Bitcoin Forum

Why the transaction price of bitcoin so high? I honestly do not understand the reasons for such prices. All say that this is a fee to miners, but how much time need to a regular PC made all the necessary calculations, and their equipment is much faster. Can somebody explain why the transaction price is high, but if you take part in mining the minimal income?

because they are not high at all.
you have either never made a bitcoin transaction in last month or anytime before 2017 or you are using a horrible bitcoin wallet that is giving you bad advice for bitcoin fees.

currently you can make a transaction with lowest fee possible (some even reported 1 satoshi/byte) and get it confirmed in next block.

#EmptyMempool

I recently listed 0,07 bitcoin and paid for the translation 0,0009 bitcoin. I do not know is expensive or not. It seems to me that it is not too much, but if I transferred a smaller amount then the transfer fee would be the same, and this is a problem for those who want to shop in web stores.

The reason transaction price is high because the value of bitcoin has increased and also there are many new investors which slows the network and transactions with high fees will always be given priority.
If you have your coins on a wallet or any exchange you can't decide the fees as coinbase has a fixed fees , xapo has 2 options faster speed or standard fees , and default fees for all exchanges is 0.001 except for poloneix which is 0.0001. If you want to save fees the only way is using your own wallet and you can check the fees here : https://bitcoinfees.21.co. Don't keep it too low the transaction may end up never getting confirmed.

if you transfer a bitcoin you should transfer a big one because if you transfer small one the fee is the same and nothing we can do with that sort of in big amount of bitcoin transfer it will add up but not really big. Unlike those days that you cant feel the fee you can send all you want but not it is not. When it comes to online, the buyer will always shoulder about the fee and nothing we can do about it

I dont know also why the transaction of bitcoin is very compared to the last few years the fee is only 20k satoshi even you sent high amount. Today the amount of fee is depends how much you send and thats not good for us. And take note high fees plus slow confirm the transaction thats not good performance i hope the fee will become again 20k because if the price of bitcoin increase the fee ofcoarse will decrease that what I want happen.

Where have you living dude? Under the rock? Bitcoin transaction fee has been expensive before but now the network spam has stop so the transaction fee is beginning to lower as well. So to prioritized your transaction, you have to pay a high fee, but if you are not in a hurry, then pay transaction that you can afford, but just be ready to wait for long confirmation. You can go here to check what is the latest minimum transaction fee you can use:

https://bitcoinfees.21.co

I think fees is reasonable as of this moment. Also with the activation of Segwitx2, we expect that the transaction is faster and with having low fees. We have yet to witness after August 1 maybe or are they started already?

You don't know whether what you paid is high or not, yet you opened a thread for that purpose? I will suggest you compare the amount you paid now to similar payment some weeks back when the noise about transaction fees was the highest then you know whether its high or not. Similarly, I made some transactions some days back in which I paid the lowest fee and it confirms within 10 minutes which I feel is very fair to the miners compared to those high days.

Bitcoin transactions are in high demand now. If the network currently stays the way it is now right, we can only see the fee rising. Right now we all can just hope for proper scaling solution which is on its way for getting faster and cheaper transactions.

For me it is so high because the Bitcoin Cash, Bitcoin Unlimited, Bitcoin XT, Bitcoin Classic cartel is spamming the network in order to enforce their proposals, which are mainly destroying Core and increasing the blocksize limit.

High bitcoin transaction costs will be easier to confirm if you make transactions because the miners will be easier to break the block. Conversely, if the cheap transaction fee will make your transaction will require some confirmation, because the miners are difficult in breaking the block.

That is because you are going to be prioritize in the transaction traffic and regarding to upgrade of the system this coming August 1 there will be a event called segwit and it is the solution for the delay and traffic of the transaction, I think after that the transactions will be fast again and will gonna have a low fee.

This just shows that there are still a lot of bitcoin users who do not know how miners fee works and how it is computed and adjusted according to mempool. I think there is already tons of threads here discussing that so i will not explain it here anymore. But i advice op to at least learn the basics of bitcoin so he won't be surprised about this things.

