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Author Topic: Why bitcoin transaction fee keeps increasing?  (Read 1367 times)
akram143
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November 09, 2017, 09:47:23 AM
 #1

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.

Please correct me if i am posted in wrong section. Smiley

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November 09, 2017, 10:10:54 AM
 #2

What's does it mean "the same transaction"? If you're referring to the amount being sent then this has nothing to do with the fees. It's the transaction size that make the fees bigger.

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November 09, 2017, 10:14:27 AM
 #3

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction the fee was 0.0006 btc.

Please correct me if i am posted in wrong section. Smiley
I think the factor why the transactions fee is changing its value is it because of the money that has been transact in a period of time because if you will transact a large amount of money the fee is high too and vice versa.

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November 09, 2017, 10:17:05 AM
 #4

It's also that most likely the network is more congested today than it was yesterday. $4.5 billion have been transacted in the last 24 hours, double than before.
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November 09, 2017, 10:29:32 AM
 #5

What's does it mean "the same transaction"? If you're referring to the amount being sent then this has nothing to do with the fees. It's the transaction size that make the fees bigger.

I took it to mean the same transaction size. The typical user has one input and two outputs per transaction = 223 - 226 bytes. Services, on average, have larger transactions. But I'll let the OP confirm...

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction the fee was 0.0006 btc.

I'm assuming you meant "all else equal" when you say the same transaction. The reason is network congestion. Higher demand for transactions with limited block space = higher fees.

What I think is really happening: Bitmain is spamming the network in an effort to promote Bcash.
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November 09, 2017, 10:49:37 AM
 #6

What's does it mean "the same transaction"? If you're referring to the amount being sent then this has nothing to do with the fees. It's the transaction size that make the fees bigger.

Probably not only that, but it all depends on the nominal amount you send, if the nominal amount you send is larger, maybe it will be the appropriate transaction fee you send, and I think it's very reasonable.

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November 09, 2017, 11:02:10 AM
 #7

What's does it mean "the same transaction"? If you're referring to the amount being sent then this has nothing to do with the fees. It's the transaction size that make the fees bigger.
What's does it signify "a similar exchange"? In case you're alluding to the sum being sent then this has nothing to do with the expenses. It's the exchange measure that make the charges greater.

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November 09, 2017, 11:17:16 AM
 #8

I have never experienced it, and I think it may be because of the large amount of value or it's because of the different transaction destination factors from one market to another, and the amount is quite large for transaction costs.

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November 09, 2017, 11:21:31 AM
 #9

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction amount amount then the fee was 0.0006 btc.

Please correct me if i am posted in wrong section. Smiley
Because the value of bitoin is totally increasing and many people used this so that's why the fees is increasing they want to get a good money like us and there's a lot of exchanges that will appears that have a high fees.

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November 09, 2017, 11:26:30 AM
 #10

I have never experienced it, and I think it may be because of the large amount of value or it's because of the different transaction destination factors from one market to another, and the amount is quite large for transaction costs.

But i sent the same bitcoin amount but i wondered why the fee is more this time,But i want to make sure this is in all the place or in only on only my wallet.I am using coinbase wallet one of the best bitcoin wallets but the transaction made me little worry about it.

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November 09, 2017, 11:29:29 AM
 #11

The Pump on bitcoin is way crazier right now that is why you are getting a much higher fee from time to time, and as of today the price is pretty getting low right now and maybe your transaction fee do the same, we all do have something in common actually all of us have the same situation, the price right now is fluctuating much that is why you are getting different fees.














 

 

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November 09, 2017, 11:31:25 AM
 #12

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.

Please correct me if i am posted in wrong section. Smiley

I think two reasons might met your
It may be due to the increase of Bitcoin rate, the trader might start charging a higher amounts of transaction fees.

It also might happen on basing the hight amount of Bitcoin you try to transfer so there is a high transaction fees and vice-versa.
Before you also make a trade be aware of knowing their transactions fees instead you blindly make a trade.
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November 09, 2017, 11:40:56 AM
 #13

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.

Please correct me if i am posted in wrong section. Smiley
The more and more unconfirmed transactions on the blockchain network the higher fee would be needed for you to send in regular confirmation time. check blockchain.info and bitcoinfees21.co to see how much would you spend on fees and how long would it take. i would prefer to use blockchain's wallet because you can customize your fee.

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November 09, 2017, 12:05:03 PM
 #14

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.

Please correct me if i am posted in wrong section. Smiley
The more and more unconfirmed transactions on the blockchain network the higher fee would be needed for you to send in regular confirmation time.

It depends what the distribution of fee rates is. The reason the congestion is so bad right now is that a spammer is creating bottlenecks at multiple fee tiers. The fee distribution is making things considerably worse than under normal circumstances.

Normally, when the network isn't getting spammed too hard, the vast majority of unconfirmed transactions will be in the 1-5 satoshi/byte fee range. Now about 1/3 of unconfirmed transactions are in the 20-100 satoshi/byte range, with a bottleneck at 80-100. This is a dedicated spam attack. It's gotta be Bitmain.
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November 09, 2017, 12:06:57 PM
 #15

The Pump on bitcoin is way crazier right now that is why you are getting a much higher fee from time to time, and as of today the price is pretty getting low right now and maybe your transaction fee do the same, we all do have something in common actually all of us have the same situation, the price right now is fluctuating much that is why you are getting different fees.

I see, that is why transactions fees gets higher and higher everyday. I just hope it will not get into high price that ordinary people cannot afford to spend it. I wish transaction fees will be lowered soon Sad

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November 09, 2017, 12:08:31 PM
 #16

due to many hard fork information, there are too many transactions are going on and started the congestion. thus higher fees. you can always set a same low fee, if you are willing to wait.

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November 09, 2017, 12:13:29 PM
 #17

Because many people use bitcoin for transactions and demand in market already up.
If we do high value transactions, the transactions fee already high also.


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November 09, 2017, 12:16:59 PM
 #18

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc. Please correct me if i am posted in wrong section. Smiley

It just means that there is no fixed transfer fees that service providers are charging to the users and it is flexible from day to day. This has been one of the most important realities that we have to face as far as dealing with Bitcoin is concerned. Bitcoin is still evolving and we are all waiting for the time when the transaction cost can be lowered down because this is not what Bitcoin is supposed to be, that is if we want to Bitcoin to be adopted by the mainstream population and big merchants all over the world. We can never continue on dreaming that Bitcoin can be bigger and bigger and yet at the same time there is no reliable and cost-efficient infrastructure backing up that big dream.
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November 09, 2017, 12:26:33 PM
 #19

I have never experienced it, and I think it may be because of the large amount of value or it's because of the different transaction destination factors from one market to another, and the amount is quite large for transaction costs.
yes you are right that it depend on types of transaction i means that now a days the price of bitcoin is really increases and thats also the reason that the fees increases in transaction.

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November 09, 2017, 12:57:15 PM
 #20

Hi guys,i just wanna knows that why the transaction fee for bitcoins is increasing everyday.Some days before i send bitcoin to a trader the fee was 0.0005btc but yesterday i repeat the same transaction same amount then the fee was 0.0006 btc.

Please correct me if i am posted in wrong section. Smiley
Well mate the explanation is just as easy if you learn the so-called common sense. Why? Because if you would imagine bitcpin keeps on increasing and we can't control that on and as well as the transaction it will be inevitable too to control. Hope you do understand now.


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