Bitcoin fees are reducing? | Bitcointalksearch.org

abhishek273b

newbie

Activity: 94

Merit: 0

Although it is good news, it simply due to the conjecture and not due to any improvements on bitcoin's part. Unless lightning network gets implemented, we are never going to reach low fees and high speeds which would enable bitcoin to become a payment method for daily use.

wantjokull

sr. member

Activity: 700

Merit: 275

Quote from: peterthegreat on January 27, 2018, 12:19:05 PM

I think Bitcoin fees have reduced recently. Is it due to Segwit?

Nope. I think most of the transactions were stuck last time and that’s what caused the increased in the fees so that people won’t transact more and the miners will get rest on processing the transactions that already in the pending list. After this event recently, mempool was able to release most of the transaction leaving behind only 150k transaction in the pool to be confirmed and thus losing after the relaxed mode the prices came down. That’s the real reason behind the increased prices and now that is the reason for its drop down.

vv181

legendary

Activity: 1932

Merit: 1273

Well, it indirectly because of Segwit, many people are realized how useful Segwit is, and they utilize it perfectly. There are many people already migrating to Segwit and the leftover is still transactions at the legacy address so it will indirectly make the mempool lesser.

BelieveInBTC

member

Activity: 280

Merit: 15

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A lot of people have been complaining about high transaction fees but it turns out that most wallet force you to overpay for your transactions. If your wallet doesn't let you set a custom fee then you should definitely think of changing it. Lightning Network is still not supported by many wallets so it will take some time before it will affect fees. SegWit makes a difference especially if you have a lot of inputs in your transaction. I would recommend anyone to switch over to bech32 address.

Twentyonepaylots

sr. member

Activity: 1918

Merit: 370

Yes the fees are quite getting lower now, i think it is because of the price being low this month, the price and the fees for bitcoin is directly proportional if the price goes down, so does the transaction fees for it, and if the price of bitcoin is high the transaction fees are also high.

paolo099

full member

Activity: 224

Merit: 101

now there are around 36k transaction stuck and compared to December where it was like 200k yes, definitely the transaction fees dropped by normal price.
Segwit and less transactions on the network are the reason for this and i guess fees are going to get back to normal price quite soon.

Anna567

newbie

Activity: 39

Merit: 0

Yes, this is one of the reasons for it.

ajjhu

member

Activity: 106

Merit: 15

If bitcoin solves the problem of high fees, I think this is a very important step for bitcoin to go mainstream and if a currency is too expensive to pay, not many will be willing to pay extra for it, Because it is not worth it.

Tony_Nguyen

member

Activity: 238

Merit: 10

Quote from: peterthegreat on January 27, 2018, 12:19:05 PM

I think Bitcoin fees have reduced recently. Is it due to Segwit?

What kind of fees are you talking about? Exchange fees are reducing due to tough competition of new comers

hdasd

full member

Activity: 216

Merit: 103

Quote from: Lasvista on January 29, 2018, 01:35:03 AM

Quote from: peterthegreat on January 27, 2018, 12:19:05 PM

I think Bitcoin fees have reduced recently. Is it due to Segwit?

Really ? I am not aware on this though but to be honest on our country the fee is so much , so high to be precise. And I wish that the fee is go down or reduce.

Bitcoin skyrocketed Heaven is already a common phenomenon, but in tandem with it there is bitcoin transaction costs. In fact, if you can not solve the bottleneck of slow delivery and high costs, Bitcoin will never be among the mainstream currencies.

peterthegreat

sr. member

Activity: 387

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Quote from: Yakamoto on January 27, 2018, 02:07:06 PM

Quote from: peterthegreat on January 27, 2018, 12:19:05 PM

I think Bitcoin fees have reduced recently. Is it due to Segwit?

The fees have gone down considerably and that is because of the total number of unconfirmed transactions having dropped from an average around 150,000 down to around 50,000 right now, according to blockchain.info. That's a considerable drop considering where it used to be at, and being one-third of the quantity that it used to be at is nothing less than a major statistic for the rest of the network.