Basically bitcoin is a victim of its own popularity. The more people join the network, the quicker the blocks get full. Each block can only contain a fixed amount of transactions, which means that during times of high network congestion (lots of transactions happening), fees will rise as the miners can only fit only an X amount of transactions. In such cases they also pick the transactions with the highest fees, this cause more delays and slow conformations. Fortunately Segwit2X is here, hopefully all that will be ancient history in 2018, otherwise we can forget about mass adoption with these high fees

Mempool have just a few backlogs compared to last couple of months were it experience a lot of bottlenecks because someone is spamming the network to cause traffic and to slow the network down. And as far as the fees, I think its fair that we are paying miners to make our transactions. So in order to "prioritize" it, certain fees must be incurred. This is the reason why we have Segwit to increase the blocksize. To ease the network so that bitcoin transaction can be quick will a minimum fee to pay.

No one is spamming the network. This was the case 2-3 months ago but after NYA it stopped.
This is the amount of unconfirmed transactions in the last 60 days:
https://i.imgur.com/SWbtyaF.png

Right now OP is wrong. Network congestion is low and the fees are perfectly normal. You can choose to pay a lower fee and your transaction will still be confirmed, which was not the case 2 months ago.

I don't think the transaction price fee right now is high at all, it is actually the right amount compared to its price a couple months ago. I'm not sure with the exchange site you are in but on our countrys' exchange site the transaction has an option to choose low, medium and high. Low for exchanges with low miners fee and takes around 4 hrs max to withdraw your money, medium for around an hour and high would be the highest with a much faster transaction rate and would withdraw almost right then and there but would cost around 0.001 miners fee.

I use for my coins Xapo. Today I sent payment. Chose a low priority to save money. The price was a little lower than 0.001 bitcoin and the transaction confirmation came after 4 minutes. Why then choose a high priority?

Many wallets and services offer very narrow fee size options, so you could be actually overpaying fees if the load on Bitcoins network is low. This is usually done to protect users from using low fees that would make their transactions stuck or even rejected. Try to always check https://bitcoinfees.21.co/ to chose the most optimal fees when you send a transaction. This site shows fees in satoshi/byte, so you need to know the number of inputs and outputs of your transaction, and then use the formula (in*180 + out*34 + 10) to get your size in bytes.

yes I am strongly agree with you that the transaction of the bitcoin is very fair and reasonable I don’t think so that bitcoin is taking and charging high transaction fees if we look at the price of the bitcoin as it is increasing very rapidly and it is very famous and relax currency as compare to the other fiat currencies so I think the transaction fees is normal.

I also experienced confusion in the issue of bitcoin transactions, we were forbidden to transact using a large fee because it will slow the transaction, but why now in the transaction must be with a large fee new transactions we can transport

on implementation of Segwit, it will be low transaction fees, faster transfer and more movement in bitcoin.

High bitcoin prices are due to increased demand for bitcoin in the community while the amount of bitcoin in the circulation is limited. In addition, bitcoin prices also increase along with the high specification for mined bitcoins. How long will they take depends on the specification of the device used.

Yes you are right the implementation of segwit the bitcoin transaction fees will goes to very low due o this many people attract to the bitcoin, and also now the transfer of bitcoin is very slow and l am also sure the transfer of bitcoin will be very fast after the segwit activation.

I think bitcoin transaction fee gets higher because it also gets along with bitcoin's price valuw which we can already see that is much larger compared to the usual one when it was newly established. It also rises for the sake of the payment that are used to pay miners for their service on processing the transaction request. It is quite unfair to their part if bitcoin has already increase its price value but they still not experiencing its progress. So better do big transactions so that the transaction fee you will pay is appropriate to the transaction you will do.

In my opinion reasonable
Karana every time we get bitcoin and make it the original currency how much we can and how much capital we spend, so do not complain too much with the circumstances that the cost of transaction is not how much and imagine how much you get the value of bitcoin.
As long as yaman service and easy I think reasonable so let's think wisely ...

