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Author Topic: Why BlockChain Fees Increase/Discrease ?  (Read 1253 times)
cryptocoinplay
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June 24, 2017, 09:12:35 AM
 #1

I saw that today Blockchain Transfer fee for Regular is $0.15 !! But usually its between $1.50-$3.00 and this fees amount is not stable. What is the actual reason behind this fees up-down?

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June 24, 2017, 01:30:41 PM
 #2

Fee amount can be any value.  Your wallet may recommend a value relative to what everyone else is putting in so that it gets selected first or reasonably first to be added in the next few blocks.   At the moment there are more transactions floating around than there is space on any one upcoming block. 

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June 24, 2017, 01:50:28 PM
 #3

The load on the blockchain and the number of transactions. Right now there is only 15k unconfirmed transactions which will probably end up making your fees slightly cheaper. https://blockchain.info/pt/unconfirmed-transactions

Also, are you talking about the fee recommended for a specific amount you are trying to send or about the overall average fee? Because depending on the size of your tx, the fee can be bigger or lower. What you should use to see if the fees are cheaper or more expensive is the price in satoshi per byte found in in this page: https://bitcoinfees.21.co

$0.15 in fees seems cheaper than the normal. Where are you seeing this info?

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June 24, 2017, 04:22:12 PM
 #4

I saw that today Blockchain Transfer fee for Regular is $0.15 !! But usually its between $1.50-$3.00 and this fees amount is not stable. What is the actual reason behind this fees up-down?
Demand is what fee is set by.
If more transaction are present (more demand) higher the fee.
Currently there is low amount of transactions so low fee Smiley

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June 24, 2017, 04:54:51 PM
 #5

I think it depends on amount of total transactions in blockchain when you try to do some btc transfer.
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June 24, 2017, 05:21:13 PM
 #6

The fee is dependent on how many other transaction are trying to be submitted in the blocks.
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June 24, 2017, 07:56:49 PM
 #7

I saw that today Blockchain Transfer fee for Regular is $0.15 !! But usually its between $1.50-$3.00 and this fees amount is not stable. What is the actual reason behind this fees up-down?
Bitcoin transaction fee depends on the network that's why it will raise or lower transaction fees accordingly network volume, block space. But, users can increase fees on their transactions and given priority to faster confirm.
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June 25, 2017, 05:47:38 AM
 #8

Depends on the mempool size and how large the backlog is.
Kind of funny because that was the usual average transaction fee before this whole scaling debate ^^.
https://blockchain.info/charts/mempool-size?timespan=1year
Nice to see it down to reasonable levels again.
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June 29, 2017, 06:38:25 PM
 #9

The fee of the blockchain goes up and down, the reccomended fee is just based on how many unconfirmed transactions there currently are right now.

As unconfirmed transactions go higher, the fee will increase. The fee is only if you want to get put ahead of other people's transactions or if you want to put no fee it can take days(or maybe just a few hours).



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June 30, 2017, 04:01:37 AM
 #10

There is no fixed transaction fee. Nor there is any mandatory minimum fee for these transactions. It all depends on the number and total size of the outstanding transactions, which can be viewed here:

https://blockchain.info/unconfirmed-transactions

As you can see, the total volume of the outstanding (i.e unconfirmed) transactions amount to around 25 MB.

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June 30, 2017, 05:24:39 PM
 #11

We all need to realise that we are transaction fees are nothing more than paying for a space on the blockchain.
Currently, each and every single one of the blocks has 1 MB capacity. Your transaction needs to be stored within that 1 MB.
In times when the network is congested space for your tx in the block is becoming more expensive - that is all.

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July 02, 2017, 08:21:44 PM
 #12

This is why Ethereum and Stellar were developed. Better fees and reduced block transaction times.

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July 03, 2017, 04:18:14 AM
 #13

You can imagine like auctioning (space for your transaction in blockchain)

So when there is to many senders at time and each one wants to push his transaction as soon as possible then fees are rising.

