[2017-09-03] Bitcoin Mempool is Empty and High Transaction Fees are no Longer Re

Samarkand

sr. member

Activity: 658

Merit: 282

Quote from: bliss on September 03, 2017, 10:47:34 PM

Transaction fees on bitcoin are silly. I ended up paying £7 for something that cost £3.50 Shocked

...

You should use a Bitcoin wallet that allows you to use a custom fee. Paying a 7 pound fee was not necessary when the mempool contained
more than 50000 unconfirmed transactions. Right now the mempool contains not even 8000 unconfirmed transactions, therefore it is even
less necessary to attach a large fee. The only exception to this suggestion is, if you really need your transaction in the next mined block or if you combine
more than a few inputs in your transaction.

Rahar02

hero member

Activity: 910

Merit: 523

I consider segwit could resolve bitcoin fees problem, I've sent bitcoin and just pay 40 sats per byte, that was very cheap even though still have to wait for hours to be confirmed. I've been waiting to not move my bitcoin until unconfirmed transactions and total fees drastically declined. Even though not all wallet already support segwit but at least we could set custom fees and no need to worry about it will be confirmed or not as long as the fees are convenient. Maybe another factor that really helps is butcoin cash hard fork. With Bitcoin Cash effectively splitting off, it seems those high fees are a thing of the past now. Everyone who wants bigger block sizes can effectively switch over to BCH.

bliss

member

Activity: 68

Merit: 10

Transaction fees on bitcoin are silly. I ended up paying £7 for something that cost £3.50 Shocked

Why is this happening, is it because of the network being full and the network increases network fee or is it due to miners not accepting lower fees?

I don't mind because I think that bitcoin is good for big purchases and litecoin will be the normal currency to shop with, but still the fees on bitcoin kind of take out what bitcoin was perceived to actually trying to solve and that is friction free transfer without high fees. The problem is compounded though because technologically illiterate organizations think let us be forward thinking and accept bitcoin, but don't realize that they may be better to consider litecoin, dogecoin and a lot of other crypto's because it is not just bitcoin out there.

Gotottack

hero member

Activity: 882

Merit: 506

Quote from: tyz on September 03, 2017, 09:07:02 AM

Bitcoin Mempool is Empty and High Transaction Fees are no Longer Required

It appears as if the Bitcoin mempool is virtually empty once again. This is a positive development for anyone looking to move BTC on the network. Up until this point, there have been several issues with transaction delays. However, it appears those problems are finally coming to an end as we speak. Users should adjust their transaction fees accordingly to avoid overpaying. There’s no reason to pay too much, after all.

http://www.newsbtc.com/2017/09/02/bitcoin-mempool-empty-high-transaction-fees-no-longer-required/

Problem is that every wallet that sets an automatic calculation of the fees are still recommending a high fee. Even 21.co is still recommending a high fee. That is why probably people are still sending using high fees. Maybe in a few weeks it will balance out and just fix itself. So far for me, electrum is still saying I should put a 300+ sat/byte fee.

cr1776

legendary

Activity: 4228

Merit: 1313

Quote from: 1Referee on September 03, 2017, 03:25:38 PM

It's funny how people are being excited about the dropping fees. It hasn't been the first time we experienced a situation like this, and it definitely won't be the last. For whatever reason, the entity behind the latest spam attack in current situation can't justify spending tons of money on choking the Bitcoin network with rubbish transactions - result is that the mempools are shrinking in size. It's just a matter of time before we see the next major spam attack gets initiated, and once again see the fees go up significantly again it's a recurring cycle.

