Topic: Fees have been low after Segwit's growing adoption. Thanks Segwit. - page 2. (Read 584 times)
August 30, 2018, 05:31:14 PM
It has been a very big relieve to me when moving fund via the bitcoin network, but some exchanges are yet very greedy, they refuse to reduce their transaction fee despite bitcoin transaction fee drop. I think they are too greedy.
August 30, 2018, 05:20:31 PM
It really surprises me how many people and services are still not using Segwit though.
Now, these last couple of months, the percentage of Segwit transactions has steadily risen to just under 50%, but that can still be much better.
Now, these last couple of months, the percentage of Segwit transactions has steadily risen to just under 50%, but that can still be much better.
Indeed, segwit adoption improving transaction speeds and lowering costs and this feature has been around for over a year but still, there are many exchanges and wallet providers not integrating it. Although segwit has significantly decreased the number of pending transactions in the Bitcoin mempool but I would like to see it tested during high-rate transactions per second such as happened before when bitcoin price spike to $20,000 whether it’ll prove to be invulnerable to spam attacks in its current incarnation or not. To deal with it, the ideal number for segwit adoption needs to be at least above 75%.
August 30, 2018, 09:53:23 AM
The good news is a lot of the Alt coins {including Bitcoin Cash} that was used to as a alternative "transfer" option,
this is a statement that i will never understand and i have seen multiple users make this statement.
what transfer? to where?
to pay for stuff? to transfer money to someone else? donations?
none of these happen with altcoins. for instance if i wanted to buy some goods from a merchant that was accepting bitcoin, when BCH forked, they didn't start accepting it so how could i use BCH "as an alternative transfer option" when they didn't accept it?
transferring money to someone else? why would i do that when the other person only wants bitcoin not an altcoin because he is not capable of installing another wallet.
donations? nowhere accepts BCH or altcoins donations. at the bottom of PirateBay website is bitcoin SegWit address and is written a LOL in front of BCH
there are some altcoins with usage like LTC and XMR,... but majority of them are not used for anything else apart from trading.
August 30, 2018, 09:34:35 AM
Only those who willingly wants to distort history would claim they there are no significant impact the launching of SegWit has bring to bitcoin transactions. I remembered a time that the pool is so full and you need to pay in percentage in other to get your transactions confirmed among several issues then. With SegWit all of those are becoming thing of the past and even if the price of bitcoin increased to that of last year and activities increased so much, I don't see any increase in transaction fees to such high point again.
Sorry but at this point, it's you who wants to distort not history but the current reality.
I've already posted a graph here right now, we're below 2017 and even 2016 transaction number levels.
In the current situation, segwit or not segwit the blockchain would not experience the same high transaction fees.
Segwit adoption and more important transaction batching have helped overcome the spam attack but right now there are blocks getting mined each day 1/4 and 1/2 full, the activity has cooled a lot.
August 27, 2018, 01:23:01 AM
Only those who willingly wants to distort history would claim they there are no significant impact the launching of SegWit has bring to bitcoin transactions. I remembered a time that the pool is so full and you need to pay in percentage in other to get your transactions confirmed among several issues then. With SegWit all of those are becoming thing of the past and even if the price of bitcoin increased to that of last year and activities increased so much, I don't see any increase in transaction fees to such high point again.
I don't understand the basis of your argument. He might have started or being part of those who started Blockchain.info now blockchain.com, but he is no longer involved in the day to day running of the platform and it even took a long while before blockchain.com integrate bitcoin cash on its platform. Eventually, I think its because SegWit has come as a game changer which then reduce the fee across board that makes no significance difference of fees in those who uses SegWit and those who does not that why they still stick to their status quo but when the tide change and they realise that customers are leaving their platform for alternatives, they will do the right thing.
I think Ver and bch are indeed the reasons they are holding the segwit adoption back at blockchain.info.
I don't understand the basis of your argument. He might have started or being part of those who started Blockchain.info now blockchain.com, but he is no longer involved in the day to day running of the platform and it even took a long while before blockchain.com integrate bitcoin cash on its platform. Eventually, I think its because SegWit has come as a game changer which then reduce the fee across board that makes no significance difference of fees in those who uses SegWit and those who does not that why they still stick to their status quo but when the tide change and they realise that customers are leaving their platform for alternatives, they will do the right thing.
I agree to what drm posted though. Blockchain.info has started to accept Bitcoin Cash deposits first but has not implemented Segwit because of what? I believe it's politics.
