Why Sometime Bitcoin Transaction Fee is high?
In BTC, There are 2 aspect that effect transaction fee.
- Size of transaction.
- Network Fee
Size of transaction depends on how many input BTC's value transactions you have that enough for sending BTC's value.
If you have many small deposit transactions, transaction fee for sending is high.
If you not have many deposit transactions, transaction fee for sending is low.
Network Fee depends on how many people make a transaction of BTC at a time.
If large people make a lot of transactions, Network fee is high.
If people make transaction as usual, Network fee is low.
Assume that we need to make transaction of BTC fastest and cheapest.
You can see how much fee you need to send per byte to make a transaction fastest and cheapest here below.
https://bitcoinfees.21.co/
Now (Oct 2017), network fee for BTC is very high because most people need to buy BTC for Free of Bitcoin Gold.
See you next story...
Questions or comments are welcome.
Congratulations @domeafavor! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!