Lower transactions fees now? Bitcoin is back it is!

FLoving

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Quote from: pinoyden on September 17, 2017, 09:01:23 AM

Quote from: jekjekman on September 16, 2017, 10:11:33 AM

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please. As I thought that the downfall of bitcoin will be resulted of too much transaction that will be done of the panic sellers but it seems the reverse happens, I just sent my transaction with a $0.01 worth of bitcoin within 25 blocks and I can also choose to send it within the next block for only $1 worth of bitcoin. Any thoughts?

i think its because bitcoin price has dropped so much as a result the fees now is also friggin low and why many people liked it including you, but honestly i prefer higher transaction fees as long as the bitcoin value is high also because i can earn more on my invested bitcoins rather than a low transaction fees but a low value btc.

Low transaction fee is something which all the investors who are investing in Bitcoin demands. I think they will be very much happy and will be satisfied by this. This transaction fee is something which needs a little attention and it will be under control after this. So far, things will be good till the time the transaction fee are low.

Mpamaegbu

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Quote from: severaldetails on September 18, 2017, 04:04:25 AM

The low fees are an effect of the mempool that is not overflowing with transactions at the moment.
The spam waves we had during the past months seem to have ebbed away.
Why that is the case I have no clue.
Maybe they just ran out of money because of the price decreases we have seen last week?

I worry stiffly that the era of backlog of transactions and high fees are not yet over as it looms that the Chinese government may also ban mining in that country. China is known to have the highest number of miners because of its cheap labour and electricity. If this happens that means shortage of miners would be the outcome. Shortage of miners would mean more demand. And we all know that demand sets the price of any transaction. It isn't yet Uhuru (Freedom).

logicgate

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True, but it won't last forever if bitcoin adaption keep increasing but bitcoin never receive another upgrade/BIP. http://bitcoinfees.21.co/ even say fee from 1-30 satoshi/byte can be confirmed in 1-2 next block after you broadcast the transaction which is nice

You are right fees have been high in last few months and that stabled for a long time. What we are seeing now is a temporary sort of buzz that will not retain for a more time. Exactly the rate of 1-30 satoshis/byte is quite amazing if is happen. We wish that stay for last.

TheGodson

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I've done some transactions using blockchain.info and the fees have always been low from my experience. I prefer using an established website over software that I have to download to my computer.

There are some really smart people working on Bitcoin and always improving it. Also, they never rush things which is smart. They are always looking at potential mistakes and seem to upgrade Bitcoin without having some error that makes it fall apart.

severaldetails

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The low fees are an effect of the mempool that is not overflowing with transactions at the moment.
The spam waves we had during the past months seem to have ebbed away.
Why that is the case I have no clue.
Maybe they just ran out of money because of the price decrease we have seen last week?

Pejoh Asu

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yes I'm happy with this news, I some times sending bitcoin with xapo and for priority the cost about 92k, formerly is 220k, I think bitcoin sending cost should be cheaper than bank transfer.

freedomsr40

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Transaction fees are also sometimes a result of calculation policy of wallet providers.

To reduce number of user complains and assure the transfer to go through, they use normally the average past fees + a certain percentage model; if several large wallet provider use the same model, the fees can be pushed higher for nothing...

szpalata

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Quote from: Granxis on September 17, 2017, 11:36:36 PM

Indeed, the number of unconfirmed transactions has declined considerably, so I think it will be worth $ 4,000 this week. The less transfer fee was something I always dreamed of.

Well it's gradually recovering and hopefully like you said by the end of the week we should be above the 4k$ threshold and regarding the low transaction fees I think the real impact will be felt when the segwit x2 is activated in November with the blocksize actually increased to 2MB.

Granxis

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Indeed, the number of unconfirmed transactions has declined considerably, so I think it will be worth $ 4,000 this week. The less transfer fee was something I always dreamed of.

Sithara007

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Right now, the number of unconfirmed transactions stands at around 5,000. And this means that even those transactions paying a fee of 1 Sat/Byte can get confirmation in a few hours time. But there is no guarantee that the fee will remain low in the medium term. No one knows when it is going to rise again.

Singbatak

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Yes, today's transaction fees are low. This is because of the collapse of Bitcoins. And if it continues it looks like it will return again as before. But I think the bitcoins will not fall further. The sudden collapse of bitcoins is just a panic selling of people who do not know what's happening. So if it's halted the rise of Bitcoins is coming back and going up again. And it may still be another All Time High. But it's really a big advantage for traders because they really will be profitable.

batang_bitcoin

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Quote from: BrewMaster on September 17, 2017, 09:45:00 AM

Quote from: batang_bitcoin on September 17, 2017, 08:37:39 AM

...What about xapo now, is someone still using xapo here? They adjusted the fees now?

XAPO and all other similar services are third party and they choose whatever fees they like. and now that they have gotten a taste of some additional profit because of taking fees from their users i don't think they will change their fees. although you have to ask them. go to their support page and make a new ticket or contact them via Email and demand lower fees.