In the past half year, the transaction price of bitcoin has risen sharply, many have complained and are unhappy with this and me too. But high transaction prices also have their own reasons. At present, Bitcoin is also popular, more people know about Bitcoin and use it, so the demand for Bitcoin transaction is so high that the system and transaction processing network are slow so the transaction fee must be rise high. So there is a split event on August 1 past. Hopefully this will be improved better.

I do agree with the post above. There are alot of transaction where it is low. It depends on the miners fee and your wallet. I always came back on sending more bitcoin from my wallet to the exchange whenever the fee is low and stop when the fee is high.

You can change the transaction fees on some wallets just means that it will take longer for confirmations to happen. You can easily make the transaction fee lower via some wallets such as electrum.

If transaction fees were lower the miners would have no more incentive to mine, especially with power being expensive now, all of the miners will be Chinese or Indian since electricity is cheap in those places.

The only 2 rewards miner receive are block and miner fees. Block rewards will slowly decrease so thats why we need these transaction fees.

Bitcoin price has increased nowadays as well as transactions have increased in number.But the block size remained the same size as 1 MB.As a result,huge number of transactions started to get stuck and miners started to give priority to only those transactions with high fee.By this way,the transaction fee increasd.But now,due to activation of segwit,it has been almost solved.

Current bitcoin transaction costs are very reasonable. With Segwitx2 activation, the transaction will be faster with this very low cost.

I don't think so the price is high.I think you are new to bitcoin.

Because many are interested in bitcoin then the price is also soaring, If the current network remains as now, then we can only see the increase in bitcoin transaction costs. All journeys need to make transactions to get the intended travel permit.

Blockchain fees depend on several factors including network congestion, transaction confirmation times (influenced by liquidity providers) and Blockchain sizes (as measured in kilobytes) affected when converting Bitcoin from multiple earnings entries such as earnings or other micro transactions). In other words, you may have to pay a higher blockchain fee if: the Bitcoin network is busy or dense at the moment. Typically, costs will increase as long as the fluctuations of the value of Bitcoin and the world's major events are sudden; Your Bitcoin wallet has a micro deposit history (such as referral bonus). If your wallet has a large number of small deposits, your transaction size will become larger because it consists of many inputs.

Why the transaction price of bitcoin so high?

Actually the cost transaction in BTC has not changed (unless the BTC transaction is over loaded, many people use a larger cost so that transactions can be quickly processed) and BTC price increase makes a high fee when compared to the BTC = USD value.

while for mining, increased difficulties that make mining revenues lower

It is basically because the fees were fixed according to BTC and do with the increasing prices of Bitcoin , the fees also increased. But that is not how it should work. Soon Segwit was activated and it should reduce the fees . So let's hope it changes something and we have to pay less fees

I use coins.ph and its so high tje transaction fee.but even its high fee atleast it was trustable.and the confirmation was so fast also.thats why i its ok to me even its a high fee but sure and fast transaction rather than small fee but not sure .

The answer is very simple. I think you need to understand it in detail. It's like the "supply-demand" rule. Transactions made on a daily basis will provide a premium, and that charge will be paid to the miners. and of course, it will be divided equally. When the number of transactions is constant, the transaction fee is still averaged, but there are too many miners to exploit it, which will be split many times.

I don't think that price are very high in the current time because price that i seen is not much high according to my daily transaction that i usually made .
The best thing that you can estimate that how much we need to pay for the transaction is the input and output of the transaction .
If you got the btc from 10 persons and want to transfer to a single person then it will take fee high than what you will get charge for the transaction of btc you got from single person.
So here my suggestion for you that don't judge anything until you know exactly about that .
And know only  if you will pay high than you will get priority first from the crowd of the transaction and beside this factor input and output are the main things of increasing fee for the per transaction .

I do not know exactly how bitcoin transactions are. but it seems that the cost compared to the last few years is increasing. maybe this is one of the strategies for the miners to get a little profit, and maybe this is like the business done. This I ever get in some countries if you want to send between countries are charged administrative costs.  :) :)

because these bitcoin transactions are in great demand by everyone, and so the bitcoin transactions are experiencing high achievements

Isn't the transaction fees supposed to be better now if you are using a wallet that actually supports Segwit? Else we probably might have to wait for LN to be implemented but that won't be anytime soon now.

