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

[Grandeur]

The high transaction fees are due to the increased activities on the bitcoin network. The best you can do is try several times of the day and you may just get lucky to get a favourable and cheaper rate sometime. Alternatively, you can work with the altcoins with lesser fees.

That's just how it is, Bitcoin has a large number of trading volume, many investors because of its long existence which makes the transaction fees more than others but I've noticed that the fees usually drop at night.

 

[Dagm1]

Not only payeer have high fee to withdrawal i use probit i don't know they have 25 $ fee when you withdrawal so i deposits 15 $ so i can't withdrawal now so that i invested that money

 

[eLdavis]

I can also relate to this as well, there was a time last year I wanted to send 15,000 naira worth Bitcoin to someone after making the transaction, the person showed me the screenshot, what he got was just 2,000 naira. They actually took 13k as transaction fee. I felt like crying.

 

[Toyoabasi]

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 transaction fees for bitcoin could be higher due to their increasing value. There are other coins with high transaction fees too. Is it not possible to convert your bitcoin to another coin with lesser transaction fees?

 

[HayKay]

This is the major reason why currency transfer is being done in more stable coins or those that have lower gas fees such as USDT which is particularly important because bitcoin is expensive and transacting it would be expensive as well.

 

[Lens]

I think that the technology adopted in the formation of the bitcoin is one of the contributory factor. The investors and the stakeholders in the bitcoin space have clamored for a bitcoin tap root. They believed it will address the transaction fee issue.

 

[Kaffyfolla]

Supply and demand influence the prices of most commodities more than any other factor. Bitcoin's market value is primarily affected by how many coins are in circulation and how much people are willing to pay. By design, the cryptocurrency is limited to 21 million coins—the closer the circulating supply gets to this limit, the higher prices are likely to climb.

 

[kayode10]

The cost of maintaining the decentralized system behind bitcoin is very high and this is the reason why the transaction fee is pretty much higher compared to the other coins in the marketplace. I only invest in Bitcoin but I use the other coin for transaction.

 

[Syldan]

The price of the bitcoin, to some essence determine the prices of it transactions. The rate to which people are engaging in bitcoin transactions, is very high compared to other coins.

 

[Ononivami]

I think it has to do with the high value of the bitcoin and also the technology behind it's creation could also be a contributing factor . Normally, it is expected that a higher transaction amount will attract higher fees.

 

[Sotherefore]

When the block chain network you are sending the crypto is congested , there is likely to be an increase in the transaction fee, and sometimes the higher the price of a cryptocurrency the higher the transaction fee.

 

[Lens]

The difficulty in the Block production on the bitcoin blockchain is a contributing factor coupled with the Proof-of-work that is been adopted. The congestion on the platform can also cause it.

 

[Syldan]

Actually I can't give an appropriate and exact explanation on the reasons why such happens but I the the reason maybe because of it high market value and also the forces of high demand and supply.

 

[Setho]

The number of blocks that can be he created in a single minute and also the conjunction of the network is generally what determines the fees that is going to be paid.

 

[Ononivami]

The bitcoin mining builds the block using the Proof-of-Work and this an energy consuming technology . This is the more reasons why transaction on the bitcoin blockchain often takes time.

 

[Busybee]

BITCOINS are made for security, they are great for storage of value. The Bitcoins algorithm is very complex and to protect the identity of the coin holders hence to enable a single transaction the data has to be approved across the network and this has increased the network fee and gas fee. Many other cryptos that came after Bitcoin saw this flaw and they tried to address it. Polygon and others are Layer 2 Block chain that functions above Blockchains such as Bitcoin to provide scalability and to reduce the gas fee.

 

[Lens]

The factors that caused the bitcoin humongous transaction fee is the blockchain technology that was employed. The only blockchain technology caused the high transaction fee.

 

[Sotherefore]

Normally as the value of bitcoins increases , the congestion of the Bitcoin network increases too. Normally when there is a high transaction volume the price for transaction with bitcoins will increases.

 

[Ghost]

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 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

 

[Ezekiel]

Well I do not think the transaction fee of Bitcoin is higher than any other I feel it is based on individual the exchange platform,some platform has a high transaction fee while some doesn't