Probably as we get closer to November we'll see more spam attacks. Hopefully a higher percentage of transactions have switched to segwit making spam attacks more expensive.

miguelmorales85

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Activity: 544

Merit: 507

Quote from: 1Referee on September 03, 2017, 03:25:38 PM

It's funny how people are being excited about the dropping fees. It hasn't been the first time we experienced a situation like this, and it definitely won't be the last...

let us noobs be happy for the little things Kiss

1Referee

legendary

Activity: 2170

Merit: 1427

It's funny how people are being excited about the dropping fees. It hasn't been the first time we experienced a situation like this, and it definitely won't be the last. For whatever reason, the entity behind the latest spam attack in current situation can't justify spending tons of money on choking the Bitcoin network with rubbish transactions - result is that the mempools are shrinking in size. It's just a matter of time before we see the next major spam attack gets initiated, and once again see the fees go up significantly again it's a recurring cycle.

ztianf

member

Activity: 62

Merit: 10

This is probably related to Antpool controlling and redirecting miners mining at their bcc-pool to mine btc. No words anywhere but you suddely mine btc even connected to stratum-bcc

BitFinnese

copper member

Activity: 1050

Merit: 500

Funny I just sent a transaction recently right before I read this news, electrum is still charging with high fees ( I am using dynamic fee) if I had read about this news before I sent that transaction, I would have lowered it to default. Anyway, transaction is done though I overpayed on that, I am glad that mempool is no crowded as before. This is really a good news for us, eventually we will be seeing lower fees for our transactions.

veleten

legendary

Activity: 2016

Merit: 1107

this is what happens when the chain is not getting spammed and BCC difficulty is not jumping like mad
this is the way it should be,to keep bitcoin a viable tool for microtransactions it was supposed to be
somehow I feel that this will not last long
obviously there are many parties interested in raising the average median fee,so I expect it to go back to the "usual" 300-400 satoshi/byte

joshy23

sr. member

Activity: 1078

Merit: 256

Quote from: miguelmorales85 on September 03, 2017, 10:01:57 AM

wow, I have never seen the mempool like this. I wonder if this is related to SegWit implementation.
No more spam but maybe the spammer are plannig another dirty trick

Quite surprise to see this as well. I have transaction earlier without looking at the mempool, paid medium transaction fee's then got 3 confirmations but I say my transaction was completed in less than one hour. Maybe the spammer had stop again similar to what they/he did before the Aug 1 split, then back again and then thinking that it cost him that much, or maybe the entity behind it is now mining back to bitcoin after initially mining BCH for profit but because the difficulty has increase, switch back to bitcoin mining. Well you guess is as good as mine on who are the personality I'm talking about. Grin

But yeah this is very welcoming news and great to see it for the first time.

miguelmorales85

hero member

Activity: 544

Merit: 507

wow, I have never seen the mempool like this. I wonder if this is related to SegWit implementation.
No more spam but maybe the spammer are plannig another dirty trick

bouren

sr. member

Activity: 392

Merit: 250

Quote from: CryptoBry on September 03, 2017, 09:31:28 AM

This good news to all of us who are members of the Bitcoin community. Now, we could hear less and less complaints of how slow is the transactions are and the high fees imposed by exchanges and miners can be reversed for good. The only thing is that market seems oblivious of this development as if this is not carrying any weight anymore.

Indeed it is welcoming change and great relief. Cheesy

The huge fees or otherwise prolonged waiting time for confirmation had reduced the charm of bitcoin. But as fees are now under 0.0007 BTC, I could once again use bitcoin without worries.
Is it Segwit impact! Shocked

CryptoBry

sr. member

Activity: 1008

Merit: 355

This good news to all of us who are members of the Bitcoin community. Now, we could hear less and less complaints of how slow is the transactions are and the high fees imposed by exchanges and miners can be reversed for good. The only thing is that market seems oblivious of this development as if this is not carrying any weight anymore.

tyz

legendary

Activity: 3360

Merit: 1533

Bitcoin Mempool is Empty and High Transaction Fees are no Longer Required

It appears as if the Bitcoin mempool is virtually empty once again. This is a positive development for anyone looking to move BTC on the network. Up until this point, there have been several issues with transaction delays. However, it appears those problems are finally coming to an end as we speak. Users should adjust their transaction fees accordingly to avoid overpaying. There’s no reason to pay too much, after all.

http://www.newsbtc.com/2017/09/02/bitcoin-mempool-empty-high-transaction-fees-no-longer-required/

Topic: [2017-09-03] Bitcoin Mempool is Empty and High Transaction Fees are no Longer Re (Read 3957 times)