Why bitcoin transaction fee keeps increasing? - page 2.

jcarlo

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Quote from: akram143 on November 09, 2017, 04:47:23 AM

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.

I dont have a lot transaction using bitcoin. I am keeping my bitcoin in exchanger wallet because i can trade with easily. Maybe the fee getting higher because bitcoin transaction in market getting higher than before

lathin

newbie

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i never worried about the fee ,infact i do lot of transaction.

kissme09

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Do not worry that Bitcoin prices are too high. Exchange rates will adjust for each transaction lowered to suit everyone avoiding high transaction costs. Do not worry about the current transaction fee is about 0.0001-0.0003BTC this is a reasonably appropriate fee.

dulinivanrus

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I think that everything happens because the network is overloaded . I heard that China has closed the supply of electricity for bitcoin mining !

Lionel

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Quote from: basyang on November 14, 2018, 03:31:33 PM

Quote from: akram143 on November 09, 2017, 04:47:23 AM

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.

Based on my experience. the transaction fee for bitcoin is depend how much money you will send. There has a site that have a matrix of transaction to follow. Even though we do not like it we have no choice but to follow it. Well think there has a reason behind it they have a basis calculation of it before they implement that kind of transaction fee.

No, AFAIK it does NOT depend on the amount you are paying.
It's not like Western Union.

It depends on
- the size, in bytes, of the transaction, and that in turn depends on how many inputs you are using, i.e. whether your funds are coming from only one of your addresses or more than one, makes a difference on the size of the transaction in bytes, and hence on the fee

- how congested the network is. If too many people are sending transactions, miners may not be able to serve everybody in short time, so they will give priority to the ones paying a high fee, then they serve the others

Now, about the second point i thought that the dev team made some improvements this year in order to reduce congestion, but i haven't checked if those improvements actually work. We'll see

basyang

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Quote from: akram143 on November 09, 2017, 04:47:23 AM

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.

Based on my experience. the transaction fee for bitcoin is depend how much money you will send. There has a site that have a matrix of transaction to follow. Even though we do not like it we have no choice but to follow it. Well think there has a reason behind it they have a basis calculation of it before they implement that kind of transaction fee.

bitcoincitr

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Not seeing a decrease in fee rates makes everybody feel bad, but we know that this situation will not change in short term. That's just another problem which must be solved.

delphic

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Such a development of events was to be expected.This happens with absolutely all things.As soon as a product or service gains popularity,the price automatically starts to rise.Another question is how much this price can grow.Certain limits of maximum and minimum must be approved.

Sam San

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I think that elements in the transaction transaction is changed value of the transaction is by the transaction amount in a time interval because because you have a transaction cash to money, fee also high and backwards.

ahead of 2022, when the cost of the block will be cheaper in bitcoins in 2 times. at this time, 20 million bitcoins will be produced and this will be the most difficult point of bitcoin development.

callyf

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Hi if this is correct then is not good for bitcoin peoples the buying and selling order decrease if is true

maxilopez

jr. member

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at that time, the price of bitcoin grew steadily and the price for a transaction thus also increased. now everything is fine

basobulat

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Quote from: akram143 on November 09, 2017, 04:47:23 AM

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.

yes, when bitcoin soars, of course transaction costs increase according to price. but the fact is that it has now recovered as the value of bitcoin has fallen. so this is a very natural one that usually happens in exchange.

ardentvolcanoes

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Quote from: Malam90 on November 14, 2018, 07:25:51 AM

Yes, recent bitcoin transaction fee is increasing because mining fees are high than the market value. Miners are now in losses, this increasing transaction fees may be for that reason to cover the losses of the miners.

One of reason why, since mining is not that much profitable anymore unlike a year ago where miners really enjoy the benefits, the mining fees are increasing so the miners will still do their task and the cycle will continue, its needed to be well taken and understood not to create any issue.

saumang2m

copper member

Activity: 280

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I guess In today's time many people are using Bitcoin. And there are many such people. Those who are doing more transactions through bitcoin. From which bitcoin has to increase the transaction fees. But this increase has resulted in many people being harmed too.

Pom_bensin

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the greater use of bitcoin and also the greater potential of bitcoin in the future trigger a lot of exchange to increase transaction costs. this can happen because indeed this is very reasonable and this can be one of the best ways to overcome the increase in bitcoin by raising the cost of this transaction in my opinion.

Pan Troglodytes

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Quote from: carlisle1 on November 14, 2018, 09:07:45 AM

Quote from: akram143 on November 09, 2017, 04:47:23 AM

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 this has been the problem last year when the transaction gets congested,lot of topics talks about the high transaction and slower .
But not this year because the transactions from January becomes faster and very low in fees ,and with the lightning network for sure this will be more lower and faster

Just wait for the next price peak and we'll see. I bet it will get congested the same as in Dec 2017.

carlisle1

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Quote from: akram143 on November 09, 2017, 04:47:23 AM

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 this has been the problem last year when the transaction gets congested,lot of topics talks about the high transaction and slower .
But not this year because the transactions from January becomes faster and very low in fees ,and with the lightning network for sure this will be more lower and faster

Glocalside

newbie

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The cost is getting longer and longer enough to cause us difficulty in buying bitcoin so far, so to buy bitcoin, it requires a sufficiently high amount for the transaction.

Jamburn

newbie

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The cost of bitcoin transactions increases because of the increased bitcoin value, so the nominal payout also increases with high bitcoin prices.

Royline

newbie

Activity: 28

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This is one of the most important facts we face when dealing with Bitcoin is concerned. Bitcoin is still growing and we are all waiting for the transaction cost to drop as this is not what Bitcoin is supposed to be.

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