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

[Sincerem]

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

Hmm, that is extremely high for transaction. Paying $15 for $75 worth of coin is ridiculous. I don't think its worth it, i don't see any reason for such charges. Exchange platforms should charge for fees based on the amount to be sent, not setting the gas fee randomly for all transactions.

 

[Jomarie05]

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.The cost of producing a bitcoin through the mining process.

 

[Iamsodex]

I think this is due to the congestion in the Bitcoin network and with lots of traffic on the network, confirmation will be very slow, that way you need to set higher has had fee or transaction fee to speed up the confirmation process. I hope it is rectified soon because most people might swap their coins for other coins.

 

[Sincerem]

I think this is due to the congestion in the Bitcoin network and with lots of traffic on the network, confirmation will be very slow, that way you need to set higher has had fee or transaction fee to speed up the confirmation process. I hope it is rectified soon because most people might swap their coins for other coins.

Yeah, that maybe the case of it. The high level of transactions going through its blockchain made the fees to be high. When the number of sent transaction is higher and the number of miners at the moment is not much, the transaction fees will be high. That will enable the miners to process the transaction faster.

 

[Im Nayeon]

Every time you send value over the Bitcoin network, you should include a small fee for miners. ... With Bitcoin, however, the ideal transaction fee is determined by the amount of data that makes up a transaction. Contrary to what many people believe, the value of the transaction is not what determines the size of its data

 

[mcjerry]

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.

You are right. And also as the difficulty in mining increases it also increases the transfer fee.
Bitcoin is the first coin. From when I started using bitcoin, it started at 100 satoshi per transfer. Now it is high.
Another thing is the price . As the price moves up so also the Transfer fees

 

[ansahweh]

I think the main factor is popularity and population. The demand for bitcoin is higher compared to other cryptocurrencies. From simple economics, when demand is high, price is high and service is also high. It’s therefore not surprising to learn the high service charges.

 

[Emma Aneni]

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 .

 

[Osaz96]

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 think it is so high because first bitcoin was the first crypto currency before other ones came it, also in the past year bitcoin has risen tremendously high, higher than any one thought it will ever go so I think as a result the transaction fees are higher. But I also think that fee is peculiar to payeer

 

[Dowenship]

I' will keep on saying this: if bitcoin are not careful of reducing their transaction fee, they might loose traders in the coming years, imagine you saying u left your coin in your wallet due to frustration. Which is annoying for traders and other altcoin is less which will encourage traders to trade with.

 

[ahmedo24]

I' will keep on saying this: if bitcoin are not careful of reducing their transaction fee, they might loose traders in the coming years, imagine you saying u left your coin in your wallet due to frustration. Which is annoying for traders and other altcoin is less which will encourage traders to trade with.

There is difference between bitcoin Investors and traders, the traders pay very little fee to trade bitcoin because they swap bitcoin with to USDT or USDC easily but those Investing or buying bitcoin to wallet pay such high fee.

 

[Chibson]

Bitcoin is definitely the most valued cryptocurrency out there. So, the reason may not be far-fetched to the fact that it's transaction fees is higher than other cryptocurrencies. Bitcoin, is definitely very volatile, that may be another reason and any fall in price may amount to a huge loss.

 

[redpogi16]

The factors that affect the transfees of bitcoin is butcoin itself. Because we know that bitcoin has a very high value in market so the transfer fees is also high. So i suggest to you when you are going to transfer you bitcoin convert it to other coin with low value so the transfer fees is also low.

 

[chicnthin]

It's probably because bitcoin has a high value and its price has been increasing, so i think it only makes sense that the transaction fees are high as well. There are more reasons that I don't know, perhaps it has something to do with the blockchain.

 

[Sotherefore]

bitcoins transaction fee is determined by the numbers of transaction going on in a particular block chain of cryptocurrency,since bitcoins and ethereum is the best cryptocurrency the transaction fee for both of them will be higher because they are the most valuable cryptocurrency

 

[Jlife]

I don't think cryptocurrency like bitcoins as the highest transaction fee in the system there is a cryptocurrency with much more higher transaction fee,example of the cryptocurrency and talking about it is ethereum because the transaction in his own blockchain is higher than that of bitcoins.

 

[Olubayo12]

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.

We all should know that the transaction fee for processing bitcoin is high due to the high volume of bitcoin being carried out regularly by peoplez so before a transaction can be processed very fast, it has to be done with priority

 

[Chumzy]

I think it has to do with the level of transaction that come from bitcoin alone. Most people want to buy bitcoin before thinking of investing in any other coin. That plays a key role so exchanges and wellets use that to make as many profit as they can.

 

[Abdul Naveed]

In contrast, bitcoin prices are affected by the following factors: supply and market demand for bitcoin. Cost of making bitcoin through mining process. Rewards issued to bitcoin miners for verifying transactions in blockchain. Number of competing cryptocurrencies.

 

[Elizaukpe]

bitcoin is affected by the demand and supply in the market, most merchant prefer doing trade using bitcoin because it has made a name for it self and also its common amongst people. and most time people go for coin that have tendency to bring profit at a very short time.