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

[Heatman]

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.

I would really know exactly why the transaction fee for bitcoin is that high but it may simply be because of the the status of the coin in the world today. It has staked its claim as the most popular cryptocurrency in existence, so it's being affected all way round.

 

[Adeyoola7]

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.

 

[Heatman]

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

Even before now that the price of bitcoin is at $37k plus, when it was relatively below that price, its transaction fees was still high. It kept getting higher by the day as the worth of the cryptocurrency kept going up. My question is who benefits from this the most?

 

[Sincerem]

I would really know exactly why the transaction fee for bitcoin is that high but it may simply be because of the the status of the coin in the world today. It has staked its claim as the most popular cryptocurrency in existence, so it's being affected all way round.

Not only the status of the coin, but the number of transactions to be processed at same time made it to go bumper. Because when the number request is very much bigger it turns workload to the few miners around to process it. So that will take effect on affecting the price the price of transactions.

 

[shakky2]

what made Bitcoin the most sought after is the fact that it has been in existence before others and most people feel it's safe,tested and trusted to deal with

 

[Adam13]

I think one of the factors affecting the fee is its popularity. Being the first and oldest, it has gained tremendous value overtime making it more precious than gold. Mining bitcoin consumes a lot of power in its own and those trading apps themselves get most of their profit from trading BTC. BTC is the world's leading cryptocurrency and by trading it at a High price, you'll also be charged a relatively higher price per trade.

 

[Damismiling]

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

I think this is likely the cause of that, the rate and the demand of Bitcoin is high and this is why it requires a bigger amount of transaction fee, you can exchange the coin to a cheaper coin first then make the transfer, with this the transaction cost should be reduced I think

 

[Ridorz]

The only reason I see and to say about a Bitcoin high fee charged is that Bitcoin is the best and higher value coin that already gain a good reputations of wealth trading. Bitcoin is coming to the extend that it won't be affordable for poor people.

 

[Klashlly]

factors made Bitcoin transaction fees to be higher than other coins​

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.

 

[esan]

Let me start by saying that there is a subtle difference between price and Value. I have to point this out, right off the bat, otherwise my answer will make no sense to you at all. Price is what you pay for a commodity. Value is what you get from it. So I’ll answer two questions, what adds value to a cryptocoin, and what drives up the price. For a coin to gain value, it needs to solve an existing problem. Most want to, at some point, use it as money, and maybe extend the ability to build smart contracts on top of this.

 

[joy101]

I think the reason why bitcoin transaction keeps getting higher is that the price of bitcoin is increasing, that's why is giving blockchain technology more heavy transaction to handle and the haevier transaction the higher the fees.

 

[Iamsodex]

You are not the only one experiencing this at the moment, That is due to the congestion on the block chain network currently. There's been a major breakthrough in continuous rally for btc and more investors and traders come in everyday to make money out of this current trend so the network is so busy at the moment you need quite a large and sometimes unreasonable amount of btc for transaction fee.

 

[Naz Noshin]

I think that demand and popularity of bitcoin makes it's fee high.Some people will take my this opinion as fun,but it's true . You can see that Etherum fee is also high because it is getting progress like bitcoin. And other Cryptocurrencies fee is not high as they are cheap. All those cryptocurrencies which have high value ,have high transaction fees.

 

[gammarays]

That's an issue we're currently facing with Bitcoin. I had to receive payment in payeer instead of Bitcoin because of its high transaction fees. I think it's because of the high cost of mining Bitcoin because of its demand. Mining is one of the main factor that affects transaction fees. Better to exchange to other tokens like Tron or transfer between same exchange.

 

[shakky2]

the factors involved in the increament of Bitcoin is that it has been in existence for a long time and it is as well the most sought after of all crypto currencies. it also has more value in trading than other lower crypto currencies and the fact that all other currencies depend on it is also an advantage

 

[Adetayo100]

Bitcoin is more accessible, with moreexchanges, more merchants, more software and more hardware that support it. Bitcoin is far more liquid, with much larger volumes thanevery altcoin. Bitcoin has the largest developer ecosystem with more software and moreimplementations than any altcoin.

 

[BrolySSJ]

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.

This is an incredibly high transaction fee for moving funds from one Bitcoin account to another. And if it is more than you are actually willing to transfer then the viability of actually making this transaction is very low. The main reason that Bitcoin transaction fees get so high is that there is a lot of traffic on the network at that point and therefore the higher the transaction fee the greater your priority on confirming your transaction. Honestly it is one of the things that discourages people from using Bitcoin as a coin that is able to transact and be used to purchase stuff. Can you not perhaps rather convert it to another coin and then make the transaction?

 

[Sincerem]

This is an incredibly high transaction fee for moving funds from one Bitcoin account to another. And if it is more than you are actually willing to transfer then the viability of actually making this transaction is very low. The main reason that Bitcoin transaction fees get so high is that there is a lot of traffic on the network at that point and therefore the higher the transaction fee the greater your priority on confirming your transaction. Honestly it is one of the things that discourages people from using Bitcoin as a coin that is able to transact and be used to purchase stuff. Can you not perhaps rather convert it to another coin and then make the transaction?

That's true their are too many traffic that is making it to increase its gas fees. A lot of people seem to be processing transactions at same time. It will require higher transaction fees to encourage the miners to process their coins at that time.

 

[BrolySSJ]

That's true their are too many traffic that is making it to increase its gas fees. A lot of people seem to be processing transactions at same time. It will require higher transaction fees to encourage the miners to process their coins at that time.

Especially when it comes to the High prices that we are seeing for Bitcoin at the moment people are constantly engaged and buying the coin and selling off the coin as well. Therefore, there's always traffic that will be on the Bitcoin network. And to be honest as much as Bitcoin is the leading cryptocurrency and the most used, I believe that the network on which it is based is still not adequately equipped in order to manage these high level of transactions and that is why we see high gas and transaction fees. Hopefully this can be an issue that is addressed in the future.

 

[Akinwale701]

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.

I have observed this as well but what I discovered is that if you're sending to a wallet of the same nature - Block Chain to block chain, for example or Paxful to Paxful, it's always cheap and very low but sending to other wallets, the fees are always extremely high. I sent just 75$ bitcoin to someone using IndoDax wallet and Paxful charged me 15$. Imagine that