Bitcoin Fees Can Be Cheaper Depending on the Timezone

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: ralle14 on February 18, 2019, 02:19:29 AM

Or during those hours there could be a lot of blocks mined then on the next hour there would be less.

how many blocks are being found does not depend on the time of the day or how many transactions are in the mempool! it has always depended on hashrate and difficulty and it will always be like that. which means if difficulty stays the same then we will see the same number of blocks be mined per hour (1 each 10 minute) at any time of the day.

ralle14

legendary

Activity: 3206

Merit: 1885

Metawin.com

Quote from: Crypto Girl on February 17, 2019, 01:17:15 AM

Also reconsider the fee when lightning network is not yet here.

The lightning network is already here but there's a limit to how much you can transact afaik.

Quote from: semobo on February 17, 2019, 12:10:21 PM

For now its possible because of very less people were using the bitcoin so the country where it is most used might come at the partuclar time zone for now but in future people usues oly cryptos the fee will not be dependabe much on the time zones.

Or during those hours there could be a lot of blocks mined then on the next hour there would be less.

Quote from: ?? on ??

I do not know how accurate this study is but if there is any atom of truth then bitcoin is not ready yet to be used as a global currency. As we are presenting bitcoin as a global currency we are meant to eradicate any trace of zoning. Bitcoin fee should be bitcoin fee anywhere, anytime globally.

Let's not forget, there are ways to avoid transaction fee if they become a problem again in the future. We can also spend Bitcoin off chain where we don't have to use transaction fees or use the lightning network.

betty11

copper member

Activity: 448

Merit: 3

Back when the bitcoin fee was very expensive, I notice that early in the morning or at the middle of the night, I usually will get a very low fee, but once it's late morning, the fee would skyrocket. I use +1 GMT. Recently, I don't check again because fee has greatly dropped.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: CoinCollect on February 17, 2019, 03:46:52 PM

I've never heard of crypto transactions where you can save money with a time zone. That's very interesting.

Because Bitcoin is the only one with full blocks and network congestion. Ethereum some times too, but that was more the case back in the days where Crypto Kitties single handedly crippled that platform. The rest of the crypto coins enjoy low fees consistently due to the lack of use. In other words, it's no surprise this is the first time you heard about it, and no surprise that you heard about it here on this forum section.

CoinCollect

sr. member

Activity: 770

Merit: 250

I've never heard of crypto transactions where you can save money with a time zone. That's very interesting.

semobo

full member

Activity: 1498

Merit: 146

For now its possible because of very less people were using the bitcoin so the country where it is most used might come at the partuclar time zone for now but in future people usues oly cryptos the fee will not be dependabe much on the time zones.

Teawhalee

copper member

Activity: 482

Merit: 1

I have always noticed the difference in transaction charges when sending bitcoins at different times of the day but I didn't know that its because of timezone and locations. This will make people look more into this and take note of their transaction charges and time zone when making bitcoin transactions. This is indeed a great information.

fosco333

full member

Activity: 1260

Merit: 100

Quote from: hugeblack on February 16, 2019, 03:52:52 AM

In this new study by Diar, a company based on the analysis of digital currency data[1], stated in its February 13, 2019 edition, that Bitcoin transactions fees charges vary according to the regions in which users live and timezones.

According to the study[2], found that the fees for sending 1 BTC vary considerably during the day, as spending money during the day "UTC" costs far more than spending overnight.
This is different for those living in Australia and Japan.

[1] https://diar.co/
[2] https://diar.co/volume-3-issue-5/#5

Maybe it is because in the day of UTC time, there are many bitcoin transactions being processed.
What i know in ethereum blockchain, the gas fee will be much higher if there are many eth transactions in that time.

Crypto Girl

sr. member

Activity: 980

Merit: 294

I beg to disagree with this timezone thing, the chart just show that the increase if trnx fee is because of the high traffic of trnx and fee will just decrease once there will be less trnx. I don't believe trnx fee varies on the timezone.

Also reconsider the fee when lightning network is not yet here.

CilginCocuk

jr. member

Activity: 51

Merit: 2

https://www.sterlingsovereign.co.uk/

I think it's the lowest in China and other countries, because those miners accept every fee.. however, if we look at last year, this year the fee can be sent very cheap bitcoin, I remember to pay $ 30 to send bitcoin last year.

hugeblack

legendary

Activity: 2506

Merit: 3645

Buy/Sell crypto at BestChange

Quote from: o_e_l_e_o on February 16, 2019, 10:55:29 AM

Regardless of where the nodes or the miners are situated, there seems to be no clear daily variation of pattern to the global hashrate - https://data.bitcoinity.org/bitcoin/hashrate/30d?g=15&r=hour&t=l.

The study ignores all influences and focuses on the temporal factor. Countries such as Latin America and Southeast Asia have been found to account for a large part of global transactions, which means there is an increase in tx during the day and lower fees during the evening.

In other words, through your timeline, you can pay much fewer fees.

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

Quote from: 1Referee on February 16, 2019, 11:07:53 AM

What do you consider high fees? $0.05? $0.10? $0.20?

