Transfer Fees

[LegitPoker]

Will transaction fees always be around 100+ bits?  What causes it to be higher and higher when the prices raises? Is it because the amount of transactions going on currently?   

I ask cuz if the price goes to 2000 per bitcoin,  would the price of a transfer go in half or stay the same and just cost double to send?

[1714705566]

1714705566

[1714705566]

1714705566

[1714705566]

1714705566

[achow101]

The optimal transaction fee is determined by the fees that other transactions have paid to get confirmed. It will vary due to the number of unconfirmed transactions on the network and the fee that those transactions pay. The price of Bitcoin is not directly tied to anything related to how Bitcoin works, so the fees may not change due to the price. It depends on the people and whether they are willing to pay that fee.

[jupiterdianysa]

Http://bitcoinfees.com/
Here its explained very basicly

[LegitPoker]

Http://bitcoinfees.com/
Here its explained very basicly

Thanks guys, glad to have people on here willing to answer fast.  I get it alot better now on how they are determained.

[jupiterdianysa]

Therea always more to learn about bitcoin.. ive been reading alot since months and it never ends

[helloeverybody]

I hardly ever use a transaction fee that small.  Last time i did it took a while to confirm,  although not always the case why not just put that bit more so you know you will geta  confirmation.  Id imagine if nothing is done about the block size  then yeah that small a transaction fee will have to rise.

[tobacco123]

Usually, fee of 100 bits should be sufficient for most transactions. However, when your transaction consists of many of inputs, the fee needed will be higher.

I use Coinbase a lot for transactions so most of the time the fee is absorbed by Coinbase- which is really useful especially when I do not have much coins.