Transaction fees on BlockChain are so high

[QreNZi]

a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?

Check these picture to understand what i'm talking :

https://imgur.com/a/6sjgg3q

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[QreNZi]

No one have an explanation for this ?

[bitperson]

a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority.

Bitcoin transaction fees don't depend on the amount sent, just on the length of the transaction (and any premium the sender might wish to pay so as to ensure that the transaction is confirmed quickly). A 0.001 bitcoin transaction comprising two inputs will cost about twice as much as a 1,000 bitcoin transaction comprising one input.

[Pan Troglodytes]

a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?

Check these picture to understand what i'm talking :

https://imgur.com/a/6sjgg3q

All the explanation you need is in those two links:
https://blockchain.info/pl/unconfirmed-transactions
https://btc.com/stats/unconfirmed-tx

You can see that there are at present more than 20k unconfirmed transactions, and since only 2k transactions on average can fit into one bitcoin block, it makes greedy miners choose only high fee transactions. The second link shows that you currently need to pay 100 satoshi per byte to make sure your transaction gets soon included in a block.

It is all undoubtly related to the recent slight bitcoin price increase, and is related to the fact, that any change in bitcoin transaction volume makes the bitcoin fees scyrocket. It is the proof that bitcoin is (unfortunately) destined to die if the devs don't do something to help this problem. Imagine the fees when bitcoin hits $20k mark again!

And don't start your talk about LN please!

[thelemot]

a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?

Check these picture to understand what i'm talking :

https://imgur.com/a/6sjgg3q

it's because the bitcoin price is high, you can choose another way. if you want to send money better transfer to doge or other altcoin which cost lower.

[BrewMaster]

a days before i was giving 0.30 - 0.60$ for Transaction ... when i send big amount it goes up to 10$

if when you are sending larger amounts the wallet suggests a higher fee than before the only thing that is telling us is that you have a lot of dust in your wallet, probably all the tiny payments you received from signature campaign and other micro payments. and that is normal and it doesn't depend on network status (unconfirmed transactions,...).
you are simply forced to pay more because you are taking up a huge space on the blockchain thanks to your big transaction!

[neo444]

Now in coinbase the fee of transaction is 0,93 $ so iadvice you to use coinbase because the transaction fee of it is low than blockchain

[Netnox]

There has been a very small increase in the transaction fee, and it is within the tolerable limits. Two weeks back, I was paying as low as BTC0.0001 as the transaction fee. But yesterday, I had to pay a fee of BTC0.0005. Even then, it is still much better than the situation that we had during the end of 2017.

[chillitabit]

a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?

Check these picture to understand what i'm talking :

https://imgur.com/a/6sjgg3q

number of transactions lets the miners to choose those with higher tx fees, which is increasing your tx fee. However you can always go for average one and just wait longer for confirmations

[Collinberg]

I noticed this as well,I think it's because the network is getting congested,when bitcoin price was low,many people just kept their bitcoin in their wallet but now that the price has woken up,many more transactions are being made,many new investors buying and some old investors selling.. This fee is small compared to what we had in January/february period,you could pay $25 for a transaction back then.

[ballerin and giroud]

The cost of expensive transactions indicates that in the future bitcoin prices will continue to rise. All bitcoin holders will not want a loss right? But, do not worry because the lightning network to be one solution to solve the problem of high transaction costs bitcoin.

[irenegaming]

No one have an explanation for this ?

The explanation is pretty easy for this. The transaction fees works on the amount of transactions happening at any given time on the bitcoin network. If there are huge number of transactions than the transaction fees is high and if there is lesser number of transactions than the transaction fees is low, just simple as that.

[stayeduptolate]

a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?

Check these picture to understand what i'm talking :

https://imgur.com/a/6sjgg3q

Yes,dude I also faced this problem that the transactions fee of the block chain in exchanging BTC is increasing continuously and I guess this could be because of lack of governing body over BTC, there could be some people who regulates the transaction fee and they might be increasing it in order to recover some sort of lost occurring due to deflation in the valuation. As soon there will be some regulating body over it and once it will be centralised then everything will be regulated and there will no such issue of such high transaction fee.

[Rubick99]

a days before i was giving 0.30 - 0.60$ for Transaction fee on Blockchain today i woke up and i found it 2$ and when i send big amount it goes up to 10$ on regular not even priority. Does anyone have an explanation for this ?

Check these picture to understand what i'm talking :

https://imgur.com/a/6sjgg3q

Bitcoin fees transaction is depending on Satoshi, because right now bitcoin expensive. Long time ago when bitcoin just $200 when you send your btc to other address, you just need to pay a fee under $2.

[Titanos]

I think it depends on the wallet you use and network saturation. I made a transaction through BlockChain 3 days ago with only 0.4$.

[CryptoWorld87]

I think its because you send it into deferent bitcoin wallet or because you pick the highest price to send the fastest transaction you want to recieve your bitcoin func.

[rumexx]

The fees on blockchain and timing to complete transaction has been high and too slow respectively. These two are one the major disadvantage of Bitcoin. Scalability is a major issue affecting the fees paid for blockchain and the time also.

[3acaga]

Hi, I also saw that the price for the transaction increased. But this is due to the increase in transactions and the increase in the price of the bitcoin itself.
It will be interesting to me to see when bitcoin becomes 20-50 thousand dolars, what a stupid person will make transfers through bitcoin with such large commissions for the transfer.
P.S. If there are no changes, I think that bitcoin will start to die this year.

[Vanester2014]

I think this problem was already been a long time that no one can answer i was realy hoping that the price of transaction fee got lower again just like before when i first join in bitcoin trading. Before i can send even 10,000 satoshi to my wallet or exchnager with a low fee but today the fee is too expensive.

[NeuroticFish]

I think this problem was already been a long time that no one can answer i was realy hoping that the price of transaction fee got lower again just like before when i first join in bitcoin trading. Before i can send even 10,000 satoshi to my wallet or exchnager with a low fee but today the fee is too expensive.

The transaction fee is very low. Very very low. Really.
But if you use a 3rd party service to handle your money, you rely on their automated tools to calculate your fee, which may not be optimal.
I pay some 1-2 satoshi per byte. That's 2-5 cents per transaction.

How I do that? I use SegWit local wallet on my computer, I follow https://btc.com/stats/unconfirmed-tx and I keep my bitcoin as much as possible consolidated (without too many inputs).
And then the fees are low.


Of course, it's easier to complain than act, but that's another discussion...