Why are fees going so high?

[vasrasus]

demand, it because demand of people want to send and receive bitcoin. As all we know the difficulty of bitcoin is so high and still rising, miners will need more rig and yeah that's answer it.

It's easier to explain with this words, Miners be like "Pay me more, i will faster your transaction, but if you want cheaper way, you need take a patient sir"

it simple, isn'it ?

When the demand is high,it is the opportunity for businesses to take since no matter how high the fees are, users will still tend to use it. Esp4 the price of btc now is going to the moon we should also expect it to the fees.

[ObscurePen]

Yeah, fees are getting immensely high. The main reason is because our total network hash power has been dropping for the past few weeks. The main reason for that is the hardfork. Most miners are finding it easier to mine on the Bitcoin cash network. According to reports, they are getting more profit on the Bitcoin cash network too. Mining pools are supporting them. Especially Bitmain. Bitmain’s constant manipulation of the Bitcoin Cash network has been able to give them record high profits. I also read that the Antminer (I think that is the name) network has created an auto-pool switcher. The miners on the network get to switch to either pools depending on the profitability of mining on the network. We are in difficult times.

[smauni]

This question is also my. We are not a big erner. we earn little. but for any amount of withdraw we have to give more then 5$ now. This is so  much for us. Day by day it's increasing. Hope it will down again.

[AGD]

https://bitcointalk.org/index.php?topic=2142770.0

https://www.blocktrail.com/BTC/tx/a187058b70fde11c2efcebe29e6e0f13d9f2bf049d76cb6d3cacfe80879a413f
2 Dollars sent with a 5 Cent fee, fully confirmed in not even 12 hours.

[unneros]

as many people are joining in bitcoin ! Massive income of bitcoin come with massive withdraw ! Many transactions must be done in about 1 or more 10 second !  There are different fees from lowest which make you wait for your withdraw longer ! The more faster you want the transaction the more fees you get ! Maybe in future we can expect more bitcoins to be created , because more fees more price of bitcoin ! MORE price more bitcoin !

[MrCrank]

I made few transactions today and was been surprised, I use very low fees..
Transactions has been confirmed after few seconds.
How it possible?

Before, I waiting 1-3 days for confirmation my txs..

[BitcoinPricingtool]

The reason is simple:

* More TX's right now
* Blocks get filled faster, hence, more competition in places
* Same size and regularity of blocks, despite increased number of transactions

The fees are obligatory, BUT if you don't include a decent fee, you risk waiting for ages for your transaction to confirm.

[TheBTCAlex]

Its the way BTC works, and yes it is really bad for us small time earners. With every block that is mined, the difficulty rate increases, and miners have to spend more power and electricity to mine the succeeding block. Since BTC has is a fixed-size block chain (the cap being 21 million BTCs, the more closer we get to that number the more the transaction fees increases). Each block can only contain a fixed amount of transactions, which means that during times of high network congestion, the fees becomes pretty high, and party also because of the fact that miners depend upon this fees alone to make mining BTC worth it, and without miners, BTC would cease to exist.

This is just how the structure of BTC blockchain works, probably nothing we can do to help change it

[makulo123]

Bitcoin has been created for many reasons, but one of the most important is "Low fees". Well, currently it is just been being more and more irrelevant. In some way I admire Bitcoin Cash, I really believe that their solution may be the key for this irrelevance. I think that many may agree with me.

[13abyknight]

The main reason for the surge in transaction fees is due to the fact that Bitcoin is getting highly popular and it's price reaching new highs very often. When the amount being transacted is high, the party will often throw in high fees so it gets confirmed within the next block and when there are more and more transactions being piled up, the txs with higher fees will obviously be included in the next blocks by miners.

[doomloop]

Fees is going so high because many people use bitcoin now so it means more user more transactions and miners can't do all the task for that so you need to pay higher fees if you want your transaction to be completed first.

a lot of people are using bitcoin and the importance and the value of the bitcoin is increasing with each entry in this forum so a lot of people are using bitcoin and it is increasing the amount of the fees but it does not mean that ti can reduce the use of the bitcoin but still a lot of people are paying this fees happily because they are getting fast transaction and good profit.

[Pidgeon]

Usage is growing, space is limited, not enough segwit wallets.

[Kronos21]

This situation leads to a dead end. The miners want to make money and therefore don't want to charge for the transaction was declined. On the other hand, the number of bitcoin users is growing and this growth will continue. For the development of the popularity of bitcoin need to reduce the transaction cost but increase the number of transactions. This problem must solve fork.

[olushakes]

In my own understanding I think the recent high fees is kind of dependent on the traffic at the particular point in time because I tried doing some transactions and the amount quoted was above $20 in which I decided not to carry on with it due to some encumbrances by the time I retried after few hours the price I paid eventually was a little above $2 which even confirmed within a short period of time.

[Akash1243]

As the user are growing the transactions will too th is has cause a traffic in network.Miners gives priority to high transactions fees payer so for fast confirmations we have to pay higher.As miners too have to earn some profit in mining bitcoins other wise they would just shift to other profitable crypto currency like bitcoin cash or ether.And this would increase as more and more people have started using bitcoins after this recent spike in value of bitcoins.

[libert19]

Because bitcoin price is so high 😂

[YellowRiver]

In my own understanding I think the recent high fees is kind of dependent on the traffic at the particular point in time because I tried doing some transactions and the amount quoted was above $20 in which I decided not to carry on with it due to some encumbrances by the time I retried after few hours the price I paid eventually was a little above $2 which even confirmed within a short period of time.

You are indeed right my friend. If the load increases on the exchange, the fee goes high and if someone pays the amount, the transaction takes place. That is pretty obvious, when a demand increases of any service, it becomes a little costly. Same is done by miners.

[yunita]

it is possible to speed up the transaction process to be quickly transported, while also adjusting to the bitcoin price that is now rising steadily, so that the mining interest is always there so bitcoin mining world will continue to be excited

[Aztek]

As the number of users in bitcoin network are increased a lot during the past couple of years the transactions per day is increased and so the transactions fee is raised as its demand is increased. The transaction confirmation is prioritized now the more you will pay the transaction fee (miner fee) the more quickly your transaction will be confirmed.

Bitcoin system follows the principle of law of price demand where the increased of people supporting bitcoin as a from of using it as a mode of transaction it could also be a good way on development and growth to bitcoin price, value, transaction and security making it more capable on being a mode of transaction. And as a user of Bitcoin we should also be a part of its development so bitcoin would have development and growth to its price.

[ScripterRon]

As the number of users in bitcoin network are increased a lot during the past couple of years the transactions per day is increased and so the transactions fee is raised as its demand is increased. The transaction confirmation is prioritized now the more you will pay the transaction fee (miner fee) the more quickly your transaction will be confirmed.

Bitcoin system follows the principle of law of price demand where the increased of people supporting bitcoin as a from of using it as a mode of transaction it could also be a good way on development and growth to bitcoin price, value, transaction and security making it more capable on being a mode of transaction. And as a user of Bitcoin we should also be a part of its development so bitcoin would have development and growth to its price.

True.  As the transaction load has decreased (the mempool on my node currently has just 1,620 pending transactions), the fee has been decreasing.  The estimated fee is now 0.0015 BTC/KB (150 Satoshis/Byte).  Still high compared to last year but much lower than it was a month ago.