Bitcoin Transaction Fees

 

Bitcoin Transaction fees

Bitcoin transactions are getting slower and more expensive these days. Find out why this is and how it affects you as an INVIA World partner.

Around 200’000 unprocessed transactions

Currently there are around 200’000 unprocessed Bitcoin transactions, which leads to long processing times and higher fees. By clicking here you can see live updates of unprocessed transactions on the blockchain.

Slow and expensive transactions

Transaction fees are paid to bitcoin miners to reward their computational power. The fees are determined by the demand in the market for transactions to be confirmed.

As currently the demand is extremely high, transaction fees and processing times are also relatively high. At the time, it is not certain when the traffic will slow down, but the coming adoption of the Lightning Network may solve the problem.

The consequences

Sending a transaction earlier will not make your payment being processed faster. Whoever pays more fees is preferred by the miners. For lesser amounts this could mean the transaction fees are higher than the actual amount you wish to transfer.

INVIA WORLD STILL PAYS OUT

Many mining providers have therefore extremely increased the payout fees and some have even suspended their service.

INVIA World continues to pay out. But to keep our fees low you have to wait a relatively long time for the confirmation of your Bitcoin transaction.

What can I do?

In this scenario you can simply wait until your transaction is processed to receive your profits.

Another option is to not request any payouts until the traffic has calmed down and transaction times decrease again.

Conclusion

In summary, the slow and expensive transactions are caused by an above average demand on the system, but INVIA World still pays out. As a partner you can simply wait longer for your transaction to be processed, or you can choose to request payments at a later time when the demand on the system has cooled off.

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