Topic: Why bitcoin transaction fee keeps increasing? - page 13. (Read 2500 times)
Because bitcoin is increasing also why does bitcoin increase and the fee stay the same? that does not make sense and people want to make money out of their clients too that is also a big problem that the feeses are increasing.
But don't you think this ever-incresing size of fees will someday serve as stumbling block for users to pivot to another major cryptocurrency?
Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.
Please correct me if i am posted in wrong section.
Please correct me if i am posted in wrong section.
As you may have heard there is capacity limit for the bitcoin network - one block size is max 1Mb which means 7 transactions per second. Since there are more transactions now then the capacity - the price (miners fee) is logically going up.
Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.
Please correct me if i am posted in wrong section.
That is a normal thing, the fee for each btc transaction is not fixed at the amount , it is it is converted by a rate with btc price. Therefore, as btc prices increase, fees will also increase. You should not be too surprised. as far as I know it is. Please correct me if i am posted in wrong section.
When bitcoin was new the fees were actually lower than today. I think they will increase so people need to pay a lot more fees for transactions. This is actually bad because i want my money xD.
I think back in the day the fee was just 1k satoshi, but I am not sure.
I think back in the day the fee was just 1k satoshi, but I am not sure.
The fees are actually paid for the security and guarantee of transaction to the miners to complete transaction. This is observed that with growing price the fees is also increasing,
But Thier a way out you can use a wallet bnamed ' mycelium' , this wallet has an option to select transaction fees starting from $0 ( in a bold transaction may never happen) to $11 depending on the amount to be transferred.
People usually select $0.30 as transaction fees .
But Thier a way out you can use a wallet bnamed ' mycelium' , this wallet has an option to select transaction fees starting from $0 ( in a bold transaction may never happen) to $11 depending on the amount to be transferred.
People usually select $0.30 as transaction fees .
It depends on the value you send and the value of bitcoin. I think the reason why is that bitcoin's value is so volatile that the transactions fee are changing. But most of it is mostly because you enter either bigger amount or smaller amount. Also big factor is how the network in the blockchain affect the prices.
i dont know..maybe because of the daily investments
Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.
Please correct me if i am posted in wrong section.
Well mate the explanation is just as easy if you learn the so-called common sense. Why? Because if you would imagine bitcpin keeps on increasing and we can't control that on and as well as the transaction it will be inevitable too to control. Hope you do understand now.Please correct me if i am posted in wrong section.
Because Bitcoin cannot be used by more people. All you can do is outbid other Bitcoiner. If your not fine with few dollar transaction fee, Bitcoin is not for you. The problem is solved with Bitcoin Cash because of increased capacity more people can use it, thats why smaller fees. If you had Bitcoins on Aug 1, 2017 you own corresponding amount of Bitcoin Cash. Bitcoin Cash has good community support, several developer teams and different business starting accepting it rapidly like in Bitcoin early years, no wonder its 3rd most valuable coin by market cap now.
I think it's natural because nowadays more and more enthusiasts will be bitcoin and the higher bitcoin value. hence there is an increase in cost and may be you transact during solid time so you are exposed to additional charges that you do not know.
There are some cases in which miners are only opting for transactions that have high fees in them to include in their blocks. This is still evidently happening up to now since the price of bitcoin has been skyrocketing lately, and one way for miners to take advantage of the situation is to purposely include all high tx fees.
Block size has nothing to do with the transaction fees. Blindly saying that a limited blocksize causes all these soaring tx fees is nonsense since miners can only opt to receive high fee tx and forget about those which contains low fees.
simply because the block size is limited and that means it can only contain a limited number of transactions. it doesn't matter how much it is, as long as it is limited the same issue will happen if not today it will happen tomorrow.
Block size has nothing to do with the transaction fees. Blindly saying that a limited blocksize causes all these soaring tx fees is nonsense since miners can only opt to receive high fee tx and forget about those which contains low fees.
