Compered to Earlier Days(when Bitcoin price used to be 10,000$ or more) now the fees are a bit less we can all say that.
Earlier at that point of time it really dissatisfied us about the fees but now the fees are more stable compare to earlier days.
As far the OP is saying that it depends upon the timezone to set the fees, then i am completely agree with him.
Many people at different places are using different Fees I can witness.
Topic: Bitcoin Fees Can Be Cheaper Depending on the Timezone - page 2. (Read 300 times)
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.
The graph shows more:
[Fees per Kb More Than Double-Up From 12AM vs 1PM UTC (Sats)]
[1] https://diar.co/
[2] https://diar.co/volume-3-issue-5/#5
By Sending 1BTC with "fees" I think you mean the transaction getting confirmed with the next block. In that case, it completely depends on the time when the most transactions happen. According to your finding's it is in the afternoon UTC but this cant always be consistent. I'll keep that in mind when I do my transfers though. Might save some cents here and there. Interesting find nonetheless. 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.
The graph shows more:
[Fees per Kb More Than Double-Up From 12AM vs 1PM UTC (Sats)]
Quote from: https://diar.co/volume-3-issue-5/#5
[1] https://diar.co/
[2] https://diar.co/volume-3-issue-5/#5
This is the first time am hearing that the cost of carrying out transactions and it fees on the bitcoin network is being decided by time zone, I have not carried out any personal research on this but since the bitcoin network has now central control I believe so it is the transactions has not time zone differences
it is not decided by timezone per se. the graph/study simply means there are more users on specific timezone that is more active and is a majority (not sure how many) of bitcoin users, and that's why there are more transaction which can leads to higher fees. if there are enough users across the globe, the difference won't be high I believe.
This is the first time am hearing that the cost of carrying out transactions and it fees on the bitcoin network is being decided by time zone, I have not carried out any personal research on this but since the bitcoin network has now central control I believe so it is the transactions has not time zone differences
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.
This study shows that majority of miners are situated in countries using 'UTC' timezone or a very close time range.
I have to admit this is the new information for me. So, depending on the timezone you can save or pay more for exact amount of Bitcoin transactions. I wonder what are the reasons for that. It would be also interesting to see how that affects the global distribution of transactions.
Interesting, so transaction congestion seems to spike during midday to afternoon, UTC? I wonder what that implies about European vs. American usage and if these findings could be corroborated another way.
It would be nice to see if this were the case over the long term, but with only a months worth of data, it could be a temporary anomaly.
It would be nice to see if this were the case over the long term, but with only a months worth of data, it could be a temporary anomaly.
What? awesome information; never know that Bitcoin transaction in my country timezone differs from others. Recently i did a transaction with some merchant about 6:00PM country timezone and wondered if the fees were correct but now have a clear understanding of what actually transpire. Thanks for sharing.
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.
The graph shows more:
[Fees per Kb More Than Double-Up From 12AM vs 1PM UTC (Sats)]
[1] https://diar.co/
[2] https://diar.co/volume-3-issue-5/#5
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.
The graph shows more:
[Fees per Kb More Than Double-Up From 12AM vs 1PM UTC (Sats)]
Quote from: https://diar.co/volume-3-issue-5/#5
[1] https://diar.co/
[2] https://diar.co/volume-3-issue-5/#5
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