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

[Debola]

Network Congestion on the Blockchain Competitively 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). ... As a result, miner fees skyrocketed

 

[Sheyemanu]

I have to say, 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. I hope this helps

 

[Adetayo100]

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

The factor that made bitcoin transaction fee to be higher than other is the fact that Bitcoin is the most popular crypto currency and it is widely used and accepted all over, so therefore it makes sense if the fees are higher than others.

 

[Ayokex]

I think bitcoin transaction fee is higher because of it's high value and it's worth. It's just when a rich and an average man meet in a retail supermarket, the same item that was sold for an average man for $5 can be sold fora rich man at $50. This is because of the value placed upon the coin.

 

[Tariq Shehzad]

Not exclusively does Bitcoin (BTC) charges commissions keep on rising. the equivalent for Ethereum (ETH) are doing likewise!

It is clarified how this is the cost to pay, to have a really decentralized framework that is likewise the most secure organization on earth.

 

[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.

 

[Billy]

It is simply because currently BTC is the most Ubiquitous coin among all the cryptos. Meaning it is faster to approve the transactions, thus more efficient in quick transctions than the other coins. Also, it has a wider use case. Thus more expensive transaction costs.

 

[Sincerem]

It is simply because currently BTC is the most Ubiquitous coin among all the cryptos. Meaning it is faster to approve the transactions, thus more efficient in quick transctions than the other coins. Also, it has a wider use case. Thus more expensive transaction costs.

Had it been BTC transaction fees is at reduced cost, many could have traded it more than the current stand. The gas fee attached to it, have made little investors to seek lower coins with lesser gas fees to invest on, in order to cut down transaction fees.

 

[Justin]

The transaction fees for bitcoin, or any other crypto currency for that matter, is a minor fee. Bitcoin mining takes a lot of resources, therefore, the increase in the expenses for mining is also translated in transaction fee.

 

[Mostee501]

I believe that one of the factors that makes bitcoin transaction fees to be high is due to the government's regulatory changes about the cryptocurrency world and this can affect transactions when converting your digital coin value to your local currency.

 

[Samuel77]

I believe this Bitcoin transaction is more higher than other crypto currency transaction because bitcoin has more demand in the marketplace than other cryptocurrency

 

[Eodine]

One major factor why bitcoin transaction fees is high is because of the numerous amount of requests for bitcoin on the block chain which makes miners charge heavy for processing it, but wait, how can one withdraw bitcoin from luno now.

 

[Victor72]

I believe the main factor that made bitcoin transaction feel higher than other come is because Bitcoin is the most popular cryptocurrency.

 

[Dery]

It's simple. Everyone wants to own some and as such the price increases along with the transaction fees. It's more of laws of demand and supply to me

 

[Queentener]

I think it's because of the value it has and because it's the most sort after coin, the traffic the coin has might also be the cause of the high charges.

 

[Hopey]

I don't really know why this prices are on a high side but one thing i know is that it is being influenced by certain individuals and the price is way too much

 

[Victor001]

Bitcoin volatility nature, as a lot to play for this, and also the transaction is quite fast,not like some coins that need a lot of confirmation, stable coins are good for transfer.

 

[Fizzy_boi]

I can't really say it this factor actually but I believe bit increase with it demand as a fraction in business being .It because people actually wants it .

 

[Felixko]

Bitcion transaction fee is always high due to the rare of it and the number of people buying it. Bitcoin transaction keeps getting higher when the price of bitcoin is high.

 

[BrolySSJ]

Bitcion transaction fee is always high due to the rare of it and the number of people buying it. Bitcoin transaction keeps getting higher when the price of bitcoin is high.

I don't think that the transaction fees are actually related to how rare a cryptocurrency is Godfather the traffic that is on the blockchain at that point in time. That is why you will notice that the transaction fee of Bitcoin does change over the course of the day.