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❕NEWS Bitcoin Transaction Fees Are SO High In 2020

NoLimits15

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Bitcoin transaction fees have increased to at least 2213% by the start of this year. This is due to the fact that more people are making bitcoin transactions now than ever, which means more space is needed and thus the fees rise to given the miners more reward. The transaction fees are now around $6.64 which previously was extremely low.
 

Brain

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I think transaction fees have always been high though depended on the wallet in use. Well, the miners will need to make profit but this shouldn't be to the detriment of users to avoid untold stress.
 

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The transaction fee of $6.6 is extremely high, this has made it difficult for me to even run bitcoin transactions, I may likely opt for litecoin or doge coin.
 

Emoney

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Pretty sure part of the reason is the halving event which slashed the miners profitability and the price itself. If the price is higher then the transaction fee can be lowered.
 

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If it is the effect of the Halving does it the transactions has come to stay and the possibility of it been lower as it use to be is very slim? $6.6 is scary.
 

funkymoney

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When bitcoin was introduced it was marketed as low fees and it being decentralized. also instant payments. But today the fees are high and governments are tracking bitcoin and may legalise it in future
 

microunit

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When bitcoin was introduced it was marketed as low fees and it being decentralized. also instant payments. But today the fees are high and governments are tracking bitcoin and may legalise it in future
well tons of people are now using it and blockchain traffic now is huge unlike before, well I guess that's a good thing for bitcoin and the miners, but some governments might just use bitcoin for their own good
 

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The different companies that are adopting the use of blockchain technology couple with Crypto currency transactions taking place every seconds might over crowd the network heavily. The higher transaction fee is not making me to smile at all
 

microunit

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The different companies that are adopting the use of blockchain technology couple with Crypto currency transactions taking place every seconds might over crowd the network heavily. The higher transaction fee is not making me to smile at all
it might not make you happy or help you but it is a big help to the miners who are running the blockchain network, though sooner or later we might need more miners to run the blockchain
 

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I hope the transactions fee dropped so we can trade conviniently, it is through bitcoin that one can easily buy new coins to trade on, transactions fee could take a good part of the profit especially if one is investing smaller amount.
 

microunit

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I hope the transactions fee dropped so we can trade conviniently, it is through bitcoin that one can easily buy new coins to trade on, transactions fee could take a good part of the profit especially if one is investing smaller amount.
all transaction fees in exchange and trading website and apps are fixed at high though, even if the bitcoin traffic is low and fees low they don't really affect the fees in those websites
 

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Wow!! It mostly affect wallet to wallet transactions then ?! If yes i will love the transaction fee also get reduced cos I use crytpo currencies to cash out my earnings in various site.
 

KarthikP

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Exchanges have a standard fees , most of them have around 0.001 BTC. And in some wallets like blockchain and trust , you can set your own priority to send the transaction
 

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Just a little time ago I had to transfer some little amount of bitcoin for some business purposes as a verification activity but I simply could not because the transaction fees were too much high and that I was going into loss on the airdrop deal because it was an airdrop I was dealing
 

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Do you mean money transactions, from Blockchain sites to bank account or credit card?
I have idea, those have increased considerably everywhere, on every wallet, not only for Bitcoin.

One of the reasons this fees are high is because bitcoin mining is getting harder every day and many people at the start of 2020 were looking forward to bitcoin halving which did not show any good change on the value
Calculating that on a certain day in March, Bitcoin has suddenly HALFED its value!
Many think, the dramatic Coronavirus pandemia (covid-19) has certainly had an influence.
Do you agree on this point of view?
 

Emoney

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Calculating that on a certain day in March, Bitcoin has suddenly HALFED its value!

on 12 March if I recall correctly, yup bitcoin suddenly facing massive drop to below 5,000 usd.

Many think, the dramatic Coronavirus pandemia (covid-19) has certainly had an influence.
Do you agree on this point of view?

Yes, I think corona has affected bitcoin because at that time countries are starting to impose lockdown and the world economy bottomed.
 

highspeed

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on 12 March if I recall correctly, yup bitcoin suddenly facing massive drop to below 5,000 usd.



Yes, I think corona has affected bitcoin because at that time countries are starting to impose lockdown and the world economy bottomed.
Well, despite many discussion about this topic, at the end of the fact, I'm more than ever convinced that this was an influence on its value.
 

Josemendez

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Although the transaction fee for bitcoin has increased, I have never been charged close to 5$ for any bitcoin transaction this year . the most I have transacted was with a fee of 2$ . and most times , the fees is a function of the price of bitcoin, when bitcoin is high , the fees goes high .
 

angelie01

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as i observe since this year. the fees in bitcoin not really high. sometimes high and sometimes goes down. it depends on the time and day. no permanent
 

highspeed

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I'm sorry. Can I ask you what you mean by commissions (or fees) in Bitcoin?
Maybe the Bitcoin / $ (or other real currency) ratio, or instead other fees, like withdrawal transaction?
Thank you.
 
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