Increased the number of transactions that a block can take also, so it helps to prevent congestion. SegWit also reduces the
size of each individual transaction.
..... This will even be more effective, when the Lightning Network gets implemented. 
Topic: Low transactions fees but fast (Read 1726 times)
I also think a lot of spammers realized that it is not as inexpensive as before SegWit, to spam the network anymore. SegWit
Increased the number of transactions that a block can take also, so it helps to prevent congestion. SegWit also reduces the
size of each individual transaction. ..... This will even be more effective, when the Lightning Network gets implemented.
Increased the number of transactions that a block can take also, so it helps to prevent congestion. SegWit also reduces the
size of each individual transaction.
..... This will even be more effective, when the Lightning Network gets implemented. I think the speed of confirmation is base on the volume of transaction in blockchain because right now since china closed some of their exchange it has a big effect of redusing transactions.
Whilst it will reduce the transactions a little, I don't think the closing of exchanges will have a huge effect on the number of transactions to be honest...Most exchange transactions are "off chain"... It's effectively just people swapping numbers in the exchange's database... Only withdrawal and deposit transactions are completed on chain...
And despite the volatile nature of exchanges and security risks, most traders seem to ignore the warnings and keep all their coins on the exchange to avoid transaction fees etc.
Besides, most of the traders will likely just move to a different exchange if their normal one gets closed anyway
I think the speed of confirmation is base on the volume of transaction in blockchain because right now since china closed some of their exchange it has a big effect of redusing transactions. And regarding the fee it is the same it was based on the amount you transacted but there are some wallet that also fluctuates its transaction fee.
Low transaction costs but fast? I think it is very unlikely or impossible in the present because in general a fast transaction will require a high cost so as to be balanced and vice versa if the transaction costs are low then the transaction process will be slow.
Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?
Is it because of price dropping (China news) or a new upgrade?
i noticed that these days the transaction fees are now high and works slowly , i guess they are back to their previous state and we are now again struggling on expensive fees plus slower arriving time of transactions.
[1] https://jochen-hoenicke.de/queue/#2d
Use a better wallet that allows segwit addresses or manual fees . My tx fees are dirt cheap.
Use -
armory , electrum in 1 week will have it , trezor, greenbits , green address or ledger instead
Use -
armory , electrum in 1 week will have it , trezor, greenbits , green address or ledger instead
May be because of the less crowd of miners but most probably may be because of its down value causes less transaction fee and quick also. Can be also because of segwit,the two chains now working.
Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?
Is it because of price dropping (China news) or a new upgrade?
i noticed that these days the transaction fees are now high and works slowly , i guess they are back to their previous state and we are now again struggling on expensive fees plus slower arriving time of transactions.
Its very simple. Chinese miners stopped spamming like they did for the last year.
I would say this is the case too... if you look at the graph, there are obvious inorganic amounts of growth all of a sudden, and it goes down again all of a sudden, this cannot be a coincidence of a ton of people starting transacting, maintaining this quota of transactions and then in sync all of them stop transacting.. that's just nonsense, so in my opinion it is obvious spam by the usual suspects (Roger Ver and Bitmain).
And of course, segwit transactions are starting to go up, which is also helping the network.
I did a btc transaction yesterday worth around $1 with low transaction fee for something that wasn't essential or urgent. I remember, I saw a message like... "This is a transaction with low transaction fee and perhaps miners won't be accepted...... " But, transaction had completed less than an hour.
Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?
Is it because of price dropping (China news) or a new upgrade?
The maximum rate is 480 satoshi per byte. But if the price it could a factor in the transaction and the speed that you witnessed.
The mempool is really empty the last weeks. I don't send any transactions with more than 1 Sat/Byte. They got confirmed directly in the next block.
Just looking at the mempool right now shows me about 500 to 1000 pending transactions. All of them would fit into the next block. And I saw this picture at least in the last 2 weeks with about max 3000 TX pending.
I don't know how all those fee estimation algorithms work, but if you look just have a look at the current size of the mempool it gives you the best information if you need to put higher fees than 1 Sat/Byte or not.
Just looking at the mempool right now shows me about 500 to 1000 pending transactions. All of them would fit into the next block. And I saw this picture at least in the last 2 weeks with about max 3000 TX pending.
