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

[Sincerem]

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

That is another factor that makes the transaction fees to go high. People tend to be transacting around this coin a lot, making countless request that makes the blockchain slow in processing transactions as such making the gas fees to go up.

 

[Nurudeen]

I think the major issue that is making the price of Bitcoin to go up is that they price of each crypto currency is used to measure or determine the transaction fee of each sales or purchases made with the coin. We all know that Bitcoin still remains the most expensive coin so that's why it's transaction fee is high

 

[Thosynho]

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.

Well I really can say the reason for such high transaction fee. I think it is not only Bitcoin that has that High transfer rate. Ethereum too has sometimes. For instance I lost my bizdustry earnings last weekend because I wanted to use ethereum wallet and the fee is too hight.

 

[Lyrrex]

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.

 

[springtech]

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 can't help but laugh first. This is not funny at all. I have experienced this so many times. It's so annoying.
Well, i think it is the miners charges that makes it high. Even though it's not fixed. It keeps changing from time to time. But one good way to keep the fee low is to choose normal transaction and not priority .
Priority transactions are faster but cost more. They can drop in the recipients wallet in few minutes to hour. Unlike normal transactions that can take over 24 hrs.

 

[Olubayo12]

That is another factor that makes the transaction fees to go high. People tend to be transacting around this coin a lot, making countless request that makes the blockchain slow in processing transactions as such making the gas fees to go up.

honestly speaking, I was reading about transactions fee on luno yesterday and I discovered that a lot of high volume of bitcoin is being transacted almost every time and that is why priority fee is if you want your coin to be delivered fast.

 

[Damscooguns73]

Concerning what factor made bitcoin transaction fee higher than the other cryptocurrency coin. Well, we all know the cryptocurrency coin bitcoin to be the world first and leading coin presently due to it high price it has risen to in the market. I belive because it is the coin with the highest demand and supply so the transaction fee too has to go higher also

 

[Sincerem]

I think the major issue that is making the price of Bitcoin to go up is that they price of each crypto currency is used to measure or determine the transaction fee of each sales or purchases made with the coin. We all know that Bitcoin still remains the most expensive coin so that's why it's transaction fee is high

The price is high we know that, it also causes the gas fee to be high too. Apart from that, we know that Bitcoin is sort after coin that is why the gas fees is high. Those that request transaction process is very much bigger when it concerns Bitcoin, that made the price to go high too.

 

[Dowenship]

I don't even know for them! Maybe because of there high investors or because they are the first and higher bidding cryoto currency in the world. But something need to be done to that fee is too high.....

 

[IamDozzy]

Due to the fact Bitcoin gained traction and popularity as the face of cryptocurrency before other cryptos. These factors worked in the favour of Bitcoin making it the King of all cryptocurrency. It's important to note that Ethereum is catching up with Bitcoin and would soon be set for a major showdown with Bitcoin. For now Ethereum is the 2nd in command of a cryptocurrency.

 

[Alexandoy]

Now it is getting clearer that the digital wallet is taking advantage of the hype of Bitcoin and other crypto currency. I really wonder why people are joining the bandwagon of buying the digital coins. Is that in the prospect of earning a profit? If the trading of crypto is really profitable then there wouldn't be losers. But there are many losers, have you asked people about it? Anyway, the fee for the crypto transaction increases because of the hype of the crypto. If you stop using crypto for your withdrawal then the fees would go down.

 

[Usman Sattar]

Every bitcoin transaction must be added to the blockchain, the official public ledger of all bitcoin transactions, in order to be considered successfully completed or valid. The work of validating transactions and adding them to the blockchain is done by miners, powerful computers that make up and connect to the network. Miners spend vast amounts of computing power and energy doing this for a financial reward: with every block (a collection of transactions not exceeding 1 MB in size) added to the blockchain comes a bounty called a block reward (currently 12.5 BTC), as well as all fees sent with the transactions that were included in the block.

 

[nasiusman95]

The main reason for high bitcoin miner fees is supply and demand. The bitcoin block size is 1MB, which means that miners can only confirm 1MB worth of transactions for each block (one every ten minutes). If the number of transactions waiting to confirm exceeds what can fit in 1 block, bitcoin miners choose to confirm the transactions with the highest bitcoin miner fees.

The year 2017 was a good example of high miner fees. For all of 2017, the number of bitcoin transactions people wanted to make every 10 minutes exceeded what the 1MB block size could handle. As a result, miner fees skyrocketed.

 

[Asad Ali]

I assume its success is one of the factors that influence the fee. It has earned enormous added value as the first and oldest, making it more valuable than gold. Mining bitcoin consumes a great deal of power and the trading applications themselves benefit most from BTC trading. By selling it for a high price, a comparatively higher price is also paid per exchange by BTC, the world's leading cryptocurrency.

 

[Olaoluwa Abraham Abiodun]

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.

 

[GIFTMICHAEL]

Well Bitcoin transaction fee is higher than any other transaction fee during transaction. This factors maybe as a result of too many people making use of the platform to make transaction. When you check the rate at which people makes use of other coins for transaction it is not like Bitcoin transaction.

 

[WhiteHouse]

The feee Schedule of most exchanges are intended to forestall small brokers and exchange bots from stopping up trades and subsequently corrupting the experience for everybody.

Since numerous exchanges have a bigger number of clients than they can uphold, their center is to give the most ideal experience to their high worth clients thus the expense plans are normally intended to debilitate miniature trades and empower bigger trades.

 

[Henrywrites]

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 what many of the Bitcoin traders are facing on a daily basis. I don't understand the reason most of the top investors in Bitcoin has decided not to speak on that issue of high transaction fee as if they are happy that it is like that. Something needs to be done as others coins charge lower to carry out certain transactions.

 

[Debola]

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.

 

[Yewande]

Network Congestion on the Blockchain actually raises Fees. The main reason for high bitcoin miner fees is supply and demand. The bitcoin block size is 1MB, which means that miners can only confirm 1MB worth of transactions for each block (one every ten minutes).