The Effect Of BitCoin Fees Dropping Significantly - page 2.

carlisle1

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Campaign Management?"Hhampuz" is the Man

Quote from: TheBartender on February 22, 2018, 09:35:58 PM

Not sure how many people noticed but the cost of sending BitCoin has dropped significantly of late. One of the biggest complaints about BitCoin vs altcoins is the speed in the cost. Lightning is supposed to solve the speed issue and it appears that the cost issue isn't so much of a problem these days.

The average cost was about $26 but now it's down to about $3.

My question is what effect do you think this will have on altcoins? In my view, this makes BitCoin more attractive. And secondly, does anyone believe this is a long-term change (the drop in price) or is this merely temporary?

i guess this is because theres no congestion this days and thats why fees lowered and for sure lightning network has something do abiut this,i dont know if this is temporary or permanent but for me whats important is the effect of lower fees may rise the bitcoin price again,those investors who transferred in altcoin may come back again

arcadian

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Great info, the main reason I stayed away from buying BTC for participation in ICOs and buying altcoins was its transaction fee. I chose ETH instead for low low tx fees and speed. Gonna check out BTC soon on the coinbase

EDIT: Just checked the BTC tx fees on coinbase and it is significantly lower that it was. I had 0.0006 BTC in account and was not able to send it anywhere since the fees were way higher than the value I got. This is a great improvement though the speed is still slow but I will keep an eye on these new changes

pinkflower

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Quote from: TheBartender on February 22, 2018, 09:35:58 PM

My question is what effect do you think this will have on altcoins? In my view, this makes BitCoin more attractive. And secondly, does anyone believe this is a long-term change (the drop in price) or is this merely temporary?

Nothing. Some altcoins will continue to gain demand and lose demand in the market, the same as any speculative assets trading in any market.

Its temporary. As long as there is a limit in the block size, the fees will fluctuate as usage increases or decreases.

npkafle

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I think this will open way to newer coins. Transferring BTC has been painful since mid last year. I paid $23 to transfer some small transactions of approx. $1200 worth. Its almost 2% of total amount.

Asuspawer09

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Quote from: TheBartender on February 22, 2018, 09:35:58 PM

Not sure how many people noticed but the cost of sending BitCoin has dropped significantly of late. One of the biggest complaints about BitCoin vs altcoins is the speed in the cost. Lightning is supposed to solve the speed issue and it appears that the cost issue isn't so much of a problem these days.

The average cost was about $26 but now it's down to about $3.

My question is what effect do you think this will have on altcoins? In my view, this makes BitCoin more attractive. And secondly, does anyone believe this is a long-term change (the drop in price) or is this merely temporary?

I do not see bitcoin drastically falling down. What am I seeing is a sort of an up and down of price. By that this is severely a maintenance for them. By that, losing its price is a bit hurtful for a while but later on we'll see how worth it would it be.

entrepmind23

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Quote from: squatter on February 22, 2018, 10:16:17 PM

The low fees (and down the road, a successful Lightning Network) should definitely take some luster away from altcoins that are focused on fast, cheap payments. I expect on-chain fees to rise again, so it's a good idea to consolidate ouputs now while fees are low.

Though the lightning network may drop the fees further, nowadays would be a good opportunity to transfer bitcoin because the fees are lower. Many opt to change to other currency first before transferring paying trading fee but now, they can just directly transfer bitcoin to bitcoin because of the lower fees. Supporters of other coins that always use the fee as a reason to degrade bitcoin just can't use that reason anymore nowadays and this would be good for bitcoin community.

Price of bitcoin I think is also one of the reason why the fee is low and network is not that congested because bitcoin is still recovering and now back below $10k so there isn't that much motivation and hype to make others buy it again creating a network congestion. I believe segwit has been one of the reason as well for this low fee.

squatter

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STOP SNITCHIN'

Quote from: TheBartender on February 22, 2018, 09:35:58 PM

Not sure how many people noticed but the cost of sending BitCoin has dropped significantly of late. One of the biggest complaints about BitCoin vs altcoins is the speed in the cost. Lightning is supposed to solve the speed issue and it appears that the cost issue isn't so much of a problem these days.

The average cost was about $26 but now it's down to about $3.

Who the hell is still paying $3? For median-sized transactions (~226 bytes), I'm spending closer to $0.02!

In terms of BTC-denominated fees, this is the lowest fees have ever been outside the context of priority transactions. Here's a transaction, just confirmed, that paid 0.71 sat/byte! BTC micropayments are back with a vengeance.

Quote from: TheBartender on February 22, 2018, 09:35:58 PM

My question is what effect do you think this will have on altcoins? In my view, this makes BitCoin more attractive. And secondly, does anyone believe this is a long-term change (the drop in price) or is this merely temporary?

I think the drop in congestion is a combination of multiple factors: 1) the market dying down lead to less deposit/withdrawal activity on exchanges, 2) wallets are improving their fee estimation algorithms, 3) exchanges are batching transactions and implementing Segwit, 4) it's probable that a significant spam attack has ended.

The low fees (and down the road, a successful Lightning Network) should definitely take some luster away from altcoins that are focused on fast, cheap payments. I expect on-chain fees to rise again, so it's a good idea to consolidate ouputs now while fees are low.

TheBartender

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Not sure how many people noticed but the cost of sending BitCoin has dropped significantly of late. One of the biggest complaints about BitCoin vs altcoins is the speed in the cost. Lightning is supposed to solve the speed issue and it appears that the cost issue isn't so much of a problem these days.

The average cost was about $26 but now it's down to about $3.

My question is what effect do you think this will have on altcoins? In my view, this makes BitCoin more attractive. And secondly, does anyone believe this is a long-term change (the drop in price) or is this merely temporary?

Topic: The Effect Of BitCoin Fees Dropping Significantly - page 2. (Read 274 times)