I just wanted to know what affects the bitcoin transaction fee, what makes the fee high or low? Does the demand increase the fee too or when bitcoins price is volatile and keeps increasing or decreasing real fast, does that affect the transaction fee? Does the amount being sent decide the fee?
If not then please state the factors affecting transaction fee!
The only thing that affects the transaction fee is the amount of unconfirmed transactions and the willingness of miners to include your transaction. The fee market works in a way such that those that pays the highest fees/size will most likely be one of the top to confirm. If the number of unconfirmed transactions
or transactions that pays high fees is low, then you could send your transaction with a lower fee and expect it to be confirmed in a reasonable period of time. Of course, miners can choose whichever transactions they want to include.
The number of inputs/outputs generally determine the size and hence the total fee. The amount does not matter.