If you've been using bitcoin lately you might have noticed that the fees are extremely high. You have to have 7-10$ for a transaction fee and even so you have to wait 1 hour for the transaction to get confirmed. How much do you think the fees are affecting the bitcoin market?
Bitcoin fees
- Thread starter Vladv26
- Start date
V
vest1992
Guest
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
- BizNotes
- 19,959.56
How much are you sending,that is causing a $10 transaction fee? The last amount I sent off to someone yesterday, and I only got charged a $0.39 fee for it. Provided it was a $5 amount in Ethereum.
V
vest1992
Guest
Maybe he spends dozens of bitcoins if he pays that much, I don t really know for sure, though I know the faster you want them to arrive to the other wallet the more expensive the fees are.
It's not about the amount you spend. If the network is very busy then you'll have to pay a big fee no matter what. I am not spending huge amounts of bitcoins but even for transactions of 50-100$ 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
It will be nice if the bitcoin transaction fee is drastically reduced because at the moment it is extremely high, I tried sending $15 the other day and the fee was as high as $4.6 though it is possible if the network is not busy it could be lower.
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
In addition to what everyone has said, honestly speaking you do not expect the transaction fee to be low when the price worth is increasing on a daily basis. That is why I tell all online investors to have an alternative offline investment, just in case the online investment goes wrong.
In my own Bitcoin wallet, my transaction fees are not that high, although I don't send Bitcoin to other wallet but when I sell or trade my Bitcoin, the fees are okay and reasonable. I have discovered that selling my Bitcoin on the exchange market attract less fees than selling it directly to Luno.
I think the fees of each crypto currency is determined by the amount of each crypto currency they are buying. As we all know that the price of Bitcoin had Increased automatically the price of the transaction will also be high. So you just have to bear with it