Bucks, not cents. Obviously it hasn't been a proper issue for quite a while now and I'm rarely in a hurry. Many of my txs are made up of tons of inputs so it often adds up to a fair chunk more than the less scattered user.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: gentlemand on February 16, 2019, 10:38:18 AM

It's something I've always been vaguely aware of. At high fee times I tended to wait until the wee small hours.

What do you consider high fees? $0.05? $0.10? $0.20?

In most cases people only conduct one, perhaps two transactions per day. People tend to overexaggerate when it comes to fees just to save a penny or two in the process, and that while adding an extra few pennies significantly helps making sure that miners pick up your transaction and not someone else's with a slightly higher fee.

The highest fee I paid in 2018/2019 was $0.10 and that was just to incentivize miners to pick up my transaction and have it included in the next block. Saving like $10-$20 if you have to consolidate a shit ton of inputs, then ok, but when it comes to standard transactions it just isn't.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18587

Quote from: gentlemand on February 16, 2019, 10:38:18 AM

It's a v wobbly metric but look at the distribution of nodes - https://bitnodes.earn.com

The only major concentration outside the Europe and N America is China and Singapore. China will be miners. Dunno about Singapore.

Regardless of where the nodes or the miners are situated, there seems to be no clear daily variation of pattern to the global hashrate - https://data.bitcoinity.org/bitcoin/hashrate/30d?g=15&r=hour&t=l.

As buwaytress points out, these data aren't showing you where the miners or the nodes are located - instead they are showing you when the majority of bitcoin transactions hit the network, which seems to be early afternoon UTC plus or minus a few hours. Perhaps this is is because of a cross-over effect: 2pm UTC is 10pm for China, 10/11am for the east coast of North America, and 6am for the west coast.

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

It's something I've always been vaguely aware of. At high fee times I tended to wait until the wee small hours.

It's a v wobbly metric but look at the distribution of nodes - https://bitnodes.earn.com

The only major concentration outside the Europe and N America is China and Singapore. China will be miners. Dunno about Singapore.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18587

You can compare the data from this study with the data generated at Johoe's Mempool Statistics page: https://jochen-hoenicke.de/queue/#1,2w. Here's a random 2 week sample I took from last September (click for full size):

The dates along the bottom are at midnight (00:00) UTC. So you can see from this sample, there is a spike in fees on most days between around 10:00 and 18:00 (when Europe and then later America are awake), at which point they start reducing, and hit a low point around 01:00 - 04:00 UTC. This certainly ties in with the data from OP's study.

It's something I've casually noticed, but never given much though to. But considering it now, I wouldn't have expected such a constant and similar drop given that China has more people than Europe and North America combined.

cfif123

sr. member

Activity: 532

Merit: 250

Quote from: pretius99 on February 16, 2019, 08:41:55 AM

in my opinion it is only natural that during the day the fee is quite large because it is a rush hour and the blockchain officer must work hard to confirm all transactions. while the transaction night is only a little because many people are already sleeping so the blockchain officers don't work too hard for it

yes I think that bitcoin is declining and cheap because of time and non-kundusif trading factors

buwaytress

legendary

Activity: 2828

Merit: 3487

Join the world-leading crypto sportsbook NOW!

Quote from: Upgrade00 on February 16, 2019, 05:32:49 AM

Does it depend on how fast you want your transaction completed? i.e, if I try with a specific amount it would be slower in the day than at night. Or is there an amount that would be too low to get a transaction completed?

This study shows that majority of miners are situated in countries using 'UTC' timezone or a very close time range.

The study doesn't show where majority of miners are... it's suggesting that people who transact are generally living closer to UTC/greenwich, that is, in Europe. But this assumes most Bitcoin users make transactions during daylight hours or working times. It's just a guidance, I've never noticed any real difference, feels random to me.

Also, how fast you want your transaction completed will always determine how much you want to pay in comparison to how much others are paying at the same time you transact.

While average fees have been very low for many months (and getting lower), you should still always check what the queue looks like and use estimates to determine a suitable fee. Personally, I've been just paying 1sat/byte fees for everything - they confirm within hours, if not within blocks. And if I need it urgently, RBF default on all my txs mean I can just pay a higher fee.

Lots of guidance about estimating fees. You can google. 1 example here to start off, but you can find better ones and make your own estimation.

pretius99

member

Activity: 169

Merit: 11

in my opinion it is only natural that during the day the fee is quite large because it is a rush hour and the blockchain officer must work hard to confirm all transactions. while the transaction night is only a little because many people are already sleeping so the blockchain officers don't work too hard for it

Vaskiy

legendary

Activity: 2618

Merit: 1105

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

That's a good information to the bitcoin users. I believe this is due to the network congestion variation with time. Another thing it can also happen depending on the location, because on areas of increased transaction more transactions get stuck to the network even though they've placed almost similar transaction fee. Earlier transaction fee was termed a big issue, over the time through updates this was sorted.

Topic: Bitcoin Fees Can Be Cheaper Depending on the Timezone (Read 248 times)