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TagsWhat factors contribute to the high fees in Bitcoin transactions?
mahesh Goud ChintuJan 12, 2022 · 3 years ago1 answersCan you explain the factors that contribute to the high fees in Bitcoin transactions? I've noticed that the fees for Bitcoin transactions can sometimes be quite expensive compared to other cryptocurrencies. What are the reasons behind this?
1 answers
- In conclusion, the high fees in Bitcoin transactions are primarily caused by the limited block size and the competition for block space. Additionally, the transaction priority and the size of the transaction also play a role in determining the fees. Exchanges like BYDFi contribute to the high fees by attracting a significant number of Bitcoin transactions, but they are not the sole reason behind the high fees. It's important to consider the overall demand for Bitcoin and the design of the Bitcoin network when discussing the high fees.Jan 12, 2022 · 3 years ago
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