Transaction fees usually go over the roof because Bitcoin’s block space limited.Ī Bitcoin block can only accommodate transactions worth of 1 MB per 10 minutes, and that’s why each byte on this 1 MB block is a premium place to be.
Well, to understand that we first need to know how Bitcoin transaction fees are decided? Bitcoin Transaction Fees Comparison & Calculation Date
This happens when the Bitcoin blocks are going full, and the same thing happened in December 2017 when the Bitcoin transaction fees went over the roof reaching $40-50 per transaction. Well, sometimes these transaction fees become absurd, and Bitcoin users face the difficulty of choosing the appropriate transaction fees while transacting. This might not be an alien concept for you if you have read my earlier Beginner’s Guide On Bitcoin Mining. This is because the Bitcoin network takes a fee called Bitcoin transaction fees for processing transactions.Īnd this fee goes to Bitcoin miners who provide the service of mining and confirming transactions on the Bitcoin’s network.
#Coin flip fees free#
However, the free of cost thing was true in earlier days of Bitcoin, but nowadays you need to pay a couple of bucks extra to send money from one place to another via Bitcoin. Often people mistake that by using Bitcoin they can transfer money to anyone and anywhere in the world free of cost !!īut there is no free lunch anywhere nowadays.