Bitcoin Transaction Fees Explained



What is a Bitcoin transaction fee? Who does it go to? How is it calculated? Why have fees been going up lately? This week I answer all these questions and …

42 Comments

  1. Hello, there. I'm very new to this. But I notice that I've paid just a few cents for the fees (using GreenAddress wallet here). Am I seeing something wrong? When would I have to pay these exhorbitanting fees?

  2. What is “quite attractive”?? All internet says how big is the commission to buy a cup of coffee. F#ck it! How much does one pay to send 100.000 USD??? Nobody says!!! Wtf? Stupid Satoshi per kilobytes ideas. How much does a big value transaction cost?

  3. I spent $30 at bitcoin ATM which put about $24.22 on to my Bread wallet for iPhone. then Transfer it to my Trezor which left me with only $11.44 i’ve already lost more than 50% of my money !… I have no empathy for the minors 😡🤬🤢🤮😡

  4. Comparing bitcoin to a busy restaurant is just stupid and it is wrong on many levels.

    If this bitcoin was supposed this tool to give people freedom and everyone could use it …if now only people doing large transactions can do it it undermines the whole idea and it becomes an exclusive club and therefore it will lose it's value because people that used to use it can't use it anymore.

    The reason bitcoin has gained value was that everyone could use it now if only the rich can use it bitcoin will slowly plummet because it can't scale!

  5. I don't understand why Satoshi Nakamoto made the block size to only 1 mb and the block time to 10 minutes! Couldn't he just calculate, how much the transaction fees will cost? And why should merchants accept a crypto currency, with INSANE fees and slow confirmations? For low amounts, no confirmation isn't that bad, but for big amounts like phones, it's a BIG RISK! The confirmation time should be AS FAST AS POSSIBLE and the fees AS LOW AS POSSIBLE for mass market adoption! But that isn't the case for Bitcoin… GO ETHEREUM, GO!

  6. Waiting for more than 12 hours and still no confirmation … Bitcoin Core and Blockstream are distroying Bitcoin… i will switch to Bitcoin Cash … Satoshi Nakamoto would choose Bitcoin Cash

  7. I've known about Crypto's since 2012-13 and i've always been a normie of sorts until i started getting ETH in 2016 since i'm an adult now.

    Your videos are very helpful, you're channel will definitely be seen as an asset to all things Crypto-related xD

  8. I don't understand. These fees are nonsense. If it cost 5$ the whole concept is destroyed and the bitcoin will fall down.
    It was supposed to be the exact opposite, a cheap way of making transaction from any 2 points in the world.
    I did not understand you explanation about the increase reason.

  9. when you transfer from let's say coinbase to a paperwallet do you incur a fees? Also if you tranfer from a paperwallet to let's say a Nano wallet do you incur fees?

  10. Hey Ben. Another great video. Thank you for this. I think you should do a video about the upcoming bip 148 for bitcoin. Which wallet is good to use for that event? do wallets like copay breadwallet jaxx for example are going to be secure to hold your bitcoins? or just transfer everything to hardware wallets such as trezor or ledger nano s

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