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July 03, 2017, 04:22:12 AM
 #14

This is why Ethereum and Stellar were developed. Better fees and reduced block transaction times.

i don't know about stellar but ethereum has proven that its fees will grow much faster and much bigger than bitcoin fees because it has even more serious scaling issues. you can see the average transaction fee of it here on a chart which shows average ether fees reached $2.5 per transaction about 10 days ago:
https://bitinfocharts.com/comparison/transactionfees-btc-eth.html#3m

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July 03, 2017, 05:01:18 AM
 #15

This is why Ethereum and Stellar were developed. Better fees and reduced block transaction times.

No. Ethereum was created for a different purpose and has different goals. Ethereum was created for smart contracts. While stellar has it's own pros and cons when compared with bitcoin. Not to mention stellar is not flooded with transactions . Please do your research.

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July 06, 2017, 06:26:40 PM
 #16

I saw that today Blockchain Transfer fee for Regular is $0.15 !! But usually its between $1.50-$3.00 and this fees amount is not stable. What is the actual reason behind this fees up-down?

The wallets set a fee based on those numbers, but that is not what you have to pay.  The fee is completely controlled by the wallet user and can be set as high or low as you like.  If you are using a wallet or online wallet that does not display the option for you, then the wallet is choosing and it is choosing based on the numbers that people are indicating here, but it is still the software that is choosing and only because you were dumb enough to let it control your life and finanaces.


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July 06, 2017, 10:00:44 PM
 #17

How come everyone talks about ETH valuation then? Smiley

This is why Ethereum and Stellar were developed. Better fees and reduced block transaction times.

No. Ethereum was created for a different purpose and has different goals. Ethereum was created for smart contracts. While stellar has it's own pros and cons when compared with bitcoin. Not to mention stellar is not flooded with transactions . Please do your research.

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July 07, 2017, 03:46:24 AM
 #18

How come everyone talks about ETH valuation then? Smiley
~

they talk about its price and its pumps because they are all investors and that is the only thing everyone cares about: the profit
and in that sense this coin is no different than any other pump and dump coins.

p.s. there is an altcoin board you can visit for discussions like this by the way.

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July 07, 2017, 10:43:10 AM
 #19

I saw that today Blockchain Transfer fee for Regular is $0.15 !! But usually its between $1.50-$3.00 and this fees amount is not stable. What is the actual reason behind this fees up-down?

The wallets set a fee based on those numbers, but that is not what you have to pay.  The fee is completely controlled by the wallet user and can be set as high or low as you like.  If you are using a wallet or online wallet that does not display the option for you, then the wallet is choosing and it is choosing based on the numbers that people are indicating here, but it is still the software that is choosing and only because you were dumb enough to let it control your life and finanaces.



But you find the on pop up says that fees is only for miner not for wallet provider. For your view what would be the options to identify it whether it is goes for miners or wallet providers alone. In my transaction I checked the default transaction fee in blockchain wallet. It states that fees is around 0.00075 btc for a transaction. Still I am confused why again they reduced the fees little now.

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July 07, 2017, 12:09:22 PM
 #20

I saw that today Blockchain Transfer fee for Regular is $0.15 !! But usually its between $1.50-$3.00 and this fees amount is not stable. What is the actual reason behind this fees up-down?

The wallets set a fee based on those numbers, but that is not what you have to pay.  The fee is completely controlled by the wallet user and can be set as high or low as you like.  If you are using a wallet or online wallet that does not display the option for you, then the wallet is choosing and it is choosing based on the numbers that people are indicating here, but it is still the software that is choosing and only because you were dumb enough to let it control your life and finanaces.



But you find the on pop up says that fees is only for miner not for wallet provider. For your view what would be the options to identify it whether it is goes for miners or wallet providers alone. In my transaction I checked the default transaction fee in blockchain wallet. It states that fees is around 0.00075 btc for a transaction. Still I am confused why again they reduced the fees little now.

Fees go to the miners.  The wallet software just gives suggestions as to what the fee should be, or picks what it believes the fee should be.

The fee is based on the supply of space in a block (1mb) and demand for that space (with some stickiness of course).  So the reason fees fluctuate is because the number of transactions seeking to be included in a block fluctuates.  Recently there have been a lot of transactions (probably spam transactions since they suddenly dropped off) that were filling up blocks and causing fees to rise. 


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