But yes, they will do the right thing because they will have no other route but have to use the best implementation.
August 26, 2018, 05:31:05 AM
The good news is a lot of the Alt coins {including Bitcoin Cash} that was used to as a alternative "transfer" option, has lost a
lot of momentum and these people will soon realize that these Alt coins is just a bunch of smoke & mirrors and pump n dump
schemes. Why would you need to buy a Alt coin as a alternative transfer media, if SegWit transfers does the same job just as
fast? If you used the Lightning Network, you would never use any of these Alt coins again.
lot of momentum and these people will soon realize that these Alt coins is just a bunch of smoke & mirrors and pump n dump
schemes. Why would you need to buy a Alt coin as a alternative transfer media, if SegWit transfers does the same job just as
fast? If you used the Lightning Network, you would never use any of these Alt coins again.
August 26, 2018, 04:31:04 AM
It really surprises me how many people and services are still not using Segwit though.
Now, these last couple of months, the percentage of Segwit transactions has steadily risen to just under 50%, but that can still be much better.
Now, these last couple of months, the percentage of Segwit transactions has steadily risen to just under 50%, but that can still be much better.
I agree, but I think part of the problem is that a lot of people are still using services that haven't upgraded their wallets. I decline to say wallets because although the users probably think they're using wallets... they're really just using website services and all users are on a handful of wallets with private keys all controlled by site owners.
One of my favourite sites is still non-SW, I've asked them about it and apparently, the reconsolidation of everything is just too difficult for 1 guy to do. I suppose it would be painful, and I even said doing it now with low fees is probably the best time. So they're happy to stick with charging higher fees and their users still don't mind. Same as my employers whom I've tried to convince. I guess the inconvenience is simply too great.
If I didn't have to rely on a few services for so long, I'd have moved 100% myself as it's practically hassle-free for me, Electrum upgrades, I sent everything I had from old to new. But still have to keep old wallet for people who can't send to bech32.
August 26, 2018, 04:28:21 AM
So even though the price hike's up the TX fee are the same?
In terms of Bitcoin, it's the same and will stay like that for a very long time until Bitcoin can be divided in to smaller amounts other than satoshi. Also we'll be having more solutions (Schnorr) for Bitcoin's scalability problem as time goes by to maintain Bitcoin's tx fee very cheap.It is strange that blockchain.com is still not support SegWit, they announced that it would be this year - but seems they are to busy with adding BCH and by changing the domain. Roger Ver was one of owners, maybe he have some influence even today - by what that service takes as its priorities, it is not hard to see what is going on there.
They're probably too lazy to add it and because of them not adding segwit i've stopped using them.We have already seen the fudsters who clogged the network and we dont want another one soon. So its better to not all them.
If all Bitcoin wallet starts switching to Segwit addresses the network will be less busy. Spammers will have a hard time clogging the network with transactions. What's not to like about that? 
August 26, 2018, 04:27:09 AM
Only those who willingly wants to distort history would claim they there are no significant impact the launching of SegWit has bring to bitcoin transactions. I remembered a time that the pool is so full and you need to pay in percentage in other to get your transactions confirmed among several issues then. With SegWit all of those are becoming thing of the past and even if the price of bitcoin increased to that of last year and activities increased so much, I don't see any increase in transaction fees to such high point again.
I don't understand the basis of your argument. He might have started or being part of those who started Blockchain.info now blockchain.com, but he is no longer involved in the day to day running of the platform and it even took a long while before blockchain.com integrate bitcoin cash on its platform. Eventually, I think its because SegWit has come as a game changer which then reduce the fee across board that makes no significance difference of fees in those who uses SegWit and those who does not that why they still stick to their status quo but when the tide change and they realise that customers are leaving their platform for alternatives, they will do the right thing.
I think Ver and bch are indeed the reasons they are holding the segwit adoption back at blockchain.info.
I don't understand the basis of your argument. He might have started or being part of those who started Blockchain.info now blockchain.com, but he is no longer involved in the day to day running of the platform and it even took a long while before blockchain.com integrate bitcoin cash on its platform. Eventually, I think its because SegWit has come as a game changer which then reduce the fee across board that makes no significance difference of fees in those who uses SegWit and those who does not that why they still stick to their status quo but when the tide change and they realise that customers are leaving their platform for alternatives, they will do the right thing.
