Fees are a function of transaction size and network volumes (how congested the network is). Transactions are processed in blocks, storing up to 1MB of data. Hence, a sudden spike in activity often leads to network congestion – transactions waiting to get verified. In such situations, miners target transactions with higher fees first. In other words, the more a user offers in fees, the faster their transaction is likely to be verified.
Related posts
-
Two More Sleeping Bitcoin Addresses Wake From Slumber, Moving 1,045 BTC
Two days ago, a dormant bitcoin wallet moved over 1,000 bitcoins on July 5, and since... -
Germany transfers about $40m in Bitcoin amid ongoing selloff
The German government has transferred 700 Bitcoins (BTC), valued at approximately $40.47 million. This transaction is... -
July Slump for Bitcoin: What Historical Trends Reveal About Upcoming Months
Over the past 11 years, dating back to 2013, bitcoin has typically experienced positive performance in...