Quote from: Greenkarki on February 27, 2018, 03:22:15 PM

Quote from: Fazlurkhan.kz on February 20, 2018, 09:17:20 AM

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!

Two main reasons. One the value of bitcoin has come down. The second one, Usage of segwit addresses. Segwit addresses do not consumes less transaction fees. I use Electrum wallet. Checked the settings, yes we can set the number of blocks needed for transaction and the fees varies. The maximum fees used is less than two dollars. Earlier I used to spend more than 15 dollars for a simple transaction. Happy at Segwit.

Had to spend more than .001 btc for a single trasaction last month. Segwit minimized the cost. The more the blocks are used, the charge becomes lower and the less the blocks are used, the price becomes bit high not exceeding .0001 btc. Every destop / online wallet is aimed to have a less trasaction fee by upgrading into Segwit. Electrum wallet trasaction fees are yes normal.