Too high transaction fees - where is the problem?
Hey, I have a question about the transaction fee. Namely, I transferred the btc purchased on Binance to my private Ledger Nano S several times this year. However, I was amazed by quite high transaction fees. I read the fee chart changes during the year but still my fees seem to be too high. I'll add that both btc addresses are segwit, which to my knowlege are more economical.
January 2020 :
BLOCK TIMESTAMP 2020-01-04 14:58:24 GMT +1
TRANSACTION FEES 0.001197 BTC (100.0 sat/vB) 9 $
April 2020:
BLOCK TIMESTAMP 2020-04-14 20:45:36 GMT +2
TRANSACTION FEES 0.003139 BTC (100.1 sat/vB) 25 $
May 2020:
BLOCK TIMESTAMP 2020-05-24 12:45:12 GMT +2
TRANSACTION FEES 0.00336876 BTC (190.8 sat/vB) 34 $
June 2020:
BLOCK TIMESTAMP 2020-06-28 20:42:22 GMT +2
TRANSACTION FEES 0.002257 BTC (100.1 sat/vB) 22 $
Could somebody tell me why there are so big differences? The transfer amounts do not differ so much and have completely normal values.
Hey, I have a question about the transaction fee. Namely, I transferred the btc purchased on Binance to my private Ledger Nano S several times this year. However, I was amazed by quite high transaction fees. I read the fee chart changes during the year but still my fees seem to be too high. I'll add that both btc addresses are segwit, which to my knowlege are more economical.
January 2020 :
BLOCK TIMESTAMP 2020-01-04 14:58:24 GMT +1
TRANSACTION FEES 0.001197 BTC (100.0 sat/vB) 9 $
April 2020:
BLOCK TIMESTAMP 2020-04-14 20:45:36 GMT +2
TRANSACTION FEES 0.003139 BTC (100.1 sat/vB) 25 $
May 2020:
BLOCK TIMESTAMP 2020-05-24 12:45:12 GMT +2
TRANSACTION FEES 0.00336876 BTC (190.8 sat/vB) 34 $
June 2020:
BLOCK TIMESTAMP 2020-06-28 20:42:22 GMT +2
TRANSACTION FEES 0.002257 BTC (100.1 sat/vB) 22 $
Could somebody tell me why there are so big differences? The transfer amounts do not differ so much and have completely normal values.
2 users upvote it!
2 answers
The fee results from the given traffic in the network. If you want to have a transaction as soon as possible, you will pay more, the bigger the network traffic is (there are too many transactions to handle, so you have to pay more).
Note that you have been charged three times 100sat/B and a second time as much. If these are transactions coming out of BitBay, they charge a lump sum - as you can see above. The exchanges usually take 0.0005 BTC or 0.001 BTC from the payout and release transactions for 100sat/b or more. In general, the exchanges give quite high fees for the transfer to pass quickly, but they charge a lump sum from the client.
Transactions are at significant intervals, so the BTC price was also different. Therefore, the fee in USD is different.
To sum up: this is basically the norm
The fee results from the given traffic in the network. If you want to have a transaction as soon as possible, you will pay more, the bigger the network traffic is (there are too many transactions to handle, so you have to pay more).
Note that you have been charged three times 100sat/B and a second time as much. If these are transactions coming out of BitBay, they charge a lump sum - as you can see above. The exchanges usually take 0.0005 BTC or 0.001 BTC from the payout and release transactions for 100sat/b or more. In general, the exchanges give quite high fees for the transfer to pass quickly, but they charge a lump sum from the client.
Transactions are at significant intervals, so the BTC price was also different. Therefore, the fee in USD is different.
To sum up: this is basically the norm
It seems that the problem with high transaction fees lies in the volatility of the cryptocurrency market. The fees are determined by the supply and demand for block space, which can fluctuate greatly depending on market conditions. Another factor to consider is the congestion on the blockchain network. If there are many transactions waiting to be confirmed, miners may prioritize transactions with higher fees, leading to an increase in fees for users. Additionally, the fee structure of different wallets and exchanges can vary, leading to differences in the fees you are charged for transactions. It is always a good idea to stay informed about current fee rates and choose the most cost-effective option for your transactions.
It seems that the problem with high transaction fees lies in the volatility of the cryptocurrency market. The fees are determined by the supply and demand for block space, which can fluctuate greatly depending on market conditions. Another factor to consider is the congestion on the blockchain network. If there are many transactions waiting to be confirmed, miners may prioritize transactions with higher fees, leading to an increase in fees for users. Additionally, the fee structure of different wallets and exchanges can vary, leading to differences in the fees you are charged for transactions. It is always a good idea to stay informed about current fee rates and choose the most cost-effective option for your transactions.