Bitcoin transaction fees over the last 2 years - page 2.

dothebeats

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Quote from: DimensionZ on February 04, 2016, 04:51:47 AM

Quote from: LFC_Bitcoin on February 03, 2016, 02:59:01 PM

Current fees are effectively pittance, I'm always happy to pay 3 or 4 times the average fee to ensure my transactions are confirmed in the next block.

They may be pittance if you are sending considerable amounts of money but if you need to do microtransactions daily for whatever reason it will add up very quickly.

Yep, for the likes of people who do microtransactions every day and do not want to delay it, those fees were already substantial. Adding it (the fees) up is already significant to others (like me, lol).

DimensionZ

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Quote from: LFC_Bitcoin on February 03, 2016, 02:59:01 PM

Current fees are effectively pittance, I'm always happy to pay 3 or 4 times the average fee to ensure my transactions are confirmed in the next block.

They may be pittance if you are sending considerable amounts of money but if you need to do microtransactions daily for whatever reason it will add up very quickly.

Amph

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Quote from: davejh on February 03, 2016, 05:40:13 PM

Quote from: Amph on February 03, 2016, 03:59:06 PM

what is the number of the "miners reward per transaction graph" on the y axis?

Oops- forgot to add a label this. I just updated the graphic. The value is in USD.

is this correct, because it would mean that they are earning $2M for the total sum of the transaction per day on average? 225k tx per day x $10

it's more than their reward from mining...

davejh

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Quote from: Amph on February 03, 2016, 03:59:06 PM

what is the number of the "miners reward per transaction graph" on the y axis?

Oops- forgot to add a label this. I just updated the graphic. The value is in USD.

davejh

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Quote from: fair_player on February 03, 2016, 03:56:42 PM

"The last 2 months have seen particular jumps, but that may in part be explained by the dramatic increases in hash rates again. "

How is hashrate related to that? It's the speed of block transactions that matter, no?

When the hash rate is increasing between difficulty retargets we see blocks being solved more quickly. Instead of, say, 10 minutes on average we see blocks taking 9 minutes, so this means there's more capacity available to handle transactions. This reduces the pressure on transactions and therefore means that it's much more likely that low or zero fee transactions will get included in blocks by block makers (because they don't have anything better to do with the block space).

Amph

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what is the number of the "miners reward per transaction graph" on the y axis?

rekinthis

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its a really interesting read to be honest, i did not know that there was no growth in transaction fees

fair_player

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"The last 2 months have seen particular jumps, but that may in part be explained by the dramatic increases in hash rates again. "

How is hashrate related to that? It's the speed of block transactions that matter, no?

cointinflas

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Very nice to see that the increase in transaction numbers didn't cause the fees to rise as well. It means the blockchain could be expanded even more without putting pressure on transaction fees.

unamis76

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Although a bit irrelevant for those already in Bitcoin's ecosystem, the Fees per transaction in USD graph is pretty interesting and probably a selling point for Bitcoin.

As for the transaction fees in BTC, they've been pretty much stable, pretty good

avikz

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Excellent resource!

Will help a lot of people looking for answers about the fees.

Keep up the good work!

LFC_Bitcoin

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Current fees are effectively pittance, I'm always happy to pay 3 or 4 times the average fee to ensure my transactions are confirmed in the next block.

simon66

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That's a great presentation, thank you for that. It's nice to see that it hasn't reached the point to where transactions really have to compete with fees to be confirmed yet so we are not now in some crisis to increase blocksize.

Also it is very good to see how the transactions per day are steadily increasing which to me means that Bitcoin is doing very well. I think it is currently very undervalued due to all the drama and squabbling over blocksize and hardforking.

davejh

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My latest thoughts on the Bitcoin network. This time I was inspired to look at what's actually been happening with transaction fees in light of the various arguments about the impact of block capacity scarcity.

http://hashingit.com/analysis/47-bitcoin-tx-fees

Topic: Bitcoin transaction fees over the last 2 years - page 2. (Read 1222 times)