Transaction fees on BlockChain are so high

[TTITA]

I think this problem was already been a long time that no one can answer i was really 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 exchanges with a low fee but today the fee is too expensive.

I think even if it will charges about 20,000 satoshi for a single transaction, it still cheap. https://btc.com/stats/unconfirmed-tx has been giving good info's about suggesting transaction fees by unconfirmed transaction updates at the market currently. As I usually do, I make a transaction with a fee of about 10k/20k satoshi and takes 10 min max 30 mins only to get confirmed.

[squatz1]

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.

This right here, I haven't seen this crazy change in tx fees so I would assume that you're using two inputs (you have coins in two different addresses) and the problem here is that you didn't notice this. Always make sure to adjust the amount of fees you're going to be paying, as most wallets let you set your own fee which is different from the one they recommend to you.

So there is that, don't let these wallets mess ya up!

[hakertajniak]

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

what coin did you talking about ? and what transaction fee ? is it the exchange tx fee ?
if exchange fee, that is the policy of exchange itself. just try to find other exchange if you think they have high fee.

[Xester]

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

This is one of the problems we are facing on bitcoin. Transaction fees when sending to an external wallet is huge and it is really troublesome. But these problems are soon gonna be out of the picture when the lightning network is already implemented. Lightning network guarantees faster transaction fees with a very low transaction fee.

[angelakrasnova]

Now the prices for transactions have changed greatly, if we compare prices now and the past, I can say that now transactions are much cheaper

[onnz423]

Now the prices for transactions have changed greatly, if we compare prices now and the past, I can say that now transactions are much cheaper

This is temporary, over time bitcoin fees are likely to decrease as batching, and segwit adoption increase. There are also more and more stores opening up lightning channels that reduce the fees to almost nothing.

[AlexAtom]

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

not all blockchain have a high transaction fee. look the litecoin, it has a low transaction fee.
maybe what you means is bitcoin. bitcoin transaction fee is very high because bitcoin price.

[bjmpoker001]

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

What transaction fee ? what wallet did you use ? because different wallet may have different transaction fee.
if you use exchange wallet, the cost of your transaction fee will be higher. i think you should consider use the other wallet.

[VitKoyn]

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.

You are wrong, this question had been answered a lot of times before here in the forum, the price of Bitcoin transaction fees are depending on the price of Bitcoin and how many transactions are still pending on the mempool (unconfirmed transactions). Haven't you tried creating transactions this past few weeks or last month? because I can just send Bitcoin to an exchange with 10 satoshi per byte without waiting for a very long time for it get confirmation because there are only 1000+ unconfirmed transactions at the moment, I also use segwit Bitcoin address for cheaper fees. I'm surprised that some people here still don't know that we can now pay transaction fees less than $1 in Bitcoin.

[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

I also reassure this news that the users are now facing a high transaction fee while transacting in exchanges and I guess this is exhaustion of consumer rights and may be this is because of the lack of regulating body over bitcoin that there is no authorised regulating body over bitcoin and therefore who are over bitcoin who are watching bitcoin transactions may be exploiting consumers and charging very high transaction fee to them so in present scenario the legalisation and centralisation of bitcoin is very much necessary world wide.

[zhagedus]

We have heard them saying that the transaction fee for Bitcoin is on a high side. I personally face big challenges any time i want to sell or buy Bitcoin because of it high rate of charges. How i wish that they can look into it and try as much as possible to subsidies it at lower rate. Though there are other Altcoins that have high rate of fee for there client too.

[thorvald]

The fees usually change with the congestion on the network. If there are too many people using BTC today you will see the price of the fees go higher as people compete for tx priority

[russaa8]

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

A week ago I was amazed at how low the commission was at the transfer of 0.07 bitokoyn. Only 192 satok! The transfer took a very short time. It's very, very cool. Has everything changed and the commissions are again high?

[Domenc]

Just before answering this question checked the latest transaction fees for bitcoin payments and it seems to be normal. I think this much fees is minimum required by the miners to fulfill their demands also after all it is due to miners only that we can make successful transaction everyday. Also transaction fees generally shoot up when there is too much congestion but this problem is also faced at rare time only.

[Pan Troglodytes]

Just before answering this question checked the latest transaction fees for bitcoin payments and it seems to be normal. I think this much fees is minimum required by the miners to fulfill their demands also after all it is due to miners only that we can make successful transaction everyday. Also transaction fees generally shoot up when there is too much congestion but this problem is also faced at rare time only.

As I said above - it is normal only now, because number of bitcoin transactions is very low (because the price movement has stopped). The moment it starts again, the fees will be very high again. Just mark my words.

[Google+]

yes you are true the more expensive bitcoin price then it is definitely the cost of shipping is also more expensive because it is definitely what makes the high price bitcoin is the density of bitcoin transactions and hard to get the bitcoin so make the transaction dense and expensive.

[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

I too agree with this and I personally experienced that thing that while transacting through any exchanges the transactions fee are very high and now this thing is troubling users in their bitcoining and there is very old saying in English that if your time is wrong then everything happens wrong to you and same thing is happening with bitcoin as valuation is deflating and now the transaction fee has been increased and these all issues are now demotivating people to invest into bitcoin and I think this could be because there is no perfect set of rules and regulations over bitcoin and this could be only possible when bitcoin will be centralised all over the world.

[voron84-05]

If you consider the amount of commission for the transfer of BTC in dollars, it turns out that it depends on the cost of the bitcoin itself, and it becomes obvious that when the BTC is expensive then the commission is high. At the same time, the cost of commissions depends on the workload in the BTC network, it is enough to recall the last autumn and what were the huge commissions.

[sarajahon]

Radoslav Albrecht of German established an online bank, Bitbond. It provides clients to transfer loans to any part of world utilizing Bitcoin. Bitbond utilizes digital currency like Bitcoin to circumvent the international transfer system. It lends finance all over the world and the service is fast at an affordable price.

Read more:- https://coinpedia.org/news/bitbond-provide-loans-bitcoin-cryptocurrency/

[ThePogi]

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

The transaction fees are raging due to several factors. One is the size of the block in Bitcoin's blockchain, which is limiting the number of transactions that can go through at any given time. Bitcoin's network is powered by miners, people and companies who use a tremendous amount of computing power to create new bitcoins. And when there's too many transactions to process—which currently happens very often miners will prioritize transactions that pay a higher fee.
Currently miners have the time of their life. Bitcoin price is rising steadily every month. Fees are growing monthly as well. In short term really nice for them. If you look at the transaction cost chart you will see a correlation between bitcoin bull runs and transaction costs.