What factors made Bitcoin transaction fees to be higher than other coins??

[Sincerem]

Today i wanted to send my payeer Bitcoin to my luno account. The transaction fee to be exacted for processing it, is 65k satoshis. Even more than what I'm supposed to transfer, meaning I need to add up to process that transaction. I had to abandon my coins in the payeer platform. Cos I can't afford to pay such high transaction fee. I really don't know why the transaction fee is different from other coins.

What really made Bitcoin transaction fee to be so high? even when the price is going down, the transaction fees keeps topping up.

 

[Suba]

Not only Payeer, some exchanges also apply high withdrawal transaction fees such as the Yobit exchange, so I first exchanged Bitcoin with altcoins to avoid high fees, the Bitcoin network is very busy or sometimes transactions exceed the capacity of the blockchain network, so miners and node operators will prioritizing high fees, there are also many wallets and exchanges that take advantage and apply additional fees.

 

[Nicklas22]

I think it's because of the rate of Bitcoin now, this coins are getting higher everyday and sometimes reducing, but maybe when you wanted to make the transfer the rate was high that's why the charge was high as well, maybe you should try another means to send the money to your recipient

 

[Bilal0087]

Today i wanted to send my payeer Bitcoin to my luno account. The transaction fee to be exacted for processing it, is 65k satoshis. Even more than what I'm supposed to transfer, meaning I need to add up to process that transaction. I had to abandon my coins in the payeer platform. Cos I can't afford to pay such high transaction fee. I really don't know why the transaction fee is different from other coins.

What really made Bitcoin transaction fee to be so high? even when the price is going down, the transaction fees keeps topping up.

Bitcoin is flourishing every day, and its price is increasing day by day, i hope it will dominate the world in the coming years. It's transection fees is high due to its excessive use all over the world. May be the transactions are exceeded and the further transactions need more tax to be processed.

 

[Erik4150]

Bitcoin is the most sought after coin right now in the cryptocurrency market. Many people are transacting bitcoin every hour and that makes the network slow. When the network is slow, the transaction fee will go up. I recommend you do your transactions at night, network is much better in the night and transaction fees are lower.

 

[Sincerem]

Not only Payeer, some exchanges also apply high withdrawal transaction fees such as the Yobit exchange, so I first exchanged Bitcoin with altcoins to avoid high fees, the Bitcoin network is very busy or sometimes transactions exceed the capacity of the blockchain network, so miners and node operators will prioritizing high fees, there are also many wallets and exchanges that take advantage and apply additional fees.

That's true, their are exchanger platforms that also inject their online transaction fees for the Bitcoin processing. When it comes to that, payeer is one of them. Not that, they ain't exceptional, they are legit and operates faster when it comes to receiving and sending payments. But they command higher transaction fees, than some exchange platforms.

Post automatically merged: Jan 16, 2021

Bitcoin is flourishing every day, and its price is increasing day by day, i hope it will dominate the world in the coming years. It's transection fees is high due to its excessive use all over the world. May be the transactions are exceeded and the further transactions need more tax to be processed.

I agreed with your quote, Bitcoin is widely used, majority of people are more interested about the coin. They invest on it like never before, each day the trade volume surge higher base on the excessive demand and supply of the coins. That's why the transaction fees are higher too, since it's a much in-demand coin at the moment.

 

[alberello75]

Not only does Bitcoin (BTC) fees commissions continue to rise. the same for Ethereum (ETH) are doing the same thing!
It is explained how this is the price to pay, to have a truly decentralized system that is also the safest network on the planet.

 

[GoldenLady]

That's quite the problem and most people I've met complain of the high transaction fees of Bitcoin too.

That's why I prefer bro convert it to altcoins first, but I don't know big that is possible with Payeer?

 

[Niftyyem]

The high transaction fees are due to the increased activities on the bitcoin network. The best you can do is try several times of the day and you may just get lucky to get a favourable and cheaper rate sometime. Alternatively, you can work with the altcoins with lesser fees.

