I just saw that the transaction fee for bitcoin is really dropped when compared with the earlier few months.
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!
This is because of mempool becomes empty from the past few weeks. When there is Segregated witness has been added most of the wallet most of the transaction has consumes less fees and transaction speed has been also has been increased.
I have seen that all the online wallet has been reduced their fees to 0.00002 or .00001 btc per transaction.
If we calculate the complete history of bitcoin when calculate on btc alone. This time is most cheap transaction fees we are seeing.