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.
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
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.
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.
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.
That could be the reason I think. The concepts of demand and supply could actually explain why it might have high cost of commission.
Yes indeed, whenever there is a high demand for something, its value increases .
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.