No, I'm only asking if there are some changes on their fees as blockchain.info fees are now lowered and other web wallets. This will kill their business if they will not adjust with the fees as the network fee requires only smaller fee. Even if I'll contact them but it's their final decision to stick with their fees, we can't do something about it as it is their business.

BrewMaster

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Quote from: batang_bitcoin on September 17, 2017, 08:37:39 AM

...What about xapo now, is someone still using xapo here? They adjusted the fees now?

XAPO and all other similar services are third party and they choose whatever fees they like. and now that they have gotten a taste of some additional profit because of taking fees from their users i don't think they will change their fees. although you have to ask them. go to their support page and make a new ticket or contact them via Email and demand lower fees.

pinoyden

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Quote from: jekjekman on September 16, 2017, 10:11:33 AM

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please. As I thought that the downfall of bitcoin will be resulted of too much transaction that will be done of the panic sellers but it seems the reverse happens, I just sent my transaction with a $0.01 worth of bitcoin within 25 blocks and I can also choose to send it within the next block for only $1 worth of bitcoin. Any thoughts?

i think its because bitcoin price has dropped so much as a result the fees now is also friggin low and why many people liked it including you, but honestly i prefer higher transaction fees as long as the bitcoin value is high also because i can earn more on my invested bitcoins rather than a low transaction fees but a low value btc.

yoseph

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Quote from: Asyifiah on September 16, 2017, 10:19:14 AM

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

Maybe luck is involved, because i have been sending some transaction and most of the times i am being asked to pay as low as $0.07 as fee, Its so low to the extent that i adjust it so that the miners may get something because they are using a lot of resources for their mining and low transaction fees are not really beneficial to them.

batang_bitcoin

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I observed the transaction fees for a month now after the hard fork and I'm happy that most of my fees are only 0.0001 BTC and did even paid only 0.00001 BTC so we are sure now that bitcoin low fees is going to rock now. This will make the investors back in bitcoin and I observed the confirmation has increased too, it became faster now. What about xapo now, is someone still using xapo here? They adjusted the fees now?

Red-Apple

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Quote from: Kanapka on September 16, 2017, 12:27:05 PM

The backlog is almost empty(2248 unconfirmed transactions). I think you could go with 0.0001 and maybe even have a confirmation in the next block.

Some wallets miscalculate the transaction fees, that's why some people still overpay it

the backlog aka mempool can not be 100% empty! because there is someone somwhere in the world that is making a transaction and sends it in the mempool and blocks are only found every 10 minutes on average!

in other words 2000 unconfirmed transactions is like mempool being empty.

dunfida

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Quote from: eaLiTy on September 16, 2017, 01:15:03 PM

Quote from: Asyifiah on September 16, 2017, 10:19:14 AM

Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

It is true that some of the exchanges as well as some online wallets still charge a higher transaction fees even though the price of transaction has gone down,it might take some time to see a change as we as a group need to voice our opinion to these services so that they reduce their fees ,the transaction fees has gone down if you are using your own wallet and it is a good sign for bitcoin users.

This is what I observed on some services on which they are stuck on charging their users on the high fees we do see before.They are still charging the same amount as of now which do really sucks and I decide not to make any transactions as of now.This is why I do make alternatives on using Electrum which the fees do really goes back to normal and not hurting me too much when I do send some funds on other wallets.

Wind_FURY

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Quote from: Pursuer on September 16, 2017, 10:17:35 AM

Quote from: jekjekman on September 16, 2017, 10:11:33 AM

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please.

SegWit was activated + spam attack stopped = no huge backlog = no competition for getting in blocks = low transaction fees

The spammer, whoever he is and who has shown to be a rascal, has seemingly given up for now. There is no use to waste more of his resources in a lost cause. Maybe he finally realized that Bitcoin Core will unconditionally not accept and implement a hard fork to a bigger block size until all the other much safer alternatives like Segwit are tried and tested.

bitart

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Quote from: stompix on September 16, 2017, 10:34:03 AM

Quote from: Asyifiah on September 16, 2017, 10:19:14 AM

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

As always the person behind is the one who is responsible.
Sticky fingers, bad configured client, bad configured application or..
Somebody who was in a real hurry to move those coins.
It might even be a "hacked" wallet, there are thousands of possibilities and reasons for it.

It could be the wallet, like about a month ago, in the Mycellium mobile wallet, it was only allowed to choose fee from a drop down list, like low-prio, economy, high fee, etc. That time, users payed 10x higher fee compared to the market with the low-prio settings, because of the wallet's predefinied fee structure.
Now, Mycellium has developed their mobile wallet (at last...), and now, you can set your own fee.
Thanks to this, (and to the empty mempool, and to the weekend), now it's possible to have 2 confirmations in 20 minutes time with a fee of 20 sat/B.

Topic: Lower transactions fees now? Bitcoin is back it is! (Read 824 times)