Bitcoin transaction cost is too high

[eaLiTy]

As the value of bitcoin increase, I think the transaction fee also increases. But I still don't see the logic on it, how come price of sending bitcoin is much higher than before? Can anyone enlighten me?

There is nothing complex here,usually the average transaction charges you pay is around two hundred thousand satoshi and since the price of bitcoin is too much for anyone to purchase as a full bitcoin the price for that average transaction is now around forty dollars and when the price of bitcoin increases the transaction price increases,its a normal math.

[winspiral]

As the value of bitcoin increase, I think the transaction fee also increases. But I still don't see the logic on it, how come price of sending bitcoin is much higher than before? Can anyone enlighten me?

There is nothing complex here,usually the average transaction charges you pay is around two hundred thousand satoshi and since the price of bitcoin is too much for anyone to purchase as a full bitcoin the price for that average transaction is now around forty dollars and when the price of bitcoin increases the transaction price increases,its a normal math.

No,
It is not normal math.
Time ago my fees was 1% to 10%
Now it is often 20% or more for longer send time.
Fees rate has nothing to see with bitcoin price.
It depends on the "road"
The "road" is over loaded.

[tee-rex]

I think we should face the fact bitcoin is not anymore usefull for small transactions, and in my opinion this phenomen will continue because the mining efforts increase.
I think bitcoin will develop as high value currency ( e.g. for buyiung a car or house) while altcoins will used for common small payments (grocery etc.)

Given Bitcoin's volatility, that may not be as good as it sounds unless you are buying from or selling to someone who is really interested in Bitcoin, someone who is like you, a Bitcoin hodler or speculator. Otherwise, you would fare a lot better if you just stuck to dollars or good old gold. Currency should circulate and not sit idly in your pocket or wallet. This is what the word itself means.

[Yur]

Bitcoin transaction are high because the demand on BTC grew up incredibly, creating a large queue of transactions. And the price of one satoshi is now more high, than before,so if you count in dollars, it seems you, the fees were increased, but not in satoshi.  So, increase of demand always causes price growth, so not surprising for me, that fees cost so high. But if your transactions is not urgent, you can just put small fee manually and wait longer. Not the problem. But when eth transactions are faster and low cost, it's make me sad.

[Rexler]

I will expect the transaction prices to go high as the prices of the coin go high as well. The transaction prices are also dependent on areas you are trading or agencies you trade with so you need to check the prices before you trade

The TX fees are basically the same across several platforms. Also using a low TX fee at this point means getting your transaction completed in 72 hours which is highly disappointing. In reality, Bitcoin fees has been same but the dollar equivalent is too damn high. It's hard to send a $5 transaction at the moment.

[carrash912]

1, you should use ETH, the transaction costs will be low
2 is that you accept the fee for high BTC, now is not like any other way
Charge on coinbase has more than  16$

[birra guzez]

Bitcoin transactions are really encountering a very high traffic these days even exchanges are warning people about that , fees are just getting  higher each day and it's going up to 10$ fees per transaction . This the fault of the miners and the core team because they promised better blocks but they didn't deliver . We are just paying more money for greedy miners who prefer to get 5 bitcoins per mined block and let the network this congested thus harming the bitcoin itself than just smooth things out for people with having a bit lower profit .

[fulmetal08larz]

It is true that bitcoin's transaction are too high currently which has nearly doubled for the past 3 months, that is because of the massive buying and selling across the world, every single day it is getting hard to mine bitcoins. For me, it is best to wait for the fees to subside, unless I need the money for my expenses, because I am for long term investment and I believe in bitcoin's technology to grow in its full potential.

[thomassaba]

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

transaction will back normally fast.
this happens because price all want to buy more bitcoin and earning fast using bitcoin.

 

[tee-rex]

Bitcoin transactions are really encountering a very high traffic these days even exchanges are warning people about that , fees are just getting  higher each day and it's going up to 10$ fees per transaction . This the fault of the miners and the core team because they promised better blocks but they didn't deliver . We are just paying more money for greedy miners who prefer to get 5 bitcoins per mined block and let the network this congested thus harming the bitcoin itself than just smooth things out for people with having a bit lower profit .

But does it really matter? People are using bitcoin for speculation, and they basically don't need and in fact can't use it in everyday life anyway. There are coins such as litecoin which are cheap regarding the transaction costs and fast regarding the confirmation times. So what's the deal? Higher bitcoin transaction fees will naturally lead to less transactions and higher amounts being transacted per transaction. That's pretty much all because people ain't gonna pay like 20% or more of the transacted amount as fees.

[mahibul49]

do not calculate bitcoin  price in usd.calculate by bitcoin.
its same like past so dont worry.

[Dainye_dyep]

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

The pricing of the transactions within bitcoin was just the effect of its price hike in the market. Due to the rise of the bitcoin price, it is just fair that the transactions will also be brought up into rise also making the price transactions too expensive for just one trasaction to be made. So the best thing to do to get along with this price hike is to make your transactions you make bigger than the transaction fee.

[popolite11]

As the value of bitcoin increase, I think the transaction fee also increases. But I still don't see the logic on it, how come price of sending bitcoin is much higher than before? Can anyone enlighten me?

These commission collectors think you have money on Bitcoin you earn at last perios of time more than most of men in your country so why don’t  can to pay a few dozens of dollars of commission. That’s justice for them.

[Prince Malik]

Yes this is so bad...i lost 13$ in one transaction yesterday used blokchain wallet...hope that transactions fees will be normal soon

[Rozita]

do not calculate bitcoin  price in usd.calculate by bitcoin.
its same like past so dont worry.

Yes, the transaction fee in Bitcoin is same as before. But it cost more than before. Now 1 mBTC costs about 17 dollar and bitcoin is not useful for sending such amounts of money.

[squatter]

There is nothing complex here,usually the average transaction charges you pay is around two hundred thousand satoshi and since the price of bitcoin is too much for anyone to purchase as a full bitcoin the price for that average transaction is now around forty dollars and when the price of bitcoin increases the transaction price increases,its a normal math.

No,
It is not normal math.
Time ago my fees was 1% to 10%
Now it is often 20% or more for longer send time.
Fees rate has nothing to see with bitcoin price.
It depends on the "road"
The "road" is over loaded.

There is something to be said for denominating fees in dollar value while Bitcoin rises in price. All else equal, a rising price will increase the dollar-denominated fees. I think we should discourage calculating fees in dollars, particularly if we are trying to transition to a bitcoin-denominated economy.

But indeed, the bitcoin fee rates have significantly increased. Priority fee rates are up ~ 3-4x over recent lows over the last month. I was paying 5-10 satoshis/byte a few weeks ago and I've had to increase more than 10-fold to get reliable confirmations within 24 hours. Over this period of time, that's not natural growth. It's a spam attack.

[didoubk]

Yes,This is true, and i have this problem, i can't send btc from my wallet because it costs too high, for example, for 15$ i should pay 17$ and this is really very expensive ..

[blue_dragon]

What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise

Yes if the bitcoin's value will rise up there is a tendency that the transaction fee will goes up because the demand of selling of bitcoin will increaese.

[tanghere02]

I don't think its too high although if you are a newbie then I guess it is high at the moment. I think it is just equivalent to what bitcoins price us, it adjust its fee whenever bitcoin adjusts its price as well.

[SHUNNO]

I think  that the transaction costs Is a to your linking problem of bitcoin intensify, especially on top of the mainstream.  Now it is the most popular crypto but if it will not be skillful to resolve its tormented when readiness of transaction  and touch ahead, it is probably that additional currency will believe his place.