Fees have been low after Segwit's growing adoption. Thanks Segwit. - page 3.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

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

Quote from: Wind_FURY on August 24, 2018, 03:29:34 AM

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.

Quote from: Red-Apple on August 24, 2018, 05:00:46 AM

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.

This is actually one of the main reasons for the drop in transactions and it was clear when Coinbase went offline for a few hours.

davis196

hero member

Activity: 3164

Merit: 937

Quote from: Red-Apple on August 24, 2018, 05:00:46 AM

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.

Last year major spam attack was always right before/after big bitcoin hard forks,like BCH,which makes me think that the hard fork devs had something to do with all the attacks.I guess they wanted to block the bitcoin core blockchain,so more and more people will switch from bitcoin core to bitcoin cash.
Their plan failed,in the end. Grin

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: eternalgloom on August 24, 2018, 04:13:33 AM

percentage of Segwit transactions

thanks, I was looking for a SegWit adoption percentage chart...

Quote from: drm on August 24, 2018, 05:05:33 AM

I think Ver and bch are indeed the reasons they are holding the segwit adoption back at blockchain.info.

I think in the end it was a good thing that blockchain.info has not adopted SegWit yet, at least it is a good thing that they weren't the first to adopt it. because the tensions were high in the early days and considering the fact that blockchain.info has a history of being buggy and there are multiple major fund loss incidents involving their products, I would say they might have messed things up with SegWit and added to the tension in the early days.

besides people shouldn't even be using a web wallet in first place.

ubercool

hero member

Activity: 1078

Merit: 504

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.

lizardbtc

full member

Activity: 448

Merit: 109

At least this tells us that if we have legacy addresses somewhere we should swap our bitcoins to compatibility address now when there aren't many transactions that are taking place. Many services don't accept SegWit, I guess this is because they don't want to touch anything as it is working now. Wait for LN to be implemented on major wallets/services and we can see once again fees to go down and speed of transactions to increase. Fees and scalability are only temporary problems that are/will be solved in the future.

drm

legendary

Activity: 1176

Merit: 1005

Quote from: Lucius on August 24, 2018, 04:38:42 AM

Quote from: mk4 on August 24, 2018, 04:18:39 AM

Definitely. The mempoor can definitely be flooded again like we had at the end of last year, but chances are it definitely will be less flooded due to the increase on SegWit adoption(unless we see a significantly bigger hype compared to last year's).

Quote from: eternalgloom on August 24, 2018, 04:13:33 AM

It really surprises me how many people and services are still not using Segwit though.

Even the Blockchain.info(now .com) still doesn't support segwit. Like what the hell?

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.

SegWit will be tested only when next big BTC pump is start, but it is nice to see that almost 50% of all transaction is using SegWit. Since fees are too low most users do not see the difference and advantage of using SegWit, but when time comes they will switch to cheaper option.

I think Ver and bch are indeed the reasons they are holding the segwit adoption back at blockchain.info.

Red-Apple

hero member

Activity: 1470

Merit: 655

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.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: mk4 on August 24, 2018, 04:18:39 AM

Definitely. The mempoor can definitely be flooded again like we had at the end of last year, but chances are it definitely will be less flooded due to the increase on SegWit adoption(unless we see a significantly bigger hype compared to last year's).

Quote from: eternalgloom on August 24, 2018, 04:13:33 AM

It really surprises me how many people and services are still not using Segwit though.

Even the Blockchain.info(now .com) still doesn't support segwit. Like what the hell?

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.

SegWit will be tested only when next big BTC pump is start, but it is nice to see that almost 50% of all transaction is using SegWit. Since fees are too low most users do not see the difference and advantage of using SegWit, but when time comes they will switch to cheaper option.

mk4

legendary

Activity: 2870

Merit: 3873

📟 t3rminal.xyz

Definitely. The mempoor can definitely be flooded again like we had at the end of last year, but chances are it definitely will be less flooded due to the increase on SegWit adoption(unless we see a significantly bigger hype compared to last year's).

Quote from: eternalgloom on August 24, 2018, 04:13:33 AM

It really surprises me how many people and services are still not using Segwit though.

Even the Blockchain.info(now .com) still doesn't support segwit. Like what the hell?

eternalgloom

legendary

Activity: 1792

Merit: 1283

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.

If you're still using legacy addresses, it's definitely time to switch!

Edit:

Source: https://transactionfee.info/charts/payments/segwit

KR$N

jr. member

Activity: 48

Merit: 2

This is good and all, but we have yet to see how it handles floods. A stress test is required.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

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. Cool

Topic: Fees have been low after Segwit's growing adoption. Thanks Segwit. - page 3. (Read 584 times)