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[NoLimits15]

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.

 

[Balint098]

Bitcoin fee is always fluctuating, yesterday the fee was 5,000 satoshi, now it's just 700 satoshi lol. Just gotta time your transaction for maximum result.

 

[Wisdom01]

View attachment 124491

Bitcoin fee is always fluctuating, yesterday the fee was 5,000 satoshi, now it's just 700 satoshi lol. Just gotta time your transaction for maximum result.

There is something I want to ask is it that those buying and selling of bitcoin is part of those fee (transact ion) or its just charged by the site you are trading on

 

[Balint098]

There is something I want to ask is it that those buying and selling of bitcoin is part of those fee (transact ion) or its just charged by the site you are trading on

I want to transfer my bitcoin to my blockchain wallet. And the transaction fee is ever changing based on bitcoin price. Some days agon when the price crashed below 9,000 the transaction fee increased, now after the price bounced back to above 9,000 the fee decreased.

 

[BrolySSJ]

Yeah bitcoin? transaction fee is substantial tho,thats why most times I search on sites that do exchange to other coin to complete the transaction i want to do

Yep that makes sense. I am going to start doing this as well in the future just to save some money on the transaction costs haha.

 

[SCAMEXPOSER]

View attachment 124491

Bitcoin fee is always fluctuating, yesterday the fee was 5,000 satoshi, now it's just 700 satoshi lol. Just gotta time your transaction for maximum result.

This is wide difference , I wish we could know the right time to send coins at lower transaction fee because I don't think this transaction fee deal with the price of Bitcoin

 

[Balint098]

This is wide difference , I wish we could know the right time to send coins at lower transaction fee because I don't think this transaction fee deal with the price of Bitcoin

It has correlation tho, when bitcoin price is below 8,000 USD the fee is 5,000 satoshi, but when the price spike above 9,000 the free dropped to 700 satoshis.

 

[SCAMEXPOSER]

Alright, so very likely the fee may be more than 700 Satoshi now that the price is arround $9153 because more people trading short time may want to buy more against $10000 rise as it as been trending for a while now.

 

[Balint098]

Alright, so very likely the fee may be more than 700 Satoshi now that the price is arround $9153 because more people trading short time may want to buy more against $10000 rise as it as been trending for a while now.

Correct. The higher the price the fewer the fee. Not sure about the trading part.

The current price of BTC.

And the coresponding transaction fee.

 

[highspeed]

Here from what I undestand by reading news:
Bitcoin fees increased following the third halving. On May 12, the average transaction fee reached $ 2.79, the highest in ten months, jumping further to $ 5.16 on May 14.
And this is the graph:

 

[bitforex22]

Here from what I undestand by reading news:
Bitcoin fees increased following the third halving. On May 12, the average transaction fee reached $ 2.79, the highest in ten months, jumping further to $ 5.16 on May 14.
And this is the graph:
View attachment 149552

Very correct so we can infer that the halfing has increased the supply so the holding and the fees alike has gone beyond 5$ in this regard but certainly blockchain can help us reduce the fees if we use minimum amounts for if we do not need quick transactions will save much of the fees spent

 

[highspeed]

Very correct so we can infer that the halfing has increased the supply so the holding and the fees alike has gone beyond 5$ in this regard but certainly blockchain can help us reduce the fees if we use minimum amounts for if we do not need quick transactions will save much of the fees spent

Indeed, Blockchain among other things is the Bitcoin wallet for excellence!
However, there are others such as Payeer, but on certain sites, this is however is not recommended.

 

[Josemendez]

I think that the current rise in Bitcoin can be attributed to the following , the halfing that happened in May , the turn towards cryptocurrency by many people in fear of inflation and the involvement of many top companies .

 

[SCAMEXPOSER]

It is likely that bitcoin transaction fee can only be reduced if the price becomes stable which may be when the blockchain network is not overloaded, it has reached $6 off recent.

 

[CrazySher]

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.

Yes bro the transaction fees of btc is so high in recent months I sent btc worth $4.85 but I got only $3.65 , they cut around 1.25$ as transaction fees.

 

[Josemendez]

It is likely that bitcoin transaction fee can only be reduced if the price becomes stable which may be when the blockchain network is not overloaded, it has reached $6 off recent.

Wow. First we were complaining of the high gas fee associated with ethereum and now Bitcoin has joined the train . All I can point out is that as a coin rises and many transactions happen , the fee is bound to rise as well

 

[Niftyicon]

Wow. First we were complaining of the high gas fee associated with ethereum and now Bitcoin has joined the train . All I can point out is that as a coin rises and many transactions happen , the fee is bound to rise as well

You are so on point. Many of us found succor in bitcoin away from ethereum and its very high gas fees, now we have the same dilemma on btc network.

 

[Josemendez]

You are so on point. Many of us found succor in bitcoin away from ethereum and its very high gas fees, now we have the same dilemma on btc network.

Yeah. Apart from the high transaction fee . Does this then mean that coins ability to rise will always trigger a corresponding rise in the transaction fee ?

 

[Niftyicon]

Yeah. Apart from the high transaction fee . Does this then mean that coins ability to rise will always trigger a corresponding rise in the transaction fee ?

Well, it seems that may be the case, not really sure about that. If we are to go by what we are seeing in bitcoin, the answer is yes.

 

[SCAMEXPOSER]

What makes the value of the coin to go higher is the volume of Investors most times and this cause the blockchain network to be loaded with transactions so scale of prefence comes in which leads to higher fee.

 

[Yugocean]

Now Paypal is also using Bitcoin, did anyone tried using Paypal and it's fees? PayPal fees is always controversial, however their BTC fees if counted same as fiat, then it would be much lower like (2.9% +30 cent value).