The cost of Bitcoin transactions has decreased to 1 dollar, can this be long-ter

Turk Ace

sr. member

Activity: 360

Merit: 251

Quote from: WhaleHunter on January 26, 2018, 09:16:22 PM

This means most of the people has stopped to trade, waiting to understand if the price is heading upwards or downwards. As soon as it takes a clear direction, I'm expecting the fees to increase again.

That's what I think so too. Many people are waiting to see what will happen next. I just really want the lightning network up so we can use bitcoin like we use to. Cheap and fast. I remember when people use to boast that Bitcoin transactions cost cents. Let's hope it goes back to that.

WhaleHunter

member

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This means most of the people has stopped to trade, waiting to understand if the price is heading upwards or downwards. As soon as it takes a clear direction, I'm expecting the fees to increase again.

tomahawk9

hero member

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Cats on Mars

Obviously, this is good news, but we can't assume that this is going to last forever. First, there's been a decrease in usage (fewer txs in the mempool), anyone can go and take a look at the btc volume right now, it's very low, meaning that the hype has been going down recently compared to Christmas. Second, and most importantly, the hashrate has increased so more blocks are found than last December.

So, unless we see an increase in SegWit usage or the bitcoin usage remains in this low level, we're going to see the mempool and fees growing again after the next difficulty adjustment.

jseverson

hero member

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Merit: 759

It depends on the future transaction volume. The volume has been pretty much as unpredictable as Bitcoin's price as of late, so no one can really tell. We can take steps to help the transaction backlog clear though. Use Segwit enabled wallets for transferring funds, and convince your exchanges to start adopting Segwit. It's not going to ensure that the network won't get clogged again, but it will make a significant improvement.

Either way, at the rate we're going, fees are going to be as low as a few cents again. Why stop at a dollar? That was considered expensive just a few months ago. I miss sending out 5 sats/byte transactions lol.

krishnaverma

full member

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This was very much needed. New coins were already having low fees and thus attracting new investors.

coinsons

newbie

Activity: 117

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becose hype from btc has gone
if they will start lightting network that will be shock for all

low fees and instant payment that what need for btc urgently !

DenisSley

jr. member

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Merit: 1

The cost of Bitcoin transactions has decreased to 1 dollar, can this be long-term?

Over the past few days, Bitcoin's transaction fees have dropped to about 1 US dollars for median-size payments, although the Bitcoin-membrane size remains relatively high and was more than 120 million bytes.

Fee for 1 US Dollar

Widely used Bitcoin-wallets platforms, such as Blockchain, recommend a fee of 55 satosh for one byte, which is about 1 dollar for median-sized transactions. Earlier just a month ago, Bitcoin transactions increased to 30 US dollars for median-size transactions, especially on platforms and stock exchanges without delimiters (SegWit). Further implementation of SegWit can further reduce transaction charges by 35 percent. As explained by Ledger, a manufacturer of crypto currency hardware wallets, if leading companies such as Coinbase and Blockchain integrate SegWit, transactional fees for conventional bitcoins can fall below $ 1

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