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!
If you send a small amount of money or your bitcoin is newly minted, then your transfer is no longer free. Each transaction is assigned a priority, which passes through the old and new levels of the currency, the number of bytes traded, and the number of transactions. In particular, for each input, the client will first COINS multiplied by the number of these COINS in the block of time, then the deal will add up all the product divided by the size (in bytes), calculation formula: priority = sum (input_value_in__units * input_age)/size_in_bytes, calculation results if less than 0.576, then the deal will have to pay fees. If you do a lot of small input, and want to free to turn out, then you can add a large amount of large amount of COINS and currency age, it will raise the average priority, which can turn out COINS for free.
At the end of the transfer the client will detect the size (in bytes) of the transfer, the size depends on the amount of input and output size, general computation formula is as follows: 148 + 34 * * the amount of input output amount + 10, if the time transfer, the size of more than 10000 bytes but priority qualify for free, so can still enjoy free transfer, otherwise you need to pay fees.