[2019-01-07] 2019 off to a great start, as prices rise while fees drop!

BitHodler

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Quote from: Kakmakr on January 07, 2019, 09:21:13 AM

I think it is a bit early to say that the Lightning Network is having such a big impact on transaction volumes and transaction processing speed.

There will be eventually, but at this stage there isn't much noteworthy use happening. I read an article stating that even the Liquid side chain is helping to get the fees to go down, which is a straight lie.

Everyone can look into how much use the Liquid side chain is generating, and there is nothing happening over there. It has been 99.99% empty since it went live and there is not much indicating that it will change.

Quote from: 1Referee on January 07, 2019, 07:51:18 PM

By the time Schnorr is being utilized, the fees will drop even further so expect more discounts.

Is there any way to know when Schnorr will be rolled out? I tried to find a specific date but didn't manage to find more than 'somewhere in 2019 if things go according to plan', which could even mean that it will be 2020....

1Referee

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Quote from: buwaytress on January 07, 2019, 09:08:30 AM

The fee drops are just increased efficiencies and increasing adoption of scaling upgrades like SegWit.

I would say that Segwit has very little to do with it. Even more precisely said, the current low fees are working against Segwit rather than for it, which explains why Segwit support isn't increasing. The most important reason for the fees to go down is exchanges batching their transactions and clients being smarter when it comes to fee calculation.

The service I use to buy Bitcoin started batching its transactions as well in Q4 of last year, and the effect is more than noticable.

By the time Schnorr is being utilized, the fees will drop even further so expect more discounts. It's almost too crazy to think about using the most secure network for just a penny. It's almost theft. Cheesy

Kakmakr

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I think it is a bit early to say that the Lightning Network is having such a big impact on transaction volumes and transaction processing speed. I think it is a culmination of a few things, namely the reduction in tx's because the price is so low and less people are using the Blockchain for on-chain tx's and also the increase in SegWit adoption.

Low price = less tx's = faster/cheaper tx's processing. Roll Eyes

buwaytress

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But fees have been dropping since a year ago - minus the occassional spike, normal in any situation of demand or when side assets are being moved in projects - so this is an old, established trend since 2018. The fee drops are just increased efficiencies and increasing adoption of scaling upgrades like SegWit. The last time we saw fees this low wasn't in 2015, but all throughout last year. Gotta stop using dollar values as that's dependent on BTC price. Average and even median fees expressed in Bitcoin have never been lower actually.

Oh and Kemarit yeah common typo, just a cultural spelling thing where English isn't a first language (and no, I don't mean just Asia... I saw "Lightening" in many European countries too Wink

).

Kemarit

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Yeah, that's always been the question, will it be sustainable? or this is just for short term only? At this point its really hard to say where the price could be heading. It's obvious that Ethereum has some good news that's why the price has a good bump in the last couple of days and even bring Bitcoin with it. But what will happen after the fork, will investors dump again as we have seen in the past? Remains to be seen.

And its "Lightning Network" not "lightening network", as per the article.

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From The Global Crypto Press Association http://www.GlobalCryptoPress.com

Quote

The cryptocurrency market's are off to a great start in the new year, and while there's been countless predictions saying 2019 is the year cryptocurrency has it's comeback, it's way too early to begin popping champagne bottles. Still, a good week is a good week and you won't find me complaining about it!

Let's begin by taking a look at Ethereum, as anticipation for Ethereum 2.0 seems to be drawing some buyers in to the #2 cryptocurrency, which now has gains of over 80% in the past month!

Ethereum was about $85 this time 30 days ago, at the time of publishing it's sitting at $156 with a healthy 2% gain today as well.

But the star of the show everyone's watching is Bitcoin - and it's good news there too!

Bitcoin is back above $4000, but just barely. Leaving us with the big question of 'will it hold?' and i'm not insane enough to try to answer that.

What I can say is there's no reason for it not to hold or keep going up, since one huge plus deserving of a price gain is Bitcoin's dropping transaction fees - which makes the currency more usable as... well, a currency.

At time of publishing, faster next block transactions will cost you about 4 cents, and if you're willing to wait an hour or so, as low as 2 cents.

For perspective - the last time we saw fees this low it was 2015.

Then reason behind the transaction fee drop is an important piece of good news as well - the lightening network has helped lower network congestion, with 5,150 nodes in operation today.

So far so good for 2019!

-------
Author: Justin Derbek
New York News Desk

SOURCE: http://www.globalcryptopress.com/2019/01/kicking-off-2019-strong-as-bitcoin.html

Topic: [2019-01-07] 2019 off to a great start, as prices rise while fees drop! (Read 184 times)