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For fastest bitcoin transfers and exchanges, each transaction requires a blockchain fee. The fee is usually low, however sometimes higher fees are needed to complete your transfer or exchange. This article will explain why this happens and how you can avoid high blockchain fees.

Blockchain fees depend on several factors including network congestion, transaction confirmation times affected by liquidity providersand blockchain size as measured in kilobytes; affected when converting bitcoin from multiple inputs such as faucet earnings or other micro-transactions. There might be other reasons that cause higher blockchain fees, but we listed the most common ones. We are working to increase the number of liquidity providers so that we can process small exchange amounts 'off-chain' outside of the blockchain network.

This solution will not incur any blockchain fee at all for smaller exchange amounts. This update to move small exchange amounts off-chain will take some time due to third-party integration requirements throughout our global liquidity network. Users will be notified via bitcoin fees extremely high updates and other announcements. Wirex Ltd Fees and Limits Fees. My blockchain fee is too high. What should I do? Why is the blockchain fee so high?

In other words, you may need to pay higher blockchain fees if: Usually, the fee increases during sudden bitcoin rate fluctuations and major world events; your bitcoin wallet has a history of microdeposits like referral bonuses. If your wallet has large amounts of bitcoin fees extremely high deposits, the size of your transaction will bitcoin fees extremely high bigger as it will consist of many inputs.

The bigger the transaction size, the higher the blockchain fee. A more detailed explanation about transaction size, inputs and outputs can be found in Bitcoin Wiki article. Is there anything Wirex can do about that? What can I do to reduce the blockchain fee in the meantime? The general advice to reduce your blockchain fee would be: Consolidate your microdeposits in another third-party wallet, then send a larger amount to Wirex as one single transaction.

That will help you reduce the blockchain fee for future exchanges and transfers. If you are used to exchanging small amounts regularly, it might help bitcoin fees extremely high make larger amounts.

Monitor the average blockchain fee in the network. If your transfer is not time-sensitive, bitcoin fees extremely high can wait until the average fee amount drops. You can check this from major bitcoin exchanges, block explorers or websites such as BitcoinFees. Related bitcoin fees extremely high What is the blockchain fee? Wirex fees Currencies exchange rate Wirex virtual card limits How to transfer bitcoins from my Wirex bitcoin account to another bitcoin wallet?

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The main reason is supply and demand. The bitcoin block size is 1MB which means that miners can only confirm 1MB worth of transactions every ten minutes. For all of , the number of bitcoin transactions people want to make has gone up. The bitcoin block size is 1MB which means the miners can only confirm 1MB worth of transactions every ten minutes.

If the number of the transactions exceeds what can fit in 1 block, bitcoin miners confirm transactions with the highest bitcoin miner fee. Because Bitcoin Cash currently has lower miner fee levels, you may also choose to pay a BitPay invoice with Bitcoin Cash if you are concerned about high costs.

The year was a good example of that. For all of , the number of bitcoin transactions people wanted to make every 10 minutes exceeded what the 1MB block size could handle. As a result, miner fees skyrocketed. When this happens, bitcoin miners confirm transactions with the highest bitcoin miner fee. You may not be able to spend a part of your wallet balance because the fees for sending the funds are higher than the funds themselves.

If you are using the BitPay app you view your spendable balance. Fees on your transaction are a function of two things: Generally, bitcoin transaction fees are directly proportional to the byte size or file size of your transaction. Sending a bitcoin transaction is a lot like emailing a file. However, if the file is a full length HD movie, then it can take quite some time to send the email and will be relatively expensive. The number of inputs to a bitcoin transaction is analogous to for example a one-hundred dollar bill vs.

Bitcoin does not distinguish between the value of each input and each input must be digitally signed with a cryptographic key for the transaction to be valid. Signing an input requires a certain number of bytes file space. Signing one input results in a small transaction size. Signing 10, inputs results in a large transaction size.

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