I don't agree. Miners can select only high fee transactions to include in a block BECAUSE there is currently - let me check - 26700 unconfirmed transactions waiting in a queue. If the block size were bigger, the blocks would include more transactions each time, the queue would disappear with time, and eventually even low fee transactions would be included, because not including them would be simply a loss of that (small) money for a miner.
Move to another wallet or minimize the number of your transactions if you don't plan to change the wallet.
It makes no sense to suggest something like this when you take into consideration that every wallet is opting, or at least recommending to use a certain fee that at that point is based on the network condition. One day the right fee might be 0.0008BTC, where a day or two later 0.0003BTC might be a sufficient enough fee. It's network based, not wallet based.The coming fork promissed to cut the size of fees, but now it is paused and we will need to wait for some other decidion about the transaction fees.
S2X is a malicious fork, which for a very good reason has been put to a stop, at least for now. If you really think that this fork (if initiated) would result in lower fees, you are too easy of believe. Currently we could already work with lower fees if Segwit starts being fully utilized, but that will likely take some time. Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.
Please correct me if i am posted in wrong section.
Please correct me if i am posted in wrong section.
An innocent user will say fees is increasing due to rise in number of transactions which created network congestion. Due to network congestion, you need to pay higher fees than others so your transaction confirms earlier than them. A typical Market Demand Curve.
But the real cause is always the evil from miners. Due to long scalability debate, miners are now divided in different groups and supporting different scalability solutions, thus different coins. As a result, they keep degrading Bitcoin ecosystem so to boost up their supported coins.
After a failed attempt to take over Bitcoin from the other camp, some people might be spamming the BTC network now to
strengthen their claims that SegWit is not the scaling solution for Bitcoin. They are moving to Bitcoin Cash now, and one of
the main "advantages" of using Bitcoin Cash, is the relative low transaction volume and fast confirmation times. So you spam
BTC to slow down the confirmation times and then hype Bitcoin Cash.
strengthen their claims that SegWit is not the scaling solution for Bitcoin. They are moving to Bitcoin Cash now, and one of
the main "advantages" of using Bitcoin Cash, is the relative low transaction volume and fast confirmation times. So you spam
BTC to slow down the confirmation times and then hype Bitcoin Cash.
The "blockchain" is a race by miners to write the next block. A block contains transactions. You can have your transaction prioritized by giving a higher fee, because it will contribute to a higher fee reward to the miner who writes the block.
Since most people use bitcoin like gold, they are sending several thousand dollars, sometimes millions at a time in a single transaction. To them, $2.50 is a trivial amount to pay to have their transaction go through.
Since most people use bitcoin like gold, they are sending several thousand dollars, sometimes millions at a time in a single transaction. To them, $2.50 is a trivial amount to pay to have their transaction go through.
Probably in terms of dollar value increases as bitcoin prices continue to rise but in units of bitcoin I see the rise for transactions is not too high. this is affected by the already expensive bitcoin price
There are some cases in which miners are only opting for transactions that have high fees in them to include in their blocks. This is still evidently happening up to now since the price of bitcoin has been skyrocketing lately, and one way for miners to take advantage of the situation is to purposely include all high tx fees.
Block size has nothing to do with the transaction fees. Blindly saying that a limited blocksize causes all these soaring tx fees is nonsense since miners can only opt to receive high fee tx and forget about those which contains low fees.
simply because the block size is limited and that means it can only contain a limited number of transactions. it doesn't matter how much it is, as long as it is limited the same issue will happen if not today it will happen tomorrow.
Block size has nothing to do with the transaction fees. Blindly saying that a limited blocksize causes all these soaring tx fees is nonsense since miners can only opt to receive high fee tx and forget about those which contains low fees.
At present, the Bitcoin network is congested with a large number of transactions and the bitcoin price increases, of course, will cause transaction costs to increase.
Move to another wallet or minimize the number of your transactions if you don't plan to change the wallet. The coming fork promissed to cut the size of fees, but now it is paused and we will need to wait for some other decidion about the transaction fees.
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