I don't know how all those fee estimation algorithms work, but if you look just have a look at the current size of the mempool it gives you the best information if you need to put higher fees than 1 Sat/Byte or not.
If i am not wrong due to segwit2x implement and hard fork now the block size is increase so the transaction will get confirmed very fast and even the fees is also low.
You are wrong.SegWit2X has NOT been implemented, SegWit was activated, 2X is scheduled for some time in November I believe... And the block size increase part of the hard fork was on the Bitcoin Cash blockchain, not the Bitcoin blockchain.
It is essentially a "supply and demand" equation. Currently, there are not a lot of transactions waiting to be confirmed (aka low demand), so you don't have to compete to get your transaction into a block (effectively high supply), so you can pay a smaller fee.
If 20,000 transactions appear on the network tomorrow (high demand), confirmation times will increase (low supply) and people will start paying more to get priority and fees will increase again.
As to "why" the number of transactions dropped so dramatically... Well there are a number of theories... From the "pre/Post-fork Spam attack" having stopped, to everyone calming down after the fork proved to not be the end of the world, to SegWit having saved us all, to the Chinese stopping use of Bitcoin.
Personally, I don't believe that SegWit has made any significant difference as yet due to not all wallets supporting it, not many services using it and not many users who understand it or use it.
Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?
Is it because of price dropping (China news) or a new upgrade?
I also notice this yesterday i send a bitcoin to another wallet i was shocked the fee is frigin low its like 187 sats but the next part is so shocking. i check the blockchain for my transaction and boom it confiremd instantly and took only i guess 3minutes and bitcoin arrives safely on to another wallet. maybe this is happining because bitcoin price has droped low and fees also becomes low but a faster rate transfer or they could be other reason? hmmm??
Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?
Is it because of price dropping (China news) or a new upgrade?
I also notice this yesterday i send a bitcoin to another wallet i was shocked the fee is frigin low its like 187 sats but the next part is so shocking. i check the blockchain for my transaction and boom it confiremd instantly and took only i guess 3minutes and bitcoin arrives safely on to another wallet. maybe this is happining because bitcoin price has droped low and fees also becomes low but a faster rate transfer or they could be other reason? hmmm??
If i am not wrong due to segwit2x implement and hard fork now the block size is increase so the transaction will get confirmed very fast and even the fees is also low.
Yes the fees now aren't high or skyrocketed as they used to be a month or two ago.
But I think you should know what's going on.
The network isn't that busy now. Just head over to https://blockchain.info/unconfirmed-transactions and you'll see that there's less than 2k transactions only that are unconfirmed.
It just can't be better. It used to be much more than this.
That's just what makes me almost sure that spamming the network isn't kidding and that's what actually happens.
And it's done for a reason of course. Network more congested means we pay more fees.
There must be a direct solution to this issue. The bitcoin network can't stay under the hands of the greedy ones.
But I think you should know what's going on.
The network isn't that busy now. Just head over to https://blockchain.info/unconfirmed-transactions and you'll see that there's less than 2k transactions only that are unconfirmed.
It just can't be better. It used to be much more than this.
That's just what makes me almost sure that spamming the network isn't kidding and that's what actually happens.
And it's done for a reason of course. Network more congested means we pay more fees.
There must be a direct solution to this issue. The bitcoin network can't stay under the hands of the greedy ones.
now i understand why my tx got confirmed in next block even though i had fees less than 5 sat/ byte.
i thought i was very lucky and people complaining on the forum of increased fees were stupid. but this thread clears the issue.
i thought this was becuase of segwit too., but could not confirm what caused this.
i thought i was very lucky and people complaining on the forum of increased fees were stupid. but this thread clears the issue.
i thought this was becuase of segwit too., but could not confirm what caused this.
The network is not very busy these days. 4 weeks ago it was really hard to sent bitcoins with low transaction fees but now it is very easy to send with even low transaction fees and fast speed. I think this whole thing is happening only because of Chinese people. Most of them stopped mining Bitcoins because the government is literally against the Bitcoin and its exchanges there. However, I think it's somewhat good for us. 4 Weeks ago I sent 0.13$ USD and the fees were dam high I paid 2$ in transactions fees to send 0.13$.
Its very simple. Chinese miners stopped spamming like they did for the last year.
Jump to: