What Factors Influence Bitcoin Transaction Fees?

[Suba]

When we carry out interesting activities, sending Bitcoin, we will always be faced with transaction costs, either fees charged by miners or blockchain fees or fees charged by exchanges and crypto wallets. If we pay attention, there will be many influencing factors such as:
1. Bitcoin price, the fluctuating price of Bitcoin will also affect the price, especially when the price is high, it will be followed by higher fees.
2. Bitcoin Blockchain density will reduce transaction speed so that many confirmations are delayed or slow, the more dense it is, the higher the transaction fee will be.
3. Market Sentiment, market sentiment will also influence transaction activity to increase or decrease, if it increases then transaction fees will also increase.

 

[Suba]

When there was a sudden spike in Bitcoin price, the network fees increased rapidly and there were more delays. Now Bitcoin price has reduced , so there are fewer delays in processing.

True, if the price of Bitcoin falls, it is a sign that there are fewer transactions on the Blockchain, so transactions will run smoothly, and transaction fees will be cheaper and vice versa.

 

[King Belieal]

The bitcoin transaction fee is just a reflection of demand and supply for Bitcoin transactions. When the demand for bitcoin is high, the fees go up.

 

[Suba]

The bitcoin transaction fee is just a reflection of demand and supply for Bitcoin transactions. When the demand for bitcoin is high, the fees go up.

That's right, when the demand for Bitcoin is high, it will be followed by an increase in prices, the higher the price, the higher the blockchain costs will also be, especially if there is congestion on the blockchain then confirmation will also be delayed.