 

[Josemendez]

Statistics has shown that , transaction fees of cryptocurrency usually rise when there is congestion in the said coin network. Now with Bitcoin , the number of transaction is increasing daily due to the present rise in the price of Bitcoin. Thus the high has fee.

 

[Kayzzy3]

Today i wanted to send my payeer Bitcoin to my luno account. The transaction fee to be exacted for processing it, is 65k satoshis. Even more than what I'm supposed to transfer, meaning I need to add up to process that transaction. I had to abandon my coins in the payeer platform. Cos I can't afford to pay such high transaction fee. I really don't know why the transaction fee is different from other coins.

What really made Bitcoin transaction fee to be so high? even when the price is going down, the transaction fees keeps topping up.

The high transaction fee charged by some of the crypto currency projects is due to the fact that active miners has to receive a token from transactions on the blockchain, as per my personal research.

Nevertheless, I think those fees are quite on a high side, it should and must be reduced to help people transact more on blockchain.

 

[Patrik]

Here is my personal opinion, transaction fees being paid on the crypto itself and not its value in fiat currency, so for example, it's been 0.00000001 btc, it doesn't necessarly mean it's high, but what makes it look high is that its value in fiat currency is high

 

[giddy]

Bitcoin has the most expensive transfer feeson Coinbase. One way to reduce transfer feesis to exchange Bitcoin to anothercryptocurrency such as Litecoin or BitcoinCash. These coins will be cheaper to transfer, and could be exchanged back to Bitcoin once the transfer is complete on the receiving exchange.

 

[Sincerem]

Bitcoin has the most expensive transfer feeson Coinbase. One way to reduce transfer feesis to exchange Bitcoin to anothercryptocurrency such as Litecoin or BitcoinCash. These coins will be cheaper to transfer, and could be exchanged back to Bitcoin once the transfer is complete on the receiving exchange.

That's true, if exchange to the coins with Lower transaction fees, it will be easier to send the coin out to another wallet. Then immediately it lands, it is easier too to convert it back to Bitcoin. But their are exchange platforms that charges you recurring interest for converting a coin to another.

Post automatically merged: Jan 17, 2021

The high transaction fee charged by some of the crypto currency projects is due to the fact that active miners has to receive a token from transactions on the blockchain, as per my personal research.

Nevertheless, I think those fees are quite on a high side, it should and must be reduced to help people transact more on blockchain.

It should, they should find a way to reduce the high cost of transaction fees. I don't just find favour in such high level of transaction fees, even the same when you are sending lower amount of Bitcoin. Bitcoin creators should look into this and bring the nest answer for all.

 

[Ebuka Stephen]

The reason why bit coin transaction fees may be high is due to the high demand in the market and sometimes due to the rise and fall in bitcoin price , one may withdraw at the time when the price is high and this will cause for the transaction fees to be high.

 

[Richard92]

One major factor that made Bitcoin transaction rate higher than other crytocurenccy is because of Bitcoin value difference from other crytocurenccy. Bitcoin is the number one most popular and valued crytocurenccy in the world Because of this it's transaction rates is higher than others

 

[Ehizzy1]

think its due to the large transaction on the bitcoin network that aid the high transfer fee ,but i guess you could actually reduce that by using another coin for the transaction such as ripple , bch and others which still have a considerate amount of fees been incurred when you are doing transfer from one coin to another i think, but recently the fee of bitcoin keeps increasing

 

[Seun4luv]

He reason been that on the Contrarily, bitcoin prices are influenced by the following factors: The supply of bitcoin and market demand for it. The cost of producing a bitcoin through the mining process. The rewards issued to bitcoin miners for verifying transactions to the blockchain. The number of competing cryptocurrencies.

 

[Sammyesx]

"Value" It is the same reason why bitcoin is more expensive than any other Crypto currency, the more value a commodity has the more the expenses, I belive bitcoin has the most transactions compared to other Crypto, that why the charges are high.

 

[Ralphjoe]

The reason why Bitcoin transaction keeps getting higher is that the price of Bitcoin is increasing,so these is giving the blockchain technology more heavy transaction to handle and the heavier the transaction, the higher the transaction fees.