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Topic: Have the fees gone down? (Read 301 times)

legendary
Activity: 2730
Merit: 1288
February 24, 2018, 07:14:47 PM
#30
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.


There were spam attacks on Bitcoin and increased number of transactions during Nov-Jan ATH spikes. Combining both events fees went crazy. Right now are back to normal. We will see what will neer future bring. if it will stay like this that is perfect.

Any legitimate sources for this? AFAIK those massive spikes in fees are caused by numerous people wanting to get their coins sent from A to B and some traders trying to arbitrage because of the large spreads in between exchanges. Though that doesn't seem to account for all of the transaction, still I cannot remember any talks about spam attacks during the ATH run since everybody is eyeing on gains and not the problems bitcoin is facing (and partly, if the spam attacks were real, the party/ies who did it somehow lost in their agenda.)

It was full of dust/unspendable transactions, moving few K satoshi with 200-300K fees. I think that was around the alleged Ver's attempt to made people switch from BTC to BCC. Somebody calculated that those transactions cost the attacker nearly $5M/day. But those $5M/day are nothing, compared to the money somebody made from BCH pump and dump. If I find some free time to dig around, I will look for few TX examples from this period.

There was spam attack whole last year. But when number of transactions increased because of hype it become serious and fees were even $50.
Yes most likely behind spam attacks were those that wanted bigger blocks.  
hero member
Activity: 756
Merit: 505
February 24, 2018, 05:15:48 PM
#29
Based on the memory pool right now, it would have been down from December till early February this year. Though its rising again, but great to see that big clog was gone. I do think the memory pool is quite sensitive to the price increase or probably the other way around, this might be a conspiracy theory but I think there are entities behind the rise and fall of the memory pool as well as the price and everything is correlated. Or, maybe I'm wrong.
jr. member
Activity: 154
Merit: 8
SODL
February 24, 2018, 04:57:45 PM
#28
,the transaction charges have come down considerably and even if you are not using segwit the charges are lower now,it looks like the old days are coming back,the age when there was no charges basically

Someone just sent me btc, I had it within a few minutes in my account ! Man if BTC would always work like this I'd actually be a strong believer Smiley But fact of the matter is that it doesn't scale and that LN sucks so it's a great idea but just won't work for mass usage.
hero member
Activity: 1694
Merit: 541
February 24, 2018, 04:54:12 PM
#27
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.
That is true ,the transaction charges have come down considerably and even if you are not using segwit the charges are lower now,it looks like the old days are coming back,the age when there was no charges basically and i really hope that things go like this in the future too,if so we will be having more support from users for the ease of use and the options to spend in different places.
hero member
Activity: 980
Merit: 507
February 24, 2018, 02:32:06 PM
#26
20 cents is dirt cheap. Cool I like this now I can make some bitcoin transactions now Cheesy
SegWit has been implemented in Coinbase if I'm not mistaken so yeepie! Coinbase roxxxx.....
full member
Activity: 210
Merit: 108
February 24, 2018, 12:01:41 PM
#25
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.
I've notice that transaction fees decrease this past few weeks maybe because of the price pull back bitcoin has. I really believe the current market situation affects transaction fees. so when the value of bitcoin drops the fees gets high but when it pump then fees gets lower.
hero member
Activity: 2828
Merit: 518
February 24, 2018, 06:55:28 AM
#24
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.
Obviously fees are just directly proportional to the current price,  since bitcoin price is getting down, we expect also of having decrease on transactions fees.  
I know we are all getting mad when it's fees goes up and limit our transactions,  but maybe this time we gonna make more stuff using bitcoin.
legendary
Activity: 1652
Merit: 1088
CryptoTalk.Org - Get Paid for every Post!
February 24, 2018, 06:01:08 AM
#23
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

transaction costs when sending bitcoin will not decrease the more expensive bitcoin then the cost is in need of more expensive, so it all depends on the bitcoin price when you make the transaction process.

It's nothing to do with the bitcoin price, it's to do with the number of transactions waiting to be processed.

In December, bitcoin was processing 400,000 transactions a day with about 220,000 transactions waiting in the mempool.

Now it's about 180,000 transactions a day and the mempool clear.
full member
Activity: 574
Merit: 100
February 24, 2018, 05:53:35 AM
#22
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

transaction costs when sending bitcoin will not decrease the more expensive bitcoin then the cost is in need of more expensive, so it all depends on the bitcoin price when you make the transaction process.
legendary
Activity: 3556
Merit: 9709
#1 VIP Crypto Casino
February 24, 2018, 04:07:11 AM
#21
Current best transaction fees 10 Satoshis/vbyte | 0.0001 BTC/KvB

https://blockchain.info/unconfirmed-transactions

12,xxx unconfirmed atm
hero member
Activity: 981
Merit: 503
February 24, 2018, 03:25:09 AM
#20
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.


