Transaction fees grow 1300%

[neolexx]

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year


a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

The number of transactions increased ,the bitcoin price increased as well so it`s normal for the transaction fees to increase.Anyway,this chart doesn`t explain anything.What is this 68 USD cost per transaction?
Is this the cost to send 1 bitcoin to some other address for a set amount of confirmation time?
If yes,then 70$ is less then one 1% of the bitcoin price,which is quite normal.

That is still much more expensive than what I pay at my normal bank now for larger transactions

Do You count the price bank fee for managing your account? Do you mean international transactions of in your domestic region?

[rodel caling]

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year


a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

for example a charges fee for every transactoin is 0.0001 for sending the bitcoin amount of 0.004 so if you converted into the dollar the transaction fees are increasing because bitcoin are also increasing the price value comparing into the dollar rate value and i think nothing additional increase charges for the fees.

[bug.lady]

You can choose a customized fee and your transaction will be confirmed (choose a reasonable fee).
I think your analysis is wrong, take a second look at the chart : https://blockchain.info/charts/cost-per-transaction?timespan=1year
Now take a look at bitcoin price chart: https://coinmarketcap.com/currencies/bitcoin/#charts
You will find that the cost per transaction "in bitcoin not usd" is the same during the whole year, it's just btc price rising.
The chart is about cost per transaction (miners revenue divided by the number of transactions) not transaction fee.

yes but I have been saying above, and I stand by what I said: the rise of bitcoin price is no excuse here. With growing BTC price in USD, the miners should be happy to get lower BTC fees and constant USD fees over time. They are running a business after all, and their business revenue is USD not BTC. My guess is that they universally exchange their BTC into USD the moment they grasp it.
 

[freightjoe]

The data is very clear. In the past year transaction fees have grown more than 1300%:

https://blockchain.info/charts/cost-per-transaction?timespan=1year


a year ago it was less than 5$ per transaction, now we are close to 70$ on average.

The number of transactions increased ,the bitcoin price increased as well so it`s normal for the transaction fees to increase.Anyway,this chart doesn`t explain anything.What is this 68 USD cost per transaction?
Is this the cost to send 1 bitcoin to some other address for a set amount of confirmation time?
If yes,then 70$ is less then one 1% of the bitcoin price,which is quite normal.

That is still much more expensive than what I pay at my normal bank now for larger transactions

Do You count the price bank fee for managing your account? Do you mean international transactions of in your domestic region?

Yes and yes. That Bitcoin miners drive up the price just ensures the banks remain competitive and there is no need to switch to BTC

[schaituch007]

if transaction fee increases to such extent, no small investors will show interest to buy it

[freightjoe]

if transaction fee increases to such extent, no small investors will show interest to buy it

It is much worse - it means that small investors cannot sell and get the Bitcoin out without the miners' stealing your profits as fees

[JCLee]

if transaction fee increases to such extent, no small investors will show interest to buy it

It is much worse - it means that small investors cannot sell and get the Bitcoin out without the miners' stealing your profits as fees

I don't think they steal money from small investors . It's what they deserve received cause if there are no Bitcoin miner your transaction will stuck forever, they have to spend a lot of money to invest in mining Bitcoin so this small amount is not a big problem, although the fee has increased a lot till last year but the price of Bitcoin has increased too so don't worry about it.

[teilwalL05]

if transaction fee increases to such extent, no small investors will show interest to buy it

It is much worse - it means that small investors cannot sell and get the Bitcoin out without the miners' stealing your profits as fees

I don't think they steal money from small investors . It's what they deserve received cause if there are no Bitcoin miner your transaction will stuck forever, they have to spend a lot of money to invest in mining Bitcoin so this small amount is not a big problem, although the fee has increased a lot till last year but the price of Bitcoin has increased too so don't worry about it.

Yep! many are arguing about this a lot I really think this is not a real big deal for now, Miner fees are what they need then give it to them they deserve something from us from the job they are doing and I think it is very expensive to sure mine for a block and what if miners then suddenly stop from mining because of the cost it takes even if the electricity is free you can sure see the need for the maintenance needed for the RIG's or the big internet bill they get from time to time. and I think there is a need for a special cooling or hydraulic cooling needed for the place of the mining RIG.