Topic: Did you notice? Bitcoin transaction fees are very low now compared last months. (Read 340 times)
February 24, 2018, 05:49:45 AM
The cost of bitcoin transactions is low because the bitcoin price falls.And last year the high bitcoin price hence the cost of expensive bitcoin transactions,This is the usual thing that is important the delivery process smoothly.
February 24, 2018, 05:19:19 AM
The fact is that lower usage means lower fees. In fact, transaction costs are at their lowest now for 18 months. It’s a simple case of supply and demand. Of course, SegWit fix is designed to increase efficiency, which will undoubtedly have a continued impact. But, across the board, transaction volumes are down around 60%, meaning that there isn’t the same kind of backlog. This is added to the fact that Bitcoin has been rejected by major banks and credit card providers of late, meaning that it simply hasn’t been an option for many would-be transactors (Stripe is a good example) - ~url] (some more thoughts on these low fees)
if you ever check the mempool stats over the long run where it was higher and then dropped back to normal levels (which you call as 60% drop) you can clearly see that nothing about it was "normal". first it was at the current low levels and fees were low. then a steady number of spam transactions started being injected into the mempool hence increasing the backlog in a very short time. then when fees went up, the spam attack plateaued keeping the fees and the number of unconfirmed transactions fixed.
if it were genuine, it would have either increased steadily reaching 300k, 400k, 500k, ... or stopped and started falling.
after it stopped, the mempool was emptied in a short time and things went back to normal.
this has nothing to do with usage.
Not only that.
The spam attack was clear but there were a lot of companies such as exchnges and online wallets that didn't care about the costs as they transferred all that to the client as withdraw fees and they kept on doing simple one output transactions.
Coinbase probably is the best (or worst?
) example as it took them months to implement batch payments.But it seems they finally got things right:
https://blog.coinbase.com/announcing-segwit-support-on-coinbase-4e51117857c7
If more follow this path probably even a spam attack won't have any effect.
February 23, 2018, 09:52:50 PM
Yeah, I've notice that bitcoin transaction fees suddenly drop compare last month, maybe because the value of bitcoin start to recover from $7500 now back to $11000. Since online wallets depends their charges or fees on the current market situation of bitcoin, a sudden pump or dump can really affects transaction fees. Good thing we keep on recovery.
February 23, 2018, 09:44:28 PM
The fact is that lower usage means lower fees. In fact, transaction costs are at their lowest now for 18 months. It’s a simple case of supply and demand. Of course, SegWit fix is designed to increase efficiency, which will undoubtedly have a continued impact. But, across the board, transaction volumes are down around 60%, meaning that there isn’t the same kind of backlog. This is added to the fact that Bitcoin has been rejected by major banks and credit card providers of late, meaning that it simply hasn’t been an option for many would-be transactors (Stripe is a good example) - ~url] (some more thoughts on these low fees)
if you ever check the mempool stats over the long run where it was higher and then dropped back to normal levels (which you call as 60% drop) you can clearly see that nothing about it was "normal". first it was at the current low levels and fees were low. then a steady number of spam transactions started being injected into the mempool hence increasing the backlog in a very short time. then when fees went up, the spam attack plateaued keeping the fees and the number of unconfirmed transactions fixed.
if it were genuine, it would have either increased steadily reaching 300k, 400k, 500k, ... or stopped and started falling.
after it stopped, the mempool was emptied in a short time and things went back to normal.
this has nothing to do with usage.
February 23, 2018, 08:48:50 PM
This is great news for everyone if the bitcoin fees are lower now. I think this is because more investors are joining so bitcoin can lower their fees and still earn good profit.
February 23, 2018, 08:16:24 PM
Yeah, I notice that, too. And also here in our country we have our own wallet that converts bitcoin to local currency with small fees. I hope it will stay cheap when bitcoin rise again.
February 23, 2018, 08:03:17 PM
I want to believe that the increase in the speed of bitcoin transactions and lower commission rates is explained by the slow implementation of SegWit. However, this is hardly true. Most likely, such at first glance, the changes for the better are due to the fact that the number of transactions has now fallen due to a drop in demand for bitcoin and a partial fall in its popularity.
February 23, 2018, 09:24:05 AM
The fact is that lower usage means lower fees. In fact, transaction costs are at their lowest now for 18 months. It’s a simple case of supply and demand. Of course, SegWit fix is designed to increase efficiency, which will undoubtedly have a continued impact. But, across the board, transaction volumes are down around 60%, meaning that there isn’t the same kind of backlog. This is added to the fact that Bitcoin has been rejected by major banks and credit card providers of late, meaning that it simply hasn’t been an option for many would-be transactors (Stripe is a good example) - Bitcoin Fees Have Dropped Dramatically - A Tale of Direct Proportion (some more thoughts on these low fees)
February 22, 2018, 04:00:47 PM
Wow This is really amazing news for us. Last week its charged me 10$, But not sure what is present charge now. If its below 1$ then its really a great news for Crypto World.