The full-retard hype is over now, and we're seeing a transition back to the "normal" existence of Bitcoin. It'll see a lot of things slow down a lot.

Yes I think this too. Fees are lowering because less people are using it. Segwit has not been adopted widely yet.

Lasvista

full member

Activity: 396

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Quote from: peterthegreat on January 27, 2018, 12:19:05 PM

I think Bitcoin fees have reduced recently. Is it due to Segwit?

Really ? I am not aware on this though but to be honest on our country the fee is so much , so high to be precise. And I wish that the fee is go down or reduce.

jtipt

hero member

Activity: 1050

Merit: 529

Quote from: Akash1243 on January 27, 2018, 06:36:23 PM

The transactions fees is decreasing because the number of transactions struck in the mempool has drastically decreased this transactions fees reverting to normal.This increase in fees was cause by crazy increase in people investing in bitcoins when it was around $18k, which increased traffic like anything but it is normal now and soon LN would be implemented reducing fees more and increasing speed of transactions.

Along with that I think segwit adoption has helped the mempool, as of today segwit adoption has reached ab all time high if 18%, and recently the user "Loaded" transfered his 40k BTC to a Bech32 address this tells that you should switch to segwit even if your coins are in cold storage.

senin

full member

Activity: 938

Merit: 137

Finally, the news that we have been waiting for and for which there was not enough confidence, because the bitcoin developers kept silence. If the introduction of SegWit and the network of lightning will only increase, then the situation will stabilize definitively. Yes, for bitcoin and his admirers, this month was very difficult in the context of a minimum of information about plans for improvement.

HatakeKakashi

hero member

Activity: 1274

Merit: 513

Maybe it's because of segwit why bitcoin transaction decreased. For sure most of us that happen and that's really happen the transaction fee is decreasing and I hope it will continue and go back again at 20k satoshi. For sure the price of the bitcoin will increase again because most the user not send their bitcoin to the other realted bitcoin business because the fee is very high. I hope the fee will not increase again because it's hard to earn bitcoin.

yoseph

sr. member

Activity: 868

Merit: 266

Quote from: peterthegreat on January 27, 2018, 12:19:05 PM

I think Bitcoin fees have reduced recently. Is it due to Segwit?

I actually noticed it only yesterday but I don’t know the reason why it is currently going down but it is indeed some very good news because I am sure most of us are tired about the high fees but since we had no option we just had to comply.

Akash1243

sr. member

Activity: 392

Merit: 257

The transactions fees is decreasing because the number of transactions struck in the mempool has drastically decreased this transactions fees reverting to normal.This increase in fees was cause by crazy increase in people investing in bitcoins when it was around $18k, which increased traffic like anything but it is normal now and soon LN would be implemented reducing fees more and increasing speed of transactions.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: peterthegreat on January 27, 2018, 12:19:05 PM

I think Bitcoin fees have reduced recently. Is it due to Segwit?

The fees have gone down considerably and that is because of the total number of unconfirmed transactions having dropped from an average around 150,000 down to around 50,000 right now, according to blockchain.info. That's a considerable drop considering where it used to be at, and being one-third of the quantity that it used to be at is nothing less than a major statistic for the rest of the network.

The full-retard hype is over now, and we're seeing a transition back to the "normal" existence of Bitcoin. It'll see a lot of things slow down a lot.

anitaraymonds

full member

Activity: 490

Merit: 100

I also noticed that the fees are coming down and the time of completion is also reduced. May be owners are holding instead of selling because of the price going down as many people are on losing side of their transaction. So the coins are in the wallet and not in the blockchain.

Kravious

newbie

Activity: 56

Merit: 0

I believe it is due to the lightning network that increases the speed and lowers the fees for transactions

Topic: Bitcoin fees are reducing? (Read 390 times)