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Author Topic: Transaction Fees  (Read 36 times)
brawdias
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April 28, 2018, 03:04:35 PM
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When we achieve higher Bitcoin prices the transaction fees will be higher too ? Or it depends on other things ( amount of miners for example) ? 
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mjglqw
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April 28, 2018, 03:28:29 PM
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Pretty much. Let's say for example, the average transaction fee right now is BTC0.00007; and the current price is $9000.

$9000 * BTC0.00007 = $0.63 in fees

now let's say, the current price is $20k.

$20,000 * BTC0.00007 = $1.4 in fees.

So, yes. If we're talking about fees in fiat form, then the higher the price of bitcoin, the higher the fees. Assuming that the mining difficulty and number of unconfirmed transactions is the same for both scenarios/examples.

hugeblack
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April 28, 2018, 03:58:48 PM
 #3

Transaction Fees or miner fee does not depend on the number of Bitcoin or value in dollars but depend on the size of a transaction.
In other words, you can send 100 BTC ($900,000) and 0.001 BTC (9$) using the same fees.
To learn more I advise you this  tutorial: Calculate Transaction fee [DannyHamilton]


 Just replace this part with this site https://jochen-hoenicke.de/queue/#1,24h

If you know what the size of your transaction (in bytes) will be then the following website can be used to estimate what your fee should be:
https://bitcoinfees.21.co/

gadimbrut
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April 28, 2018, 04:32:28 PM
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I think the cost of bitcoin varies every exchange, find the exchange that has the lowest cost and reliable, usually the cost of bitcoin is set. bitcoin transaction fees follow bitcoin prices.
TwSeventh
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April 28, 2018, 04:51:05 PM
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amount of miners will not change the fee but instead it will fastening the process.
usually the only reason why the fees kept changing due to price itself
(of course if we are using our own wallet and do not use exchanger wallet)
if we are comparing those exchanger wallet,i should say it depends on the exchanger itself.
every exchanger has their own rule and term,most of them will ask you 0.001BTC for every transaction but some of them will ask you 0.0005BTC for every transaction.
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April 28, 2018, 05:04:39 PM
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Fees should remain the same if only the owners of the exchange will not want to get more money from their users.
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