Topic: Why bitcoin transaction fee keeps increasing? - page 11. (Read 2500 times)

Bitcoin prices show rapid growth. Interest in investment and speculation about this cryptocurrency more and more. At the same time, transaction delays and high prices make the use of coins practically uninteresting.

I think that is the direct cause and you are right. But you may ask why is the high number of transactions a problem (wasn't bitcoin designed to handle that?) and why do we have an increased number of transactions.

The first answer is that Bitcoin is unfortunately not designed to handle the current transaction throughput. In those early days indeed it was used as electronic means of payment, number of services accepting it increased every day and Bitcoin flourished. But then, as everything, it became obsolete and it was not capable to handle all incoming transactions. For some reasons that escape me, the developers behind it wouldn't yield to accept any change nor improvement and currently we have Bitcoin which is crippled and it really concerns me very much.

As to the second question, we have an increased number of transactions because the Bitcoin price went up a bit. And it will be happening again and again in the future. Now, imagine the transaction fees when the prices goes up hugely! After the very high tx fees in December last year (in the range of 80-100USD per transaction) we observed calm moments in the beginning of this year and everybody went on thinking that if they don't see a problem, there is no problem. Just like an ostrich with its head in the sand. Well, wake up call, devs!

Not increasing everyday, Its just like politics or auctions, So if you need to fast your transaction you need to select a higher fee. Like politics so if you need to win (Transacted bitcoin) the situation you need money to pay them to voted you. And also the auction, If you want to get the item (Transacted bitcoin) you need to bid a higher the most of us to get that. For me that's why bitcoin need to increased the transaction fee and also because of the traffic on the blockchain. A lot of transacted bitcoin for smallest fees.

I think it is because of the many transaction on the blockchain

Bitcoin fees depends mainly on the network congestion, in simple words how many other transactions are happening currently. When bitcoins was at its peak , $20000, the transactions took hours because of this reason only.

If a product makes you money, it makes money for others. When the prices rise, the money interruption increases. Exchange sites are also trying to make money. There is a steady increase in the number of sites with large transaction volumes.

I think its part of their increasing of the value of bitcoin and part of the changes in their rules and regulation.

The increase in the transaction price depends on the chain of congestion.
The appearance of the sigwit was a very unloaded chain, this can be observed for the last time.

According to me the rapid rise in the transaction fee of the bitcoin is due to the lack of regulation because there is no such proper regulating body over BTC , there are few set of people which regulates the transaction fee and may be they are rising it so could overcome some sort of losses they suffered due to deflation in the valuation of bitcoin and according to me things will go right when there will be some authorized regulating body over it and this could be only possible with centralization of bitcoin and this will also be possible when more and more people will unnderstand the fate and potential of bitcoin.

Because bitcoin also keeps on increasing, the fee is directly proportional to the price of the bitcoin.

you know that if the price of bitcoin is too high then the fees are really good but the low bitcoin price is low so the bitcoin is low so bitcoin just put us in for our future so that if the price increases bitcoin price big money you can accumulate

The bitcoins transaction fee does not depend only on the amount you are transferring. It also depends on the congestion at that moment, in other words, the number of transactions happening at a time.

Bitcoin fees is independent of transaction amount. There are other factors involved like how many other transactions are happening at that time.

it depends on the tx size and the amount of transactions on blockchain given day. If there are too many other users sending bitcoin, you will very likely end up paying more in tx fee

It also might happen on basing the hight amount of Bitcoin you try to transfer so there is a high transaction fees and vice-versa.
Before you also make a trade be aware of knowing their transactions fees instead you blindly make a trade.

bitcoin fee is not increased. i think it is increased because you convert it to USD.
if bitcoin value in USD increased, then the fee will increased too. for now i think bitcoin fee is cheaper because bitcoin is not high as that time

I think this may take place due to the reason that a lot of people are using bitcoin for transactions. The demand is high. To my mind, this is how the fee increases.

probably because more and more bitcoin users and bitcoin prices are rising ... although today bitcoin prices do not please

There are many reasons, people are currently using bitcoin for transactions. Bitcoin demand is increasing in the market, it is becoming popular with everyone. Now we are trading at a higher rate, the recent transaction volume has reached high.
Because of the large amount of value.

Can I know when this problem will be solved?
I have been waiting for days to make a transaction because currently fee is too expensive which is about $40 for a small transaction.