why are Bitcoin transfer fees increasing?
its getting ridiculous seeing as converting 370$ worth of dash over to Bitcoin resulted in a fee of 27$ and then transferring the 343 worth in Bitcoin to another wallet cost around another 29 and then transferring it to my Bitpay card from there cost 18 bucks which left me with 297 bucks out of the 370 in dash that I had.
Bitcoin fees used to be far less correct?
how can a Bitcoin economy work if you have to pay such absurd fees especially if you paying directly in Bitcoin to a business that accepts it?
Is there a way to fix these out of control fees?
As people learn more and more about this cryptocurrency, the demand gets high. As a result of this expansion, more employees are needed to keep this currency from going, such as but not limited to finance and engineering. Also, there are more tie ups with different institutions and retail outlets for faster and smoother transaction. Hence, to be able to meet these requirements, more cash are needed to operate. And where do they get the funds? Of course through the fees on transactions. I don't think that fix is the right term, but we could mitigate the fees by being smart on when and how much to convert. Be wise if you really need to cash out your btc, like if you think you will soon put it back then better to just hold the currencies longer and assess the performance of the bitcoin price. Transaction cost can be avoided if done properly.