Have the fees gone down? | Bitcointalksearch.org

Febo

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Quote from: aceptamosbitcoin on February 24, 2018, 03:25:09 AM

Quote from: dothebeats on February 23, 2018, 11:08:02 AM

Quote from: Febo on February 22, 2018, 08:08:57 PM

Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

LuanX3

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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.

sjefdeklerk

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Quote from: SaShiRaJaVu on February 24, 2018, 04:54:12 PM

,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

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.

SaShiRaJaVu

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

pitiflin

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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.....

audrey12

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

Yamifoud

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

alyssa85

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Quote from: ToyotaFortuner on February 24, 2018, 05:53:35 AM

Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

ToyotaFortuner

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

LFC_Bitcoin

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Current best transaction fees 10 Satoshis/vbyte | 0.0001 BTC/KvB

https://blockchain.info/unconfirmed-transactions

12,xxx unconfirmed atm

aceptamosbitcoin

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Quote from: dothebeats on February 23, 2018, 11:08:02 AM

Quote from: Febo on February 22, 2018, 08:08:57 PM

Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

dothebeats

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Quote from: Febo on February 22, 2018, 08:08:57 PM

Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.)

aceptamosbitcoin

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

severaldetails

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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?

fabiorem

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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?

1Referee

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Quote from: Crytptohack on February 23, 2018, 08:31:04 AM

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.

Crytptohack

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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.

Fazlurkhan.kz

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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.

pooya87

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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

bitserve

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

terrific

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There's no congestion in the network + the attacks are gone too = low fee and quick transactions.
This is a very light network and we all want bitcoin to remain cool and stable with this situation.

Baofeng

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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, the fees has been down. Mempool is not that clogged and the unconfirmed transactions is down between 3K-4K at any given time. One reason for the dramatic downturn is that the network spammer has suddenly stop.

Segwit though is not yet accepted by big exchanges but soon they will like Coinbase. And we all know that exchanges are one of the biggest network spammer as well but most of them have withdrawals in batch, which also help alleviate the network congestion.

batang_bitcoin

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

You were lucky mate for sending with few cents unlike my wrong move last time during the attack I paid $160 which is really painful yet I don't have choice by that time. Undecided

Good thing that people are starting to use Segwit wallets, this will give a faster transactions and lesser fees. The suffering of long transactions and expensive fees is eventually lessen due to this.

Febo

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

player514

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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, the fees are down right now because of the lack of unconfirmed transactions. When there's a large overflow, then only will you end up with terrible fees. As of now, you can use blockchain.info to check how many unconfirmed transactions there are.

As of now, you'll have much less of a fee than you would have had in December because everyone was trying to sell back then. It's a little more stable as of now.

magneto

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

You can pretty much send with something like 20 sats/byte right now and still get confirmations.

The number of unconfirmed transactions have gone down dramatically. This has contributed to the decline in fees as well.

Just not that long ago fees were pretty much around 0.002 BTC per transaction, while now it's less than 0.0001 BTC for my transactions from electrum. Pretty amazing if you think about the volatility that involves, from around more than $40 per transaction to under $1.

Fee history can be viewed here, btw: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Question123

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The transaction fee of the bitcoin already decreased and that's good to us because for us we can transfer bitcoin anywhere we want. I hope the transaction fee will become stable and will not increase again. Count to think of it from 10 dollars fee from cents dollars now we can save more money from bitcoin. The segwit now very works it's very helpful to us for sure many people are now happy.

LFC_Bitcoin

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Fees have dropped dramatically in recent weeks. You can check the best/advised transaction fees here -

https://btc.com/stats/unconfirmed-tx

hisslyness

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Quote from: Bloomie on February 22, 2018, 03:02:48 PM

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.

Mempool is down.. so you do not have bid for position on the next block...

Also for anyone who has hundred of small transactions, now is a good time to consolidate your unspent transactions....

Bloomie

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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.

Topic: Have the fees gone down? (Read 303 times)