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

[Emmado]

Bitcoins is not cryptocurrency with the highest transaction fee, I understand ethereum is the only cryptocurrency with the highest transaction fee, it depends on the blockchain network and the condition of the network.

 

[Ub40]

I have been wondering too why bitcoin fee is so high compared to other coins transaction fees. And the worst part is that it almost in all the platforms. To me, I think it is because of its popularity and the high rate of usage. This is just my thoughts though.

 

[Heatman]

Seriously for the fact than the transaction fee of Bitcoin is very high it actually made me to stay away from doing any transaction with bitcoin rather I prefer making my transaction using Litecoin.

 

[Aaron625]

That maybe because bitcoin is high in value than other coins , and also bitcoin is the oldest cryptocurrency and more people have invested in bitcoin than other coins. Thats how the demand of bitcoin increases so does the network congestion and hence the transaction fees higher than other coins.

 

[Heatman]

Well, for the fact that bitcoin is the most expensive cryptocurrency in the world makes it very easy to understand why it's got higher transaction fees when compared to other coins.

 

[gammarays]

For me I think it's the cost of mining and the number of transactions carried out daily. If the cost of mining is high,the cost of gas fees increases. Increased demand makes gas fees to be high too.

 

[Heatman]

Bitcoins is not cryptocurrency with the highest transaction fee, I understand ethereum is the only cryptocurrency with the highest transaction fee, it depends on the blockchain network and the condition of the network.

Well, for the fact that the cryptocurrency Bitcoin is the most expensive cryptocurrency ever in the world today, it's not really a thing of surprise it's got higher transaction fees.

 

[Hena101]

I think the reason is because bitcoin is the most sought coin in the market everybody want to buy or sell bitcoin at anytime so this make it transactions charges to be higher than any other coins.

 

[Dasarrick001]

One of the major factor that makes bitcoin to go higher is the law of supply and demand the demand for bitcoin is so high.
People use it to trade that is why is more higher compared to any other coin and after all is the first coin that's the father of all coins.
It was the first coin that came out and people were minning it then and is from there that were able to get all the coins like the litecoin and the rest.

 

[Nomad]

The cost of transaction for any crypto currencies is not absolute. There are various factors that influence the transaction cost, for example the amount to be transacted, the network congestion, etc.

 

[delnovem]

To my own knowledge I guess because it is the first to be introduced and many are used to it before the invention of other crpyto

 

[Bousine123]

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's owning to the fact that it happens to be the very first cryptocurrency tender in the world. Other crypto denomination are trying to meet up, so theirs might be lower.

 

[Hena101]

The factor that make bitcoin transaction charges to be higher is because bitcoin is the most sought coin now everybody want to invest in it.

 

[Sincerem]

I think it's owning to the fact that it happens to be the very first cryptocurrency tender in the world. Other crypto denomination are trying to meet up, so theirs might be lower.

Somehow agreed with you. Bit the main reason why the price of BTC is so high is due to the fact that the coin is highly on demand. In order to process those coins moving out from the blockchain miners needs to be compensated better.

 

[Rhapsody]

As price of bitcoin increases so will the transaction fees also increase. When we go back in time. We will noticed that the transaction fees always increase as the price of bitcoin increases.
I have once send bitcoin with very low transfer fee as low as 100 satoshi per transaction back then when bitcoin price was 300 USD.

 

[Elfinito]

Bitcoin is on the high demand, it is the currency that big companies and individuals uses for transaction now, so small traders will always find it difficult to trade with it because as the demand is higher so does the price

 

[ahmedo24]

I don't think any coin in the crypto-currency market has a market capitalisation of 1 trillion dollars with a very huge daily trading volume so you can imagine with this kind of statistics the transaction fee for bitcoin will definitely be higher.

 

[Sotherefore]

I don't think any coin in the crypto-currency market has a market capitalisation of 1 trillion dollars with a very huge daily trading volume so you can imagine with this kind of statistics the transaction fee for bitcoin will definitely be higher.

Yes when there is so much engagement in bitcoin's blockchain then there is a high possibility that the transaction fee of the cryptocurrency will rise, That is just a normal role in cryptocurrency.

 

[Senator]

As the price of the Bitcoin gets increasing by the day, the transaction fees too will keep increasing along with it too. That's what makes the price of the transaction fees to go up

 

[ahmedo24]

As the price of the Bitcoin gets increasing by the day, the transaction fees too will keep increasing along with it too. That's what makes the price of the transaction fees to go up

you know when the price is high there's every possibility that the trading volumes will be high which will make the blockchain network to be very busy thereby making the transaction fee to go higher.