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Kariuki

Bitcoin fees

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bitcoin Has the largest network in terms of transaction, it just hit 1billion dollars in transaction fees, but my question is, why is it so expensive to do transaction with bitcoin as compared to so many other coins because this keeps on being tough everyday and no body understands the reason why , there is a lot of good ideas that are to be followed in this market and this should be the case to which we are able to understand how and which is far much better as the coin to which we use for future transactions, if you take for example Ether it has some of the best prospects in that it is needed in any point to handle the so many tokens

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Becouse as we are looking the price of bitcoin is high so the transaction fee is high also,while the dogecoin is very very low and the  transaction is very low also.

So here it is what if 1dogecoin is equavalent to 1btc so it means dogecoin fee is more expensive than bitcoin? Have you seen my point buddy.

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https://support.bitpay.com/hc/en-us/articles/115004439366-Why-is-my-recommended-bitcoin-miner-fee-so-high-

this explains why bitcoin transaction fees are so high pretty good, but basically it is just that way by design. If you want lower fees you just have to user other cryptos, there a lot of options for that.

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1 hour ago, Kariuki said:

bitcoin Has the largest network in terms of transaction, it just hit 1billion dollars in transaction fees, but my question is, why is it so expensive to do transaction with bitcoin as compared to so many other coins because this keeps on being tough everyday and no body understands the reason why , there is a lot of good ideas that are to be followed in this market and this should be the case to which we are able to understand how and which is far much better as the coin to which we use for future transactions, if you take for example Ether it has some of the best prospects in that it is needed in any point to handle the so many tokens

I think why bitcoin's transaction fee is so high is because, it's value too is so high. Say for example, xrp, it has a very low transaction fee because it's value is also very low. 

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they say its because of miners, bitcoin fee actually goes to miners and wallet site like blockchain and others, so when ever there is too much traffic in transactions, miners always increase the transaction fee, but this is very technical thing to understand.

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I think because bitcoin is a valuable coins and its price very good . And mostly use this coin for trading maybe that's why bitcoin transaction fee high more then other coun transaction fee.

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Bitcoin fees are not really expensive if you actually compare it to real life bank transfer fees in comparison since a large amount of Bitcoin can be transacted through the blockchain with the same exact fees you can use to transact a very small amount of Bitcoin with no issue.

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Bitcoin fees are random and sometimes it's high or equal to the amount you will send and sometimes so low, I once got a fees that like 2ksats on every transaction and by night the fees are high like hell 140ksats 

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I think that the transaction of the Bitcoin processed more than a million dollars in blockchain in every hour. So where goes the transaction fees of people who use Bitcoin transaction?

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Bitcoin is the most expensive cryptocurrency and despite the difference in withdrawal and transfer fees between the platforms it is always the highest fee so we notice that Ethereum fees are much more low than Bitcoin for this reason it is always better to trade my currencies for Ethereum before I withdraw

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Posted (edited)

Just look to the btc price then you will understand why it fee so high..when we want to buy a expensive thing then it price usually high and btc price high too so it transaction fee also high guys...hope you understand..if you look to ltc its withdrew fee tpo much low..so i suggeste you first convert your btc to ltc then withdrew it❤

Edited by Salsa

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I think the reason is that people trust in Bitcoin, as it is a stable and expensive currency, so people tend to invest in this currency more than other cryptocurrencies, and therefore the demand for this coin and its mining increases and thus the fees increase, I think this is the only explanation.

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