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Why Miner fees are high in Bitcoin?


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Well BTC is the most used crypto by far. Which being said it's high tx fees and high time taken by miners didn't stopped the users to use it.  Network Congestion on network raises the fees. It's basic supply and demand. The bitcoin block size is 1 mb. So it can only process 1 mb worth of tx per block. As there is alot of congestion it takes time.

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True. The blocks can hold limited information. And if there's lots of movements on the network, it gets much congested. Then it's like an auction. With the highest fee/weight unit transactions are lines up first which get confirmed in the next block. With the confirmations, transactions left in the queue step up. The priority of a transaction can be checked in various mempool viewing websites.

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5 hours ago, Arnab12 said:

Well BTC is the most used crypto by far. Which being said it's high tx fees and high time taken by miners didn't stopped the users to use it.  Network Congestion on network raises the fees. It's basic supply and demand. The bitcoin block size is 1 mb. So it can only process 1 mb worth of tx per block. As there is alot of congestion it takes time.

Actually........ no

 

XRP does 75% of all crypto transactions, Its a little known fact

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i use only XRP if i want to have my deposit fast , bitcoin is so long ....... but more fast one SEPA transfert , bitcoin is gold ( no fast and high fees to transfert ) and other crypto currencie is coin and bill ^^

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very reasonable because you can get a large profit and you can hold for a long period of time so that it can make you profit, all of that requires capital so that if the high price is reasonable, low prices can raise questions.

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The main reason for high BTC miner fees is supply and demand. The BTC block size is 1MB, which means that miners can only confirm 1MB worth of transactions for each block (one every ten minutes). If the number of transactions waiting to confirm exceeds what can fit in 1 block, the miners choose to confirm the transactions with the highest bitcoin miner fees.

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It's because the demand of bitcoin and the price.. You know it's the most valuable currency in crypto world and it's price much than any other currency so basically it's transaction fee High and speed low because of it network traffic.. People like to use bitcoin most which makes it demand high so it's miners fee high..

1 hour ago, Baqee said:

The main reason for high BTC miner fees is supply and demand. The BTC block size is 1MB, which means that miners can only confirm 1MB worth of transactions for each block (one every ten minutes). If the number of transactions waiting to confirm exceeds what can fit in 1 block, the miners choose to confirm the transactions with the highest bitcoin miner fees.

Yup i think so that the fee for it's demand...moreover bitcoin not so first in technical process so may it's also a caused to its miners fee high..by the way,thank for the information

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Supply and demand: You have a lot of crowding in the network. People want to earn coins, and this has a huge impact on that. Not surprisingly, the rise in the formation of the currency is a well-known and highly desirable among many people

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  • 2 months later...
  • 2 weeks later...
On 8/1/2020 at 3:37 PM, Ganjacoin said:

Because of the Halving. It makes mining bitcoin harder

That is actually not true. Halving only halves the reward and does nothing for the difficulty. Actually bitcoin mining becames less profitable and some miners drop out from the network which results with lower mining difficulty after the network readjust.

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  • 3 weeks later...
On 5/3/2020 at 8:21 PM, pestojames7 said:

Actually........ no

 

XRP does 75% of all crypto transactions, Its a little known fact

If you want to take centralized coins into account, compare it with visa and mastercard then. :P

The block size limit is a major issue in bitcoin that we will not see a scaling that could allow millions of transactions, the developers are trying with third layer and only time will tell how successful that can be.

 

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