In Fact, It Has Become So High In Popularity That The Number Of New Investors Willing To Invest Their Money In Bitcoin Has Them Standing In Long Queues.
During peak times, like now, that bidding war causes the btc fees to grow quite high and as a result creates high transaction fees, slow and unreliable transaction times. It may shock you to know that in 2020, the bitcoin transaction fee rose by 344 percent in a single week. As time has gone on, bitcoin transactions have increased in price on average, with the occasional spike.
Here Are Several Reasons Bitcoin Transaction Fees Are High.
Higher fees emerge when the blockchain is congested. Now let's calculate your transaction size as 15 inputs and 1 output. In contrast bitcoin cash (bch) has a 32mb block limit, allowing everyone to pay the same low fee with the guarantee of being included within the next mined block.
This Is Outrageous, But This Is A Temporary Thing.
Lately, the bitcoin blockchain has gotten so congested that on the 18th op april over 136k transactions were waiting for confirmation. Bitcoin fees aren’t dependent on the amount you send, but the amount of data your transaction consumes on the blockchain. And since the bitcoin miners can include a finite amount of transactions in each block, they will inevitably prioritize the transactions with the highest fee.
Fees For Your Transaction Are A Function Of Two Things:
Because of this, with today’s standards, for this second transaction to go through would require a fee of around 150$, independently of the value it represents! So the recommended fee to get your bitcoins as soon as possible is 230 satoshis per byte. Patient users may opt for this option since they don't intend to pay high fees.
Well, Not So Bad But It Is Higher Compared To The Norm.
From november 5 to december 13, the price rose from around $2.70 per transaction to over $12. This is reason why you have seen bitcoin transaction fees going that up and looking ridiculous; Even though it has made transactions more secure for consumers, bitcoin transaction fees now run at more…