blaming coinbase is just more bait and switch. to say businesses need LN..
and im laughing at how many people fall for the bait to then praise LN without them understanding LN
...
but the truth is. its MIXERS that are causing most of the congestion.
the very definition of a mixers function is to spam the blockchain. and even when LN is functional as a opt in service.. mixers will still spam the blockchain.
Topic: Bitcoin miner fees very small why ? (Read 129 times)
The fee for bitcoin transactions is the same as 2 weeks ago. Nothing changed, it is around 500 satoshi/byte. Your fee was low because you only made a 20$ transaction wich came out to be around 70 bytes. Think about a person that makes a 500$ transaction, he would have to pay at least 20-30$ fee to be sure that his transaction will be confirmed. The fee is not going to rise up again since bitcoin price is going down, it should go down because they are still pretty high now.
There are mainly two main reasons for it. First is that recently BTC has a great upward trend and a lot of people entered into the market so they increased the population of the transactions on the network which naturally resulted in hike in miners fees. Secondly its the value when btc was 19k the fees was 10$ when its 11k fees will naturally look something like $4 because each sats has gone down in value if you see.
Bitcoin miner fees seems low now i sent $20 with 4$ fees only.
is it going to rise up again to 15+ even for small transactions?
Do you really feel that $4 fee is low for $20 transaction?Its really surprising.But its low when compared to very high fee which was charged last month.I think that the market congestion is getting low now. is it going to rise up again to 15+ even for small transactions?
Bitcoin miner fees seems low now i sent $20 with 4$ fees only.
is it going to rise up again to 15+ even for small transactions?
is it going to rise up again to 15+ even for small transactions?
I am not very sure but my conclusion why miners are smaller is its shipping cost because the miners have gone to great lengths to mine by finding new algorithms and need expensive electrical costs so shipping costs for miners is minimized. that's a possibility that I can conclude.
Bitcoin miner fees seems low now i sent $20 with 4$ fees only.
is it going to rise up again to 15+ even for small transactions?
It went nearly upto 1100 sats/byte due to recent network congestion after the fork and because there were lot of unconfirmed transactions in the network. But the dusts have settled now the regular transaction fees now is quite nicely adjusted below 150 with priority fees still at 400 sats/byte. This is the reason why you were able to send your funds at a fees of $4. is it going to rise up again to 15+ even for small transactions?
Coinbase really does need to get their shit together, but the bigger issue is how a single entity can have so much effect on the network.
Because it's the biggest entity by a country mile, and the slackest. There will always be a finite amount of space on the main chain. Hopefully lightning networks will be quasi infinite, but there have to be limits for the base layer to be functional.
It's in their interest do something to ease the congestion they're causing and the means are here right now.
Its very low even on 20 000$
normal is 12$ fees instead of 200$ we see before
normal is 12$ fees instead of 200$ we see before
That's 20% and that's a massive amount. Well, for the amount you transferred anyway. You should be able to transfer hundreds or thousands while paying mostly the same fee, so that may not be so bad. Bitcoin has been bad for microtransactions for a while now anyway.
The media hype is down for sure, but the transaction backlog says otherwise. There are currently over 150k unconfirmed transactions according to blockchain.info, so in reality, things aren't getting better at all.
Coinbase really does need to get their shit together, but the bigger issue is how a single entity can have so much effect on the network.
Well $4 isn't exactly low, but the hype is dying down. It was recently revealed by an outage that Coinbase was responsible for a huge amount of the blockchain clogging by not batching and paying very high fees. The less general hype, the less Coinbase action there'll be as well as less action in general.
If they and a few other exchanges had implemented batched sendings and segwit it's possible there wouldn't be any transactions backed up at all and fees would be much lower. Let's see if they put it into action soon.
If they and a few other exchanges had implemented batched sendings and segwit it's possible there wouldn't be any transactions backed up at all and fees would be much lower. Let's see if they put it into action soon.
The media hype is down for sure, but the transaction backlog says otherwise. There are currently over 150k unconfirmed transactions according to blockchain.info, so in reality, things aren't getting better at all.
Coinbase really does need to get their shit together, but the bigger issue is how a single entity can have so much effect on the network.
Bitcoin miner fees seems low now i sent $20 with 4$ fees only.
is it going to rise up again to 15+ even for small transactions?
Of course transaction fee is very cheap because you send only $20 only. Another thing with if sending btc above $100.is it going to rise up again to 15+ even for small transactions?
Even I've experienced transaction fees exceeding $20. But, this makes it easy for you. The delivery process is faster than if you set the fee below average. No need to wait long for it.
fee also usually follow bitcoin price, the higher the price of bitcoin then the higher the fee will be in wear.
Well $4 isn't exactly low, but the hype is dying down. It was recently revealed by an outage that Coinbase was responsible for a huge amount of the blockchain clogging by not batching and paying very high fees. The less general hype, the less Coinbase action there'll be as well as less action in general.
If they and a few other exchanges had implemented batched sendings and segwit it's possible there wouldn't be any transactions backed up at all and fees would be much lower. Let's see if they put it into action soon.
If they and a few other exchanges had implemented batched sendings and segwit it's possible there wouldn't be any transactions backed up at all and fees would be much lower. Let's see if they put it into action soon.
I do not know, but usually the fee's adjust the bitcoin price, now the bitcoin price goes down, the fee's will also be low. and I predict there is still a chance of going back up.
nobody knows ?
Bitcoin miner fees seems low now i sent $20 with 4$ fees only.
is it going to rise up again to 15+ even for small transactions?
is it going to rise up again to 15+ even for small transactions?
Jump to: