin for recharging our mobile, but now it has become difficult for me to use bitcoin for recharging my mobile because of the increasing transaction fee. because Blockchain Bitcoin's Scalability (Blocksize / Block Size) is overflowing with transactions every second. As a result, then there is swelling in each side of the network, resulting in greater transaction costs imposed to reduce transaction traffic.
I don't know about you guys but the latest unconfirmed tx is just below 3500 so its not overflowing or the network is not that clogged to begin with. And the spam attack has gone and I also believed that most trading exchanges are now batching their transactions and supporting Segwit (less fees) that's why the network is always free and not congested.
And when Lightning Network is rolled out, which is huge in my opinion, but if it can drastically improved the network clogging because LN is carried out off-chain, then it can free up a lot of bandwidth and network traffic.
because Blockchain Bitcoin's Scalability (Blocksize / Block Size) is overflowing with transactions every second. As a result, then there is swelling in each side of the network, resulting in greater transaction costs imposed to reduce transaction traffic.
When bitcoin transaction volumes increase, it puts a lot of workload on the blockchain which makes it takes a lot longer for transactions to be confirmed so if you pay more then your transaction gets confirmed faster.
I think transaction price is not too high. And there is also Lightning Network technology. It enables instant transactions between participating nodes and has been touted as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments of digital cryptocurrency through a network of bidirectional payment channels without delegating custody of funds and minimizing trust of third parties.
Mahalnya transaksi itu dikarenakan semakin mahalnya harga coin semakin mahal coin yang kita beli maka akan semakin mahal bianya transaksinya. Saya kira itu wajar saja karena kalau harga coin itu mahal maka hasil yang di peroleh juga banyak.
because the price per coin is very expensive, then the transaction fee is expensive
0.001 from 8k USD = 8 USD each transaction, in my opinion this is also too expensive
this is why, Bitcoin needs change or regeneration
0.001 from 8k USD = 8 USD each transaction, in my opinion this is also too expensive
this is why, Bitcoin needs change or regeneration
i think it is because bitcoin is the first cryptocurrency created,
bitcoin demands has increased since 2009. most countries in the world know bitcoin.
bitcoin demands has increased since 2009. most countries in the world know bitcoin.
Those who use Bitcoin today are getting scared. You can pay a $10 fee to make a single transfer.
This makes it unfeasible to use Bitcoin to pay for purchases of small amounts.
But why does this happen? What are these fees? What are they worth for? Why are they so expensive?
To understand the high value of transfer fees, it is necessary first to understand some basic concepts of the Bitcoin network.
This makes it unfeasible to use Bitcoin to pay for purchases of small amounts.
But why does this happen? What are these fees? What are they worth for? Why are they so expensive?
To understand the high value of transfer fees, it is necessary first to understand some basic concepts of the Bitcoin network.
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