They are not affecting it, it s how wallets make money, it differs on how long do you want it to take until it is transfered, if you are not in a rush you can pay less, and will take longer for the bitcoin packet to be sent of course
Maybe he spends dozens of bitcoins if he pays that much, I don t really know for sure, though I know the faster you want them to arrive to the other wallet the more expensive the fees are.
It's not about the amount you spend. If the network is very busy then you'll have to pay a big fee no matter what. I am not spending huge amounts of bitcoins but even for transactions of 50-100$ you need to pay a 7-8$ fee if you want your transaction to be confirmed fast (in 1-2 hours). Of course you can pay 1$ for the fees but then you would have to wait at least 12-24 hours until your transaction is confirmed
Wallets don't make money from bitcoin transactions. The fees you pay when making a bitcoin transaction are for the miners that are confirming your transaction. That's why the higher the fee you use, the faster your transaction will be accepted.
I think the increase of bitcoin price is the main factor of big fees. Always when the price goes up so do the fees
I really wish something could be done about that because with the expectations of seeing bitcoin at $50,000 and above, that means that the fees would be extremely high.
They are already working on bitcoin lightning. Using this the fees would drop to just a couple of cents while transactions would be confirmed almost instantly
Thanks for the information and I sure hope the project is successful because this will benefit users and even attract more investors to the network.
Well, the lightning network for bitcoin was already launched. You can already use it but the problem is it still needs some upgrades and not many people are using it right now. But I'm sure in the future everyone will just use lightning network because its much better