I have also heard no issue related to the transaction fees lately. I thought and actually heard that things had gone better and Segwit was supposed to tackle with all such problems.

Still, if someone is facing a lot of difficulty, it would be only in micro payments and he just needs to wait till November, Much better if he changes his wallet and exchanging site.

I have to say that the fees are comparatively low at the moment (though still more that one wants to pay)  remember when they went to $3-5 recently and that was for $200 transactions! Now they are back to $1 or so - it's not great if Bitcoin is to be a global payments system. Transaction fees have to be kept low - otherwise it starts to become much more for a store of value.

When the value is actually very high then the transaction would be high also. You can calculate that each transaction will be 2% of the ag mount your going to spend or exchange. $6k per coin will be $60. 2% isn't that big deal however if the fee is fixed whatever the amount is, that's lower than a hundred dollars would be painful.

It depends actually. If you are using an online wallet then they would recommend a fee that will make their transaction faster but ofcourse at a higher price. But if you are using a desktop wallet then it depends on you if you are going to pay for a high fee or a lower fee so I recommend that you use a desktop wallet because you hold your own safely.

Am I right in thinking that as the price of bitcoin rises the transaction fee rises with it proportionally?

I think that transactions fees depends on which site or wallet you are using and also how fast do you want to confirm that transaction.But i don't think that transaction fees are high at all, it might be high if you do many  micro transactions but in large transactions transactions fees are negligible this is one of the reasons why bitcoins had became famous as it can send large amount to anyone in word with low fees.And as the transactions are increasing miners has to give the priority to high fees transactions as they too want to earn profit.

Because of the increased demand for bitcoin. At present, bitcoin is in the process of strong development, there are many countries accept bitcoin, from which the number of users increased significantly, the demand increased to increase the value of bitcoin.

Now I know! So the high transaction fees also depend on the chosen wallet. Unluckily I chose a "horrible" wallet for my bitcoins and I think I don't have any choice (changing the bitcoin wallet I am using is not an option because I guess this is the only wallet supported by our country, others are all foreign) but to accept the fact that it has very high fees.

My bad experience to this wallet is when I'm sending .0002 btc then I was shocked when it states that the total payment is .0004+ . It means that .0002+ is my fee. OMG!

simple, bitcoin miners also cost a lot to get bitcoin. so naturally if the fee so high, such as symbiotic mutualism, we also help miners. In addition, the amount of the fee depends on the market.

the cost of transaction fees is depends on the value of bitcoin , so if the value is high that means the transaction fees will also be expensive and if the bitcoins value is dropping then the fees are also low ( vice versa) and its not really a strategy of miners to get a little profit on your transactions, also this does not depends on the country you are living because the charge is always depends on the current value of bitcoins.

ithink it depend what your paying for..the higher you pay the lessthan your transaction fee isn't?  i observe that when i send btc if i send small amount the fee is so high when i send big amount the fee is cheap..by the way ihad few transaction correct me if im wrong...

With a very objective view, everybody wants to enjoy the pump before the fork.
Should be much more calm and lower price by the end of november.

I think that this one is dependent on the exchange you're using or the wallet you are using. It depends on how much they asks. Some wallets asking fees with small amount and some asks for high.

I believe transaction fees varies from time to time depending on the volume of
the transactions needed to be solved at a given time. Before the fork transaction
fees went high because of the high volume of the transactions.

Supply and demand also affects the increase in transaction fees.

Exactly. And remember when the network was very clogged prior to the first Segwit implementation? The fee that time was so high because someone keeps attacking the network and spamming the hell out of the mempool causing the fees to go high. But for me its now very cheap and its very seldom that the network is clogged because the spammer had stop already. So choose a wallet that make you adjust the transaction fees like Electrum so that you can set in up with the correct amount you want to used with your transactions.

Transactions fees aren't high, it's just that there's a high chance that you have used a bad bitcoin wallet. Also fess are pretty reasonable compared to the hassle of sending fiat overseas.