February 22, 2018, 03:48:12 PM
Yes the transaction fees have come down and i was able to send coins with a mere two thousand satoshi after a very very long time and i am glad to see the changes happening ,i hope this continues like this and i really do not see the complete transformation to segwit ,yet the fees have come down a lot,in the mean time we will once again see the merchants that dropped accepting bitcoin will once again start accepting it ,which is really cool.
February 22, 2018, 03:43:29 PM
Not all exchanges anyway, Some exchanges are still yet to reduce their transaction fee, even some big new volume exchanges that I won't mention.
Doesn't matter if they short term stay away, the long term incentives make it so that they will switch over eventually. If your opponent is getting more action because they have a lower service fee you will reduce your service fee yourself, especially if you believe you are the bigger, badder exchange in all this.
February 22, 2018, 03:08:56 PM
Not all exchanges anyway, Some exchanges are still yet to reduce their transaction fee, even some big new volume exchanges that I won't mention.
February 22, 2018, 01:51:26 PM
I guess this is because the Lightening Network is starting to work. I'm glad, because now it becomes possible to use bitcoins again - a few months ago, when sending whatever would cost at least 20$, using Bitcoin was not a choice at all.
February 22, 2018, 01:49:34 PM
It is because there are not so many transactions, so logically less transactions means lower fee, nobody is "fighting" to get his transaction confirmed first.
Earlier today there were only 2000 unconfirmed transactions and 50sat/byte was more than enough for confirmation within first block.
Earlier today there were only 2000 unconfirmed transactions and 50sat/byte was more than enough for confirmation within first block.
February 22, 2018, 01:43:49 PM
Yeah and it's pretty crazy considering how high they were and impossible it was to do transactions not long ago. I think the implementation of Segwit by large players is the reason for it.
February 22, 2018, 01:42:55 PM
yes i already noticed this one and i am really excited for this news bcz its really good for us.i know bitcoin is future and now i feel it.
February 22, 2018, 01:40:20 PM
The fees are low man. For goodness sake just be happy about it. Do not go out trying to complicate things that are really not that complicated. Sure it may be something that can really poke on your curiosity cells but if you do not entertain it that much, it really wouldn't matter. I suggest you to just be happy with the good news unless it is becoming too fishy.
February 22, 2018, 01:38:51 PM
It is a good thing that bitcoin has lower transaction fees. Things are heading the right direction
February 22, 2018, 01:35:56 PM
People are saying it's because of Segwit, but I don't understand how?
Did they increase the blocksize to 2mb or something under the table? I'm confused.
Did they increase the blocksize to 2mb or something under the table? I'm confused.
February 22, 2018, 01:33:00 PM
Did you notice that BTC fees are very, very low? To send some money from ledger and paid only 10 cents for fees!
It was few dollars just 4-5 weeks ago.
This is great for whole community.
Here are you few links where you can check current transaction fees:
1) Almost all time low: https://blockchain.info/charts/transaction-fees?timespan=all
2) This is maybe even better chart: https://blockchain.info/charts/transaction-fees-usd?timespan=all
What could be the reason for this? Lighting Network is not reason because it is still in test phase and once it get implemented we will be able to send huge money for few cents and it will be crypto paradise!
In my opinion, the main reason is Segwit. Few days ago we got info from Coinbase that they are going to start using Segwit. It looks like others did the same. At the moment, we have very strong BTC. Very low fees, I will check speed of transactions but even with slow transactions it is better then it was few days/weeks/months ago.
Source: Hero Pumps telegram group
What do you think? Any other reasons for this less fee?
Yes i noticed that and also dont take longer to confirm, this what we really want, its greedy miners that are causing the high transactions fee which delays confirmations several times It was few dollars just 4-5 weeks ago.
This is great for whole community.
Here are you few links where you can check current transaction fees:
1) Almost all time low: https://blockchain.info/charts/transaction-fees?timespan=all
2) This is maybe even better chart: https://blockchain.info/charts/transaction-fees-usd?timespan=all
What could be the reason for this? Lighting Network is not reason because it is still in test phase and once it get implemented we will be able to send huge money for few cents and it will be crypto paradise!
In my opinion, the main reason is Segwit. Few days ago we got info from Coinbase that they are going to start using Segwit. It looks like others did the same. At the moment, we have very strong BTC. Very low fees, I will check speed of transactions but even with slow transactions it is better then it was few days/weeks/months ago.
Source: Hero Pumps telegram group
What do you think? Any other reasons for this less fee?
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