What factors contribute to the high fees in Bitcoin transactions?

1 answers

• Dec 27, 2021 · 3 years ago
  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.
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