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

[Sincerem]

I believe Bitcoin knows they are the best cryptocurrency out there and no matter what fee people will always pay. New and upcoming project try to reduce their fee as low as they can so as to attract people

It now depend on the network, any cryptocurrency that belongs to the smart chain will always have a lower transaction fee and that is one of the reason the binance coin is increasing because of its lower transaction fee and all cryptocurrency are trying to join it.

 

[Robust]

Well I do not know any factor that increases transaction rate but I do know that there charges put on some wallet once you want to make any payments online.

 

[Sotherefore]

Bitcoin is a very huge cryptocurrency in terms of the market cap. I just believe that the transaction fee of bitcoins is quite cheaper because if it was a cryptocurrency like ethereum, the transaction fee will definitely be more than that.

 

[tyrim88]

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.

That is a good idea i have just gotten about the reason for the high transaction fees expecially on bitcoin,but how about the issue of time zone in other locality

 

[Sincerem]

Well I do not know any factor that increases transaction rate but I do know that there charges put on some wallet once you want to make any payments online.

From my observation the charges in almost every cryptocurrency wallets and exchanges are almost the same as a particular period of time . When there is decrease in the price of cryptocurrency there is likely a decrease in the price of transaction fee. That is what I observed.

 

[Honny143]

some exchanges also apply high withdrawal transaction fees such as the Yobit exchange, so I first exchanged Bitcoin with altcoins to avoid high fees,

Iam also one of the user of yobit as like you said yobit charges really high fees when we withdrawal in bitcoin, that's the reason I am also use this same trick, I mean first I transfer bitcoin in ltc then transfers ltc in another wallet,bitcoin blocks bigger then other coins blocks, so they takes much time to transfer data, so that's the reason btc miners takes high fees.

 

[Nat]

Poor internet connection. Poor timing of speculation. System errors. Bugs on the trading platform. Spams . Delay in payments. Others included

 

[Imran_Noori]

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.

Many factors have effect on transaction fees of Bitcoin and other cryptos but I think proof of work is one of those factors which increase the gas fee.

 

[Bookwormlux]

I do not think bitcoin transaction fees is the highest

I still remember how Ethereum is topping the chart when it comes to transaction fees and I believe that up till now it's still the same.

 

[UsmanAmoyo]

Perhaps it due to the fact that it is the most requested, most known and most widely used cryptocurrencies in the universe.
And when their I high demand the prices usually elevates

 

[Setho]

You have to understand that the bitcoin network uses the proof of stake consensus and this is something that is not to be relatively slow especially when the network is congested.

 

[Genie01]

Perhaps it due to the fact that it is the most requested, most known and most widely used cryptocurrencies in the universe.
And when their I high demand the prices usually elevates

That could be the reason I think. The concepts of demand and supply could actually explain why it might have high cost of commission.
It as well applies to life generally speaking.

 

[UsmanAmoyo]

That could be the reason I think. The concepts of demand and supply could actually explain why it might have high cost of commission.
It as well applies to life generally speaking.

Yes indeed, whenever there is a high demand for something, its value increases .
And whenever that thing is no longer needed as before, it's value declines.

 

[Sincerem]

Nothing really much , I think it depends with the blockchain technology of bitcoins. It can also depends on it price and the congestion of the Bitcoin network . Those are the factors that mostly determines.

 

[Planbizzle]

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 magnitude of the Bitcoin blockchain is the main reason why Bitcoin transaction costs are greater than those of other coins. The amount of data involved in each transaction has expanded as a result of the network's expansion and rise in user numbers.

 

[Sincerem]

The magnitude of the Bitcoin blockchain is the main reason why Bitcoin transaction costs are greater than those of other coins. The amount of data involved in each transaction has expanded as a result of the network's expansion and rise in user numbers.

True. That is the reason we might see that the price and the transaction fee of Bitcoin seems to drop a little lower as the price of bitcoins decreases in value.
This clearly shows that has the price keep on increasing so the transaction fee will keep on increasing as well.