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!
The fees depend on the number of transactions being processed at the same time, if the network is crowded and a lot of transactions are invalid like what happened in the ealier few months, with over 150k unconfirmed transactions people started to pay offers to get their transactions confirmed and the one who pays more will be prefered and have the confirmation in less time, that's what mainly caused the increasement of the fees.