Bitcoin fees have been a hot topic for quite some time now. Ever since the first major congestion on the Bitcoin network occurred back in 2016 we have seen many complaints and a hard fork that came out of the ongoing debate regarding scaling and reducing the fees we pay for Bitcoin today. There was a time when Bitcoin’s fees were so minute that many turned to the digital currency for that very reason and naturally, as the digital cash became more and more popular and gained usability, the transactions grew to an all-time high (back in December of 2017) which also created a massive backlog in pending transactions, which subsequently created a competition in approving transactions and caused an insane spike in the fees for these transactions reaching at one point a whopping $60+ (on average) for a transaction.
This was for about a period of a month and a half during the notorious bubble burst post-December. Bitcoin had reached an all-time high not only in value but also in fees and it became very unattractive and costly to use it. Many businesses switched off (temporarily) their BTC payment option (Microsoft was one of the first) and for a moment we were unsure where the future of Bitcoin will lie if it’s no longer used as a payment method but then came the retraction and with it the fees went down very quickly so now we are paying on average $0.70 – $4.00 which is a far cry from the all-time highs. In fact, I pay about $0.07 for most of my transactions and I know how to “edit” or “customise” my fee with the help of Ledger Nano S, Jaxx, Blockchain and Coinomi wallets ( I use all of these).
To help explain how to do this, I recorded a few video tutorials, the process is super-simple, just have a look and stop paying high fees for your Bitcoin transactions, there is no need to. Did you know that someone managed to send more than 100 BTC recently for the fee of $0.06? Crazy right? It’s possible. See how here: