Bitcoin transaction fee just 1 cent for 10,000 dollars

gtx1060aa

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I am frightened that the large companies have forbidden work with advertizing of cryptocurrency and I am very strongly frightened by active falling of the crypto mar

Kokondao

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It's very nice if the transaction costs are very low, and I think this could be the effect of the declining bitcoin price as well.

phuocth.tp

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the transaction the lesser the fee it requires, and the opposite of that is the other way around, and it manifisted in terms of marketcap volume that decreases temporarily.

mobnepal

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Even If you will send $80,000 (10BTC) you only have to pay same 1 cent or 225 satoshi because even tx with 1 satoshi per byte is enough to get confirmation. However if you will have more inputs and outputs than this number can change..https://bitcoinfees.earn.com/

Low number of transactions also shows that still investors have fear of losing with crypto so they are not buying more bitcoins and the one who have bought bitcoin at peak are just holding their coin tightly.

ahmadakbari

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According to blockchain.info, the number of confirmed transactions on March 27th is only 188000. This number was 490000 on December 14th. So there is no doubt, reducing the number of transactions has had a huge impact on the reduction in transaction fees.

Assface16678

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I think the drops in bitcoin transaction fees is mainly caused by bitcoin's decrease in value at the current moment. You see, when bitcoin is at it's highest value or even when the value is just increasing the price of every transaction is also increased. Another is because of the stabilizing amount of fanbase in bitcoin, which is somewhat good in my opinion since the people that are left really mean to invest in the cryptocurrency.

bitart

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Quote from: mining_spaceship on March 27, 2018, 02:25:08 AM

Quote from: filharvey on March 26, 2018, 11:05:25 PM

Now the transaction fee has become such lower that we are now able to send even 10,000 dollars for just 1 cent as transaction fee.

Now the transaction volume has gone down to just 135k transactions per day.

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

I think so, since there was a huge increase in the number of SegWit transactions in the last few months.

And note that such results are without Lightning Network.

I guess that, once ready, LN will give a hard time for altcoins out there that have low fees as their main selling point.

Coinbase started to use SegWit, which has a great impact on the network. Also, as I saw somewhere, they started to combine transactions into batches, this also lowers the transaction fees. (less transaction, less fee, because mempool is not full, so there's no need to increase the fees for a transaction in order to get it confirmed in time...
The Lightning Network will have a huge impact in speed and not in connection with the fees, because fees are low at the moment, later on if another bull market will come, then will the LN have impact on fees.

inquisition15

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Quote from: Hellobx on March 26, 2018, 11:47:01 PM

I think it's because the bear market has come, so the number of people who have transferred via bitcoin has decreased.
Therefore, the number of transfer pens of natural bitcoin has been reduced correspondingly.

Yeah it could be because actually the transaction fee is depending much on how many unconfirmed transactions are there on the blockchain.
So less people are using the blockchain means the fee transaction will be cheap . There is actually no suprise here.

mining_spaceship

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Quote from: filharvey on March 26, 2018, 11:05:25 PM

Now the transaction fee has become such lower that we are now able to send even 10,000 dollars for just 1 cent as transaction fee.

Now the transaction volume has gone down to just 135k transactions per day.

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

I think so, since there was a huge increase in the number of SegWit transactions in the last few months.

And note that such results are without Lightning Network.

I guess that, once ready, LN will give a hard time for altcoins out there that have low fees as their main selling point.

amih

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Quote from: filharvey on March 26, 2018, 11:05:25 PM

Now the transaction fee has become such lower that we are now able to send even 10,000 dollars for just 1 cent as transaction fee.

Now the transaction volume has gone down to just 135k transactions per day.

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

I personally think that the current decline in bitcoin prices is one factor that could lead to low transaction costs due to the current decline in bitcoin prices because if we think logically this will have the effect of diminishing people who will make a profit on a large scale and try to see in a few months ago when bitcoin had a very pantastic price when it made a lot of people make big profits so there was a segment to reduce the network traffic transactions are continuously done. and I think if bitcoin prices rise again like at a price in the past few months then I think the cost to make a transaction will definitely increase again.

supermine

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Quote from: filharvey on March 26, 2018, 11:05:25 PM

Now the transaction fee has become such lower that we are now able to send even 10,000 dollars for just 1 cent as transaction fee.

Now the transaction volume has gone down to just 135k transactions per day.

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

I don't think it is one cent,it maybe 10 cents per transactions even in the segwit wallets too.But still it is cheaper when compared to the fee on Jan 2018 and when the fee was about $100 for even small transactions too.Anyway this is due to the empty memepool and this was possible due to the more segwit adoption by users and exchanges.

ganlianshifu1

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If bitcoin can really solve the two common problems of high cost and transfer speed.

Then use bitcoin for daily payment, perhaps more convenient and faster than ETH!

NeuroticFish

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Quote from: VitKoyn on March 27, 2018, 12:55:02 AM

It is obvious that transaction fees drastically dropped because there are less transaction that is happening per day, less transaction means there will be no congestion of unconfirmed transactions and less congestion means transaction fees will be cheaper. About segwit, when it was released only few people are talking about it and only few services immediately supported it, but when transaction fees became more expensive last year that is the time that people are switching from legacy to segwit address, personally I think that segwit is also one of the reason why transaction fees are now cheaper, because more Bitcoin investors and traders are adopting it.

The reasons for the low fees were discussed over and over again, one of such threads is this: https://bitcointalksearch.org/topic/m.32898063
Shortly, the main culprit for the big fees seems to be the spam attack that was done against Bitcoin network last year.
This being said, a good advice is to keep the funds in SegWit wallets and keep small number of inputs, since the spam attack and the big fees can come back in the day we expect them the least.

tweetbit

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Quote from: filharvey on March 26, 2018, 11:05:25 PM

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

Both. Segwit activation also help to decongest the network and eliminate the abuse of miners in demanding for a higher transaction fees. Competition or an alternative in sending and receiving either through Segwit and bitcoin gives space for a lower fees and faster time. Also the hype has lessen, the demand is decreasing maybe not a good signs, but it is what it is. Low demand means low price and low transaction fees.

VitKoyn

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Quote from: filharvey on March 26, 2018, 11:05:25 PM

Now the transaction fee has become such lower that we are now able to send even 10,000 dollars for just 1 cent as transaction fee.

Now the transaction volume has gone down to just 135k transactions per day.

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

It is obvious that transaction fees drastically dropped because there are less transaction that is happening per day, less transaction means there will be no congestion of unconfirmed transactions and less congestion means transaction fees will be cheaper. About segwit, when it was released only few people are talking about it and only few services immediately supported it, but when transaction fees became more expensive last year that is the time that people are switching from legacy to segwit address, personally I think that segwit is also one of the reason why transaction fees are now cheaper, because more Bitcoin investors and traders are adopting it.

Hellobx

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I think it's because the bear market has come, so the number of people who have transferred via bitcoin has decreased.
Therefore, the number of transfer pens of natural bitcoin has been reduced correspondingly.

Snaic

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Quote from: filharvey on March 26, 2018, 11:05:25 PM

Now the transaction fee has become such lower that we are now able to send even 10,000 dollars for just 1 cent as transaction fee.

Now the transaction volume has gone down to just 135k transactions per day.

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

Transaction fees in one cent for the transfer of the amount in bitcoin, equal to $ 10,000? I can not believe it. Of course, if earlier there were about 400,000 transactions with bitcoin per day, then the current 135,000 greatly affects the reduction of commission fees. However, future improvements to bitcoin will finally be able to solve this bitcoin problem and it can finally be used for everyday purchases, which many still dream of.

xfaqs01

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Quote from: filharvey on March 26, 2018, 11:05:25 PM

Now the transaction fee has become such lower that we are now able to send even 10,000 dollars for just 1 cent as transaction fee.

Now the transaction volume has gone down to just 135k transactions per day.

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

i think that its an indication of a decrease in bitcoin transaction, because the lesser the transaction the lesser the fee it requires, and the opposite of that is the other way around, and it manifisted in terms of marketcap volume that decreases temporarily.

godzillarekt007

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Believe it is both that is effecting the fee price. Crypto in December was at 100 for google trends and now it is near the 20s, which means less people interested which means less transactions happening. Combine that with the fact Coinbase finally rolled out Segwit you were always going to get these types of fees again. Good luck Bcash staying afloat now.

Hui8

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Quote from: filharvey on March 26, 2018, 11:05:25 PM

Now the transaction fee has become such lower that we are now able to send even 10,000 dollars for just 1 cent as transaction fee.

Now the transaction volume has gone down to just 135k transactions per day.

Is this change in transaction fee due to segwit activation or due to decrease in crypto hype which is noticed nowadays?

https://www.reddit.com/r/Bitcoin/comments/87819l/bitcoin_transction_fee_10000_for_1_cent_cheaper/

I think it is the change because of low value of the bitcoin. This is the period where people are not selling any coins at the moment so the proportionality factor of mining and sending of transaction has decreased a lot. I am not sure if you have observed already or not but whenever the prices of the bitcoin increase a lot then there is increase in the fees heavily. This increase in the fee is due to increased transactions, as the increase in price makes people to sell more and more bitcoin to grab the profits and so on. This is what happening today but the only thing is, its happening in the reverse way. Cheesy

Topic: Bitcoin transaction fee just 1 cent for 10,000 dollars (Read 248 times)