Bitcoin Forum

why are Bitcoin transfer fees increasing?

its getting ridiculous seeing as converting 370$ worth of dash over to Bitcoin resulted in a fee of 27$ and then transferring the 343 worth in Bitcoin to another wallet cost around another 29 and then transferring it to my Bitpay card from there cost 18 bucks which left me with 297 bucks out of the 370 in dash that I had.

Bitcoin fees used to be far less correct?

how can a Bitcoin economy work if you have to pay such absurd fees especially if you paying directly in Bitcoin to a business that accepts it?


Is there a way to fix these out of control fees?

Well everyone needs to understand one thing and that is ' rhe transfer fee of bitcoins is still the same as how it was years before'

Sounds ridiculous right ?

But since bitcoins calculate the transfer fee in terms of bitcoins only thus it depends entirely on the value of bitcoins at that moment ..you may have paid 1 dollar and right now you are paying far far far far.. more..

Thats just because the value of bitcoins have increased..they have never calculated it in terms of dollars or any other fiat.

Thats just based on their own value as an asset.

The fee ia always same, but because the price of bitcoin it self increase ini value so the fee increase to in USD. That why i use alt as payment method, is cheaper. Bitcoin look like Investment to me, you cant use it as daily payment

Bitcoin network is working at max capacity for several years now, so fiulpro has a point. The fees aren't necessarily higher, but since the price of bitcoin is higher, it looks like you are paying more. Although I might agree with that perspective, we still need to accept that something needs to be done regarding the fees. If BTC grows to $100k it will be impossible to transact small amounts of bitcoin, and that is not the point.
As for solutions, a faster adoption on segwit by wallets and exchanges could help a little in the short term, and coinbase is finally going to do it, but what we really need, is for the lightning network to be deployed. Let's hope it wont take to long for that to happen, otherwise it will be hard to use our coins.

As the price of bitcoin increases, the fee is also increasing, so the current transaction is not suitable for using BTC instead of other coin.

this is common for every coin provider, especially bitcoin. with the higher price of bitcoin purchase then the transfer fee will also be more vesar, it is very affect the bitcoin users

because bitcoin price is getting higher so the taxes are getting higher too.

All the wallets have the same shipping cost, standard: 0.0001 Bitcoin. if there is a different, it depends on the providers.
e.g .: XA * O provides a cost-free delivery feature to all Bitcoin wallets. In essence, the site is paid

The network congestion is simply getting worse, so our miners need to do some extra effort 'for those who paid' to hasten their transactions. Think of it as a tip given to the miners.

Yes, I agree this point of view, is because people use more and more, lead to the number of transfer more and more, led to a block of congestion, need a new technical solution to solve this problem.

As people learn more and more about this cryptocurrency, the demand gets high. As a result of this expansion, more employees are needed to keep this currency from going, such as but not limited to finance and engineering. Also, there are more tie ups with different institutions and retail outlets for faster and smoother transaction. Hence, to be able to meet these requirements, more cash are needed to operate. And where do they get the funds? Of course through the fees on transactions. I don't think that fix is the right term, but we could mitigate the fees by being smart on when and how much to convert. Be wise if you really need to cash out your btc, like if you think you will soon put it back then better to just hold the currencies longer and assess the performance of the bitcoin price. Transaction cost can be avoided if done properly.

I wonder what will be the transaction fees when bitcoin rises even more to 50k+

Its a misconcepcion to think that the transaction fees arent the same as it was years ago. The rate then are the same from the rate today. Its just that the fees are matching up with the price of bitcoin, hence as the price increases the fees would be. And it will be such a pain if btc goes booming again.

Time taken to confirm the bitcoin is the one you have to check and assign the fees. Thus, you might wait and pay less fees. But, the transactions are increasing and fees are also increasing.

If we assume that everything other than the price will remain the same, then an increase to $50,000 will result in the fees, as per their USD ratio, to soar with ~200% from current levels. It means that people paying $10 in fees per transaction, will end up paying $30 in fees per transaction. In the same way you can calculate how things will be when the market reached $100,000. It might be a scary thought for those who don't have much financial buffer, but it's just a matter of time before we get Lightning Network operational. That's the boost Bitcoin needs to move out of its current limited space, because if that doesn't happen, it's pretty safe to say that there is no justification for the price to grow further beyond current levels.

correct me if I am wrong but isent bitcoin cash trying to solve this problem?