There were spam attacks on Bitcoin and increased number of transactions during Nov-Jan ATH spikes. Combining both events fees went crazy. Right now are back to normal. We will see what will neer future bring. if it will stay like this that is perfect.

Any legitimate sources for this? AFAIK those massive spikes in fees are caused by numerous people wanting to get their coins sent from A to B and some traders trying to arbitrage because of the large spreads in between exchanges. Though that doesn't seem to account for all of the transaction, still I cannot remember any talks about spam attacks during the ATH run since everybody is eyeing on gains and not the problems bitcoin is facing (and partly, if the spam attacks were real, the party/ies who did it somehow lost in their agenda.)

It was full of dust/unspendable transactions, moving few K satoshi with 200-300K fees. I think that was around the alleged Ver's attempt to made people switch from BTC to BCC. Somebody calculated that those transactions cost the attacker nearly $5M/day. But those $5M/day are nothing, compared to the money somebody made from BCH pump and dump. If I find some free time to dig around, I will look for few TX examples from this period.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
February 23, 2018, 11:08:02 AM
#19
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.


There were spam attacks on Bitcoin and increased number of transactions during Nov-Jan ATH spikes. Combining both events fees went crazy. Right now are back to normal. We will see what will neer future bring. if it will stay like this that is perfect.

Any legitimate sources for this? AFAIK those massive spikes in fees are caused by numerous people wanting to get their coins sent from A to B and some traders trying to arbitrage because of the large spreads in between exchanges. Though that doesn't seem to account for all of the transaction, still I cannot remember any talks about spam attacks during the ATH run since everybody is eyeing on gains and not the problems bitcoin is facing (and partly, if the spam attacks were real, the party/ies who did it somehow lost in their agenda.)
hero member
Activity: 981
Merit: 503
February 23, 2018, 10:52:04 AM
#18
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

The $25 December fees was due attack over Bitcoin Network. The mempool was filled with useless/dust (unspendable) transactions.

Those low fees are the normal state of the Network. If Bitcoin goes mainstream, fees will mooning again without LN adoption.
hero member
Activity: 959
Merit: 500
February 23, 2018, 10:14:40 AM
#17
I have recently read an article that said the fees are now as cheap as they the last time over a year ago. The question is why so. Of course there are less transactions, otherwise that would not be possible. But why less? Maybe a spam wave has finally ebbed off, and what we see now is about the size of the mempool bitcoin would have always had without any spam transactions?
sr. member
Activity: 1400
Merit: 347
February 23, 2018, 10:09:11 AM
#16
Yes, theres only 3000 unconfirmed transactions right now.

Im quite impressed, it was really some parties spamming it.

And the price seems to stabilize around 10k. Maybe can we be at this price for the entire year?
legendary
Activity: 2170
Merit: 1427
February 23, 2018, 10:00:22 AM
#15
The average transaction fee currently is around $3 UDS's.

Legacy fees yes. Segwit fees are probably not even 10% of that in order to obtain first block confirmations in current 'empty' network circumstances. It doesn't take all that long before the 0.16 client will be released, and once that happened, people will be able to utilize Segwit by default which will be a major jump forward. I seriously can't wait to see how the network will behave at the time we're going through a similar usage spike as last year, but then with Segwit fully utilized, or at least for 90%. If Ver and Wu want to contribute to this network stress test by spamming the shit out of it, then feel free! I am actually interested in seeing how they burn their money in a deep hole for a good cause.
member
Activity: 126
Merit: 15
HodL!
February 23, 2018, 08:31:04 AM
#14
As mentioned earlier in this thread, the mempool has dropped significantly since Dec 22nd which was the peak.  The average transaction fee at that time was $55 UDS.  The average transaction fee currently is around $3 UDS's.
full member
Activity: 266
Merit: 114
February 23, 2018, 06:21:55 AM
#13
The bitcoin transaction fee depends upon the traffic of transactions received in a particular time. That means if there are a lot of people making transactions then that increases the traffic affecting the fee and results in the increase in the transaction fee. Whereas if the traffic of the fee is less, the fee will be less.
As there was seen a significant fall in the transfer of bitcoin in the last few months the fee also has decreased quite a lot.
legendary
Activity: 3472
Merit: 10611
February 22, 2018, 11:46:25 PM
#12
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

a lot of things are not right here.
1. you transferred BTC but you are talking about fees in $
2. you didn't say how big your transaction size was in bytes. 20 cents may be huge for one tx and too small for another
3. if we assume your tx size was the usual 226 bytes then you paid at least 10 times the fee that you should have paid. mempool is empty right now and less than 1 satoshi/byte transactions can go though as high priority which means 1-2 cent fees
legendary
Activity: 1862
Merit: 1530
Self made HODLER ✓
February 22, 2018, 10:43:55 PM
#11
I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

Yes. Mempool is almost empty. Everything working as expected.
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