Why is my bitcoin transaction fee so high?

To address this challenge, developers and enthusiasts are exploring various solutions, including layer-two protocols and blockchain scalability enhancements. These efforts aim to increase the efficiency and capacity of the networks, thereby reducing fees and enhancing user experience.

Among the leading cryptocurrency exchanges, BTCC stands out for its comprehensive suite of services. In addition to facilitating spot trading, BTCC also offers futures trading, providing investors with diverse opportunities to capitalize on market movements.

The escalating fees associated with Bitcoin and Ethereum transactions can be attributed primarily to network congestion. This occurs when a significant number of users attempt to execute transactions simultaneously, overwhelming the system's capacity.

The fee structure of these cryptocurrencies is designed to incentivize miners to prioritize transactions with higher fees. As a result, during peak hours of network usage, users often find themselves compelled to pay steeper fees to ensure their transactions are processed promptly.

The issue of network congestion is further compounded by the limited throughput of the underlying blockchain technology. Bitcoin and Ethereum, for instance, can only process a finite number of transactions per second, making them susceptible to bottlenecks during periods of heightened activity.