Bitcoin transaction fee up by 344%

[ahmedo24]

A Crypto news analyst Nairametrics revealed that in less than a week when the price of Bitcoin reached it all times high $24,083 , the transaction fee is up by 344% this has shown that whenever the price of bitcoin goes higher the activities on blockchain is usually higher making transaction fee higher.
When last did you send send bitcoin and what was the transaction fee?.

 

[Peterlight]

I tried helping my friend to send bitcoin worth of $30 from binance wallet to another wallet, but it said the minimum withdrawal is $50 from the binance wallet.

If the popular wallet could increase the price within 3 weeks on bitcoin transaction, I think this shows that bitcoin increase the transaction fee whenever it increases.

 

[Abibatabosede]

The rate at which Bitcoin is increasing is really amazing, I wish I could invest in it right at this very moment but I have my money tied down in another business.

 

[Suba]

On Dec 1, I will send $ 100 or around 444,300 Satoshi, from Blockchain wallet to other my wallet at a cost of 20,000 or around $ 4,5008, because I think this transaction fee is too expensive so I canceled Bitcoin sending. (don't click Send). and I saw Swap fees, Bitcoin to Stablecoin also went up,

 

[Niftyyem]

This is one of the issues with bitcoin presently. Those that are making small transactions should rather use other coins for now in my own opinion. Those fees are just so ridiculously high for small amounts especially.

 

[BrolySSJ]

A Crypto news analyst Nairametrics revealed that in less than a week when the price of Bitcoin reached it all times high $24,083 , the transaction fee is up by 344% this has shown that whenever the price of bitcoin goes higher the activities on blockchain is usually higher making transaction fee higher.
When last did you send send bitcoin and what was the transaction fee?.

To be honest, since the price has been increasing drastically in the recent weeks i have stayed away from transacting with bitcoin and instead i have chosen to make my transactions with the ripple coin. The main reason is that ripple transactions are much cheaper. Personally the rise of 344% is not surprising as the traffic on the bitcoin network with the rising price would have increased as well in order for the traders to secure their profits.

 

[EagleEye]

This is why I believe Bitcoin to not be a great investment. Highly volatile.

 

[Ralphjoe]

Bitcoin transaction fees has skyrocketed so far, yesterday that I withdrew Bitcoin worth $30, I was charged $1.5 fee for the transaction, if I don't really urgently need the money, I would have left it in my wallet. Bitcoin's high in price is causing alot of high charges upon charges, if you need to make a transaction, now would be the best time to do it as Bitcoin price is going to go off the roof soon.

 

[Sincerem]

Bitcoin transaction fees has skyrocketed so far, yesterday that I withdrew Bitcoin worth $30, I was charged $1.5 fee for the transaction, if I don't really urgently need the money, I would have left it in my wallet. Bitcoin's high in price is causing alot of high charges upon charges, if you need to make a transaction, now would be the best time to do it as Bitcoin price is going to go off the roof soon.

Too bad, the price for transaction fees is worrying. I don't know how one will withdraw a little amount to see his money slice into nothing. I see it as a worry now, because you won't make anything from your coins when you decide to withdraw it like that.

 

[Naz Noshin]

Bitcoin is getting progress day by day,so exchangers wants to get benefits as well. I used bitcoinwallet.com to send 2$ bitcoins ,1 years ago and it charged 5$ fee... Now fee ll double there,I think. Later, I didn't send bitcoins .

 

[Goodday]

Bitcoin Blockchain is currently loaded with too much transactions to process and that is the really many Exchanges are willing to pay the higher transaction fees for faster transactions in the Blockchain and shifting part of that fee to us the exchange users and that's why we are now paying higher transaction fees in most cases.

 

[Jeremiah Trump]

It is currently ok if the Bitcoin block chain iscurrently loaded and the transaction doesn't have any exchanges and the rate is high.

 

[Sake]

This is why I don't prefer to use Bitcoin on my transactions. The fees are killing me, even in Gambling websites i need to trade for other Currency before i send it to my wallet because it takes so much.

 

[Josemendez]

A Crypto news analyst Nairametrics revealed that in less than a week when the price of Bitcoin reached it all times high $24,083 , the transaction fee is up by 344% this has shown that whenever the price of bitcoin goes higher the activities on blockchain is usually higher making transaction fee higher.
When last did you send send bitcoin and what was the transaction fee?.

I have not done any Bitcoin transaction lately , but a 344% rise in Bitcoin transaction fee is quite to much . Seems this will make people to stick to holdl their Bitcoin than selling it.

 

[Lagazine]

I never notice that. I think its stil the same. If the transaction rate of bitcoin increases with the increase in the amount of bitcoin. I've also seen drastic increase in other coins. I feel like investing in all coin and wait till I harvest in future.

 

[ahmedo24]

I have not done any Bitcoin transaction lately , but a 344% rise in Bitcoin transaction fee is quite to much . Seems this will make people to stick to holdl their Bitcoin than selling it.

Yeah that's is just except for people sending huge amount of bitcoin , I wouldn't know if the fee has reduced now. The comfortable people are the ones using coinbase to coinbase for their transactions.

 

[springtech]

A Crypto news analyst Nairametrics revealed that in less than a week when the price of Bitcoin reached it all times high $24,083 , the transaction fee is up by 344% this has shown that whenever the price of bitcoin goes higher the activities on blockchain is usually higher making transaction fee higher.
When last did you send send bitcoin and what was the transaction fee?.

From my little experience in this crypto space, I have noticed that when activity is high in the blockchain the cost of transaction increases, hence it is not strange to see the blockchain transaction fee go as high as 344%.
I haven't done any transaction lately, i will be on the lookout to see how much i am charged when i transact by next week.

 

[WhiteHouse]

That's what I don't like about crytpocurrencies and especially Bitcoin the transaction (gas) fee is just too high and outrageous,. I wish something could be done about it

 

[GoldenLady]

I have never taken note if the transaction fees really. I usually allocate about 3% of any amount I want to transact with as charges.

This morning I converted Bitcoin to fiat currency, and the charge was even lower than converting ripple to Bitcoin.

 

[ahmedo24]

I have never taken note if the transaction fees really. I usually allocate about 3% of any amount I want to transact with as charges.

This morning I converted Bitcoin to fiat currency, and the charge was even lower than converting ripple to Bitcoin.

Converting Crypto currency to fiat currencies if you are using luno has a fixed rate already but conversion of Crypto to Crypto most times depends on transaction fee and blockchain network status.