Why bitcoin fees is too high?

[Razor1911]

Though Bitcoin is the most valued crypto coin at this time, but it has some drawback which I am now going to discuss. I am usually making transaction with both Bitcoin we well as Bitcoin Cash. Normally bitcoin cash or shortly BCH charges around 2 satoshi per byte, which is roughly 15 cents. Thus even if you send small amount, you won't have to worry much about the fees.

In contrary, the charges of Bitcoin is too high. Normally you have to pay around 60 satoshi per byte for a transaction to be confirmed in medium priority. Which is appx rounds of to 5 dollar as per current rate.

My question is, Why Bitcoin charges are so high than other crypto currency? is there any way to minimize the fees so that I can send even small amount to other bitcoin wallet?

 

[btaliat]

The price of bitcoins transaction is generally high but it varies depending on the wallet you are using. There are some ways to bypass this high gas fee. You can use other wallet as I have said earlier or you even convert your coins first to maybe litecoin or ripples which have low transaction fee before doing any trsanction to bypass the high transaction fee.

 

[Razor1911]

The price of bitcoins transaction is generally high but it varies depending on the wallet you are using. There are some ways to bypass this high gas fee. You can use other wallet as I have said earlier or you even convert your coins first to maybe litecoin or ripples which have low transaction fee before doing any trsanction to bypass the high transaction fee.

No. The wallet doesn't charge such high. You have to choose your fees for transaction. The more you chose your fees, the higher is the chances of confirmation. Normally the average fees is 40 to 60 satoshi per byte. But when I transacted for the first time, I set only 2 sat per byte and my transact was confirmed after almost 1month.

 

[Alexandoy]

I am not sure if I am referring to the right entity which is the payment center or payment processor or maybe digital wallet. A transaction is charged a fee and I think it depends on the discretion of the admin of the digital wallet. Maybe Bitcoin transactions are a lot that they increase the fee so you will be trading in another coin. That is to give life to other coins.

 

[Razor1911]

I am not sure if I am referring to the right entity which is the payment center or payment processor or maybe digital wallet. A transaction is charged a fee and I think it depends on the discretion of the admin of the digital wallet. Maybe Bitcoin transactions are a lot that they increase the fee so you will be trading in another coin. That is to give life to other coins.

In crypto market, the owner of the wallet doesn't charge you fees. Its the mining processes that deducts your fees. And the fees is determined by you only. To get your transaction to clear faster, you will have to choose higher fees. Otherwise your transaction will never get complete. It will show unconfirmed for too long.