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

[Ceeny007]

I think the reason why Bitcoin transaction fees are so high is because the coin is of high value so they charge according to the value

 

[Setho]

This is something that also I made me a lot because at the beginning of last year bitcoin transactions fees was not much but towards the end of the year it was almost impossible to send something through Bitcoin.

 

[tyrim88]

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.

One of the reason from my observations about the high cost of transaction fee in bitcoin is because of the value of bitcoin in the market,and it has a huge volume of trade in the cryptocurency market.

 

[Sincerem]

One of the reason from my observations about the high cost of transaction fee in bitcoin is because of the value of bitcoin in the market,and it has a huge volume of trade in the cryptocurency market.

Did you get the news that, BTC is more valuable in marketcap then Facebook st the current? It is now very much in-demand now, even when others are still feeling disillusioned around it.

 

[tyrim88]

Did you get the news that, BTC is more valuable in marketcap then Facebook st the current? It is now very much in-demand now, even when others are still feeling disillusioned around it.

This is really a good development about the value in the bitcoin cryptocurency.I know that a lot of persons would have been frightened by the decision taken by china.But bitcoin still bounced back.

 

[Sincerem]

This is really a good development about the value in the bitcoin cryptocurency.I know that a lot of persons would have been frightened by the decision taken by china.But bitcoin still bounced back.

Lots of persons where frightened when Chinese government banned BTC activities in the country. But here today, BTC is moving up, and it has crossed $50,000.

 

[Comfort]

Bitcoin is telling leading crypto currency with a good market value and widely accepted by lots of big government and individuals and with it limited supply, the price of it's transaction would always be higher

 

[Jhayms07]

I really don't know why it is high but it should be because of the volume and the total supply and the fact that the transaction is done almost on a daily basis

 

[Blessedsam60]

Bitcoin remains the first ever coin to be made and it's value increment daily is a thing to debate with. One of the reasons why the charge transaction rate is high is likely the harsh rate...

 

[Hojo]

I think the transaction fee keeps increasing based on how the coin also increase but since you said it also increase when the coin increase too .., I think it's because of the fame

 

[Sotherefore]

Lots of persons where frightened when Chinese government banned BTC activities in the country. But here today, BTC is moving up, and it has crossed $50,000.

Yes all these things was just to make the price of bitcoins to go lower so that a lot of whales investors in the crypto space can have an opportunity to buy it at the lowest price as possible. All these things are done to frustrate smaller investors

 

[Ezekiel]

Well I feel that the transaction became higher based in the fact that the coin has a higher value,even as we speak Bitcoin has the highest value in digital marketing

 

[Blessingedidiong]

The reason why Bitcoin has higher transaction fee is because of its high value in the market and also the high demand for Bitcoin.

 

[Setho]

The transaction fees of the Bitcoin network is usually being decided by the heart rate at that particular rate and time and also how busy the block chain is. That is why it is not advisable to transfer when there is a high trading volume .

 

[kinqzbitz]

I feel because it was the first crypto to ever exist so it definitely has edge over the others that’s why it’s transaction fees are higher

 

[Seno inyang]

High demand.
Currency value.
If a coin has a high token supply with little demand, then its value will drop.

 

[Kingstone]

I have not experienced this belfry because I used to sell in a stable coin like USDT. It is relatively safe. Even when I do get paid on sites like this, I make sure I exchange them for USDT when it is above $10 worth.

 

[Skysaint]

I too don't really seem to understand. I would have thought that it's because it's the leading crypto currency and also of high value but then there are other high value coins like litecoin that has low transaction fee that some low value coins

 

[Thinker009]

I think it's the high transaction rate and more demands for Bitcoin ,as it contributes to the high fee , but I think there is now lightening network to make the fee more cheaper than ever

 

[greenie]

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.