Post
Topic
Board Bitcoin Discussion
Re: Why are fees going so high?
by
bitbollo
on 22/08/2017, 16:10:51 UTC
Hi,

I don't understand why the fees are getting so high right now? Smaller transactions get eaten alive.


before sending one transaction take a look here: https://bitcoinfees.21.co/
Right now if you want a tx confirmed for the next block you need to pay at least 391-420+ satoshis/byte.
If you have enough patience to wait 2-5 blocks (maximum 50 minutes) you can be lucky if you spend 331-360 satoshi byte / or very lucky with 301-330 satoshis/byte.
Fees are higher because using blockchain now it's expensive. You need to pay to cover tx fees more (also 4 times bigger) then one year ago.
I think it's a good sign for the entire network, and there isn't only a bad news behind it.
If you want fast confirmation and everything else use another coin, because btc actually have a limited block size.