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Sometimes fees are high when there is a lot of demand for blockspace. Remember that there can be only so many transactions per block.
And there is a sort of auction that occurs to determine who's transactions make it in and who's don't. If there are a lot of people who really need to get into the next block, they will pay for the privilege.
Wait for demand to die down and fees will be almost 0. It's because a high-fee paying transaction depends on it, and reprioritizes it. It's known as Child-Pays-For-Parent CPFP , but note that some old versions of bitcoin core, and bitcoin unlimited don't support it and leave those transactions for smarter miner software.
The chart is generated by dumping the mempool and doing some smart sorting. The Bitcoin website lists fast peer-to-peer transactions, worldwide payments, and low processing fees as the most important features of the cryptocurrency. Not surprisingly, Bitcoin has become extremely popular as a way to send money digitally across the globe as it solves critical problems faced by transactions executed in fiat currencies. In fact, the number of Bitcoin transactions has been consistently rising this year.
The third quarter saw 20 million Bitcoin transactions being executed, up from This growth can be attributed to the drop in the average transaction fees on the Bitcoin network, which was earlier proving to be a hindrance in the way of the adoption of this cryptocurrency. However, the average Bitcoin transaction fee has come down rapidly since then.
But what has caused such a massive drop in the average Bitcoin transaction fees? To find out, we will first have to understand why Bitcoin fees are charged. A Bitcoin transaction has to be added to the Blockchain in order to be successfully completed. However, for a transaction to be added to the Blockchain, it first needs to be validated by miners who solve a complex mathematical problem to verify the transaction. These miners spend a lot of computing power and energy when verifying a block of transactions from the Bitcoin Mempool short for memory pool , which contains unconfirmed transactions waiting to be added to a block for confirmation.
Now, miners need to be incentivized for the time, effort, and resources that they are putting in to validate the unconfirmed transactions. As a result, they are given a fee of Each block of transactions on the Blockchain cannot contain more than 1 megabyte of information, so miners can only include a limited number of transactions in each block. This is why miners prioritize those transactions where they have the potential to earn higher transaction fees.
So, if the mempool is full, users looking to get their transactions through will compete on fees. The transaction size also has a role to play in the fee determination.
As miners can only include select transactions within the 1 megabyte block, they prefer selecting small transaction sizes because they are easier to confirm. Transactions occupying more space, on the other hand, need more work for validation so they need to carry a higher fee in order to be included in the next block.
So, there are two factors determining transaction fees -- network congestion and transaction size -- and they also play a critical role in the time taken for a transaction to be confirmed. In such cases, it could take several hours for the transaction to be confirmed. Most Bitcoin users and traders who transact in BTC have started asking how much transaction fees one should pay for sending bitcoins. But sadly for now, such is not the case with Bitcoin.
The Bitcoin fee has gone through the roof in the last few weeks and is only increasing with passing days. Therefore, I am here today to tell you everything you need to know about the right Bitcoin fees but before that, I need to tell you who decides the fee in a free market. Free market forces mean anyone is free to set their own transaction fee and can send transactions.
In a way it is good but it has its disadvantages too when you have less space. By less space I mean the blocks of Bitcoin are only as big as 1 MB which means it can take only those many transactions in total. And on average, a BTC transaction is bytes in size which in turn means it can accommodate only to transactions in the 1 MB block size.
We all know that miners who are incentivized by the Bitcoin network in the form of block rewards plus the transaction fee are naturally inclined towards maximizing their profits. Technically, finding more blocks is an energy and cost-intensive process which takes time, and thus makes sense in including transactions that pay them more first.
So as a result of free market users deciding the fees of the transaction, as well as the limited 1 MB space, finding a place in the blocks has become expensive. At present, there are more than transactions pending in the mempool the size of which is increasing every day at present At the time of writing this article, according to bitcoinfees.
Satoshi is the smallest unit of a BTC. You can read about it here more. Now comes the million-dollar question: How much fee should one actually pay for a BTC transaction to be successful?
According to bitcoinfees. On the left side in the image above is the free range one can select in satoshi per byte and on the right hand is the number of expected blocks and waiting time. Currently, the suggested minimum fees are satoshis per byte for which you will get a place in the very next block, the waiting period for which is roughly minutes.
I would recommend you to wait for your transaction to arrive if you are not in a hurry. You can learn more about Satoshis and its calculation from our blog post: What is Satoshi? Some of them are:.
Apart from that, I would like to reiterate the fact that high fees are certainly an issue but this is not unknown to many Bitcoin developers. Also, off chain scaling solutions such as Lightning networks are being tested since January and will hit the mainstream in the near future.
It should also give you more insights on its latest developments. That is all from my side in this article. I will be soon back soon with another interesting article from the cryptosphere that will help you enhance your knowledge.