Bitcoin Network fee

Bitcoin Network fee

Bitcoin Network fee

In this article, we try to determine the Bitcoin network fee and provide you with information on how to set a Bitcoin fee and everything you need to know about Bitcoin these days.

Information about Bitcoin network fees

Before we get into how to pay and set a fee, we need to look at the collapse of digital currency markets.

As you know, with the collapse of the digital currency markets, transactions increased dramatically.

As a result, the computing power of the Bitcoin network fell, and the network’s transaction fees reached $ 50.

For many Bitcoin users and traders, the day the commissions increased was set to be the day of departure, which

 caused a lot of traffic in the Bitcoin blockchain.

According to statistics, nearly 130,000 transactions in the Bitcoin blockchain are waiting to be approved.

This is why, due to the acceleration of all users to get more out of the bitcoin blockchain, they are currently somewhat blocked.

Bitcoin sending fee

The fee is determined by the sender of the currency during the sending of the transaction.

It specifies the priorities of transactions, which are located in one-megabyte block.

Also, since BTC miners prioritize transactions based on the amount of commission,

This makes transactions with lower fees also have a lower priority for approval.

Before we know the reason for the delay and prolongation of transfers in Bitcoin currency,

We need to review the factors that affect the timing of a bitcoin transaction.

There are two main and important factors that we want to examine today.

Bitcoin network congestion is one of the factors that greatly affects the transaction time of important currencies such as Bitcoin.

Another important reason is the bitcoin transaction fee. The bitcoin sender sets this fee.

What is network load blockchain?

The network load blockchain means, how many users of this network and how much transaction they do in one day.

Simply put, the bitcoin network is crowded.

One of the reasons the Bitcoin network is so crowded is because of the limited number of BTC miners placed on the network.

This limited number of digital currency transactions can also include one megabyte of bitcoin blocks in blockchain.

 All of the above can cause congestion in the bitcoin network.

Other information about Bitcoin fees

As mentioned, the fees are determined by the sender, and BTC miners prioritize currency approval based on the amount of commission.

For this reason, when the transaction fee is very small, it will delay the confirmation of the transaction.

According to the theories, a transaction can never be prioritized due to its very low fee.

Bitcoin Fee

Who decides on Bitcoin or transaction fees?

Bitcoin blockchains operate in such a way that transaction fees are set in a free market.

Now the question arises, what is a free market?

A free market means that everyone can set their own transaction fee and this is one of the advantages of this method.

But as disadvantages can be pointed out that low-fee transactions,

They may be approved too late or to some extent not have priority for approval.

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