Crypto transaction fees

[Ralphjoe]

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.

I don't think there is any correlation between the transaction fees of cryptocurrency and the bank that you are converting your cryptocurrency money to what actually determines the fees of cryptocurrency and the price of that particular cryptocurrency.

 

[eLdavis]

I believe it could also be as a result of the high demand of bitcoin and eth. Other factors could also be involved tho.

 

[Kunkun]

Informative thread, got to know more a out how the transaction fees come about, if something is not done about the high ethereum transaction fees it would keep discouraging investors

 

[btaliat]

The reason for bitcoin high gas free can not be unconnected with the fact that it does take time before its transactions are completed. The best is to convert to some coins before transaction to avoid high fee.

 

[Alexandoy]

I had read about the transaction fees in crypto that there are varied reasons for the amount. For sure the crypto exchange center or digital wallet have their guide on the transaction fees. The problem is the differences in the amount depending on the type of crypto. For me, that makes it more exciting for a challenge.

 

[Justin]

I am not dealing with a lot of crypto transactions, therefore, I do not know much about crypto transaction fees but I hear that ripple has the lowest fees.

 

[Eodine]

It's a know fact that bitcoin is a very popular coin and it has a lot of investors who transact every time so it's expected that transfer fees be different from new coins with fewer investors.

 

[Aaron625]

I am not dealing with a lot of crypto transactions, therefore, I do not know much about crypto transaction fees but I hear that ripple has the lowest fees.

Not only Ripple , even Tron , XLM , BNB , LTC have very low fees , not even in cents. But some exchanges do charge high fees for certain cryptos.

 

[Shigobad2020]

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.

Bitcoin is the most popular and the most highest crypto currency recently right now and the level of the transaction keeps increasing because of its gas fee, so transaction fee I think are been imposed on the customer by the network.

 

[Aaron625]

Bitcoin is the most popular and the most highest crypto currency recently right now and the level of the transaction keeps increasing because of its gas fee, so transaction fee I think are been imposed on the customer by the network.

Yeah that is the reason why the bitcoin fees are so high. Lot of people make transactions with bitcoin in and out daily because of its highest value and potential , so due to network congestion , it networks asks for more fees to quickly finish the transaction.

 

[Dowenship]

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.

The once worst transaction fee I know is the ethereum base transaction fee.... but this morning a friend of mine transferred some ether to his trustwallet and the gas fee was very low.. That's was the good news this morning.

 

[Nomad]

Crypto transaction fees is actually the miner's fee. Transaction fees is also directly proportional to the network congestion. Some crypto currencies have really low transaction fees, where s some crypto currencies have very high fees.

 

[HayKay]

Well to the best of my opinion, I think higher transaction fees are associated with higher valued coins and those with higher market cap.
A majority of the lower transaction fee coins are not so much valued.

 

[greenie]

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.