Crypto transaction fees

[Planet408]

Recently, I learnt that there is a higher transaction fees associated with bitcoin, while there is lower transaction fees in some other crypto. It seems to baffle me. I really want to know the factors behind the variations in transaction fees of different Cryptos. Please share your thoughts.

 

[ossai]

most times when you think about all this thing's the transaction fee of a cryptocurrency depend on the bank you are you are sending your money too and the bank policy matter a lot because every bank have different policies you may say you want to transfer it to your particular bank and it gives you a diary that is why when you are cashing out from a cryptocurrency either bitcoin ATM will they give you a lower option like you go for the lower bitcoins that you can transfer phone for me when you look at it is a business strategy so that other coins will be trade with that's why they had to do it like that so because if they don't do it like that everybody will just be given point will be pointing at bitcoin bitcoin atrium atrium so that's why it is.

 

[Joshua Farrell]

Actually transfer fees regarding Crypto Currencies, do not relate to banking fees.

Fees relate to how many buy/sell/trade/exchange transactions that are going on at any given period. The more there are, the slower it gets to confirm the transactions. The slower it gets to confirm, the more electricity is spent to verify the transactions. As such, the fees go up to cover the cost of electricity spent to verify transactions.

 

[Tundeoguns1]

Concerning cryptocurreny transfer rate. From the look of things now in the crypto currency market, ethereum and Bitcoin transaction fee seems to have skyrocket, well the factor that might be behind might be due to the massive demands and supply in those two crypto currency coin

 

[Damscooguns73]

Concerning cryptocurrency transfer fees. Well, the cryptocurrency coin bitcoin and ethereum have very high transaction fees compared to other cryptocurrencies and they are also the leading cryptocurrencies in the crypto market, the factor behind might be due to the high rate of demand and supply operations on both coin

 

[Ehizzy1]

I think the variation is caused due to the traffic on the crypto network , and some crypto like bitcoin do have high traffic on their network which then makes the fee to increase rapidly unlike coin like ripple which have a very low transaction fee i think , this is why it actually varies

 

[Mahnoor]

Coinbase incurs and pays network transaction fees, such as miner's fees, for transactions on cryptocurrency networks (i.e., transfers of cryptocurrency off the Coinbase platform). For these transactions Coinbase will charge you a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction.

 

[CeeJase]

Recently, I learnt that there is a higher transaction fees associated with bitcoin, while there is lower transaction fees in some other crypto. It seems to baffle me. I really want to know the factors behind the variations in transaction fees of different Cryptos. Please share your thoughts.

It's not only on bitcoin, I lost my first transaction from this platform to Ethereum charge fee. It was dreadful but I'd lived passed it. I don't know why it's constantly becoming a ton on the flesh but I do see it as it is following the raise of the coin.

 

[Sheyemanu]

I' advise that you should exchange your coins to USDT before transferring them. Concerning cryptocurreny transfer rate, from the look of things now in the crypto currency market, ethereum and Bitcoin transaction fee seems to have skyrocket, well the factor that might be behind might be due to the massive demands and supply in those two crypto currency coin. So when you transfer in USDT the charge should be lower

 

[Victor001]

Recently, I learnt that there is a higher transaction fees associated with bitcoin, while there is lower transaction fees in some other crypto. It seems to baffle me. I really want to know the factors behind the variations in transaction fees of different Cryptos. Please share your thoughts.

Crypto currency transaction is dependent on the crypto wallet and also dependent on the merchant as well as the exchange rate, many crypto wallet take advantages of the less stable coin to charge high for gas fee. Though most transaction are effected through the network providers who also deduct their charges.

 

[Kennysplash]

This is something that baffles me too. I dont know if it is the wallet that charges fees or the crypto currency. But my guess is that it is the various wallets that charges the fees, it has nothing to do with the cryptocurrencies.

 

[Onachukwu]

The good news is that Trust Wallet allows you to set your own network fees for Bitcoin and Ethereum. So for urgent transactions, you can set a higher network fee and for less urgent transactions a lower fee.

 

[Samuel77]

According to my own point of view crypto transfer fee sometimes it's a payment to the bank which you are transferring to. and also sometimes the application you are using to make this transfer deduct some money as a transfer fee, it is just the same as bank normally charges when you make transfer to another account

 

[Waqarhussain]

Monroe: $ ٥٨٧.٥٨٧.

Bitcoin: ١ 2.1.

Dish: $ ٣٦٣.٣٦٣.

Ethereum: ٠ 2.1.

لتکون: $ ١٩٨.١٩٨.

Bitcoin Cash: $ 1.2.

Now: $ 1.2.

Replay: $ ٠٠٣٧.٠٠٣٧.

 

[Jlife]

Transaction fee of a particular cryptocurrency is affected by a lot of things an example is the amount of transaction going on in a particular block chain, if the amount of transaction is high then obviously the transaction fee on that particular cryptocurrency will be so much.
[automerge]1613347214[/automerge]
Transaction fee of a particular cryptocurrency is affected by a lot of things an example is the amount of transaction going on in a particular block chain, if the amount of transaction is high then obviously the transaction fee on that particular cryptocurrency will be so much.

 

[solalal36]

I noticed this too recently, I suggest you convert or sell to USD tether and keep or do peer to peer trading. The transaction fees when changing to USD tether is negligible. Wish you good luck and trade carefully

 

[Nurudeen]

I think the transaction fee of Bitcoin is very fair enough. But the only crypto currency that is very high right now is Ethereum and it's just too high because it's every body that is just complaining about the crypto currency at the moment

 

[Folaham]

Recently, I learnt that there is a higher transaction fees associated with bitcoin, while there is lower transaction fees in some other crypto. It seems to baffle me. I really want to know the factors behind the variations in transaction fees of different Cryptos. Please share your thoughts.

It has to do with the value of respective coin. The higher the value, the higher the transaction charges. Coins with lower value charges lesser for transaction.

 

[Ralphjoe]

Well the factors that lead to the variation of transaction fees for a cryptocurrency like bitcoin is because of the price of the cryptocurrency which is actually off the charts currently, the higher the price of the cryptocurrency the higher the transaction fees.

 

[Senator]

I read up there someone saying cryptocurrency transaction fees is related to the banks we are sending or making the transactions from. Please note that these have nothing to do with the banks in any way. They are unrelated. Transaction fees are imposed by the cryptocurrency network and not banks