August 26, 2018, 03:37:22 AM
Still there are many sites which havent adopted segwit. I dont see any problem doing it but a negligence from them. We have already seen the fudsters who clogged the network and we dont want another one soon. So its better to not all them.
August 26, 2018, 03:08:10 AM
After Segwit, the fees have been becoming very low. But expect it to be high again once the bull market returns or someone floods the mempool again. The good news is that it will be expensive for the spammers to flood the network. Let's dare them to do it again to show the whole community that Bitcoin's blocks can reach 2mb because Segwit.
yeah it's really great, but as it's tied to the bear market and lower interest in crypto, it still need to get tested under the more difficult circumstance. Anyway, it's a great start
August 26, 2018, 02:44:40 AM
Hahaha. Bitmain would not dare. What it would start is a stronger debate for a POW change through a UAHF. But if Jihan Wu wants his mining cartel to die then no one is stopping him from killing it.
a POW change will only make Bitmain and Juhan Wu stronger and much richer than they are right now!
you think they give a shit if you make their current equipment useless? not at all because you are not only making their equipment useless, you are making all ASICs useless. Bitmain will happily start building new ASICs for the new algorithm and starts selling new equipment to miners that already had ASICs but now they can not use them anymore.
I believe you are overestimating Bitmain, and underestimating game theory's motion in Bitcoin. It would be the best for Jihan Wu to act for himself and for the good of the network than acting only for himself.
Plus heavy losses in Bitmain are coming because they have over-invested their Bitcoins in Bitcoin Cash, and they are hoping their IPO will bail them out, which might not be.
Quote
to be honest I wouldn't be surprised if some day Bitmain pushed for a PoW change! practically it will create demand for their products!
Tinfoil hat on. Hahaha.
August 25, 2018, 07:03:27 AM
I hope Bitcoin's game-theoretic fundamentals work as intended and spamming is unprofitable and very costly. I assume that the attack has stopped because they realized that it failed to achieve their goals - make people switch to Bcash out of frustration caused by high fees.
I think that at that point they've realized that if they BTC goes down so does BCH..
The first spam wave worked for BCH and they've managed to become to become 2dn crypto in November but their mistake was that it happened in a bull market. When they've tried it 3 times as hard it had no effect, all the coins were going down and the gap between BTC and BCH was never going to be bridged.
What if they would have done it at a different time?
But this is a matter of if... and nobody knows the answer.
a POW change will only make Bitmain and Juhan Wu stronger and much richer than they are right now!
you think they give a shit if you make their current equipment useless? not at all because you are not only making their equipment useless, you are making all ASICs useless. Bitmain will happily start building new ASICs for the new algorithm and starts selling new equipment to miners that already had ASICs but now they can not use them anymore.
to be honest I wouldn't be surprised if some day Bitmain pushed for a PoW change! practically it will create demand for their products!
you think they give a shit if you make their current equipment useless? not at all because you are not only making their equipment useless, you are making all ASICs useless. Bitmain will happily start building new ASICs for the new algorithm and starts selling new equipment to miners that already had ASICs but now they can not use them anymore.
to be honest I wouldn't be surprised if some day Bitmain pushed for a PoW change! practically it will create demand for their products!
Well, in theory, you could create an algo that would render not ASIC useless but mass production of ASICs barely profitable....
But this is almost impossible when you have a reward of 1800*7000$ each day laying there for the miners to grab.
August 25, 2018, 04:52:27 AM
Additionally technology such as LN and Schnorr Signature also makes transaction fees smaller and transaction size reduced
LN does nothing to transaction size at all or transaction fees directly.Schnorr does.
technically speaking the fees went down because of 3 main reasons which i will list in order of importance effect:
1. spam attack against bitcoin network stopped for whatever reason: maybe because SegWit was activated finally, maybe because BCash went away, or maybe because Dash and other altcoins that were spamming got dumped hard. but the spam attack stopped.
2. price became more stable, specially in the past 4 months. and without huge rises or huge falls there is always less transactions on the network.
3. with SegWit we got about 20% capacity increase (so far) which helped a lot and also some of the big services started batching their transactions which improved things a lot too.
1. spam attack against bitcoin network stopped for whatever reason: maybe because SegWit was activated finally, maybe because BCash went away, or maybe because Dash and other altcoins that were spamming got dumped hard. but the spam attack stopped.
2. price became more stable, specially in the past 4 months. and without huge rises or huge falls there is always less transactions on the network.
3. with SegWit we got about 20% capacity increase (so far) which helped a lot and also some of the big services started batching their transactions which improved things a lot too.