I think some users have misconception about transaction fees. In bitcoin, the miners fee of transferring 5$ is the same with the fees of 5,000usd. It is not the amount of money you send with dictates the transaction fess, but rather the amount of data in a block your transaction is taking up. One factor is that some are claiming that after the fork last august, there will be speed of transactions. However, this will on affect to segwit addresses, an address that supports that segwit. Though, there are only few created and there has been none created today.

Here is the article: http://bitcoinist.com/bitcoin-fees-work-segwit-high/

The reason that the transaction price of bitcoin is high because the value of bitcoin has increased and there are many new investors who is investing in bitcoin.

I think the transaction fee is it depende to how many unconfirmed transcation to the blockchain thats why sometimes it cheap but when bitcoin having fork it become so high

Too many assholes day-trading BITCOIN

The way it works is that if you want a transaction u can attached a 'fee' pay a special price and it puts you ahead in the queue

The exchanges (CASINOS) must process their transaction quick so that BIG big numbers on the fee's

Many exchange all competing to be first, so the fee's rise

***

People who just use BITCOIN like a bank, can pay zero fee and wait a few hours.

Thus its ONLY the assholes that are paying fee's.

The funny thing is FEES go to the GUY who found the blocks, so all this money spent by assholes is going to miners. :)

You wanted to know that why transaction price of bitcoin so high i think it depends bitcoin price. Bitcoin prices were a few days very high but now a time bitcoin price is down so i think transaction price is high.

The price of bitcoin is so high because it has a big value and it's getting higher every day. Bitcoin has a big demand in our universe. You can easily transfer your money here without paying taxes so you can't feel a hassle here.

Because more and more people are willing to buy and hold bitcoin for a long time, we all choose to buy it for the time being without selling, so the price of bitcoin is getting higher and higher.

Because bitcoin prices are always high every day and the demand for bitcoin is increasing every year. The bitcoin process is not like national money because every bitcoin transfer does not need to pay taxes on transfers and many other advantages
We only need to buy bitcoin when the trade price goes down and keep bitcoin in the wallet or invest it to a company that you believe the company project is successfully

Hmm.. some of the investors are looking for long-term and they are holding their coins in cold storage. But there are others who are doing either full or partial profit booking right now. Look at the order books in various exchanges right now. There is no shortage of sell orders for Bitcoin.

The bitcoin transaction price has become so high possibly because of the reason that after the decrease  in price back last few days, the number of transactions in Btc have become high as the process of buying and selling of coins has gained speed. Thus, the prices on international exchanges have got increased for the purpose of limiting the money transfers and moving the price chart again to a stable level.

I think they seriously take advantage of bitcoin price because it is increasing they think that they can also increase the price of the transaction, that they know that anyone can't argue about the price of it.

Yeah, BTC transaction fee corresponds to BTC price. For criptocurrency exchanges mostly it is 0.001 BTC. For BTC wallets it could be different and depends on speed of transaction.

The transaction of bitcoin is so high, it it's because of a big value that is getting higher everyday. You can easily transfer a money without any hassle just send it through online. We are happy of what's happening now. I hope that this forum will long last. Anyone can afford the price with your hard work attitude.

The transaction  price of bitcoin is so high because I think that they are more focused to the transaction price because it has more investors.So handle carefully your account because many annonymus can steal it.Anyone can achieved the higher price just be hardwork on that.

I think bitcoin trading prices are getting higher due to the increasing transaction volume. The transaction volume in Btc has become high as the buying and selling of coins has accelerated

Well it was now really in demand maybe that was one of the reasons why its transactions price is high. The token is a store of value used to exchange for goods and services. Bitcoin is not regulated nor is it a legal tender but it is popular in some countries and in high demand which drives prices to rise but it was too much curious and concerned because it is hard to pinpoint and find where exactly the value of bitcoin lies.

To understand the issue, it's key to look at how bitcoin transactions are processed. Transactions by users are gathered into "blocks" which is turned into a complex math solution. So-called miners, using high-powered computers work these solutions out to determine if the transaction is possible. Once other miners also check the puzzle is correct, the transactions are approved and the miners are rewarded in bitcoin.