4. Exchange/services (such as Coinbase) uses batching transaction which reduce tx size
5. SegWit actually use block weight limit which enable higher block size (a bit higher than 2MB actually on most cases)
both of these are included in #3 that i mentioned. i didn't want to put batching in another number since it was not some separate thing.
as for SegWit block size, it can be a lot bigger but it is currently not. based on its adoption the size of blocks is usually around 1.2 MB which is that 20% increase i mentioned.
August 25, 2018, 04:44:39 AM
Hahaha. Bitmain would not dare. What it would start is a stronger debate for a POW change through a UAHF. But if Jihan Wu wants his mining cartel to die then no one is stopping him from killing it.
a POW change will only make Bitmain and Juhan Wu stronger and much richer than they are right now!
you think they give a shit if you make their current equipment useless? not at all because you are not only making their equipment useless, you are making all ASICs useless. Bitmain will happily start building new ASICs for the new algorithm and starts selling new equipment to miners that already had ASICs but now they can not use them anymore.
to be honest I wouldn't be surprised if some day Bitmain pushed for a PoW change! practically it will create demand for their products!
August 25, 2018, 12:49:46 AM
It's not just segwit, it's the number of transactions that has gone down
Actually right now we're below January 2017 levels, far before the spam attack
Let's just ...not!
Bitmain could just unplug their miners for a few hours and the whole capacity gained by segwit will be destroyed by higher blocks time. I just hope that they still have two brain cells active and don't try to put such plan into action.
Actually right now we're below January 2017 levels, far before the spam attack
The good news is that it will be expensive for the spammers to flood the network. Let's dare them to do it again to show the whole community that Bitcoin's blocks can reach 2mb because Segwit.
Let's just ...not!
Bitmain could just unplug their miners for a few hours and the whole capacity gained by segwit will be destroyed by higher blocks time. I just hope that they still have two brain cells active and don't try to put such plan into action.
Hahaha. Bitmain would not dare. What it would start is a stronger debate for a POW change through a UAHF. But if Jihan Wu wants his mining cartel to die then no one is stopping him from killing it.
August 24, 2018, 10:38:33 PM
I kinda feel the opposite, nearly 50% in one year is pretty good. Plus, for now people don't feel pressured enough because the fees are so low, but if we'll have congestions again, adoption will speed up.
this is 50% adoption under constant FUD about SegWit and newbies being told they will lose money if they use it with nonsense such as "everyone can spend". considering this i'd say it is more than good. make people switch to Bcash out of frustration caused by high fees.
this doesn't make any sense!switch to BCH for what? there are 3 groups who own bitcoin.
1. investors who want big profit
2. people using bitcoin as a currency to pay for stuff with a decentralized currency
3. people who use it as a currency and as an investment.
why would any of these switch to BCH? investors gain more profit in bitcoin, and even if they wanted to , there are a lot of altcoins for investment. they won't SWITCH, they will invest in those for more profit.
the others spending, CAN NOT switch to BCH because places they spend do not accept BCH!
August 24, 2018, 05:02:37 PM
It really surprises me how many people and services are still not using Segwit though.
Now, these last couple of months, the percentage of Segwit transactions has steadily risen to just under 50%, but that can still be much better.
Now, these last couple of months, the percentage of Segwit transactions has steadily risen to just under 50%, but that can still be much better.
I kinda feel the opposite, nearly 50% in one year is pretty good. Plus, for now people don't feel pressured enough because the fees are so low, but if we'll have congestions again, adoption will speed up.
Let's just ...not!
Bitmain could just unplug their miners for a few hours and the whole capacity gained by segwit will be destroyed by higher blocks time. I just hope that they still have two brain cells active and don't try to put such plan into action.
I hope Bitcoin's game-theoretic fundamentals work as intended and spamming is unprofitable and very costly. I assume that the attack has stopped because they realized that it failed to achieve their goals - make people switch to Bcash out of frustration caused by high fees.
August 24, 2018, 12:07:25 PM
That is very good news and I hope it will continuous for a while before the bull. Am always burdened with transaction fee but at least I can breathe but there are still some site that some high fees.
August 24, 2018, 12:03:51 PM
So even though the price hike's up the TX fee are the same? Isn't it? But in case there will be another hardfork it will cause Spam attack. Just like other Bitcoin fork.
I hope bull run start so we can test that segwit adoption.
I hope bull run start so we can test that segwit adoption.
Jump to: